BigONE leverage multiplier setting failed

Ensure adequate margin balance, comply with maximum leverage limits, avoid extreme volatility, check margin mode, disable VPN/proxy connections, and consider contacting exchange support to troubleshoot leverage multiplier setting failures on BigONE.

Nov 23, 2024 at 06:16 pm

BigONE Leverage Multiplier Setting Failed: A Comprehensive Guide to Resolving the Issue

BigONE, a leading cryptocurrency exchange, allows users to leverage their positions up to a certain multiplier. However, setting the leverage multiplier often leads to a "failed" message. This article provides a comprehensive guide to resolving this issue, addressing potential causes and troubleshooting steps.

Potential Causes of Leverage Multiplier Setting Failure:

• Insufficient Margin: Liquidation occurs when the asset value falls below a certain threshold, resulting in margin call. To prevent this, ensure adequate margin balance to cover potential price fluctuations.
• Maximum Leverage Limit: Exchanges impose a maximum leverage limit for specific trading pairs. If the multiplier exceeds this limit, the setting will fail. Adhere to the exchanges' leverage limits to avoid this issue.
• Market Volatility: Extreme market volatility can trigger sudden price swings, affecting margin requirements. Unexpected price movements can lead to immediate liquidation, so consider closing leveraged positions manually during volatile periods.

Troubleshooting Steps:

1. Verify Adequate Margin Balance:

• Access your trading account and check the available margin balance for the specific trading pair.
• Ensure the margin balance is sufficient to support the desired leverage multiplier.
• If the margin balance is inadequate, deposit additional funds or reduce the leverage multiplier.

2. Confirm Leverage Limit Compliance:

• Navigate to the exchange's trading pair page and locate the maximum leverage option.
• Compare the desired multiplier with the maximum leverage limit specified for the trading pair.
• If the multiplier exceeds the limit, adjust the multiplier to comply with the exchange's regulations.

3. Avoid Extreme Volatility:

• Monitor market conditions and avoid leveraging during periods of high volatility.
• Follow reliable news sources and technical indicators to assess market sentiment and potential price swings.
• Consider setting stop-loss orders or manually managing positions during volatile periods to mitigate risk.

4. Check Margin Mode:

• Some exchanges offer different margin modes, such as cross margin or isolated margin. Ensure you have selected the appropriate margin mode for your trading strategy.
• Cross margin pools margin across multiple trading pairs, while isolated margin assigns separate margin for each position. Choose the mode that aligns with your risk tolerance and trading style.

5. Disable VPN/Proxy:

• Deactivate any VPN or proxy connections while accessing the exchange.
• Security measures implemented by the exchange may detect these connections and block or restrict certain account functions. Disabling VPN/proxy connections can resolve such issues.

6. Contact Exchange Support:

• If all troubleshooting steps fail, reach out to BigONE's customer support team.
• Clearly explain the encountered error and provide relevant information, such as screenshots or order details.
• Support representatives can investigate the issue further and assist in resolving it.