How to close a contract on Poloniex

How to Close a Contract on Poloniex

Step 1: Log into your Poloniex account.

• Navigate to the Poloniex website (https://poloniex.com) and enter your login credentials.
• Ensure you have a funded Poloniex account with sufficient funds to close pending contracts.

Step 2: Go to the "Contracts" tab.

• Click on the "Contracts" tab located at the top navigation bar.
• The contracts page displays a list of available contracts, including those you currently hold.

Step 3: Find the contract you want to close.

• The contracts list is organized by market pairs.
• Locate the contract you want to close by scrolling or using the search bar at the top of the table.

Step 4: Click on the "Close" button.

• Once you find the contract, click on the "Close" button in the "Actions" column.
• A confirmation window will pop up.

Step 5: Confirm the closing details.

• In the confirmation window, verify the contract details and the amount you want to close.
• Check that the market price is favorable for closing the contract.

Step 6: Click on the "Confirm" button.

• Once you confirm the details, click on the "Confirm" button to execute the contract closure.
• Poloniex will automatically sell or buy the asset needed to complete the contract.

Step 7: Check your account balance.

• After the contract is closed, the funds will be credited to your Poloniex account.
• You can check your account balance under the "Balances" tab.

Additional Considerations

• Contract Type: Different types of contracts have different closing procedures. Futures contracts are typically closed by selling or buying the underlying asset, while perpetual contracts continue until manually closed.
• Market Conditions: Market conditions can impact the price of the contract at the time of closing. It's advisable to monitor the market price before initiating a contract closure.
• Fees: Poloniex may charge fees for closing contracts. These fees vary depending on the contract type and market conditions. Ensure you familiarize yourself with the fee schedule before closing any contracts.
• Open Contracts: You can only close contracts that are currently open. Contracts that have expired or been settled cannot be closed.