How to close an AscendEX contract

To close a contract on AscendEX, you can choose between a limit order, which closes the contract at a specific price, or a market order, which executes the order immediately at the current market price.

Nov 27, 2024 at 06:14 pm

How to Close an AscendEX Contract

Trading contracts on AscendEX can be a lucrative way to generate profits, but it's essential to understand how to close a contract to secure your gains or mitigate losses. This comprehensive guide will provide step-by-step instructions on how to close a contract on the AscendEX platform.

Step 1: Access Your Contract Positions

Log in to your AscendEX account and navigate to the "Contracts" tab on the top menu bar.
Select the "My Positions" sub-tab to view a list of your active contracts.

Step 2: Choose the Contract to Close

Identify the contract you wish to close by locating it in the "My Positions" list.
If you have multiple positions open for the same contract, ensure you select the appropriate one.

Step 3: Initiate the Closing Process

Click on the "Close" button associated with the selected contract.
A confirmation window will appear, displaying the closing price and quantity.
Verify the details and click "Confirm" to proceed.

Step 4: Select Closing Type

AscendEX offers two closing options:
- Limit Order: Set a limit price to close the contract when the market reaches that level.
- Market Order: Close the contract immediately at the current market price.
Choose the desired closing type based on your risk appetite and market conditions.

Step 5: Enter Closing Parameters

If you chose "Limit Order," enter the limit price at which you want to close the contract.
If you chose "Market Order," no additional parameters are required.

Step 6: Confirm and Execute

Review the closing details once again.
Click on the "Close" button to confirm and execute the closing order.
The contract will be closed, and the proceeds will be credited to your account.

Additional Considerations:

Unrealized Profit or Loss: Before closing a contract, consider the unrealized profit or loss on your position.
Market Volatility: Market volatility can affect the closing price of your contract. Monitor market conditions to make informed closing decisions.
Liquidation Risk: Failure to manage your risk exposure can lead to contract liquidation. Ensure you understand the potential liquidation risks before trading.
Rebate: AscendEX offers rebates for closing contracts within a specific timeframe. Check the platform for details.

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