How to operate Poloniex contract mobile phone

Poloniex's mobile app offers a user-friendly interface for contract trading, providing traders with the tools to manage their trades on the go and capitalize on market opportunities.

Dec 01, 2024 at 10:56 am

Comprehensive Guide to Navigating Poloniex Contract Trading on Mobile

Poloniex, a reputable cryptocurrency exchange, offers a user-friendly mobile application that seamlessly integrates contract trading, providing traders with the convenience to manage their trades on the go. This comprehensive guide will lead you through the essential steps involved in navigating contract trading on the Poloniex mobile app, empowering you to maximize your trading experience.

Step 1: Download and Install the Poloniex Mobile App

To embark on your contract trading journey, begin by downloading the Poloniex mobile application from the App Store (iOS devices) or Google Play Store (Android devices). Once the app is installed, proceed to create an account or log in using your existing credentials.

Step 2: Fund Your Poloniex Account

Prior to initiating contract trades, you must fund your Poloniex account with the desired cryptocurrency. Tap on "Wallet" from the app's main menu and select "Deposit." Choose the cryptocurrency you wish to deposit and follow the on-screen instructions to complete the process.

Step 3: Access the Contract Trading Interface

To access the contract trading interface, tap on "Contracts" from the main menu. This section provides a comprehensive view of all available perpetual contracts, including the underlying asset, leverage options, and current market data.

Step 4: Choose Your Preferred Contract

Meticulously examine the available contracts to determine the one that aligns with your trading strategy. Factors to consider include the underlying asset, leverage level, and market conditions. Once you have selected your preferred contract, tap on it to view its detailed information.

Step 5: Set Your Trade Parameters

Before executing a trade, you must define your trading parameters, including the order type, position size, and leverage. The Poloniex mobile app offers various order types to cater to diverse trading strategies, such as limit orders, market orders, and stop-loss orders. Determine the appropriate leverage level based on your risk appetite and trading experience.

Step 6: Open a Contract Position

After carefully setting your trade parameters, you can initiate a contract position by tapping on the "Buy" or "Sell" button. Confirm the order details and execute the trade. Your open positions will be displayed in the "Positions" section of the contract trading interface.

Step 7: Manage Your Contract Positions

Once you have established your contract positions, you can actively manage them to optimize your trading performance. The Poloniex mobile app provides real-time position updates, allowing you to monitor your profit/loss (P/L) and adjust your positions accordingly. You can modify your leverage, set stop-loss and take-profit orders, and close your positions to secure profits or mitigate losses.

Step 8: Close Your Contract Position

When you are ready to exit your contract position, tap on the "Close Position" button. Review the closing details and confirm the execution to complete the trade. The proceeds from the closed position will be credited to your Poloniex account.