How to lock the BigONE contract

How to lock the BigONE contract

BigONE is a cryptocurrency exchange that offers a variety of features, including a contract locking service. This service allows users to lock their contracts for a period of time, which can help to protect them from price fluctuations and other risks.

Locking a contract on BigONE is a simple process. Here are the steps involved:

1. Log in to your BigONE account.
2. Click on the "Contracts" tab.
3. Select the contract that you want to lock.
4. Click on the "Lock" button.
5. Enter the amount of time that you want to lock the contract for.
6. Click on the "Confirm" button.

Once you have locked a contract, it will not be able to be traded or sold until the lock period has expired. You can view your locked contracts by clicking on the "Locked Contracts" tab.

Benefits of locking a contract on BigONE

There are many benefits to locking a contract on BigONE, including:

• Protection from price fluctuations: Locking a contract can help to protect you from price fluctuations, as the contract will not be able to be traded or sold until the lock period has expired. This can be especially beneficial during periods of high volatility.
• Reduced risk: Locking a contract can also help to reduce your risk, as you will not be able to lose money on the contract if the price goes down. This can be especially helpful if you are new to cryptocurrency trading.
• Peace of mind: Locking a contract can give you peace of mind, as you will know that your contract is safe and secure. You will not have to worry about the price of the contract or other risks.

Things to consider before locking a contract on BigONE

There are a few things to consider before locking a contract on BigONE, including:

• The lock period: The lock period is the amount of time that the contract will be locked for. You should choose a lock period that is long enough to protect you from price fluctuations but short enough that you can still access your funds if you need to.
• The fees: BigONE charges a small fee to lock a contract. The fee depends on the length of the lock period. You should factor this fee into your decision when choosing a lock period.
• The risks: Locking a contract can involve some risks. For example, if the price of the contract goes up, you will not be able to sell the contract and take profits. You should weigh the risks and benefits of locking a contract before making a decision.