How to buy contracts on Crypto.com

To buy contracts on Crypto.com, create an account, verify your identity, fund your account, choose a contract, place an order, monitor it and close it when ready.

Nov 24, 2024 at 11:08 am

How to Buy Contracts on Crypto.com

Crypto.com is a popular cryptocurrency exchange that offers a wide range of trading options, including contracts. Contracts are a type of derivative that allows traders to speculate on the future price of an asset without having to own the asset itself.

Step 1: Create an Account

To buy contracts on Crypto.com, you will first need to create an account. You can do this by visiting the Crypto.com 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 by law for all cryptocurrency exchanges. You can verify your identity by providing a government-issued ID and a selfie.

Step 3: Fund Your Account

Once your identity has been verified, you will need to fund your account in order to buy contracts. You can do this by transferring cryptocurrency from another wallet or by using a credit or debit card.

Step 4: Choose a Contract

Crypto.com offers a variety of different contracts, including futures, options, and perpetual swaps. Each type of contract has its own unique characteristics, so it is important to choose the one that is right for you.

Step 5: Place an Order

Once you have chosen a contract, you will need to place an order. You can do this by specifying the quantity of contracts you want to buy, the price you want to pay, and the type of order you want to place.

Step 6: Monitor Your Order

Once you have placed an order, you can monitor its progress in the "Orders" section of your Crypto.com account. You can also view the current price of the contract and the amount of profit or loss you have made.

Step 7: Close Your Order

When you are ready to close your order, you can do so by clicking on the "Close" button. You will then need to specify the quantity of contracts you want to close and the price you want to sell them for.

Additional Tips

Here are a few additional tips for buying contracts on Crypto.com:

• Do your research. Before you buy any contracts, it is important to do your research and understand how they work. There are a number of resources available online that can help you learn about contracts.
• Start small. When you are first starting out, it is a good idea to start small and only trade with a small amount of money. This will help you to learn how to trade contracts without risking too much money.
• Use stop-loss orders. Stop-loss orders are a type of order that can help you to limit your losses. If the price of a contract falls below a certain level, your stop-loss order will automatically sell the contract for you.
• Be patient. Trading contracts can be a profitable way to make money, but it is important to be patient and to learn from your mistakes. Don't expect to get rich quick, and be prepared to lose money from time to time.