How to cancel MEXC leverage

How to Cancel MEXC Leverage

MEXC offers leverage trading, a tool that allows traders to amplify their profits by using borrowed funds. However, it is crucial to exercise caution when using leverage as it can also amplify losses. If you decide that you need to cancel your leverage position on MEXC, follow these steps:

1. Log in to your MEXC account: Visit the MEXC website and enter your login credentials to access your account.
2. Navigate to the Leverage page: Once you are logged in, hover over the "Trade" tab in the top navigation bar and select "Leverage" from the drop-down menu.
3. Select the order you wish to cancel: The Leverage page will display a list of your open leverage orders. Locate the order you want to cancel and click on the "Cancel" button associated with it.
4. Confirm the cancellation: A confirmation dialog box will appear, asking you to confirm the cancellation of the order. Verify that the order details are correct and click on the "Confirm" button to proceed.
5. Monitor the status of your cancellation: The leverage order will be canceled immediately, and the borrowed funds will be returned to your account balance. You can monitor the status of your cancellation in the "Order History" section of the Leverage page.

Additional Considerations for Canceling MEXC Leverage:

• Market volatility: The cryptocurrency market can be highly volatile, which can impact the value of your leverage position. If the market moves against you, it is essential to cancel your leverage order promptly to minimize potential losses.
• Maintenance margin: MEXC requires traders to maintain a minimum margin level to keep their leverage positions open. If the value of your collateral falls below the maintenance margin level, your position may be liquidated, resulting in losses.
• Slippage: When canceling a leverage order, there may be some slippage, which refers to the difference between the expected execution price and the actual executed price. This can occur due to factors such as market volatility or low liquidity.
• Fees: MEXC may charge a small fee for canceling a leverage order. The fee amount will vary depending on the size and type of your leverage position.

Alternatives to Canceling MEXC Leverage:

• Reduce leverage: Instead of canceling your leverage order entirely, you can consider reducing the leverage amount to a more manageable level. This can help you mitigate potential losses while still maintaining some exposure to the market.
• Add collateral: If you are facing a margin call, you can add additional collateral to your leverage position to increase your margin level and prevent liquidation. However, it's important to note that adding collateral does not guarantee against losses if the market continues to move against you.
• Close position: If you are unable to cancel your leverage order or manage your risk through other means, you may need to close your position manually. This involves selling your leveraged asset at the current market price to exit the position. Closing your position will result in realizing any gains or losses on the trade.