How to open a contract cooling-off period on Bithumb

On Bithumb, traders have a 15-minute "Cooling-Off Window" to cancel eligible perpetual contracts, providing protection in managing their trading activities.

Nov 07, 2024 at 10:32 am

How to Open a Contract Cooling-Off Period on Bithumb

Introduction:

The contract cooling-off period on Bithumb, also known as the "Cooling-Off Window," is a crucial feature that allows users to cancel certain types of contracts within a specified time frame. This period provides users with added protection and flexibility in managing their trading activities on the platform. By understanding how to initiate a contract cooling-off period on Bithumb, traders can safeguard their interests and minimize potential losses.

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

1. Identify Eligible Contracts:

The cooling-off period feature is only applicable to perpetual contracts traded on Bithumb. Perpetual contracts are derivative financial instruments that enable traders to speculate on the price movements of an underlying asset without expiration. To determine whether a contract qualifies for the cooling-off period, traders need to check the contract details section on the platform.

2. Timing and Restrictions:

The cooling-off period on Bithumb lasts for 15 minutes after a trader enters into a perpetual contract. This period provides ample time for traders to review the contract terms, assess market conditions, and determine whether they want to proceed with the trade. Traders are not eligible to open a cooling-off period for contracts that have been open for more than 15 minutes.

3. Initiating the Cooling-Off Period:

To initiate a cooling-off period for an eligible contract, traders need to navigate to the "Contracts" section in their Bithumb account. From there, they should select the "Open Orders" tab and locate the contract for which they want to open the cooling-off period. By hovering over the contract, traders will see a "Manage Order" option. Selecting this option will reveal the "Cooling Off" button. Clicking this button will initiate the cooling-off period.

4. Confirmation and Effects:

Once the cooling-off period is initiated, a pop-up confirmation message will appear. The contract will be marked with a "Cooling Off" status, indicating that it can no longer be traded or modified. During the cooling-off period, the contract remains open, but its position and price are frozen. Traders cannot close the contract or adjust its leverage during this period.

5. Expiration and Dissolution:

The cooling-off period on Bithumb expires automatically 15 minutes after it is initiated. If the trader does not take any action during this period, the contract will resume its normal status and become tradable again. To dissolve the cooling-off period before the expiration time, traders can click the "Cancel Cooling Off