How to open a Bithumb 100x contract

To open a Bithumb 100x contract, users must create an account, verify their identity, deposit funds, choose a trading pair and contract type, and enter order details before placing and monitoring their trade.

Nov 17, 2024 at 11:54 pm

How to Open a Bithumb 100x Contract

Bithumb, one of the largest cryptocurrency exchanges in the world, offers a variety of trading options, including 100x contracts. 100x contracts are a type of futures contract that allows traders to leverage their trades by up to 100x. This means that traders can potentially earn (or lose) up to 100 times their initial investment.

If you're new to 100x contracts, it's important to understand the risks involved before you start trading. 100x contracts can be very volatile, and it's possible to lose your entire investment if you're not careful.

With that in mind, here are the steps on how to open a Bithumb 100x contract:

1. Create a Bithumb account. If you don't already have a Bithumb account, you'll need to create one before you can start trading. You can create an account by visiting the Bithumb website and clicking on the "Create Account" button.
2. Verify your identity. Once you've created an account, you'll need to verify your identity. You can do this by submitting a government-issued ID and a proof of address.
3. Deposit funds into your account. Once your identity has been verified, you'll need to deposit funds into your account before you can start trading. You can do this by bank transfer, credit card, or cryptocurrency.
4. Navigate to the 100x contract market. Once you have funds in your account, you can navigate to the 100x contract market by clicking on the "Contracts" tab and then selecting "100x Contracts."
5. Choose a trading pair. The next step is to choose a trading pair. A trading pair is simply two cryptocurrencies that are being traded against each other. For example, you could choose to trade BTC/USDT, which means you are trading Bitcoin (BTC) against Tether (USDT).
6. Select a contract type. There are two types of 100x contracts available on Bithumb: perpetual contracts and quarterly contracts. Perpetual contracts do not have an expiration date, while quarterly contracts expire every three months.
7. Enter your order details. Once you've selected a trading pair and contract type, you'll need to enter your order details. This includes the quantity of the contract you want to buy or sell, the price you want to buy or sell at, and the type of order you want to place.
8. Place your order. Once you're satisfied with your order details, you can click on the "Place Order" button to place your order.
9. Monitor your order. Once your order has been placed, you can monitor its status in the "Orders" tab. You can also view your open positions in the "Positions" tab.
10. Close your order. When you're ready to close your order, you can click on the "Close Order" button in the "Orders" tab. You can also close your position in the "Positions" tab.