How to open 75 times on BitMEX contract

Opening a 75x leverage position on BitMEX requires careful consideration of margin, contract selection, and risk management measures like stop-loss and take-profit orders.

Nov 17, 2024 at 07:21 pm

How to Open 75 times Leverage on BitMEX Contract

BitMEX is a popular cryptocurrency derivatives exchange that allows users to trade futures contracts with up to 100x leverage. This means that you can potentially multiply your profits by up to 100 times, but it also means that you can lose your entire investment very quickly.

Opening a 75x leverage position on BitMEX is a risky proposition, but it can also be very rewarding if you know what you're doing. Here are the steps on how to do it:

Step 1: Account and Funding

• To open a 75x leverage position on BitMEX, you will first need to take the following steps:

  • Open a BitMEX account.
  • Deposit funds into your account.
  • Enable 2FA (two-factor authentication) on your account to keep it secure.
  • Pass the identity verification level for your account.

Step 2: Choose Contract

• Once you have a funded account, you will need to choose the contract you want to trade. BitMEX offers a variety of contracts, including:

  • Bitcoin: BTC/USD, BTC/USDT
  • Ethereum: ETH/USD, ETH/USDT
  • Litecoin: LTC/USD, LTC/USDT
  • Ripple: XRP/USD, XRP/USDT
  • Bitcoin Cash: BCH/USD, BCH/USDT
  • EOS: EOS/USD, EOS/USDT

Step 3: Select Margin

• Once you have chosen a contract, you will need to select the margin you want to use. Margin is the amount of collateral you will need to post in order to open a position. The higher the margin, the less leverage you will have.
• For a 75x leverage position, you will need to post 1.33% of the contract value as margin. For example, if you want to open a $10,000 position, you will need to post $133 as margin.

Step 4: Set Stop-Loss and Take-Profit

• Once you have selected the margin, you will need to set a stop-loss and take-profit order. A stop-loss order is an order that will automatically sell your position if the price falls below a certain level. A take-profit order is an order that will automatically sell your position if the price rises above a certain level.
• Stop-loss and take-profit orders are essential for managing your risk when trading with leverage. They help to ensure that you do not lose more money than you can afford.

Step 5: Open a Position

• Once you have set your stop-loss and take-profit orders, you can open a position. To do this, simply click on the "Buy" or "Sell" button on the trading page.
• You will need to enter the number of contracts you want to trade and the price you want to enter the market at.

And that's it! You have now opened a 75x leverage position on BitMEX.