Long position is buying cryptocurrency with funds borrowed from broker, with intent on selling it later at a higher price.
You have potential to take profit from a margin buy position, if cryptocurrency price grows. You can open a position with a smaller amount of your own funds if you choose a higher leverage, however this will increase your risks. Here are the steps:
1) Enter the amount of cryptocurrency you would like to buy on margin
2) Сhose your leverage. The system then automatically estimates your open price, fees and margin. Stop loss price is also offered to you automatically. It is set to cancel your position if more than 10% of your own funds are used to repay for borrowed funds.
3) Leave stop-loss price as it is or modify it. You can increase the stop loss manually to decrease your risks, however, slight market drop may close your position in this case, thus depriving you of your potential profit, if the market shoots back later on. Alternatively, you can decrease stop loss price to allow for greater market fluctuations (down to a price where 100% of your funds will be used to repay the debt). This increases your risks, but lets your position survive through a market that swings back and forth constantly.
4) Open your position. Detailed position data will be displayed to you and final confirmation is required to open it.
5) Confirm and place your position. If the market moves while viewing the details, the position will not be opened, and new details will be offered that reflect current best offer. On a busy market this can be a little frustrating, so you can flag this feature off and open a position with best current conditions provided by the exchange.
6) Track your position. After your position is opened, it is displayed in the list of your active positions, where you can track it's current state. The most convenient way to track profitability is using unrealized P/L column - it will show an estimate of how profitable the position is at current market. P/L will show negative values if the market does not favor your position at the moment, so you may close it manually at any time to stop potential loss, if you so desire. Positive P/L values mean that your position is favored by the market, and closing it at profitable value can be beneficial to you.
7) Close your position. Closing a long position will sell the commodity at current market price. The amount you borrowed will be returned to broker, and the rest - to your account.
Example: Current price is $200 per Bitcoin. You open a long position with 1:2 margin for 1 BTC, which means that you use $100 of your own money and borrow another $100 to open it. For simplification fees will be equal to 0. After you opened the position, market has grown, and 1 Bitcoin now costs $400. You decide it is time to close your position. The bitcoin from your position is sold, and $100 you borrowed is returned to broker. You get the rest - $300, which is triple the amount you have had initially. Such profit would be impossible without margin trading, which is what makes it such an attractive option.