What process should newbies to OYi Contract follow to place entrusted orders?

For contract trading, select a suitable exchange that offers perpetual swaps, considering factors like fees, liquidity, and trading tools, and open a dedicated futures trading account to segregate your funds.

Jan 26, 2025 at 06:37 pm

Key Points

• Understand Contract Trading: Familiarize yourself with the concept of perpetual swaps, leverage, and potential risks involved in contract trading.
• Choose a Suitable Exchange: Compare popular exchanges that offer OYi contract trading, considering factors such as fees, liquidity, and trading tools.
• Open a Futures Trading Account: Create a dedicated futures trading account on the chosen exchange to segregate your funds for contract trading.
• Fund Your Account: Transfer funds or cryptocurrencies to your futures trading account using supported deposit methods.
• Place Entrusted Orders: Utilize the order book to place buy or sell orders, specifying the contract type, quantity, price limit, and order type.

Detailed Guide for Newbies Placing Entrusted Orders on OYi Contract

1. Understand Contract Trading

• Perpetual swaps are derivatives that track the price of an underlying asset without an expiry date.
• Leverage multiplies your trading capital, amplifying both potential profits and losses.
• Contract trading involves higher risks compared to spot trading due to the leveraged nature and potential for liquidations.

2. Choose a Suitable Exchange

• Bybit: One of the leading crypto derivatives exchanges with high liquidity and a user-friendly interface.
• Binance: A prominent exchange with a vast selection of contract offerings and advanced trading features.
• OKX: A reputable exchange known for its low fees, high leverage options, and comprehensive charting tools.
• Huobi: A long-established exchange with a strong focus on contract trading, providing various order types and tailored futures products.

3. Open a Futures Trading Account

• Navigate to the Futures section of the chosen exchange's website.
• Create a new futures trading account if you do not have one already.
• Transfer funds or cryptocurrencies from your spot wallet to your futures trading account.

4. Fund Your Account

• Determine the amount you wish to allocate for contract trading.
• Choose a supported deposit method and follow the instructions provided by the exchange.
• Ensure your deposit has been processed before placing any orders.

5. Place Entrusted Orders

• Limit Order: Set a desired price at which you want to buy or sell a contract.
• Market Order: Execute an order at the current best available price in the market.
• Conditional Order: Place an order that triggers only when specific market conditions are met.
• Stop Limit Order: Combine a stop order and limit order to manage potential losses or take profits.
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