How to play BigONE contract trading

The article highlights the initial step in contract trading on BigONE: creating an account, requiring both email verification and phone number confirmation.

Nov 26, 2024 at 11:50 pm

How to Play BigONE Contract Trading

BigONE contract trading is a leveraged trading platform that allows users to trade cryptocurrencies with up to 100x leverage. This can amplify both profits and losses, so it is important to understand how contract trading works before getting started.

Step 1: Open a BigONE Account

To start contract trading on BigONE, you will first need to create an account. You can do this by visiting the BigONE website and clicking on the "Sign Up" button. Once you have created an account, you will need to verify your email address and phone number.

Step 2: Fund Your Account

Once your account is verified, you will need to fund it with cryptocurrency. You can do this by depositing cryptocurrency from another wallet or by purchasing cryptocurrency directly from BigONE.

Step 3: Choose a Trading Pair

The next step is to choose a trading pair. A trading pair is two cryptocurrencies that are traded against each other, such as BTC/USDT. You can choose from a variety of trading pairs on BigONE.

Step 4: Place an Order

Once you have chosen a trading pair, you can place an order. There are two types of orders: market orders and limit orders. Market orders are executed immediately at the current market price, while limit orders are executed at a specified price.

Step 5: Monitor Your Position

Once you have placed an order, you can monitor your position by clicking on the "Positions" tab. This will show you the current status of your order, as well as the profit or loss you have made.

Step 6: Close Your Position

When you are ready to close your position, you can do so by clicking on the "Close Position" button. This will sell your cryptocurrency at the current market price and close your position.

Tips for Successful Contract Trading

• Understand the risks. Contract trading is a leveraged product, which means that you can magnify both your profits and your losses. It is important to understand the risks involved before getting started.
• Start with a small position. When you are first starting out, it is important to start with a small position size. This will help you to manage your risk and avoid large losses.
• Use stop-loss orders. A stop-loss order is an order that automatically sells your cryptocurrency if the price falls below a certain level. This can help you to protect your profits and limit your losses.
• Take profit orders. A take-profit order is an order that automatically sells your cryptocurrency if the price rises above a certain level. This can help you to lock in your profits and avoid giving them back.
• Do your research. Before you start trading, it is important to do your research and understand the cryptocurrency market. This will help you to make informed trading decisions and avoid costly mistakes.