How to cancel BigONE leverage

To cancel leverage on BigONE, traders must first check their margin account, close open positions, repay borrowed funds, and disable leverage.

Nov 27, 2024 at 07:42 am

How to Cancel BigONE Leverage

Introduction

BigONE is a Singapore-based cryptocurrency exchange that offers a wide range of trading options, including leveraged trading. Leveraged trading allows traders to borrow funds from the exchange to increase their trading positions, potentially amplifying both profits and losses. While leveraged trading can be a powerful tool for experienced traders, it also carries significant risks. If not managed properly, leveraged trading can lead to substantial losses.

Step 1: Check Your Margin Account

Before canceling your leverage, you need to check your margin account to determine the amount of leverage you have used and the current status of your positions. To check your margin account:

Log in to your BigONE account.
Click on "Margin" in the top navigation bar.
Your margin account balance, available margin, and current positions will be displayed.

Step 2: Cancel Open Positions

To cancel your open positions, follow these steps:

Click on the "Positions" tab in the "Margin" section.
A list of your open positions will be displayed.
Select the position you want to cancel.
Click on the "Close" button.
Confirm the cancellation by clicking on "Yes" in the confirmation window.

Step 3: Repay Borrowed Funds

Once you have canceled your open positions, you need to repay the borrowed funds you used for leveraged trading. To repay borrowed funds:

Click on the "Repay" tab in the "Margin" section.
Enter the amount of funds you want to repay.
Select the currency you want to repay in.
Click on the "Repay" button.

Step 4: Disable Leverage

Once you have repaid your borrowed funds, you can disable leverage for your account. To disable leverage:

Click on the "Leverage" tab in the "Margin" section.
Set the leverage multiplier to "1x".
Click on the "Save" button.

Additional Considerations

Canceling leverage will not automatically close your open positions. You must manually close your positions before you can cancel leverage.
If you have any outstanding orders, you need to cancel them before you can cancel leverage.
Once you have canceled leverage, you will not be able to open any new leveraged positions until you re-enable leverage.
Leveraged trading is a high-risk activity. Only trade with funds you can afford to lose.

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