How to open leverage in AscendEX mobile version

In the AscendEX mobile app, leverage allows traders to amplify potential profits (and losses) by borrowing funds from the platform to magnify their trading positions.

Nov 23, 2024 at 04:37 am

How to Open Leverage in AscendEX Mobile Version

AscendEX, formerly BitMax, is a cryptocurrency exchange that offers spot, margin, and futures trading. It is known for its low trading fees, deep liquidity, and innovative features. One of the unique features of AscendEX is the ability to trade with leverage, which allows traders to magnify their potential profits (and losses).

Step 1: Create an AscendEX Account

If you don't already have an AscendEX account, you will need to create one. You can do this by visiting the AscendEX website or downloading the AscendEX mobile app. Once you have created an account, you will need to verify your email address and identity.

Step 2: Enable Leverage Trading

Once you have verified your account, you will need to enable leverage trading. You can do this by going to the Settings menu and then selecting Leverage. From here, you will need to select the type of leverage you want to use. AscendEX offers leverage of up to 100x on certain trading pairs.

Step 3: Choose a Trading Pair

Once you have enabled leverage trading, you will need to choose a trading pair. AscendEX offers a wide range of trading pairs, including BTC/USDT, ETH/USDT, and XRP/USDT. When choosing a trading pair, you should consider the volatility of the assets, the liquidity of the market, and your own risk tolerance.

Step 4: Place an Order

Once you have chosen a trading pair, you can place an order. AscendEX offers a variety of order types, including market orders, limit orders, and stop orders. When placing an order, you will need to specify the amount of leverage you want to use.

Step 5: Monitor Your Position

Once you have placed an order, you will need to monitor your position. You can do this by going to the Positions tab in the AscendEX mobile app. From here, you can view your open positions, your unrealized profit/loss, and your margin balance.

Step 6: Close Your Position

When you are ready to close your position, you can do so by clicking on the Close button in the Positions tab. You can close your position at any time, but you should be aware that you may incur a loss if the market moves against you.

Step 7: Withdraw Your Funds

Once you have closed your position, you can withdraw your funds from AscendEX. You can do this by going to the Withdraw tab in the AscendEX mobile app. From here, you will need to select the asset you want to withdraw and the amount you want to withdraw. You will also need to provide your withdrawal address.

Tips for Trading with Leverage

• Use leverage cautiously. Leverage can magnify your potential profits, but it can also magnify your potential losses. It is important to use leverage only if you are comfortable with the risks involved.
• Start with a small amount of leverage. If you are new to trading with leverage, it is best to start with a small amount of leverage, such as 2x or 5x. This will help you to get a feel for how leverage works and how to manage your risk.
• Don't overtrade. One of the biggest mistakes that traders make is overtrading. Overtrading occurs when you trade too much with too much leverage. This can lead to large losses, so it is important to avoid overtrading.
• Set stop-loss orders. A stop-loss order is an order that will automatically sell your position if the market moves against you by a certain amount. This can help you to limit your losses if the market moves against you.
• Take profits regularly. When you are trading with leverage, it is important to take profits regularly. This will help you to lock in your profits and reduce your risk.

Conclusion

Trading with leverage can be a powerful tool for increasing your potential profits, but it is important to use leverage cautiously. By following the tips above, you can help to minimize your risk and maximize your profits.