MEXC How to open a 10x contract

To initiate 10x contract trading on MEXC, register an account, verify identity, deposit funds, select a trading pair, set contract parameters, place an order, monitor position, and finally close it upon reaching desired results or risk mitigation.

Nov 15, 2024 at 05:30 pm

MEXC: A Comprehensive Guide to Opening a 10x Contract

Overview

MEXC is a leading cryptocurrency exchange that offers a wide range of trading options, including 10x contracts. 10x contracts are leveraged products that allow traders to amplify their returns by a factor of 10. However, it is important to note that these contracts also carry a higher level of risk.

Step-by-Step Guide to Opening a 10x Contract on MEXC

1. Create an Account

If you do not already have a MEXC account, you will need to create one. The process is simple and only takes a few minutes. You will need to provide some basic information, such as your name, email address, and phone number.

2. Verify Your Identity

Once you have created an account, you will need to verify your identity. This is a mandatory step for all MEXC users. You can verify your identity by submitting a government-issued ID and a selfie.

3. Deposit Funds

Before you can open a 10x contract, you will need to deposit funds into your MEXC account. You can do this by using a variety of methods, such as bank transfer, credit card, or cryptocurrency.

4. Choose a Trading Pair

MEXC offers 10x contracts on a variety of trading pairs. You will need to choose the trading pair that you want to trade. Some of the most popular trading pairs include BTC/USDT, ETH/USDT, and BNB/USDT.

5. Set Your Contract Parameters

Once you have chosen a trading pair, you will need to set your contract parameters. These parameters include the contract size, the leverage, and the stop-loss order.

6. Place Your Order

Once you have set your contract parameters, you can place your order. You can choose to buy or sell a 10x contract.

7. Monitor Your Position

Once you have placed your order, you will need to monitor your position. You can do this by using the MEXC trading interface. You should keep a close eye on the market and make adjustments to your position as needed.

8. Close Your Position

When you are ready to close your position, you can do so by placing a closing order. You can choose to close your position at a profit or loss.

Risks of Trading 10x Contracts

It is important to be aware of the risks involved in trading 10x contracts. These risks include:

• High Leverage: 10x contracts are leveraged products, which means that you can amplify your returns by a factor of 10. However, this also means that you can lose money more quickly.
• Volatility: Cryptocurrency markets are volatile, which means that the price of a cryptocurrency can fluctuate rapidly. This can make it difficult to predict the direction of the market and can lead to losses.
• Liquidation: If the price of a cryptocurrency moves against you, you could be liquidated. This means that you will lose your entire investment.

Conclusion

Trading 10x contracts can be a profitable way to trade cryptocurrencies. However, it is important to be aware of the risks involved. If you are not comfortable with the risks, you should not trade 10x contracts.