How to open a contract on AscendEX

How to Open a Contract on AscendEX

AscendEX, a leading cryptocurrency exchange known for its diverse offerings including spot trading, margin trading, and derivatives products, has emerged as a popular platform for traders seeking to venture into the world of futures contracts. The ability to open a contract on AscendEX grants traders access to enhanced trading opportunities and the potential for substantial gains. Here's a comprehensive guide to navigating the process of opening a contract on AscendEX:

Step 1: Fund Your AscendEX Account

Before embarking on futures trading, it's essential to ensure that your AscendEX account is adequately funded. Deposits can be made in a variety of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The platform also supports deposits via credit/debit card or bank transfer.

Step 2: Access the Futures Trading Interface

Once your account is funded, proceed to the AscendEX homepage and click on "Futures" located in the top menu bar. This will redirect you to the dedicated futures trading interface, where you can delve into the wide range of contracts available.

Step 3: Select the Desired Contract

AscendEX offers a comprehensive array of contract types, including perpetual futures and quarterly futures, across a multitude of underlying assets such as cryptocurrencies, commodities, and indices. Identify the specific contract that aligns with your trading strategy and risk appetite.

Step 4: Determine Your Order Parameters

After selecting the contract, you can specify the size and type of order you intend to place. The contract size refers to the number of units of the underlying asset that each contract represents. You can choose between Market Order, Limit Order, or Stop Order depending on your desired execution strategy.

Step 5: Set Leverage Level (Optional)

AscendEX allows traders to employ leverage in their futures trading, which amplifies both potential profits and risks. You can adjust the leverage level according to your risk tolerance and trading style. However, it's crucial to exercise caution when utilizing leverage, as it can exacerbate losses.

Step 6: Preview and Confirm Order

Before placing the order, thoroughly review the order details, including contract type, order type, quantity, leverage level, and potential liquidation price. Once satisfied with the order parameters, click on the "Open" button to execute your trade.

Step 7: Monitor and Manage Your Position

Upon successful contract opening, it's imperative to vigilantly monitor the performance of your position. Implement regular risk management strategies, such as setting stop-loss or take-profit orders, to mitigate potential downside risks and secure profits.