How to buy BitMEX contract

To initiate a BitMEX contract purchase, create a verified account, fund it, select a contract, place an order specifying quantity and price, then monitor and close the position as needed.

Nov 20, 2024 at 03:32 pm

How to Buy BitMEX Contract

BitMEX is a cryptocurrency exchange that offers a variety of trading products, including futures contracts. Futures contracts are agreements to buy or sell an asset at a set price on a future date. This guide will show you how to buy a BitMEX contract.

1. Create a BitMEX Account

The first step is to create a BitMEX account. To do this, visit the BitMEX website and click on the "Create Account" link. You will need to provide your email address, password, and country of residence.

2. Verify Your Email Address

Once you have created an account, you will need to verify your email address. To do this, click on the link in the confirmation email that was sent to you.

3. Fund Your Account

Once your email address has been verified, you will need to fund your account. You can do this by depositing Bitcoin or Ethereum into your BitMEX wallet.

4. Choose a Contract

BitMEX offers a variety of futures contracts, including contracts for Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. To choose a contract, click on the "Contracts" link in the top menu bar.

5. Place an Order

To place an order, click on the "Buy" or "Sell" button next to the contract that you want to trade. You will need to specify the quantity of the contract that you want to buy or sell, as well as the price that you are willing to pay.

6. Monitor Your Order

Once you have placed an order, you can monitor its status in the "Orders" tab. You can also cancel your order at any time by clicking on the "Cancel" button next to the order.

7. Close Your Position

When you are ready to close your position, you can do so by clicking on the "Close" button next to the order. You will need to specify the quantity of the contract that you want to close, as well as the price that you are willing to accept.

Frequently Asked Questions

What is the minimum order size for a BitMEX contract?

The minimum order size for a BitMEX contract is 10x, which means that you must buy or sell at least 10 contracts at a time.

What is the maximum order size for a BitMEX contract?

The maximum order size for a BitMEX contract is 10,000x, which means that you can buy or sell up to 10,000 contracts at a time.

What is the leverage for a BitMEX contract?

The leverage for a BitMEX contract is 100x, which means that you can control up to 100x the amount of your account balance.

What is the margin for a BitMEX contract?

The margin for a BitMEX contract is 10%, which means that you must maintain a balance of at least 10% of the value of the contract in your account at all times.

What is the funding rate for a BitMEX contract?

The funding rate for a BitMEX contract is a daily fee that is paid by the short sellers to the long buyers. The funding rate is designed to keep the price of the contract in line with the spot price of the underlying asset.