How to open contract trading in Deepcoin

Deepcoin's robust platform empowers traders to access a wide range of contract trading options, enabling them to speculate on price movements and potentially profit from the volatility of the crypto market.

Nov 27, 2024 at 10:54 am

How to Open Contract Trading in Deepcoin

A Comprehensive Guide to Entering the World of Crypto Contracts

Introduction

Contract trading, also known as futures trading, has become increasingly popular in the digital asset space due to its ability to offer traders leverage, increased liquidity, and the potential for substantial profits. Deepcoin, a leading cryptocurrency exchange, provides a robust platform for traders to access a wide range of contract trading options. This guide will provide a step-by-step overview of how to open contract trading in Deepcoin, empowering traders to confidently navigate this dynamic market.

Step 1: Register for a Deepcoin Account

• Visit the Deepcoin website (https://www.deepcoin.com/) and click on "Sign Up."
• Provide your email address, create a strong password, and complete the security verification process.
• Complete your personal information to activate your account.

Step 2: Verify Your Identity (KYC)

• To access contract trading, it is imperative to verify your identity by providing official documents such as:

  • Government-issued ID (passport, driver's license, etc.)
  • Proof of residence (utility bill, bank statement, etc.)
• Deepcoin's KYC process helps ensure compliance with anti-money laundering and know-your-customer regulations.

Step 3: Fund Your Deepcoin Account

• Log in to your Deepcoin account and locate the "Deposit" section.
• Select your preferred deposit method (cryptocurrency or fiat currency).
• Follow the instructions provided on the platform to complete the deposit process.

Step 4: Navigate to Contract Trading

• From the Deepcoin homepage, select "Contract" from the top navigation menu.
• Choose your preferred contract market (e.g., BTCUSDT, ETHUSDT).

Step 5: Select a Contract Type

• Deepcoin offers a variety of contract types, including:

  • Perpetual Contract: A contract with no expiration date, allowing traders to hold positions indefinitely.
  • Quarterly Contract: A contract that expires on a quarterly basis.
• Consider your trading strategy and market conditions when selecting a contract type.

Step 6: Set Order Parameters

• Determine your entry price and the amount of leverage you wish to employ.
• Leverage refers to the amount of capital you can borrow from the exchange to increase your potential profits (and losses).
• Select the "Long" position if you believe the asset's price will rise, or "Short" if you expect it to fall.

Step 7: Place Your Order

• Specify the order quantity, the price you are willing to accept, and the type of order you want to execute (e.g., market order, limit order).
• Review the order information carefully before confirming your trade.

Step 8: Monitor and Manage Your Positions

• Once your order is executed, it will appear in your "Positions" section.
• Regularly monitor your positions to assess their performance and make adjustments as necessary.
• Use stop-loss orders and limit orders to manage risk and secure profits.

Step 9: Close Your Position and Withdraw Funds

• When you wish to close your position, simply enter the same contract but with an opposite position (e.g., if you entered a long position, close it with a short position).
• Once your position is closed, your profits or losses will be credited to your Deepcoin account.
• Withdraw your funds to your external wallet or bank account by navigating to the "Withdraw" section.