How to close an AscendEX contract

How to Close an AscendEX Contract

Trading contracts on AscendEX can be a lucrative way to generate profits, but it's essential to understand how to close a contract to secure your gains or mitigate losses. This comprehensive guide will provide step-by-step instructions on how to close a contract on the AscendEX platform.

Step 1: Access Your Contract Positions

• Log in to your AscendEX account and navigate to the "Contracts" tab on the top menu bar.
• Select the "My Positions" sub-tab to view a list of your active contracts.

Step 2: Choose the Contract to Close

• Identify the contract you wish to close by locating it in the "My Positions" list.
• If you have multiple positions open for the same contract, ensure you select the appropriate one.

Step 3: Initiate the Closing Process

• Click on the "Close" button associated with the selected contract.
• A confirmation window will appear, displaying the closing price and quantity.
• Verify the details and click "Confirm" to proceed.

Step 4: Select Closing Type

• AscendEX offers two closing options:

  • Limit Order: Set a limit price to close the contract when the market reaches that level.
  • Market Order: Close the contract immediately at the current market price.
• Choose the desired closing type based on your risk appetite and market conditions.

Step 5: Enter Closing Parameters

• If you chose "Limit Order," enter the limit price at which you want to close the contract.
• If you chose "Market Order," no additional parameters are required.

Step 6: Confirm and Execute

• Review the closing details once again.
• Click on the "Close" button to confirm and execute the closing order.
• The contract will be closed, and the proceeds will be credited to your account.

Additional Considerations:

• Unrealized Profit or Loss: Before closing a contract, consider the unrealized profit or loss on your position.
• Market Volatility: Market volatility can affect the closing price of your contract. Monitor market conditions to make informed closing decisions.
• Liquidation Risk: Failure to manage your risk exposure can lead to contract liquidation. Ensure you understand the potential liquidation risks before trading.
• Rebate: AscendEX offers rebates for closing contracts within a specific timeframe. Check the platform for details.