How to open LBank 10 times contract

To trade 10 times contracts on LBank, create an account, fund it with cryptocurrency, select a trading pair, choose the contract type, set leverage, place an order, and monitor your position carefully due to the associated risks of liquidation, margin calls, and volatility.

Dec 01, 2024 at 11:04 am

How to Open an LBank 10 Times Contract

LBank is a leading digital asset exchange that offers a variety of trading options, including 10 times contracts. 10 times contracts are a type of futures contract that allows traders to leverage their positions by up to 10 times. This can amplify profits, but it also increases the risk of loss.

If you're new to 10 times contracts, it's important to understand how they work before you start trading. Once you have a good understanding of the risks involved, you can follow these steps to open an LBank 10 times contract:

1. Create an LBank account. If you don't already have an LBank account, you can create one by visiting the LBank website and clicking on the "Sign Up" button.
2. Fund your account. Once you have created an LBank account, you will need to fund it with cryptocurrency. You can do this by depositing cryptocurrency from another wallet or by purchasing cryptocurrency directly from LBank.
3. Navigate to the "Derivatives" page. Once your account is funded, you can navigate to the "Derivatives" page by clicking on the "Derivatives" tab in the top navigation bar.
4. Select a trading pair. On the "Derivatives" page, you will need to select a trading pair. A trading pair is a pair of cryptocurrencies that are traded against each other. For example, the BTC/USDT trading pair represents the Bitcoin (BTC) and Tether (USDT) trading pair.
5. Choose a contract type. Once you have selected a trading pair, you will need to choose a contract type. LBank offers two types of 10 times contracts: perpetual contracts and quarterly contracts. Perpetual contracts do not have an expiration date, while quarterly contracts expire every three months.
6. Set your leverage. The next step is to set your leverage. Leverage is the amount of money that you are borrowing from LBank to trade. The higher your leverage, the greater your potential profits and losses.
7. Place your order. Once you have set your leverage, you can place your order. You can either place a market order or a limit order. A market order will be executed at the current market price, while a limit order will only be executed if the price reaches a certain level.
8. Monitor your position. Once you have placed your order, you will need to monitor your position. You can do this by clicking on the "Positions" tab in the top navigation bar.

Risks of Trading 10 Times Contracts

10 times contracts are a leveraged product, which means that they can amplify both profits and losses. It's important to understand the risks involved before you start trading 10 times contracts. Some of the risks include:

• Liquidation risk: If the price of the underlying asset moves against you, you may be liquidated. Liquidation occurs when your losses exceed your margin balance.
• Margin calls: If your margin balance falls below a certain level, you may receive a margin call. A margin call is a request to add more funds to your account. If you do not meet the margin call, you may be liquidated.
• Volatility risk: The cryptocurrency market is volatile, which means that the price of cryptocurrencies can fluctuate rapidly. This volatility can make it difficult to predict the direction of the market and can lead to losses.

Conclusion

10 times contracts can be a powerful tool for traders, but they also come with a number of risks. It's important to understand these risks before you start trading 10 times contracts. If you're new to 10 times contracts, it's a good idea to start with a small amount of money and to trade with caution.