How to play BingX perpetual contract

BingX perpetual contracts offer experienced traders an opportunity to speculate on future asset prices without owning the underlying asset, leveraging diverse deposit options and protective measures like stop-loss orders.

Nov 23, 2024 at 03:40 am

How to Play BingX Perpetual Contract

Perpetual contracts, also known as perpetual futures, are a type of derivative that allows you to speculate on the future price of an asset without having to take ownership of the underlying asset. This makes them a popular trading instrument for experienced traders who are looking to capitalize on price movements.

BingX is a cryptocurrency exchange that offers perpetual contracts on a variety of assets, including Bitcoin, Ethereum, and Litecoin. In this guide, we will show you how to play BingX perpetual contracts.

Step 1: Create a BingX Account

The first step is to create a BingX account. You can do this by visiting the BingX website and clicking on the "Sign Up" button. You will need to provide your email address, create a password, and agree to the terms of service.

Once you have created an account, you will need to verify your email address. To do this, click on the link in the verification email that BingX sent you.

Step 2: Deposit Funds

Once your account is verified, you will need to deposit funds into your account. You can do this by clicking on the "Deposit" button in the top right corner of the screen. BingX supports a variety of deposit methods, including credit cards, debit cards, and bank transfers.

Step 3: Choose a Trading Pair

Once you have deposited funds into your account, you can start trading perpetual contracts. To do this, click on the "Trade" tab in the top menu bar and select a trading pair. BingX offers perpetual contracts on a variety of assets, including Bitcoin, Ethereum, and Litecoin.

Step 4: Place an Order

Once you have selected a trading pair, you can place an order. To do this, click on the "Buy" or "Sell" button in the order form. You will need to specify the order type, the order quantity, and the order price.

Step 5: Monitor Your Position

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

Step 6: Close Your Position

When you are ready to close your position, you can click on the "Close" button in the order form. You will need to specify the order type, the order quantity, and the order price.

Additional Tips

• Use a stop-loss order to protect your profits. A stop-loss order is an order that is designed to automatically sell your position if the price of the asset falls below a certain level. This can help you to limit your losses if the market moves against you.
• Be aware of the risks involved in trading perpetual contracts. Perpetual contracts are a leveraged product, which means that you can lose more money than you invest. It is important to understand the risks involved before you start trading perpetual contracts.
• Practice trading perpetual contracts on a demo account before you start trading with real money. This will help you to get a feel for how perpetual contracts work and to learn how to manage your risk.