How to close a position with CoinEx leverage

How to Close a Position with CoinEx Leverage

Trading with leverage involves borrowing funds from an exchange to increase the potential profits of a trade. While leverage can magnify gains, it also amplifies losses, making it crucial to manage positions carefully. Closing a leveraged position on CoinEx requires following specific steps to ensure a smooth and successful process.

Steps to Close a Position with CoinEx Leverage:

1. Login to Your CoinEx Account:

• Access the CoinEx website (www.coinex.com) and log into your account using your registered email and password.
• If you have two-factor authentication (2FA) enabled, enter the verification code sent to your phone or email.

2. Navigate to the Margin Trading Page:

• Locate the "Margin" tab at the top of the CoinEx home page and click on it.
• This will redirect you to the margin trading page, where you can view your open and closed positions.

3. Select the Position to Close:

• Identify the open position you wish to close from the list displayed on the margin trading page.
• Each position will indicate the trading pair, leverage used, entry price, and current market price.

4. Choose the Closing Method:

• There are two primary methods to close a leveraged position on CoinEx:

  • Market Close: This option closes the position immediately at the current market price. It is the quickest way to close a position but may result in a different closing price than expected due to market volatility.
  • Limit Close: This option allows you to specify a target closing price for your position. Once the market price reaches the specified target, the position will close automatically. This method provides greater control over the closing price but may take longer to execute.

5. Enter the Closing Parameters:

• If you choose Market Close, simply confirm the action by clicking the "Close" button.
• If you choose Limit Close, specify the desired closing price and click the "Close (Limit)" button.

6. Confirm the Closing Order:

• A confirmation pop-up will appear, displaying the order details.
• Carefully review the information, including the closing method, target price (for Limit Close), and closing quantity.
• Click "Confirm" to execute the order and close your leveraged position.

7. Monitor the Closing Process:

• The order will be processed by CoinEx and executed when the closing price conditions are met.
• You can track the progress of your closing order by navigating to the "Open Orders" tab on the margin trading page.

8. Verify the Closed Position:

• Once the closing order is executed, the position will disappear from the Open Orders list.
• You can view the closed position details, including the closing price and the profit/loss, in the "Closed Orders" tab on the margin trading page.

Additional Considerations:

• Closing a leveraged position can involve fees, such as a trading fee and a financing fee if the position was held overnight.
• It is essential to understand the risks associated with leverage trading and only use it within your risk tolerance.
• Monitoring market conditions and managing positions actively is crucial for successful leverage trading.