How to close a contract with CoinW

To close a futures contract on CoinW, navigate to the Contract Trading interface, select the desired futures pair, determine the position to close, choose the order type (Limit or Market), enter the order size, and confirm the order details for execution.

Nov 16, 2024 at 12:02 pm

How to Close a Contract with CoinW

Step 1: Navigate to the Contract Trading Interface

• Log in to your CoinW account and hover over the "Derivatives" tab at the top of the page.
• Select "Contract Trading" from the drop-down menu.
• You will be redirected to the contract trading interface, where you can view available futures pairs.

Step 2: Choose the Desired Futures Pair

• Identify the futures pair you wish to close a contract on from the list of available options.
• For instance, if you want to close a Bitcoin futures contract (BTC/USDT), select "BTCUSDT" from the list.

Step 3: Determine the Position to Close

• Once you have selected the futures pair, you will be presented with various contract options, such as current, next-quarter, and quarterly.
• Choose the contract that you want to close.
• For example, if you hold a position in the BTCUSDT perpetual contract, select the "BTCUSDT Perpetual" option.

Step 4: Select the Order Type for Closing

• After selecting the contract, you will need to decide on the order type for closing your position.
• CoinW offers two order types for closing contracts: Limit Orders and Market Orders.
• Limit Orders: Allow you to specify the exact price at which you wish to close your position. Once the market price reaches your specified price, the order will be executed.
• Market Orders: Execute immediately at the current market price, offering immediate closure of your position.

Step 5: Enter the Order Size

• Input the number of contracts you want to close.
• Ensure that you specify the correct direction of the order, i.e., whether you are closing a long or short position.
• If you are closing a long position, enter a negative value. If closing a short position, enter a positive value.

Step 6: Confirm Order Details and Execution

• Once you have entered the order size, confirm the order details, including the order type, contract type, price, and direction.
• Double-check the information to ensure accuracy.
• Click on the "Close" button to execute the order and close your futures contract.

Additional Considerations:

• Current Market Conditions: Be aware of the current market conditions and price fluctuations before closing a futures contract.
• Risk Management: Always manage your risk by using appropriate leverage and setting stop-loss orders.
• Fees: CoinW charges a small fee for closing futures contracts. Ensure you are aware of the fees before proceeding.