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How to cancel Upbit leverage

Leverage trading, an option on the popular Upbit cryptocurrency exchange, requires careful consideration due to potential loss risks.

Nov 12, 2024 at 05:29 am

How to Cancel Upbit Leverage

Leverage trading, a common practice in the cryptocurrency market, allows traders to amplify their potential profits by borrowing funds from a trading platform. However, it is crucial to exercise caution when engaging in leveraged trading due to the increased risk of losses. Upbit, a popular cryptocurrency exchange, offers leverage trading options to its users. If you find yourself in a position where you need to cancel your leverage, follow the steps outlined below.

Step 1: Log in to Your Upbit Account

Navigate to the Upbit website (upbit.com) and click on the "Sign In" button.
Enter your registered email address or mobile phone number and password.
Complete the two-factor authentication (2FA) process if enabled for your account.

Step 2: Access the Leverage Trading Page

Once logged in, hover over the "Trade" tab on the top menu bar.
A drop-down menu will appear; select "Leveraged."

Step 3: Choose the Leverage Position to Cancel

The Leveraged page displays a list of your active leverage positions.
Identify the position you wish to cancel by its trading pair (e.g., BTC/USDT) and the leverage ratio (e.g., 5x).

Step 4: Cancel the Leverage Position

Locate the "Cancel" button associated with the chosen leverage position.
A confirmation dialog box will appear; carefully review the details and ensure you are canceling the correct position.
Click on the "Confirm" button to proceed with the cancellation.

Additional Precautions:

Keep in mind that canceling a leverage position only closes the open trade. It does not repay the borrowed funds.
To repay the outstanding balance, navigate to the "Borrowed Asset" section of your Upbit account.
Carefully review the repayment terms, including the interest charges, before proceeding.
If you encounter any difficulties or have further questions, refer to Upbit's Customer Support team for assistance.

Disclaimer:info@kdj.com

The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！

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