How to activate contract trading in LBank

To activate contract trading on LBank, users need to open an LBank account, verify their identity, enable contract trading, fund their account, and understand the basics of contract trading, such as futures contracts, margin trading, and leverage.

Nov 25, 2024 at 08:40 pm

How to Activate Contract Trading in LBank

Step 1: Open an LBank Account

• Begin by navigating to the LBank website (www.lbank.com).
• Locate the "Register" button and provide your email address, create a password, and enter the referral code (if any).
• Verify your email address by clicking on the verification link sent to your inbox.
• Once registered, log in to your LBank account.

Step 2: Verify Your Identity (KYC)

• Enhanced security measures require verifying your identity before activating contract trading.
• Navigate to the "Account & Security" section and select "Identity Verification."
• Provide the necessary personal information, including your full name, date of birth, country of residence, and a valid ID document (passport, ID card, or driver's license).
• Follow the onscreen instructions to complete the KYC process.

Step 3: Enable Contract Trading

• With your account verified, you can now activate contract trading.
• Navigate to the "Futures" section, which is the trading platform for contract trading in LBank.
• You will be required to take a quiz to demonstrate your understanding of contract trading. Read the quiz carefully and answer the questions to the best of your ability.
• Once you have passed the quiz, click on the "Enable Contract Trading" button.
• Your contract trading account will be activated, and you can proceed to fund your account and start trading.

Step 4: Fund Your Account

• Go to the "Wallet" section and select "Deposit."
• Select the cryptocurrency you wish to deposit, copy the deposit address provided, and transfer the funds from your external wallet or exchange.
• Ensure that you transfer the correct cryptocurrency to the matching deposit address to avoid any loss of funds.

Step 5: Understand Contract Trading

• Familiarize yourself with the basics of contract trading, including futures contracts, margin trading, and leverage.
• Futures contracts represent a standardized agreement to buy or sell an underlying asset at a predetermined price and time in the future.
• Margin trading allows you to borrow funds from the exchange to increase your trading exposure, thereby magnifying potential profits (and losses).
• Leverage enables you to amplify your trading positions by borrowing funds, but it also increases the risk involved. Use leverage cautiously and only with a clear understanding of its implications.

Step 6: Choose a Trading Pair

• Navigate to the "Futures" trading platform and select a trading pair.
• A trading pair represents the two cryptocurrencies involved in the contract, e.g., BTC/USDT (Bitcoin against Tether).

Step 7: Place an Order

• Determine your trading strategy and decide on the type of order you wish to place.
• There are two primary order types: Market Order and Limit Order.
• Market orders execute immediately at the current market price, while limit orders are executed only when the market price reaches a specified level.
• Enter the order quantity, select the order type, and click "Buy" or "Sell" to initiate the trade.

Step 8: Monitor and Manage Your Positions

• Once you have placed an order, monitor its status and make adjustments as needed.
• Track the real-time price movements of your trading pair and make informed decisions based on market conditions.
• Manage your positions prudently, using stop-loss orders or adjusting your leverage to control risk.