How to buy usdt contract on BingX

Before initiating a cryptocurrency contract trade on BingX, you'll need to create an account, fund it, navigate to the trading page, select the trading pair, understand margin and leverage, place an order, monitor your position, and close it when necessary.

Dec 02, 2024 at 12:48 pm

How to Buy USDT Contract on BingX: A Comprehensive Guide

Step 1: Create an Account on BingX

• Visit the official BingX website or download the BingX app.
• Click on "Register" and select either "Phone" or "Email" registration.
• Enter the required information (email/phone, name, password).
• Verify your identity by inputting the code sent to your phone or email.
• Agree to the Terms of Service and click "Register."

Step 2: Fund Your Account

• After successful registration, log in to your BingX account.
• Click on "Wallets" and select "Deposit."
• Choose your preferred deposit method (USDT or other supported cryptocurrencies).
• Follow the on-screen instructions to complete the deposit process.

Step 3: Navigate to the USDT Contract Trading Page

• Open the BingX trading platform and click on "Contracts" from the menu bar.
• Select "USDT Contracts" from the list of available contracts.
• You will be redirected to the USDT contract trading page.

Step 4: Choose Your Trading Pair and Order Book

• Select the USDT contract trading pair you wish to trade, such as "USDT/BTC" or "USDT/ETH."
• The order book displays the current market depth for the selected trading pair.

Step 5: Understand Contract Margin and Leverage

• Cryptocurrency contracts use margin trading, allowing you to amplify your position.
• Choose the appropriate margin percentage to determine the size of your trade.
• Select the desired leverage, which will multiply your trading profits and losses.

Step 6: Place Your Order

• Determine the type of order you wish to place:

  • Market order: Executed immediately at the current market price.
  • Limit order: Executed only when the market price reaches a specified level.
  • Stop-limit order: A combination of a stop order and a limit order.
• Input the order quantity, price, and order type.
• Click on "Buy" or "Sell" to execute your order.

Step 7: Monitor Your Position

• Once your order is executed, you can track its performance under "Positions."
• Adjust your position by adding or closing trades as per your trading strategy.

Step 8: Close Your Position

• When you want to exit the trade, place an opposite order of equal quantity.
• For example, if you bought a contract, you can close your position by selling the same amount of the contract.
• Your profits or losses will be automatically credited or debited from your account.