How to play perpetual contract with Bitget

To initiate perpetual contract trading, selecting a reputable exchange is crucial, such as Binance, Huobi Global, or Coinbase.

Nov 21, 2024 at 04:24 pm

How to Play Perpetual Contracts with Bitget

Perpetual contracts, also known as perpetual futures, are financial instruments that allow traders to speculate on the future price of an underlying asset without having to worry about the hassle of physical delivery. They are similar to traditional futures contracts, but there are some key differences.

Step 1: Choose the Right Exchange

The first step is to choose the right exchange that offers perpetual contracts. There are different factors you need to consider when selecting an exchange, such as trading fees, liquidity, security, and ease of use.

Some of the leading exchanges that offer perpetual contracts include:

• Binance
• Huobi Global
• Bybit
• OKX
• Kraken
• Coinbase

Step 2: Create an Account and Fund It

Once you have chosen an exchange, you will need to create an account. The registration process usually involves providing your personal information, such as your name, email address, and phone number. You will also need to verify your identity by submitting a government-issued ID.

Once your account is created, you will need to fund it with some money. You can deposit funds using a variety of methods, such as bank transfer, debit card, or cryptocurrency.

Step 3: Choose a Trading Pair

The next step is to choose a trading pair. A trading pair is simply two different assets that you are trading against each other. For example, you could trade BTC/USD, which means you are trading Bitcoin against the US dollar.

Step 4: Set a Trading Strategy

Before you start trading, it is important to have a trading strategy in place. This will help you to make informed trading decisions and reduce your risk.

There are many different types of trading strategies that you can use, so you will need to find one that suits your risk tolerance and trading style.

Step 5: Place an Order

Once you have a trading strategy in place, you can start placing orders. There are two types of orders that you can place: market orders and limit orders.

A market order is an order to buy or sell an asset at the current market price. A limit order is an order to buy or sell an asset at a specific price.

Step 6: Monitor Your Position and Close It

Once you have placed an order, you will need to monitor your position to manage your risk. You can do this by tracking the price of the underlying asset and the value of your position.

If the price of the underlying asset moves in your favor, your position will gain value. If the price moves against you, your position will lose value.

You can close a position at any time by placing an order to sell or buy back the asset. Once you have closed a position, you will no longer have any exposure to the underlying asset.