BingX contract operation process

To commence contract trading on BingX, one must initially create an account, verify their identity, and fund it through supported methods.

Nov 29, 2024 at 10:03 pm

BingX Contract Operation Process

Step 1: Open a BingX Account

• Create an account: Visit the BingX website or download the BingX mobile app. Click "Sign Up" and enter your email address or phone number. Follow the prompts to complete the registration.
• Verify your identity: To comply with regulatory requirements, BingX requires you to complete KYC verification. Upload your ID card, passport, or driver's license and provide a selfie for identity confirmation.

Step 2: Fund Your Account

• Deposit funds: BingX supports a variety of deposit methods, including cryptocurrencies, fiat currencies via bank transfers, and third-party payment platforms. Choose your preferred method and follow the instructions to deposit funds.

Step 3: Choose a Contract

• Explore available contracts: BingX offers various perpetual and futures contracts based on cryptocurrencies, indices, and commodities. Navigate to the "Contracts" section to view the available options.
• Select a contract: Consider factors such as the underlying asset, leverage level, and expiry date to find a contract that suits your trading strategy.

Step 4: Place an Order

• Order types: BingX provides multiple order types, including limit orders, market orders, stop-limit orders, and take-profit orders. Choose the order type that best aligns with your trading objectives.
• Specify order details: Enter the desired quantity, price, and leverage level. Leverage allows you to amplify your potential profits, but it also increases the risk. Choose a leverage level that aligns with your risk tolerance.

Step 5: Monitor and Manage Your Position

• Real-time monitoring: Once your order is filled, it will show up in the "Open Orders" section. Monitor the position's performance in real-time to make informed decisions.
• Adjust or close position: If the market moves against your position, you can adjust the order parameters or close the position prematurely to manage risk.

Step 6: Withdraw Funds

• Initiate withdrawal: Once you close your positions and have a positive balance, you can withdraw your funds. Navigate to the "Account" section and select "Withdraw."
• Select withdrawal method: Choose the same withdrawal method used for depositing. Verify the withdrawal details and confirm the transaction.