How to buy Bithumb contract

To buy Bithumb contracts, users must first create an account, fund it with cryptocurrency, find the desired contract market, select a contract, place an order, manage their contracts, and finally withdraw any profits they may have made.

Nov 13, 2024 at 10:52 am

How to Buy Bithumb Contract: A Comprehensive Guide

Introduction

Bithumb is a South Korean cryptocurrency exchange that offers a range of trading services, including derivatives like contracts. Contracts are financial instruments that allow traders to speculate on the future price movements of an underlying asset, without owning the asset itself. This guide will provide a step-by-step explanation of how to buy Bithumb contracts.

1. Create a Bithumb Account

The first step in buying Bithumb contracts is to create an account on the exchange. To do this, visit the Bithumb website, click on the "Register" button, and fill in the required information, including your email address, password, and name. Once you have created an account, you must verify your email address and provide identity verification documents.

2. Fund Your Account

To buy Bithumb contracts, you will need to fund your account with cryptocurrency. You can do this by depositing cryptocurrency from an external wallet, purchasing cryptocurrency with a credit or debit card, or transferring cryptocurrency from another exchange. Bithumb supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and USDT.

3. Find the Contract Market

Once you have funded your account, you need to find the contract market for the asset you want to trade. To do this, click on the "Derivatives" tab at the top of the Bithumb website, and then select the "Contract" market. You will then see a list of all available contract markets, including BTC/USDT, ETH/USDT, and XRP/USDT.

4. Choose a Contract

Once you have found the contract market you want to trade, you need to choose a contract. Contracts are typically available with different expiration dates and leverage levels. The expiration date is the date on which the contract expires and the underlying asset is delivered to the holder of the contract. The leverage level is the amount of leverage that you can use to trade the contract. Higher leverage levels allow you to trade with more money than you have in your account, but also increase the risk of loss.

5. Place an Order

Once you have chosen a contract, you can place an order to buy or sell the contract. To do this, click on the "Buy" or "Sell" button on the contract market page. You will then need to enter the number of contracts you want to buy or sell, and the price at which you want to buy or sell the contracts.

6. Manage Your Contracts

Once you have placed an order, it will be filled on the Bithumb exchange. You can then manage your contracts in the "My Orders" section of the Bithumb website. You can view the current status of your contracts, as well as cancel or close your contracts at any time.

7. Withdraw Your Profits

If you have made a profit from trading contracts, you can withdraw your profits from Bithumb. To do this, click on the "Withdraw" tab at the top of the Bithumb website, and then enter the amount of cryptocurrency you want to withdraw and the address of the external wallet where you want to withdraw your funds.