How to close Bithumb contract trading

How to Close Bithumb Contract Trading

Contract trading, also known as futures trading, is a popular way to trade cryptocurrencies. It allows traders to speculate on the future price of an asset without having to own the asset itself. Bithumb, one of the largest cryptocurrency exchanges in the world, offers a variety of contract trading options.

If you're new to contract trading, it's important to understand the basics before you get started. Here's a step-by-step guide on how to close a Bithumb contract trade:

1. Log in to Your Bithumb Account

The first step is to log in to your Bithumb account. Once you're logged in, click on the "Contracts" tab at the top of the page.

2. Select the Contract You Want to Close

On the Contracts page, you'll see a list of all the available contract markets. Select the contract market that you want to close.

3. Click on the "Close Position" Button

Once you've selected the contract market, click on the "Close Position" button. A pop-up window will appear, asking you to confirm that you want to close the position.

4. Confirm the Close Position

Click on the "Confirm" button to close the position. The position will be closed immediately, and the profit or loss will be credited to your account.

5. Additional Tips for Closing a Contract Trade

Here are a few additional tips for closing a contract trade:

• Use a stop-loss order to protect your profits. A stop-loss order is an order that automatically sells your position if the price of the asset falls below a certain level. This can help you to protect your profits if the market moves against you.
• Take profit orders can be used to lock in profits. A take profit order is an order that automatically sells your position if the price of the asset rises above a certain level. This can help you to lock in profits if the market moves in your favor.
• Be aware of the risks of contract trading. Contract trading can be a risky activity. It's important to understand the risks before you start trading.