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.

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