How to open DigiFinex 10x contract

To open a DigiFinex 10x contract, create an account, fund it, choose a contract pair, set parameters, place an order, manage your position, and close it with an opposite order type.

Nov 30, 2024 at 08:17 am

How to Open a DigiFinex 10x Contract: A Step-by-Step Guide

Introduction:

DigiFinex is a leading cryptocurrency derivatives exchange that offers a wide range of products, including 10x leveraged contracts. These contracts allow traders to speculate on the future price movements of various cryptocurrencies with increased leverage, amplifying both potential profits and losses. Opening a DigiFinex 10x contract is a relatively straightforward process that involves several crucial steps.

Step 1: Create a DigiFinex Account

• Visit the DigiFinex website (https://www.digifinex.com/) and click on "Sign Up."
• Provide your email address and create a password.
• Verify your email address by clicking on the link sent to your inbox.

Step 2: Fund Your Account

• Log in to your DigiFinex account and click on "Wallet."
• Select "Deposit" and choose the cryptocurrency you wish to use for funding.
• Generate a deposit address and transfer the desired amount to your DigiFinex wallet.

Step 3: Navigate to the Contract Trading Section

• Once your account is funded, hover over "Trade" and click on "Contract."
• Select the 10x tab to view the available contract pairs.

Step 4: Choose a Contract Pair

• Browse through the contract pairs and select the cryptocurrency pair you want to trade.
• Consider factors such as liquidity, volatility, and your understanding of the underlying asset.

Step 5: Set Contract Parameters

• Determine the amount of leverage you want to use, ranging from 1x to 10x. Higher leverage increases potential profits and losses.
• Specify the contract size, which represents the underlying crypto amount of your position.
• Choose the contract type (long or short) depending on your market outlook.

Step 6: Place Your Order

• Enter the desired price or use a limit order to specify the price at which your order will execute.
• Choose the order type (limit order, market order, stop-limit order, etc.) that suits your trading strategy.
• Review all the order details carefully and click on "Buy/Long" or "Sell/Short" to place your order.

Step 7: Manage Your Position

• Once your order is filled, your position will be displayed under "Open Positions."
• Monitor the position's performance in real-time and make adjustments as needed.
• Consider using stop-loss and take-profit orders to manage risk and secure profits.

Step 8: Close Your Position

• To close your position, simply enter the opposite order type of your original position.
• For example, if you opened a long position, you can close it by placing a sell order.
• Alternatively, you can use the "Close" button in your open positions panel to liquidate your position manually.

Additional Tips:

• Understand the risks and complexities of leveraged trading before opening a position.
• Practice paper trading or use a demo account to test your strategies and become familiar with contract trading.
• Monitor market conditions and conduct thorough research before making trading decisions.
• Diversify your portfolio and avoid overleveraging to mitigate risk.
• Be patient and allocate sufficient funds to handle market fluctuations and potential losses.