How to open high multiple contracts on AscendEX

To open high multiple contracts on the AscendEX exchange, create an account, verify your identity, fund your account with cryptocurrency, select the specific contract, and monitor its performance closely while managing risks.

Nov 30, 2024 at 09:49 am

How to Open High Multiple Contracts on AscendEX

AscendEX, a leading global cryptocurrency exchange, offers a variety of trading options, including high multiple contracts. High multiple contracts are leveraged instruments that allow traders to potentially earn higher returns on their investments. However, they also come with increased risk.

If you're interested in opening high multiple contracts on AscendEX, here's a step-by-step guide:

1. Create an AscendEX Account

The first step is to create an AscendEX account. To do this, visit the AscendEX website and click on the "Sign Up" button. You'll need to provide your email address, create a password, and agree to the terms of service.

2. Verify Your Account

Once you've created an account, you'll need to verify your identity. This is a regulatory requirement that helps to prevent fraud and money laundering. To verify your account, you'll need to provide a government-issued ID and a proof of address.

3. Fund Your Account

Once your account is verified, you'll need to fund it with cryptocurrency. AscendEX supports a variety of cryptocurrencies, including Bitcoin, Ethereum, and USDT. You can deposit cryptocurrency into your account by sending it from another wallet or by buying it directly on AscendEX.

4. Open a High Multiple Contract

To open a high multiple contract, you'll need to navigate to the "Derivatives" tab on the AscendEX website. Then, select the "High Multiple Contracts" option.

You'll need to choose the asset that you want to trade, the contract size, and the leverage that you want to use. The leverage that you choose will determine the potential return on your investment, but it will also increase the risk.

5. Monitor Your Position

Once you've opened a high multiple contract, it's important to monitor your position closely. The value of the underlying asset can fluctuate rapidly, so you'll need to be prepared to adjust your position accordingly.

You can monitor your position by clicking on the "Positions" tab on the AscendEX website. This tab will show you the current value of your position, the unrealized profit or loss, and the margin that you're using.

6. Close Your Position

When you're ready to close your high multiple contract, you'll need to click on the "Close Position" button. You can choose to close your position at a profit or at a loss.

If you close your position at a profit, the profit will be credited to your AscendEX account. If you close your position at a loss, the loss will be deducted from your AscendEX account.

Important Risk Considerations

Before you open a high multiple contract on AscendEX, it's important to understand the risks involved. High multiple contracts are leveraged instruments, which means that they can amplify both profits and losses.

If the value of the underlying asset moves in your favor, you can potentially earn a high return on your investment. However, if the value of the underlying asset moves against you, you could lose your entire investment.

It's important to only trade with capital that you can afford to lose. You should also carefully consider the leverage that you use. The higher the leverage, the greater the potential return, but also the greater the risk.