How to close a contract on Bitfinex

To close a contract on Bitfinex, log in to your account, navigate to the margin trading interface, select the contract you want to close, choose your closure method, specify the closure parameters, review and confirm the order, place the closure order, and monitor and manage the process.

Nov 15, 2024 at 11:32 am

How to Close a Contract on Bitfinex

Step 1: Log in to Your Bitfinex Account

• Access the Bitfinex website (www.bitfinex.com) and click on the "Log In" button located at the top right corner of the page.
• Enter your email address, password, and two-factor authentication code (if enabled) to securely access your account.

Step 2: Navigate to the Margin Trading Interface

• Once logged in, hover your cursor over the "Trading" menu located at the top of the screen and select "Margin Trading" from the drop-down menu.
• This will redirect you to the margin trading interface, where you can manage your open positions and place new orders.

Step 3: Select the Contract You Want to Close

• On the margin trading interface, you will see a list of all your open positions displayed in the "Positions" section.
• Locate the contract that you want to close and click on it to view its details.

Step 4: Choose Your Closure Method

• Once you have selected the contract, you will have two options for closing it:

  • Close Position: This option will immediately close the entire position, resulting in the realization of any gains or losses.
  • Close Short/Long Only: This option allows you to close only the short or long portion of a position, reducing your exposure and managing your risk.

Step 5: Specify the Closure Parameters

• Depending on the closure method you choose, you will need to specify additional parameters:

  • Close Position: None
  • Close Short Only: Enter the amount of the short position you want to close.
  • Close Long Only: Enter the amount of the long position you want to close.

Step 6: Review and Confirm

• After specifying the closure parameters, carefully review all the details of the order you are about to place.
• Ensure that you have selected the correct contract, closure method, and amount.

Step 7: Place the Closure Order

• Once you are satisfied with the order, click on the "Close" button located at the bottom of the order form.
• This will submit your order to the exchange, and it will be executed immediately or placed on the order book, depending on the market conditions.

Step 8: Monitor and Manage

• After placing the closure order, you can monitor its status in the "Orders" section of the margin trading interface.
• Keep track of the order's execution price, volume, and the impact it has on your overall portfolio.
• If necessary, you can cancel or modify the order before it is filled.