AscendEX contract trading process

To initiate contract trading on AscendEX, create an account, verify identity, deposit funds, select a contract, place an order specifying type, order type, quantity, and price, monitor the order, close the position, and withdraw funds.

Nov 24, 2024 at 12:48 pm

AscendEX Contract Trading Process: A Step-by-Step Guide

Introduction

AscendEX is a leading cryptocurrency exchange that offers a wide range of trading products, including spot trading, margin trading, and contract trading. Contract trading, also known as futures trading, is a popular way to speculate on the price of cryptocurrencies without having to own the underlying asset.

Step 1: Create an AscendEX Account

The first step to trading contracts on AscendEX is to create an account. This can be done by visiting the AscendEX website and clicking on the "Sign Up" button. You will need to provide your email address, create a password, and agree to the terms of service.

Step 2: Verify Your Identity

Once you have created an account, you will need to verify your identity. This is required in order to comply with anti-money laundering and know-your-customer (KYC) regulations. To verify your identity, you will need to provide a government-issued ID and a proof of address.

Step 3: Deposit Funds into Your Account

Before you can start trading contracts, you will need to deposit funds into your AscendEX account. You can do this by clicking on the "Deposit" button in the top right-hand corner of the screen. AscendEX supports a variety of deposit methods, including bank wire, credit card, and cryptocurrency.

Step 4: Choose a Contract

Once you have deposited funds into your account, you can start choosing which contracts you want to trade. AscendEX offers a wide range of contracts, including contracts on Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies.

Step 5: Place an Order

Once you have chosen a contract, you can place an order. To place an order, you will need to specify the following:

Contract type: You can choose from two types of contracts: perpetual contracts and futures contracts.

Order type: You can choose from a variety of order types, including market orders, limit orders, and stop orders.

Quantity: The number of contracts you want to buy or sell.

Price: The price at which you want to buy or sell the contract.

Step 6: Monitor Your Order

Once you have placed an order, you can monitor it in the "Orders" section of your account. You can see the status of your order, the current price of the contract, and the profit or loss you are making.

Step 7: Close Your Position

When you are ready to close your position, you can do so by clicking on the "Close" button in the "Orders" section of your account. You can choose to close your position at the current market price or at a specified price.

Step 8: Withdraw Your Funds

Once you have closed your position, you can withdraw your funds from your AscendEX account by clicking on the "Withdraw" button in the top right-hand corner of the screen. You can withdraw your funds to a bank account, a credit card, or a cryptocurrency wallet.

Tips for Trading Contracts on AscendEX

Use Stop Loss Orders

A stop loss order is an order that automatically sells your contract if it falls below a certain price. Stop loss orders can help you to limit your losses if the market moves against you.

Manage Your Risk

It is important to manage your risk when trading contracts. Do not trade with more money than you can afford to lose. Remember, you could lose a considerable amount of money quickly when trading contracts.

Use a Trading Plan

A trading plan is a set of rules that you follow when trading. It includes things like what types of contracts you trade, how much you risk on each trade, and when you take. Using a trading plan can help you stay disciplined and make better trading decisions.