Is bitcoin trading enriched by a 500x rate and have you ever used it on your own?
You would be insane to trade anything with 500:1 leverage, and if you do that in crypto they ought to put you in a padded room in a jacket with sleeves that you can tie together. Leverage can and does make people rich, but it's also been the downfall of many traders--and even whole hedge funds. I always give the example of Long-Term Capital Management when I give my opinion on stuff like this. They were a hedge fund chock-full of Ph.Ds and some nobel laureates, and they thought they had a fool-proof way of making money based on the Black-Scholes model of options trading. The problem was that they used extreme leverage when they traded. Everything was going great for a few years, and then the market got hit with a "black swan" event (I think it was Russia devaluing its currency) and they started to lose so much money that all of the counterparties on their trades--and everyone who invested in LTCM--almost went belly up. Check out the book When Genius Failed by Roger Lowenstein. It's a great read.
I'm not saying not to use any leverage whatsoever when trading crypto, but you've got to be very careful. I'm of the opinion that it probably isn't the best thing to do for small traders and those with little experience in the market.
