How to open a high-multiple contract on Bybit

To amplify profit potential while bearing increased risk, Bybit enables traders to initiate leveraged "high-multiple contracts" through account creation, funding, contract selection, leverage setting, order placement, and position monitoring.

Nov 17, 2024 at 08:45 am

How to Open a High-Multiple Contract on Bybit

High-multiple contracts, also known as leveraged contracts, offer traders the potential to amplify their profits by using leverage. However, they also come with increased risk, so it is important to understand how they work before using them.

Steps to Open a High-Multiple Contract on Bybit

1. Create a Bybit account.
2. Deposit funds into your account.
3. Choose a high-multiple contract.
4. Set your leverage.
5. Place your order.
6. Monitor your position.

1. Create a Bybit account

To create a Bybit account, go to the Bybit website and click on the "Sign Up" button. You will then be asked to provide your email address, password, and country of residence. Once you have filled in this information, click on the "Create Account" button.

2. Deposit funds into your account

There are a few different ways to deposit funds into your Bybit account. You can use a credit card, debit card, bank transfer, or cryptocurrency. To deposit funds using a credit or debit card, click on the "Deposit" button in the top right corner of the Bybit website. Then, select the "Credit/Debit Card" option and enter the amount of money you want to deposit. To deposit funds using a bank transfer, click on the "Deposit" button and then select the "Bank Transfer" option. You will then be provided with the bank account information that you need to use to make the transfer. To deposit funds using cryptocurrency, click on the "Deposit" button and then select the "Cryptocurrency" option. You will then be provided with a list of supported cryptocurrencies. Select the cryptocurrency that you want to use to make the deposit and enter the amount of money you want to deposit.

3. Choose a high-multiple contract

Bybit offers a wide range of high-multiple contracts, including contracts on cryptocurrencies, forex, and commodities. To choose a high-multiple contract, click on the "Contracts" tab in the top left corner of the Bybit website. You will then be presented with a list of all available contracts. You can filter the list of contracts by asset type, leverage, and expiration date.

4. Set your leverage

The leverage that you use will determine the amount of potential profit or loss that you can make on a high-multiple contract. The higher the leverage, the greater the potential profit or loss. However, it is important to remember that higher leverage also increases the risk of losing money.

5. Place your order

To place an order, click on the "Buy" or "Sell" button for the contract that you want to trade. You will then be asked to enter the amount of the contract that you want to buy or sell. You can also enter a limit price or stop price for your order. A limit price is the price at which you want your order to be executed. A stop price is the price at which you want your order to be triggered.

6. Monitor your position

Once you have placed an order, you can monitor your position in the "Positions" tab in the top right corner of the Bybit website. You can also set up alerts to notify you when your position reaches a certain profit or loss target.