How to play perpetual contract on BingX

To initiate perpetual contract trading on BingX, establish an account, deposit cryptocurrency, choose a market, execute orders, and monitor positions while managing risk through stop-loss and take-profit techniques.

Nov 26, 2024 at 04:02 am

How to Play Perpetual Contract on BingX

Perpetual contracts are a type of derivative that allows traders to speculate on the future price of an underlying asset without having to take delivery of the asset itself. Perpetual contracts use leverage, which can amplify both profits and losses.

To play perpetual contract on BingX, you will need to:

1. Create an account on BingX.
2. Fund your account with cryptocurrency.
3. Choose a perpetual contract market.
4. Place an order.
5. Monitor your position and manage your risk.

1. Create an account on BingX

To create an account on BingX, visit the BingX website and click 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 was sent to you.

2. Fund your account with cryptocurrency.

To fund your account with cryptocurrency, click on the "Deposit" button in the top right corner of the BingX website. You will then be able to select the cryptocurrency that you want to deposit and the amount that you want to deposit.

BingX supports a variety of cryptocurrencies, including Bitcoin, Ethereum, USDT, and USDC.

3. Choose a perpetual contract market.

Once you have funded your account, you will need to choose a perpetual contract market. BingX offers a variety of perpetual contract markets, including BTC/USDT, ETH/USDT, and BNB/USDT.

To choose a perpetual contract market, click on the "Markets" tab in the top left corner of the BingX website. You will then be able to see a list of all of the available perpetual contract markets.

4. Place an order

To place an order, click on the "Trade" button in the top left corner of the BingX website. You will then be able to see a trading window.

In the trading window, you will need to select the perpetual contract market that you want to trade, the order type that you want to use, and the amount that you want to trade.

BingX offers a variety of order types, including market orders, limit orders, and stop orders.

5. Monitor your position and manage your risk

Once you have placed an order, you will need to monitor your position and manage your risk.

To monitor your position, click on the "Positions" tab in the top left corner of the BingX website. You will then be able to see a list of all of your open positions.

To manage your risk, you can use stop-loss orders and take-profit orders. Stop-loss orders will automatically close your position if the price of the underlying asset falls below a certain level. Take-profit orders will automatically close your position if the price of the underlying asset rises above a certain level.

Disclaimer: Trading perpetual contracts is a high-risk activity. You should only trade with capital that you can afford to lose.