How to cancel BitMart leverage

To cancel a leverage position on BitMart, log in, open leverage trading interface, select trading pair, cancel open position, monitor cancellation process, confirm cancellation, withdraw borrowed funds (if applicable), and consider risks involved.

Nov 25, 2024 at 04:00 pm

How to Cancel BitMart Leverage

Leverage trading on BitMart allows traders to amplify their positions by borrowing funds from the platform. This can potentially magnify both profits and losses. However, it's crucial to manage leverage prudently to minimize risks. If you need to cancel a leveraged position on BitMart, follow these steps carefully:

1. Login to Your BitMart Account

• Navigate to the BitMart website and sign in to your account.
• Enter your username and password, and click the "Login" button.

2. Open the Leverage Trading Interface

• Once logged in, hover over the "Trade" tab in the top menu bar and select "Leverage Trading."
• This will open the leverage trading interface, displaying a list of available trading pairs.

3. Select the Trading Pair

• From the list of trading pairs, select the one for which you want to cancel the leveraged position.
• Click on the trading pair to open the order book and trading chart.

4. Cancel Your Open Position

• In the order book, locate your open leveraged position.
• Click on the "Cancel Order" button corresponding to that position.
• A confirmation window will appear, asking you to confirm the cancellation.
• Review the details carefully and click the "Confirm" button to proceed with the cancellation.

5. Monitor the Cancellation Process

• Once you confirm the cancellation, it will be processed by the platform.
• The cancellation may take a few minutes to complete, depending on market conditions.
• You can monitor the status of the cancellation by refreshing the order book.

6. Confirm the Cancellation

• Once the cancellation is complete, your leveraged position will be removed from the order book.
• You can verify this by checking the "Open Orders" section to ensure that the position is no longer listed.

7. Withdraw Borrowed Funds (Optional)

• If you borrowed funds for your leveraged position, you need to repay them.
• Navigate to the "Assets" tab and select "Withdraw."
• Follow the instructions to withdraw the borrowed funds to your preferred wallet.

Important Considerations:

• Canceling a leveraged position will close the trade immediately, realizing any profits or losses.
• Leverage trading carries inherent risks, and you should always trade cautiously within your risk tolerance.
• It's recommended to monitor your leveraged positions regularly and adjust the leverage ratio or cancel them if necessary.
• If you encounter any difficulties during the cancellation process, don't hesitate to contact BitMart customer support for assistance.