Tutorial on how to play Crypto.com contracts

Tutorial on How to Play Crypto.com Contracts

Step 1: Initialize an Account on Crypto.com

1. Navigate to the official website of Crypto.com and click on "Sign Up."
2. Enter the requested personal information, including your email address and phone number.
3. Complete the KYC verification process by submitting government-issued identification documents.
4. Deposit funds into your account using one of the supported payment methods, such as bank transfers or credit/debit cards.

Step 2: Familiarize Yourself with the Contracts Platform

1. Log in to your Crypto.com account and hover over "Derivatives" in the top menu.
2. Select "Contracts" from the dropdown menu to access the contracts trading platform.
3. The interface comprises various sections: order book, chart, trade history, and order form.

Step 3: Understand Contract Specifications

1. Choose the cryptocurrency you wish to trade contracts for, such as Bitcoin, Ethereum, or Dogecoin.
2. Select the contract type: Perpetual (no expiration) or Futures (with a defined expiration date).
3. Comprehend the contract specifications, including the leverage, tick size, and minimum order size.

Step 4: Determine Your Trading Strategy

1. Based on technical analysis or market insights, decide whether to take a long (buy) or short (sell) position.
2. Define your entry and exit points, taking into account risk management principles.
3. Consider using stop-loss and take-profit orders to limit potential losses and lock in profits.

Step 5: Initiate a Contract Trade

1. In the order form, specify the contract type, order type (market order or limit order), and quantity.
2. Check the total position value and ensure it aligns with your risk tolerance.
3. Place your order by entering the position amount and clicking the "Buy/Long" or "Sell/Short" button.

Step 6: Monitor and Manage Your Contract Position

1. Track your position's performance in the order book or trade history section.
2. Adjust your position or close it early if market conditions change significantly.
3. Remember that contract trading involves high risks and can result in substantial losses.

Step 7: Close Your Contract Position

1. To close your position, place an opposite order with the same quantity.
2. For example, if you bought (longed) 100 contracts, you would need to sell (short) 100 contracts to close your position.
3. The difference between the entry and exit prices determines your profit or loss on the trade.