How to enable contract trading on CoinEx

To activate contract trading on CoinEx, traders are required to follow the platform's outlined steps, including account creation, identity verification, account funding, and careful selection of a contract trading pair to begin executing trades.

Nov 28, 2024 at 07:54 am

How to Enable Contract Trading on CoinEx

Contract trading, also known as futures trading, is a form of financial derivative that allows traders to speculate on the future price of an asset without owning the physical asset itself. Contract trading can be a complex and risky form of trading, but it can also be a lucrative one if done correctly.

CoinEx is a cryptocurrency exchange that offers contract trading on a variety of digital assets, including Bitcoin, Ethereum, and Litecoin. To enable contract trading on CoinEx, you will need to follow the steps below:

Step 1: Create a CoinEx Account

If you do not already have a CoinEx account, you will need to create one by visiting the CoinEx website and clicking on the "Sign Up" button. You will be asked to provide your email address, create a password, and agree to the CoinEx Terms of Service.

Step 2: Verify Your Identity

Once you have created a CoinEx account, you will need to verify your identity by providing your personal information and uploading a photo of your government-issued ID. CoinEx requires all users to verify their identity in order to comply with anti-money laundering and know-your-customer (KYC) regulations.

Step 3: Fund Your Account

Once your identity has been verified, you will need to fund your CoinEx account with the cryptocurrency that you want to use to trade contracts. CoinEx accepts a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and USDT. If you do not have any cryptocurrency, you can purchase it from a cryptocurrency exchange or broker.

Step 4: Navigate to the Contract Trading Page

Once you have funded your account, you can navigate to the contract trading page by clicking on the "Contracts" tab in the CoinEx navigation bar. You will be presented with a list of all of the contract trading pairs that are available on CoinEx.

Step 5: Choose a Contract Trading Pair

To begin contract trading, you will need to choose a contract trading pair. The contract trading pair that you choose will determine the asset that you are trading and the leverage that you will be using. Leverage is a multiplier that allows you to trade with more capital than you have in your account. However, it is important to note that leverage can also magnify your losses.

Step 6: Place an Order

Once you have chosen a contract trading pair, you can place an order by clicking on the "Buy" or "Sell" button. You will be asked to enter the quantity of the contract that you want to buy or sell, as well as the price at which you want to execute the order.

Step 7: Monitor Your Order

Once you have placed an order, you can monitor its status by clicking on the "Orders" tab in the CoinEx navigation bar. You will be able to see the current status of your order, as well as its profit or loss.

Step 8: Close Your Position

When you are ready to close your position, you can click on the "Close" button in the order details page. You will be asked to confirm that you want to close your position, and then the position will be closed at the current market price.