How to set up hedging at Dubai OKX

To hedge against potential losses, traders can utilize OKX's platform by setting up a "Bid Hedge" order, where they place a buy order below the current spot price to mitigate downside risk.

Oct 17, 2024 at 08:24 am

How to Set Up Hedging on Dubai OKX

Step 1: Open an Account

Visit the OKX website and click "Sign Up."
Enter your email address, create a password, and provide other required information.
Verify your identity by uploading your passport or government-issued ID.

Step 2: Fund Your Account

Log in to your OKX account and click "Wallet."
Choose your preferred deposit method (e.g., credit card, bank transfer, cryptocurrency).
Follow the instructions to fund your account.

Step 3: Find the Market You Want to Hedge

Go to the "Markets" tab and select the trading pair you want to hedge.
For example, if you want to hedge against a potential loss in Bitcoin, select BTC/USDT.

Step 4: Create an Order

Click the "Order" button within the trading interface.
Select "Hedge" from the order type dropdown menu.
Enter the amount of the hedge order you want to place.
Choose the leverage (if any).

Step 5: Select the Hedging Strategy

OKX offers two hedging strategies: "Bid Hedge" and "Ask Hedge."
Bid Hedge: Used to protect against downside risk. It involves placing a buy order at a price below the current spot price.
Ask Hedge: Used to protect against upside risk. It involves placing a sell order at a price above the current spot price.

Step 6: Enter Other Order Parameters

Set the order expiration time.
Choose the post-only option (if desired).
Add a trailing stop-loss to protect your profits.

Step 7: Review and Execute

Review all order details carefully.
Click the "Create Hedge" button to execute your hedging order.

Additional Tips

Hedge a small portion of your portfolio initially to manage risk.
Consider different hedging strategies depending on market conditions.
Track your hedged positions regularly and make adjustments as needed.
Understand the risks and potential rewards of hedging before executing any orders.

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