How to play Coinbase contracts tutorial

Coinbase Contracts offers a platform for trading futures contracts on cryptocurrencies, empowering users to speculate or hedge on future cryptocurrency prices.

Nov 07, 2024 at 05:26 pm

How to Play Coinbase Contracts Tutorial

Coinbase Contracts is a platform that allows users to trade futures contracts on cryptocurrencies. Futures contracts are agreements to buy or sell an asset at a set price in the future. They can be used for speculation or hedging.

To start trading Coinbase Contracts, you will need to create an account and fund it with cryptocurrency. Once you have funded your account, you can start trading contracts.

Here is a step-by-step tutorial on how to trade Coinbase Contracts:

1. Create a Coinbase account

The first step is to create a Coinbase account. You can do this by visiting the Coinbase website and clicking on the "Sign Up" button. You will need to provide your name, email address, and password. Once you have created an account, you will need to verify your identity. You can do this by providing a government-issued ID and a selfie.

2. Fund your Coinbase account

Once you have verified your identity, you will need to fund your Coinbase account. You can do this by transferring cryptocurrency from another wallet or by purchasing cryptocurrency with a credit card or debit card.

3. Enable futures trading

Once you have funded your account, you will need to enable futures trading. To do this, click on the "Settings" tab and then click on the "Trading" tab. Under the "Futures" section, click on the "Enable Futures Trading" button.

4. Choose a contract

Once you have enabled futures trading, you will need to choose a contract to trade. You can do this by clicking on the "Contracts" tab. There are a variety of contracts available, including contracts for Bitcoin, Ethereum, and Litecoin.

5. Place an order

Once you have chosen a contract, you will need to place an order. You can do this by clicking on the "Buy" or "Sell" button. You will need to specify the quantity of the contract that you want to buy or sell and the price at which you want to buy or sell.

6. Monitor your order

Once you have placed an order, you will need to monitor it. You can do this by clicking on the "Orders" tab. You will be able to see the status of your order and the current price of the contract.

7. Close your order

Once you are ready to close your order, you can do this by clicking on the "Close" button. You will need to specify the quantity of the contract that you want to close and the price at which you want to close.

Trading Coinbase Contracts can be a profitable way to speculate on the future price of cryptocurrencies. However, it is important to remember that trading contracts is also risky. You should only trade with money that you can afford to lose.