How to activate BigONE contract multiples

To begin using contract multiples on BigONE, traders must meet eligibility requirements, select a multiple category, and set an appropriate leverage level to align with their trading strategy.

Nov 30, 2024 at 11:04 pm

How to activate BigONE contract multiples

1. Introduction

BigONE exchange is a renowned cryptocurrency platform that facilitates trading in various digital assets, including spot, margin, and futures trading. The exchange has recently introduced contract multiples, a feature that allows traders to amplify their trading positions with increased leverage and potential returns. This guide will provide a comprehensive walkthrough of how to activate contract multiples on the BigONE exchange, empowering you with the knowledge to leverage this advanced trading mechanism effectively.

2. Prerequisites for Activation

Before proceeding with the activation process, there are a few prerequisites that traders must fulfill to ensure eligibility for contract multiples trading on the BigONE exchange:

• Account Verification: Traders must complete the identity verification process on the BigONE exchange by submitting relevant documentation and undergoing KYC (Know Your Customer) procedures.
• Risk Disclosure Agreement: Traders must carefully review and acknowledge the Risk Disclosure Agreement presented by the exchange, acknowledging the inherent risks associated with contract multiples trading and their willingness to assume those risks.
• Sufficient Trading Experience: BigONE exchange may require traders to demonstrate sufficient trading experience or knowledge before granting access to contract multiples trading.

3. Activating Contract Multiples

Once the prerequisites are met, traders can proceed with the activation of contract multiples on the BigONE exchange by following these steps:

• Open Contract Trading Page: Navigate to the Contract Trading section on the BigONE exchange website or mobile application.
• Select Multiple Category: Identify the Multiple Category that aligns with your trading strategy and preference. Currently, BigONE exchange offers Single Multiple, Double Multiple, and Triple Multiple options, each providing varying degrees of leverage.
• Activate Multiple: Click on the "Activate" button associated with the Multiple Category you have chosen.
• Confirm Risk Warning: Read and confirm the risk warning displayed by the exchange to proceed further.
• Set Leverage Level: Adjust the leverage level to a suitable value within the permitted range for the chosen Multiple Category.
• Submit Request: Review all the entered details and submit your request for contract multiples activation.

4. Review Process

Once a contract multiples activation request is submitted, the BigONE exchange will conduct a thorough review process that may take up to 24 hours to complete. During this period, the exchange will assess the trader's account status, trading history, and other relevant factors to ensure eligibility and responsible trading practices.

5. Approval and Notification

If the review process is successful, the BigONE exchange will grant approval for contract multiple trading, enabling traders to access the feature in their trading accounts. An official notification will be communicated via email or the exchange's messaging system.

6. Precautionary Measures

While contract multiples trading can offer the potential for enhanced returns, traders must exercise caution to mitigate risks associated with the use of leverage. Here are a few precautionary measures to consider:

• Risk Management: Implement robust risk management strategies to control exposure and minimize potential losses.
• Leverage Understanding: Thoroughly understand the concept of leverage, its impact on potential gains and losses, and employ it prudently.
• Market Volatility Assessment: Assess market conditions carefully and be aware of potential price fluctuations that may impact positions.
• Profit-Taking Strategies: Develop clear profit-taking strategies to secure gains and prevent excessive exposure to market risks.
• Stop-Loss Orders: Utilize stop-loss orders to limit potential losses and preserve capital.

By adhering to these measures, traders can enhance their trading experience while mitigating the risks inherent in contract multiples trading.