How to open a contract account with ProBit Global

Leverage the specialized Contract Account on ProBit Global to engage in futures contracts trading for potential higher returns while managing risk.

Nov 29, 2024 at 08:09 am

Step 1: Understanding Contract Accounts on ProBit Global

• What is a Contract Account?

A Contract Account is a specialized account on ProBit Global that enables users to participate in futures contracts trading. Futures contracts are financial derivative agreements that allow traders to speculate on the future price movements of an underlying asset, such as cryptocurrencies.

• Benefits of a Contract Account:
• Access to futures contracts trading
• Potential for higher returns through leverage
• Hedging strategies to manage risk
• Risks of a Contract Account:
• Higher risk due to the use of leverage
• Potential losses exceeding initial investment

Step 2: Creating a ProBit Global Account

• Visit the Official Website:

Navigate to www.probit.com to access the ProBit Global platform.

• Sign Up:

Click on the "Sign Up" button and provide the required information, including your email address and password.

• Complete Verification:

To unlock full functionality, complete the identity verification process by submitting KYC (Know-Your-Customer) documents.

Step 3: Opening a Contract Account

• Navigate to the Contract Section:

Once logged in, hover over "Trade" on the top menu and select "Contracts" from the dropdown options.

• Create a Contract Account:

Click on the "Open Contract Account" button to initiate the account creation process.

• Select Leverage:

Choose the desired leverage ratio for your contract trades. Note that higher leverage increases potential profits and risks.

Step 4: Funding Your Contract Account

• Transfer Funds from Spot Wallet:

Transfer the necessary funds from your ProBit Global Spot Wallet to your Contract Account by clicking on the "Transfer" button.

• Deposit Cryptocurrencies:

Alternatively, you can deposit supported cryptocurrencies directly into your Contract Account by following the on-screen instructions.

• Note: Leverage Limitation:

The leverage you can utilize for futures contracts trading is determined by the balance in your Contract Account.

Step 5: Understanding Contract Types

• USDT Perpetual Contracts:

These contracts use USDT as the settlement and margin currency, offering continuous trading without an expiry date.

• Inverse Perpetual Contracts:

Similar to USDT Perpetual Contracts, Inverse Perpetual Contracts offer leveraged exposure to the underlying asset while using the underlying asset as the quoting currency.

• Quarterly Futures Contracts:

These contracts have a predetermined expiry date and settle in the underlying asset.

Step 6: Placing a Contract Trade

• Select Contract Type:

Choose the desired contract type based on your trading strategy.

• Determine Order Type:

Select the appropriate order type, such as Limit Order or Market Order, depending on your execution preferences.

• Set Parameters:

Specify the contract size, leverage, and entry price according to your risk tolerance and market analysis.

• Review and Confirm:

Thoroughly review the order details and confirm the trade execution by clicking the "Buy" or "Sell" button.

Step 7: Managing Contract Positions

• Open Positions Tab:

Monitor and manage your open contract positions by navigating to the "Open Positions" tab in the Contract Trading interface.

• Take Profit and Stop Loss:

Set Take Profit and Stop Loss orders to automatically close your positions at predetermined profit targets or risk mitigation levels.

• Close Positions:

Manually close your contract positions by placing an equal but opposite order, ensuring that the total position size is zero.