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How to open a contract cooling-off period on BingX

Understanding contract parameters is crucial when opening a contract cooling-off period on BingX, as it helps traders assess eligibility and determine the appropriate cooling-off period duration based on their trading strategy and risk tolerance.

Nov 23, 2024 at 10:52 am

How to Open a Contract Cooling-Off Period on BingX

What is a Contract Cooling-Off Period?

A contract cooling-off period is a specified time frame during which a user can cancel a contract without incurring any additional fees or penalties. It provides traders with an opportunity to reconsider their trading decisions and adjust their positions accordingly.

Benefits of Opening a Contract Cooling-Off Period:

Risk mitigation: Allows traders to minimize potential losses by canceling unprofitable contracts within the cooling-off period.
Flexibility: Gives traders the ability to adjust to changing market conditions and modify their trading strategies as needed.
Peace of mind: Provides a safety net for traders by offering a period to evaluate their decisions before they become binding.

Steps to Open a Contract Cooling-Off Period on BingX:

1. Understand Contract Parameters:

Determine the specific contract you wish to open a cooling-off period for.
Check the contract specifications, including its leverage, expiration date, and other relevant details.
Ensure that the contract is eligible for a cooling-off period, as some contracts may have restrictions.

2. Confirm Eligibility:

Check your account status to ensure that you meet the minimum requirements to open a cooling-off period.
Verify that you have sufficient funds in your trading account to cover any potential settlement fees.
Contact BingX customer support if you have any doubts or concerns regarding your account eligibility.

3. Access the Cooling-Off Period Menu:

Log in to your BingX account and navigate to the "Contracts" page.
Select the "Open Orders" tab and locate the contract you wish to modify.
Click on the "Open Cooling-Off" button associated with the specific contract.

4. Set Cooling-Off Period Duration:

Choose a cooling-off period duration that suits your trading strategy.
The available durations may vary based on the contract type and market conditions.
Consider the potential market volatility and your risk tolerance when determining the cooling-off period.

5. Preview and Confirm:

Review the details of the cooling-off period, including its duration and any applicable fees.
Ensure that all information is correct before confirming the cooling-off period activation.
Click on the "Confirm" button to proceed with opening the cooling-off period.

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