Mobile AscendEX contract operation process

AscendEX's mobile app offers a user-friendly and comprehensive platform for contract trading, empowering users to leverage futures contracts, adjust leverage, and manage risk effectively on their smartphones.

Dec 01, 2024 at 09:32 am

Mobile AscendEX Contract Operation Process: A Comprehensive Guide

AscendEX, a leading cryptocurrency exchange, offers a mobile app for users to access its robust contract trading platform. This guide will provide a comprehensive walkthrough of the mobile AscendEX contract operation process, empowering you to navigate the platform seamlessly.

1. Create an AscendEX Account and Verify Your Identity

• Download the AscendEX mobile app from the App Store or Google Play.
• Register for an account by following the on-screen instructions, providing your email address and creating a password.
• Complete identity verification by uploading a government-issued ID and a selfie for KYC compliance.

2. Fund Your Account

• Access the "Assets" section in the app and select "Deposit."
• Choose your desired deposit method, such as cryptocurrency, credit/debit card, or bank transfer.
• Follow the specific instructions for the selected method to transfer funds into your account.

3. Understand Contract Trading

• Contract trading involves leveraging financial instruments called "futures" to speculate on the future price of an underlying asset, such as Bitcoin or Ethereum.
• Leverage allows traders to amplify their potential profits and losses, but it also amplifies risk.
• Familiarize yourself with the concepts of futures contracts, margin, and liquidation.

4. Access the AscendEX Contract Platform

• Navigate to the "Trade" tab in the app.
• Under "Futures," choose your preferred trading pair, such as BTC/USDT or ETH/USDT.
• The contract trading interface provides a real-time order book, charts, technical indicators, and market depth.

5. Place a Contract Order

• Determine your desired entry price and choose the order type accordingly.
• A limit order allows you to specify the price at which you wish to buy/sell, while a market order executes immediately at the best available price.
• Specify the number of contracts you wish to trade.
• Review the order details and confirm the transaction.

6. Monitor Your Positions

• Once an order is executed, it creates a position in your trading account.
• You can monitor your active positions, open orders, and realized profits/losses in the "Positions" section of the contract platform.
• Use the "Close Position" option to exit a trade and realize your profits or losses.

7. Manage Risk and Leverage

• AscendEX offers adjustable leverage levels for contract trading.
• Choose a leverage level appropriate to your risk tolerance and trading strategy.
• Keep in mind that higher leverage increases both potential profit and risk.
• Monitor your account balance and maintain sufficient margin to avoid liquidation.

8. Utilize Stop-Loss and Take-Profit Orders

• Stop-loss orders limit potential losses by automatically closing a position if the market price moves against you.
• Take-profit orders secure profits by closing the position when the market price reaches a predetermined level.
• These risk management tools help control risk and protect your trading capital.