How to buy contracts on DigiFinex

To initiate contract trades on DigiFinex, register an account, fund it, choose a contract, specify order details, monitor the position, and execute the closing order when appropriate.

Nov 23, 2024 at 12:20 am

How to Buy Contracts on DigiFinex: A Comprehensive Guide

DigiFinex, a pioneering cryptocurrency exchange, has emerged as a prominent platform for trading perpetual contracts, offering a diverse range of altcoin-based contracts with leverage. Perpetual contracts are financial instruments that allow traders to speculate on the future price of an underlying asset without an expiration date.

If you're intrigued by the exciting world of perpetual contracts and seek to become a DigiFinex trader, we present you with a comprehensive guide to help you navigate the platform's intricacies and execute contract trades seamlessly.

Step 1: Register for a DigiFinex Account

1. Visit the official DigiFinex website and click on "Sign Up" in the top right corner.
2. Enter your email address, set a strong password, and verify your authenticity with a code sent to your designated email.
3. Complete the registration process by verifying your identity with valid government-issued identification. This step enhances account security and enables withdrawal functionality.

Step 2: Fund Your DigiFinex Account

1. To execute contract trades, you'll need to fund your DigiFinex account with the necessary funds.
2. Navigate to the "Deposit" section within your account and select your preferred cryptocurrency.
3. Copy the displayed deposit address and transfer the corresponding amount from your external wallet.

Step 3: Understand Contract Trading on DigiFinex

1. DigiFinex offers perpetual contracts based on a variety of altcoins, providing ample opportunities for traders to diversify their portfolios.
2. Each contract specifies the underlying asset, leverage multiplier, maintenance margin, and liquidation price.
3. Before initiating a contract trade, it's imperative to thoroughly understand the contract specifications and potential risks involved.

Step 4: Choose a Contract and Place an Order

1. Visit the "Contracts" section of the DigiFinex platform to explore the available contract offerings.
2. Select the desired contract based on your market analysis and trading preferences.
3. Specify the order type (Limit Order or Market Order), order direction (Long or Short), contract amount, and leverage multiplier.
4. Preview the order details and confirm your execution by clicking on the "Buy" or "Sell" button.

Step 5: Monitor and Manage Your Contract Position

1. Once your order is executed, it will reflect in the "Open Positions" tab.
2. DigiFinex provides real-time position details, including entry price, unrealized profit/loss, and margin utilization.
3. Monitor your position closely and manage your risk by adjusting leverage, adding or reducing the amount of the contract, or closing the position as needed.

Step 6: Close Your Contract Position

1. To close a contract position, navigate to the "Open Positions" tab and click on the "Close" button.
2. Choose the desired order type (Limit Order or Market Order) and enter the closing price.
3. After confirming the closing details, execute the order to realize your profit or loss and complete the contract trade.

Additional Considerations

• Margin Trading: Perpetual contracts on DigiFinex involve margin trading, allowing traders to amplify their profits using leverage. However, this also entails greater risk, so it's crucial to exercise sound risk management practices to avoid potential losses.
• Real-Time Charts: DigiFinex provides real-time charts for each contract, enabling traders to perform technical analysis, identify trading opportunities, and make informed decisions.
• Customer Support: DigiFinex offers comprehensive customer support via email, live chat, and other channels. Don't hesitate to reach out if you encounter any issues or have inquiries.