How to close the contract on BingX

Closing a futures contract on BingX involves selecting a contract, clicking "Close," specifying the quantity, and confirming, resulting in closure with funds deposited into the account.

Nov 25, 2024 at 06:28 am

How to Close a Contract on BingX

BingX is a leading cryptocurrency exchange that offers a variety of trading products, including spot trading, margin trading, and futures trading. Futures contracts are agreements to buy or sell an asset at a set price on a future date. In this guide, we will show you how to close a futures contract on BingX.

Prerequisites

• To close a futures contract on BingX, you must first open an account and fund it with sufficient funds.
• You will also need to choose a futures contract to close. BingX offers a variety of futures contracts, including contracts for Bitcoin, Ethereum, Litecoin, and other cryptocurrencies.

Steps to Close a Contract on BingX

1. Log in to your BingX account and click on the "Futures" tab.
2. Select the futures contract that you want to close from the list of available contracts.
3. Click on the "Close" button.
4. Enter the number of contracts that you want to close.
5. Click on the "Confirm" button.

Your futures contract will now be closed. The funds from the closed contract will be credited to your account balance.

Important Notes

• When you close a futures contract, you will incur a trading fee. The trading fee is a percentage of the contract value. The trading fee for Binance futures contracts is 0.02%.
• If you close a futures contract at a loss, you will lose the amount of money that you invested in the contract.
• If you close a futures contract at a profit, you will receive the profit in your account balance.

Frequently Asked Questions

• What is the difference between closing a futures contract and selling a futures contract?

When you close a futures contract, your position is reversed. This means that if you were long (i.e., holding a buy position) on a futures contract, you would now be short (i.e., holding a sell position) on the contract. When you sell a futures contract, you are simply selling your contract to another party.

• Can I close a futures contract before it expires?

Yes, you can close a futures contract before it expires. However, if you close a futures contract before it expires, you will only receive the current market price for the contract. You will not receive any profit or loss from the contract.

• How can I avoid paying a trading fee when I close a futures contract?

You can avoid paying a trading fee if you close your contract with an opposite order of equal size and also when expiry happens (if it's possible for the type of contract you have opened). If you do this, your position will be closed without incurring any fees.