How to cancel Upbit leverage

Leverage trading, an option on the popular Upbit cryptocurrency exchange, requires careful consideration due to potential loss risks.

Nov 12, 2024 at 05:29 am

How to Cancel Upbit Leverage

Leverage trading, a common practice in the cryptocurrency market, allows traders to amplify their potential profits by borrowing funds from a trading platform. However, it is crucial to exercise caution when engaging in leveraged trading due to the increased risk of losses. Upbit, a popular cryptocurrency exchange, offers leverage trading options to its users. If you find yourself in a position where you need to cancel your leverage, follow the steps outlined below.

Step 1: Log in to Your Upbit Account

• Navigate to the Upbit website (upbit.com) and click on the "Sign In" button.
• Enter your registered email address or mobile phone number and password.
• Complete the two-factor authentication (2FA) process if enabled for your account.

Step 2: Access the Leverage Trading Page

• Once logged in, hover over the "Trade" tab on the top menu bar.
• A drop-down menu will appear; select "Leveraged."

Step 3: Choose the Leverage Position to Cancel

• The Leveraged page displays a list of your active leverage positions.
• Identify the position you wish to cancel by its trading pair (e.g., BTC/USDT) and the leverage ratio (e.g., 5x).

Step 4: Cancel the Leverage Position

• Locate the "Cancel" button associated with the chosen leverage position.
• A confirmation dialog box will appear; carefully review the details and ensure you are canceling the correct position.
• Click on the "Confirm" button to proceed with the cancellation.

Additional Precautions:

• Keep in mind that canceling a leverage position only closes the open trade. It does not repay the borrowed funds.
• To repay the outstanding balance, navigate to the "Borrowed Asset" section of your Upbit account.
• Carefully review the repayment terms, including the interest charges, before proceeding.
• If you encounter any difficulties or have further questions, refer to Upbit's Customer Support team for assistance.