How to open BitMEX contract trading

To create a BitMEX contract trading account, you'll need to establish an account, fund it, enable 2FA, create and submit a trade order, and be mindful of security precautions.

Nov 15, 2024 at 03:41 am

How to open BitMEX contract trading

BitMEX is a cryptocurrency exchange that offers a variety of trading products, including spot trading and contract trading. Contract trading is a type of derivatives trading that allows traders to speculate on the future price of an asset.

To open a BitMEX contract trading account, you will need to:

1. Create a BitMEX account. You can create a BitMEX account by going to the BitMEX website and clicking on the "Sign Up" link. You will need to provide your email address, create a password, and agree to the BitMEX Terms of Service.
2. Fund your BitMEX account. You can fund your BitMEX account by depositing Bitcoin, Ethereum, or USDT into your account. To deposit Bitcoin, click on the "Deposit" link in the BitMEX header and select "Bitcoin." You will then need to enter the amount of Bitcoin you wish to deposit and the Bitcoin address of your wallet. To deposit Ethereum, click on the "Deposit" link in the BitMEX header and select "Ethereum." You will then need to enter the amount of Ethereum you wish to deposit and the Ethereum address of your wallet. To deposit USDT, click on the "Deposit" link in the BitMEX header and select "USDT." You will then need to enter the amount of USDT you wish to deposit and the USDT address of your wallet.
3. Enable two-factor authentication (2FA). 2FA is a security measure that helps to protect your BitMEX account from unauthorized access. To enable 2FA, click on the "Security" link in the BitMEX header and select "Two-Factor Authentication." You will then need to enter your phone number and verify your identity.
4. Create a trade order. To create a trade order, click on the "Trade" link in the BitMEX header and select "Contracts." You will then need to select the contract you wish to trade, the order type, the order quantity, and the order price.
5. Submit your trade order. Once you have created a trade order, click on the "Submit Order" button. Your order will then be submitted to the BitMEX order book.

Tips for opening a BitMEX contract trading account

• Use a strong password. Your BitMEX account password should be strong and unique. Do not use the same password for your BitMEX account as you use for other online accounts.
• Enable two-factor authentication (2FA). 2FA is a security measure that helps to protect your BitMEX account from unauthorized access.
• Fund your BitMEX account with caution. Only deposit as much money into your BitMEX account as you are willing to lose. Contract trading is a risky activity, and you could lose all of your deposited funds.
• Trade responsibly. Do not trade with more money than you can afford to lose. And, never trade under the influence of drugs or alcohol.

Conclusion

Contract trading is a powerful tool that can be used to speculate on the future price of an asset. However, it is important to remember that contract trading is a risky activity, and you could lose all of your deposited funds.

If you are new to contract trading, it is important to learn as much as you can about the subject before you begin trading. There are a number of resources available online that can help you to learn about contract trading.

Once you have a good understanding of contract trading, you can open a BitMEX contract trading account and begin trading.