How to activate BingX contract multiple

To activate the BingX Contract Multiples feature, register an account, deposit funds, select a contract, determine the multiplication factor, open a position, monitor it, and close it when appropriate.

Dec 02, 2024 at 11:26 pm

How to Activate BingX Contract Multiple

BingX, a renowned cryptocurrency exchange, offers a versatile contract trading platform that caters to the needs of both novice and experienced traders. The platform's "multiples" feature enables users to trade multiple contracts simultaneously, enhancing trading efficiency and potential profitability. Activating this feature is a straightforward process that can be completed in a few simple steps.

Step 1: Sign Up for a BingX Account

Before accessing the contract multiples feature, you must first create an account on the BingX exchange. This involves providing basic personal information, such as your email address and phone number, and completing the necessary identity verification procedures.

Step 2: Fund Your Account

To engage in contract trading on BingX, you need to deposit funds into your account. The platform supports various deposit methods, including cryptocurrency transfers, credit/debit card payments, and third-party payment processors. Choose the most convenient option for you and follow the instructions provided by BingX.

Step 3: Navigate to the Contract Trading Interface

Once your account is funded, log in to the BingX platform and navigate to the "Contracts" section. This will take you to the contract trading interface, where you can view available contracts, place orders, and manage your positions.

Step 4: Choose a Contract to Multiply

The BingX contract trading interface displays a list of available contracts, each with its own set of underlying assets, expiration dates, and leverage options. Select the contract that you wish to multiply, considering factors such as your trading strategy and risk tolerance.

Step 5: Determine the Multiplication Factor

The "multiples" feature allows you to trade multiple contracts of the same type simultaneously, thereby increasing your position size and potential profit/loss. Determine the multiplication factor, which represents the number of contracts you want to trade simultaneously. You can adjust this factor based on your risk appetite and trading preferences.

Step 6: Open a Contract Position

Once you have chosen a contract and determined the multiplication factor, you can open a contract position. Specify the order type (e.g., limit order, market order), the direction of your trade (e.g., long or short), and the desired entry price. BingX will execute the order based on the parameters you provide, multiplying the number of contracts accordingly.

Step 7: Monitor Your Position and Adjust Accordingly

After opening a contract position, it is crucial to monitor its performance closely. BingX provides real-time updates on position profitability, margin utilization, and liquidation price. Based on market conditions and your trading strategy, you may need to adjust your position, such as adding or removing multiples, to optimize profitability and manage risk.

Step 8: Close Your Position

When you are satisfied with your position's performance, you can close it to realize your profit or loss. Simply select the "Close" option within the contract trading interface and confirm the transaction. BingX will automatically adjust your account balance based on the closed position's outcome.