AscendEX contract gameplay rules

AscendEX Contract Gameplay Rules

Overview

AscendEX is a leading digital asset trading platform that offers a wide range of trading products, including spot trading, margin trading, and contract trading. Contract trading, also known as futures trading, allows traders to speculate on the future price of an underlying asset without having to own the asset outright.

Contract Gameplay Rules

To participate in contract trading on AscendEX, traders must first understand the following gameplay rules:

1. Open a Contract Trading Account

To open a contract trading account on AscendEX, traders must first create a spot trading account. Once the spot trading account is created, traders can navigate to the "Contracts" tab on the AscendEX website or mobile app and click on "Open Account" to create a contract trading account.

2. Fund the Contract Trading Account

To fund the contract trading account, traders can transfer funds from their spot trading account or deposit funds directly into the contract trading account. Traders can deposit funds using a variety of methods, including bank wire transfer, credit card, and cryptocurrency.

3. Choose a Trading Pair

AscendEX offers a wide range of trading pairs for contract trading, including BTC/USDT, ETH/USDT, and BNB/USDT. Traders can choose a trading pair based on their market outlook and risk tolerance.

4. Select a Contract Type

AscendEX offers two types of contracts: perpetual contracts and futures contracts. Perpetual contracts have no expiry date, while futures contracts expire on a specific date. Traders can choose a contract type based on their trading strategy and risk tolerance.

5. Set the Leverage

Leverage allows traders to amplify their profits and losses. AscendEX offers a range of leverage options, from 1x to 100x. Traders should carefully consider the risks associated with leverage before setting the leverage level.

6. Place an Order

To place an order, traders must select the order type, specify the quantity, and set the price. AscendEX offers a variety of order types, including market orders, limit orders, and stop orders. Traders can place orders directly from the order book or use the advanced trading interface to place more complex orders.

7. Monitor the Position

Once an order is placed, traders can monitor the position from the "Positions" tab on the AscendEX website or mobile app. The position will show the current profit and loss, as well as the margin required to maintain the position.

8. Close the Position

To close a position, traders can either place a market order to close the position at the current market price or place a limit order to close the position at a specific price. Once the position is closed, the profit or loss will be transferred to the contract trading account.

Risks of Contract Trading

Contract trading involves a high level of risk and traders should be aware of the following risks before participating in contract trading on AscendEX:

• The price of the underlying asset can fluctuate rapidly: The price of the underlying asset can fluctuate rapidly, which can lead to significant profits or losses for traders.
• Leverage can amplify losses: Using leverage can amplify both profits and losses. Traders should carefully consider the risks associated with leverage before setting the leverage level.
• Liquidation: If the margin required to maintain a position is insufficient, the position will be liquidated. Liquidation can result in the loss of the entire investment.