How to open 75 times BitFlyer contract

On BitFlyer, individuals can create 75x leveraged contracts after creating an account, verifying their identity, funding their account, choosing the desired contract, setting order parameters, submitting their order, and subsequently monitoring and closing their position.

Nov 15, 2024 at 02:09 am

How to Open a 75x Leveraged Contract on BitFlyer

Introduction

Leveraged contracts provide traders with the opportunity to amplify their returns by using borrowed funds. However, it is essential to understand the risks involved before engaging in leveraged trading. This guide will provide a step-by-step process on how to open a 75x leveraged contract on BitFlyer, one of the leading cryptocurrency exchanges in Japan.

Step 1: Create a BitFlyer Account and Verify Your Identity

Before you can open a contract on BitFlyer, you need to create an account and verify your identity. This process involves providing personal information, such as your name, address, and date of birth, and uploading a government-issued ID.

Step 2: Fund Your Account

Once your account is verified, you need to fund it with enough funds to cover the initial margin for the contract you want to open. Initial margin is a percentage of the contract's total value that is required to be deposited as collateral. For a 75x leveraged contract, the initial margin is typically around 1-2%.

Step 3: Select the Contract You Want to Trade

BitFlyer offers a range of contracts for trading, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Once you have chosen the contract you want to trade, click on the contract details page and choose the 75x leverage option.

Step 4: Set the Order Parameters

The order parameters you need to set include the order type, the amount of the contract you want to buy or sell, the price at which you want to enter the contract, and the stop-loss and take-profit levels.

Order types:

• Market order: Executes your order immediately at the best available market price.
• Limit order: Executes your order only at the specified price or better.
• Stop-loss order:Triggers a market order to sell your contract if the price falls below a specified level.
• Take-profit order:Triggers a market order to sell your contract if the price rises above a specified level.

Step 5: Review and Submit Your Order

Once you have set all the order parameters, carefully review them to ensure that they are correct. Make sure that you understand the risks involved and that you are comfortable with the potential losses. If everything looks correct, click on the "Place Order" button.

Step 6: Monitor Your Position

Once your order has been executed, you can monitor your position on the BitFlyer trading interface. The interface will display the current price of the contract, your profit or loss, and the margin used for the contract.

Step 7: Close Your Position

When you are ready to close your position, you can either sell your contract or buy back the same amount of the contract that you originally sold. The process of closing a contract is similar to opening a contract.

Additional Tips for Trading 75x Leveraged Contracts on BitFlyer

• Understand the risks involved: Leveraged trading carries a high level of risk, and it is possible to lose all of your investment.
• Start small: Open small positions until you become more comfortable with the risks of leveraged trading.
• Use stop-loss orders: Stop-loss orders can help to limit your losses if the market moves against you.
• Monitor your positions regularly: Keep an eye on your positions to ensure that they are still within your risk tolerance.
• Close your positions in time: Do not hold on to losing positions too long. If a position is not profitable, close it as soon as possible to minimize your losses.