How to trade contracts on AscendEX

To commence contract trading on AscendEX, one must establish an account, fund it with cryptocurrency, and adhere to a sequence of steps involving pair selection, contract type determination, leverage adjustment, order placement, position monitoring, and position closure for profit or loss.

Nov 24, 2024 at 02:50 am

How to Trade Contracts on AscendEX

AscendEX is a leading cryptocurrency exchange that offers a wide range of trading options, including spot trading, margin trading, and futures trading. Futures trading, also known as contract trading, is a derivative contract that allows traders to speculate on the future price of an asset.

To trade contracts on AscendEX, you will need to create an account and fund it with cryptocurrency. Once you have created an account, you can follow these steps to trade contracts:

1. Choose a trading pair. The first step is to choose a trading pair. A trading pair is a pair of two cryptocurrencies, such as BTC/USDT or ETH/USDT.
2. Select a contract type. AscendEX offers two types of contracts: USDT-margined contracts and coin-margined contracts. USDT-margined contracts are settled in USDT, while coin-margined contracts are settled in the underlying coin.
3. Set your leverage. Leverage allows you to trade with more capital than you have in your account. However, leverage also amplifies your potential losses. Therefore, it is important to use leverage wisely.
4. Place your order. Once you have chosen a trading pair, a contract type, and a leverage level, you can place your order. You can choose to buy or sell a contract.
5. Monitor your position. Once you have placed your order, you can monitor your position in the "Positions" tab. You can see your profit and loss, as well as your margin level.
6. Close your position. When you are ready to close your position, you can do so in the "Positions" tab. You can choose to close your position at a profit or a loss.

Tips for Trading Contracts on AscendEX

1. Use risk management techniques. Risk management is an important part of trading contracts. You should always use stop-loss orders to protect your profits and limit your losses.
2. Trade with a strategy. It is important to have a trading strategy before you start trading contracts. This will help you to make informed decisions and avoid making impulsive trades.
3. Manage your emotions. Trading can be a stressful experience. It is important to manage your emotions and avoid making irrational decisions.
4. Stay up-to-date on the latest market news. The cryptocurrency market is constantly evolving. It is important to stay up-to-date on the latest market news and events so that you can make informed trading decisions.