Mobile Upbit contract operation process

To trade contracts on Upbit's mobile platform, users must create an account, fund it, enable 2FA, access the contract interface, choose order types and leverage, specify order parameters, submit the order, manage risk, close positions, and withdraw funds.

Nov 17, 2024 at 08:16 am

Mobile Upbit Contract Operation Process: A Comprehensive Guide

Understanding Upbit Contracts

Upbit, a leading South Korean cryptocurrency exchange, offers a comprehensive contract trading platform. Contracts, also known as futures or derivatives, enable traders to speculate on the future price movements of assets without owning the underlying asset.

Upbit contracts are perpetual futures, meaning they don't have an expiration date and can be held indefinitely. Leverage is available to amplify potential profits and losses.

Prerequisites for Contract Trading on Upbit

Before engaging in contract trading on Upbit, the following prerequisites must be met:

1. Create an Upbit Account:

• Visit the Upbit website and register an account.
• Provide your personal information, including name, email, and phone number.
• Verify your identity through KYC (Know Your Customer) procedures.

2. Fund Your Account:

• Transfer funds from your bank account or crypto wallet to your Upbit account.
• Supported currencies include KRW, BTC, ETH, and USDT.

3. Enable Two-Factor Authentication (2FA):

• 2FA enhances account security by requiring additional verification for logins and withdrawals.
• Set up 2FA using Google Authenticator or SMS verification.

Operating Upbit Contracts on Mobile

4. Access the Contract Interface:

• Open the Upbit mobile app and navigate to the "Contracts" tab.
• Select the desired trading pair (e.g., BTC/USDT).

5. Choose Order Type and Leverage:

• Select an order type (e.g., Limit, Market, Stop-Limit).
• Determine the desired leverage level (e.g., 10x, 20x, 50x).

6. Specify Order Parameters:

• Enter the desired entry price (for Limit orders).
• Specify the position size (in notional value or underlying asset quantity).

7. Submit the Order:

• Confirm the order details and click "Buy" or "Sell" to execute the trade.
• Monitor the order status in the "Orders" tab.

Managing Upbit Contract Positions

8. Manage Risk:

• Use stop-loss or take-profit orders to limit potential losses and secure profits.
• Monitor market conditions and adjust positions accordingly.

9. Close Positions:

• To close a position, enter the opposite trade type.
• For example, to close a Long position, enter a Short position of the same size.

10. Withdrawal:

• Once positions are closed, withdraw the realized profit or loss to your spot wallet or external wallet.

Note: Contract trading involves significant risk. Learn about the instrument fully, practice on paper trading, and trade responsibly.