How to open a contract cooling-off period on AscendEX

AscendEX provides a 24-hour Contract Cooling-Off Period to eligible perpetual contracts, allowing users to reconsider their trading decisions and cancel open positions without penalties.

Nov 27, 2024 at 01:08 pm

How to Open a Contract Cooling-Off Period on AscendEX

Step 1: Understand the Contract Cooling-Off Period

• The Contract Cooling-Off Period is a 24-hour grace period where users can cancel their open contracts without any penalties.
• This period is designed to provide users with an opportunity to reconsider their trading decisions and protect them from potential losses.
• Note that the Cooling-Off Period is not available for all contracts; it is only applicable to certain perpetual contracts specified by AscendEX.

Step 2: Access the Contract Trading Interface

• Log in to your AscendEX account.
• Navigate to the Contract Trading section of the platform.
• Select the contract you wish to cancel.

Step 3: Locate the Cooling-Off Period Option

• On the contract trading page, find the "Open Positions" panel.
• For eligible contracts, you will see a "Cooling-Off Period" button next to each open position.

Step 4: Initiate the Cooling-Off Period

• Click the "Cooling-Off Period" button for the contract you want to cancel.
• A confirmation dialog box will appear.

Step 5: Confirm the Cooling-Off Period

• Review the details of the Cooling-Off Period in the confirmation dialog box.
• Ensure that the contract you are canceling is correct.
• Click the "Confirm" button to initiate the Cooling-Off Period.

Step 6: Monitoring the Cooling-Off Period

• Once the Cooling-Off Period is initiated, a countdown timer will appear next to the affected position.
• The position will remain open during the Cooling-Off Period, but it cannot be modified or closed.
• You can monitor the progress of the Cooling-Off Period in the "Open Positions" panel.

Step 7: Canceling the Contract After the Cooling-Off Period

• After the 24-hour Cooling-Off Period has elapsed, the contract will be canceled automatically.
• You will receive a notification confirming the cancellation.
• The funds from the canceled contract will be returned to your trading account.

Additional Notes:

• The Contract Cooling-Off Period is a voluntary measure implemented by AscendEX.
• It is not a mandatory requirement for all perpetual contracts.
• AscendEX reserves the right to adjust the Cooling-Off Period duration or availability at its discretion.
• Users should carefully consider their trading decisions and utilize the Cooling-Off Period responsibly to protect their investments.