How to buy usdt contract on AscendEX

By following these steps, you can easily buy USDT contracts on AscendEX and potentially profit from price fluctuations in USDT without actually owning the underlying asset.

Dec 01, 2024 at 08:14 pm

A Comprehensive Guide to Buying USDT Contracts on AscendEX

USDT contracts, also known as Tether contracts, are a type of derivative financial instrument that allows traders to speculate on the price of USDT, a stablecoin pegged to the US dollar. By trading USDT contracts, traders can potentially profit from price fluctuations in USDT without actually owning the underlying asset.

AscendEX is a leading cryptocurrency exchange that offers a wide range of USDT contract trading options. This guide will provide a step-by-step explanation of how to buy USDT contracts on AscendEX, ensuring a smooth and efficient trading experience.

Prerequisites:

Before you start trading USDT contracts on AscendEX, you will need to:

• Create an AscendEX account.
• Fund your account with USDT or other supported cryptocurrencies.
• Enable two-factor authentication (2FA) for added security.

Step-by-Step Guide:

1. Log in to Your AscendEX Account:

Visit the AscendEX website and enter your login credentials to access your trading account.

2. Fund Your Account:

If you haven't already, deposit USDT or other supported cryptocurrencies into your AscendEX account. This will serve as the collateral for your USDT contract trades.

3. Enable 2FA:

AscendEX requires 2FA for all contract trading activities. Go to your account settings and enable 2FA using Google Authenticator or a similar app.

4. Navigate to the USDT Contract Market:

In the AscendEX trading interface, select "Derivatives" from the top menu and choose "Coin-Margined Contracts." Find the USDT contract market and click on it to view the order book and market details.

5. Set Trading Parameters:

Determine the trade parameters, including the contract size (amount of USDT underlying), leverage (up to 100x), and order type (Limit, Market, or Stop-Limit).

6. Place a Buy Order:

• Market Order: Click on the "Buy" button to execute an order to buy USDT contracts at the current market price.
• Limit Order: Set a specific price at which you want to buy the contracts and click on "Buy Limit."
• Stop-Limit Order: Specify a trigger price and a limit price. The order will only execute when the trigger price is reached and the limit price is hit.

7. Monitor Your Position:

Once your order is filled, your USDT contract position will be displayed in the "Positions" tab. Monitor the position closely to manage risk and capitalize on price movements.

8. Close the Position:

When you are ready to close the position, you can either:

• Close All: Click on the "Close All" button to close the entire position at the current market price.
• Close in Part: Adjust the quantity and click on "Close" to close a specific portion of the position.

Additional Tips:

• Research and understand the risks associated with USDT contract trading.
• Start with a small amount of capital and gradually increase your position size as you gain experience.
• Use stop-loss and take-profit orders to limit your potential losses and lock in profits.
• Monitor market conditions and news events that may impact USDT pricing.