How to open high-multiple contract on OKX

OKX's step-by-step guide empowers traders to open high-multiple contracts by creating an account, funding it, selecting the desired contract, entering trade parameters, submitting the order, and managing the resulting position.

Nov 14, 2024 at 10:04 pm

How to Open High-Multiple Contracts on OKX

High-multiple contracts, also known as leveraged tokens, are a type of derivative instrument that allows traders to multiply their exposure to an underlying asset. This can be useful for traders who want to increase their potential profits, but it also comes with increased risk.

OKX is one of the leading cryptocurrency exchanges that offer high-multiple contracts. Here is a step-by-step guide on how to open a high-multiple contract on OKX:

Step 1: Create an OKX Account

If you don't have an OKX account, you will need to create one. You can do this by visiting the OKX website and clicking on the "Sign Up" button.

Step 2: Fund Your Account

Once you have created an account, you will need to fund it with cryptocurrency. You can do this by depositing cryptocurrency from another wallet or by purchasing cryptocurrency directly on OKX.

Step 3: Find the High-Multiple Contract You Want to Trade

OKX offers a wide variety of high-multiple contracts, including contracts for Bitcoin, Ethereum, and other popular cryptocurrencies. To find the contract you want to trade, click on the "Contracts" tab at the top of the OKX website and then select "High Multiplier."

Step 4: Enter the Trade Parameters

Once you have found the contract you want to trade, you will need to enter the trade parameters. This includes the order type, order size, and order price.

Step 5: Submit the Order

Once you have entered the trade parameters, you can click on the "Buy" or "Sell" button to submit the order. Your order will be executed once it is matched with a counterparty.

Step 6: Manage Your Position

Once your order has been executed, you can manage your position by clicking on the "Positions" tab in the top menu bar. Here you can see your open positions and view their current profit and loss.

Tips for Trading High-Multiple Contracts

Here are a few tips for trading high-multiple contracts:

• Be aware of the risks involved. High-multiple contracts can magnify your profits, but they can also magnify your losses.
• Use a stop-loss order to protect your profits. A stop-loss order will automatically sell your contract if it reaches a predetermined price.
• Monitor your positions closely. High-multiple contracts can move quickly, so it's important to keep an eye on your positions and make adjustments as needed.
• Don't trade with more money than you can afford to lose. High-multiple contracts can be a risky investment, so it's important to only trade with money that you can afford to lose.