LBank contract transaction process

To trade contracts on LBank, users must create an account, fund it with cryptocurrency, place an order specifying type, quantity, and price, monitor the order's status, and close it at the desired time, considering trading risks and reviewing contract specifications carefully.

Nov 24, 2024 at 04:40 am

LBank Contract Transaction Process

LBank, a leading cryptocurrency exchange, offers a range of contract trading options, including perpetual and delivery contracts. These contracts allow traders to speculate on the price of cryptocurrencies without having to take physical delivery of the underlying asset.

To execute a contract trade on LBank, traders must follow a specific process that involves creating an account, funding the account, and placing an order.

Step 1: Create an Account

• Visit the LBank website and click on the "Sign Up" button.
• Enter your email address and create a password.
• Verify your email address by clicking on the link sent to your inbox.

Step 2: Fund the Account

• Log in to your LBank account and click on the "Deposit" button.
• Select the cryptocurrency you wish to deposit and enter the amount.
• Follow the instructions to complete the deposit.

Step 3: Place an Order

• Click on the "Contract" tab in the LBank menu.
• Select the contract you wish to trade and enter the order parameters, including the contract type, quantity, and price.
• Click on the "Buy/Sell" button to execute the order.

Step 4: Monitor the Order

• The order will be displayed in the "Open Orders" section of the contract page.
• Traders can monitor the order status, including the executed price and any profit or loss.

Step 5: Close the Order

• To close the order, click on the "Close" button in the "Open Orders" section.
• Traders can choose to close the order at market price or set a specific price.

Additional Considerations:

• Contract trading involves risk, and traders should only commit funds they can afford to lose.
• LBank offers a demo trading account that allows traders to practice contract trading without risking real capital.
• Traders should carefully review the contract specifications before placing an order.

FAQ:

What is the minimum deposit amount on LBank?

The minimum deposit amount on LBank varies depending on the cryptocurrency. For most cryptocurrencies, the minimum deposit is 0.01.

What is the maximum leverage available for contract trading on LBank?

The maximum leverage available for contract trading on LBank depends on the contract type and the trader's account level. For most contracts, the maximum leverage ranges from 10x to 100x.

What are the fees for contract trading on LBank?

LBank charges a maker fee of 0.02% and a taker fee of 0.05% for contract trading. There are no additional fees for deposits or withdrawals.