How to cancel BitMEX leverage

To cancel leverage on BitMEX, navigate to your Positions tab, locate the specific leveraged position, click the "Cancel" button, confirm the cancellation, check your balance to ensure leverage removal, close remaining positions, and finally withdraw your funds.

Nov 11, 2024 at 07:33 am

How to Cancel BitMEX Leverage

Leverage trading on BitMEX is a high-risk, high-reward strategy that can amplify both profits and losses. If you're not comfortable with the risks involved, you should not trade with leverage.

If you do decide to trade with leverage, it's important to know how to cancel your leverage so that you can manage your risk. Here's a step-by-step guide on how to cancel BitMEX leverage:

1. Log in to your BitMEX account.

To log in to your BitMEX account, go to the BitMEX website and click on the "Log In" button in the top-right corner of the page. Enter your email address and password, and then click on the "Log In" button.

2. Click on the "Positions" tab.

Once you're logged in, click on the "Positions" tab in the top-right corner of the page. This will show you a list of all of your open positions.

3. Find the position you want to cancel.

Scroll down the list of open positions until you find the position you want to cancel. The position will be listed by the symbol of the cryptocurrency you're trading, the amount of leverage you're using, and the current profit or loss.

4. Click on the "Cancel" button.

Once you've found the position you want to cancel, click on the "Cancel" button next to it. A confirmation window will appear.

5. Confirm the cancellation.

In the confirmation window, click on the "Confirm" button to cancel the position. The position will be closed and the leverage will be removed.

6. Check your balance.

Once the position is cancelled, check your balance to make sure that the leverage has been removed.

7. Close your remaining positions.

If you have any other open positions, you should close them before you cancel your leverage. This will help you to avoid any unexpected losses.

8. Withdraw your funds.

Once you've closed all of your open positions, you can withdraw your funds from your BitMEX account. To do this, click on the "Withdraw" tab in the top-right corner of the page. Enter the amount of funds you want to withdraw, the cryptocurrency you want to withdraw in, and the address you want to withdraw to. Then, click on the "Withdraw" button.

9. Confirm the withdrawal.

In the confirmation window, click on the "Confirm" button to withdraw the funds. The funds will be sent to the address you specified within a few minutes.