How to close a position on BitMart contracts

To close a position on BitMart contracts, navigate to the "Contracts" page, locate the desired contract, enter the closing quantity and order type, and confirm the details to complete the action.

Nov 23, 2024 at 11:30 am

How to Close a Position on BitMart Contracts

To close a position on BitMart contracts, follow these steps:

1. Log in to your BitMart account

• Navigate to BitMart's official website and click on the "Login" button in the top right corner.

• Enter your login credentials (email/phone number and password) and click on the "Log In" button.

• If you don't have a BitMart account yet, you can sign up for one by clicking on the "Sign Up" button.

2. Go to the "Contracts" page

• Once logged in, hover over the "Trade" tab on the navigation bar and select "Contracts" from the drop-down menu.

• This will take you to the "Contracts" page, where you can view all available contract markets.

3. Find the contract you want to close

• On the "Contracts" page, you can search for the specific contract you want to close by entering the contract name or symbol in the search bar.

• Alternatively, you can browse through the list of available contracts by scrolling down the page.

4. Click on the "Close Position" button

• Once you have found the contract you want to close, click on the "Close Position" button in the right column.

5. Enter the closing quantity

• In the "Close Position" dialog box, enter the quantity of the contract you want to close.

• You can either enter the quantity manually or use the "+" and "-" buttons to adjust it.

6. Select the order type

• Next, select the order type you want to use to close the position.

• BitMart supports two order types for closing positions: Market Order and Limit Order.

• A Market Order will execute immediately at the current market price.

• A Limit Order will only execute when the market price reaches the specified limit price.

7. Confirm the closing details

• Once you have entered all the closing details, click on the "Confirm" button to proceed.

• BitMart will display a confirmation dialog box summarizing the closing details.

• Review the details carefully and click on the "Confirm" button again to close the position.

8. Monitor the order status

• After you have closed the position, you can monitor the order status in the "Orders" section of the "Contracts" page.

• The order status will be updated in real-time as the order progresses.

• Once the order is completed, the closed position will be reflected in your trading history.

Additional Tips:

• Before closing a position, it is important to consider the current market conditions and the potential impact on your profit/loss.

• It is advisable to close a position in the opposite direction to the open position to maximize profit or minimize loss.

• BitMart charges a small fee for closing positions. The fee varies depending on the contract type and the trading volume.