How to play contracts on Bithumb

To trade crypto contracts on Bithumb, create an account, fund it, choose a contract, place an order, monitor its progress, and close the trade to secure gains or minimize losses.

Nov 18, 2024 at 10:50 pm

How to Play Contracts on Bithumb

Introduction

Bithumb, a South Korean cryptocurrency exchange, offers a variety of services, including the ability to trade crypto contracts. Contracts are a type of derivative that allows traders to speculate on the future price of an asset without having to own the asset itself. This can be a useful way to hedge against risk or to profit from price movements.

How to Play Contracts on Bithumb

Step 1: Create a Bithumb Account

The first step is to create a Bithumb account. You can do this by visiting the Bithumb website and clicking on the "Sign Up" button. You will need to provide your email address, password, and personal information. Once you have created an account, you will need to verify your email address.

Step 2: Fund Your Account

Once you have verified your email address, you will need to fund your account. You can do this by depositing cryptocurrency into your Bithumb wallet. Bithumb supports a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

Step 3: Choose a Contract

Once you have funded your account, you will need to choose a contract to trade. Bithumb offers a variety of contracts, including futures and options contracts. Futures contracts are agreements to buy or sell an asset at a specified price on a future date. Options contracts give the buyer the right, but not the obligation, to buy or sell an asset at a specified price on a future date.

Step 4: Place an Order

Once you have chosen a contract, you will need to place an order. You can do this by clicking on the "Trade" button and selecting the contract you want to trade. You will then need to specify the order type, the quantity, and the price.

Step 5: 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, as well as the current price of the contract.

Step 6: Close Your Order

Once you have made a profit or loss on your contract, you will need to close your order. You can do this by clicking on the "Close" button. You will then need to specify the quantity you want to close and the price.

Conclusion

Playing contracts on Bithumb is a relatively simple process. By following the steps outlined in this guide, you can get started with contract trading and potentially profit from price movements in the cryptocurrency market.