Bithumb contract operation process

To commence trading contracts on Bithumb, users must first create an account, complete KYC verification, fund their account, and familiarize themselves with the contract trading interface and order placement process.

Nov 20, 2024 at 05:12 am

Understanding Bithumb's Contract Operation Process

Introduction

Bithumb, as one of the leading cryptocurrency exchanges globally, provides a comprehensive suite of services, including the trading of futures contracts. Understanding the operation process of Bithumb's contract platform is crucial for traders aiming to navigate its features effectively. This detailed guide delves into the step-by-step process, addressing key considerations and providing insights into the platform's mechanism.

Creating Account:

1. Opening an account at Bithumb is the initial step. Visit the exchange's official website and click on the "Sign Up" or "Create Account" option.
2. The registration form prompts you to provide personal details such as name, email address, and a chosen password. Fill in the required fields accurately.
3. Following the submission of the form, Bithumb sends an email with an activation link. Click on the link to verify your account and activate your trading privileges.

Know-Your-Customer (KYC) Verification:

1. To enhance security and comply with regulations, Bithumb requires users to complete the Know-Your-Customer (KYC) verification process.
2. Submit a valid government-issued identification document, such as a passport, national ID card, or driver's license. Provide clear photographs of the document along with a selfie holding the document.
3. Additional information might be requested, like bank statements or proof of address. Follow the exchange's instructions to complete the verification successfully.

Transfer Funds:

1. To commence trading contracts on Bithumb, deposit funds into your account. Under the "Wallet" section, select the deposit option and choose the desired cryptocurrency.
2. Bithumb provides a unique deposit address for each supported cryptocurrency. Carefully copy and paste the address into the sending wallet or exchange.
3. The transfer might take a few minutes to complete, depending on the blockchain network's transaction speed. Monitor the transaction status in the "Deposits & Withdrawals" section.

Placing Contract Order:

1. Access the contract trading interface by navigating to the "Contracts" section. Choose the desired contract, whether it's perpetual or futures, from the available options.
2. Select the trading pair and input the contract details, including order type (limit, market, stop-limit), order side (buy or sell), and order quantity.
3. Specify the desired leverage and adjust the risk parameters to suit your trading strategy. Carefully review the order details before submitting.

Managing Positions:

1. Positions are crucial in contract trading, representing the trader's market involvement. Bithumb's contract platform provides a dedicated "Positions" section where traders can monitor their open positions.
2. View the entry price, current market price, unrealized P/L, and the potential risk-to-reward ratio of current positions. Traders can manage positions by adjusting leverage, adding margin, or closing the position as desired.
3. The "Order History" section offers an overview of past orders, successful trades, and canceled orders, helping traders analyze their trading performance.

Withdraw Funds:

1. After completing