these exhanges are fraud exchanges created mainly for money laundering same with stocks or 99% of the OTC stocks and even in bluecaps. it's a f raud operation. it's not your fault you lose money it's like amway and multi-level marketing gov't cannot make a crime for people to transfer money to another person willingly. it's your fault for transferring money and buying coins. it's not fraud cause you 'agreed' to the transfer and knew about it. so no refunds for fraud. or wrongful stealing of money from your account. your bank accounts has insurance has against fraud, these people knew what they were buying and what they were transferring their money to some anonymous account in space. the only 'regulators' can do is ban these companies from advertising or soliciting funds but they don't advertise. you know that these bitcoins don't advertise or promote their services to the public in TV or radio, cause it's illegal, they would need to be license to be pushing their product. it's all word of mouth which the gov't or regulators cannot regulate that. it's not illegal to be stupid and greedy. or illegal to participate in ponzi schemes and buy or invest in fraudulent stocks etc.
How are you JKG? I'm John, just got here today. While I'd rather not start on a sour note, there's really no other way to put this. The "advice" you have received so far is, well.... made up. They have no idea what they are talking about. In case I missed a few stable responses, my apologizes. I'm a little dizzy from reading about "MLM scams, fraud, money in space, no options and counter party risk". Just pretend that was a really crazy dream. Just a few facts to even out story time. But I'm available for follow up questions. To your point 100x leverage is just silly, but it doesn't mean there is anything wrong with the exchange. Don't, ever, use the 100x. I tend to stay in the 5x-20x range myself. Also stay away from Bitmex, Much better exchanges. As far as leverage goes, you don't go out and borrow or anything like that. Nor will you ever owe a penny if you forget a Stop Loss and go bust. It's all built in to the system, every exchange explains it in great detail. I would recommend starting at FTX or Deribit. Both are very well respected, and offer a very wide variety of derivatives... Including a full suite of Options and futures. And your money will never be kept in space, even though that might be kind of cool. Sorry to be the bummer who ruined make believe land for the fellas, but I couldn't let what claimed to be financial advice like that be out in the world. Literally not a single truth was spoken...unless i missed a post or two. I'm extremely well educated on the industry and would be happy to answer any questions or give some tips. It helps a little in the begging, or else your money will end up in space. There are also a lot of other exchanges, registered with the US government, send out tax forms, etc... The two I mentioned are just my go to spots to trade a huge selection of Options and Futures. Good luck brother
Kraken and Ledger X both offer derivatives and margin at a fraction of the cost of CME, Coinbase Pro offers 3x now as well. All 3 are regulated and located in the USA.... I received my tax info from 2 of them already. And it's every person's own responsibility to do their own research. Luckily these exchanges that nobody here knows a thing about take great measures to explain not only the risks involved in trading but providing detailed explanations of all products offered.