How to close LBank contract

To close a contract on LBank, sign in to your account, navigate to the contracts page, select the contract to close, choose the closing option, specify the closing quantity, place the closing order, monitor the order status, settle the contract, and review the settlement details.

Nov 23, 2024 at 10:54 pm

How to Close LBank Contract: A Comprehensive Guide

Introduction

LBank Exchange offers a user-friendly platform for cryptocurrency derivatives trading, including contract trading. Closing a contract on LBank involves a straightforward process, ensuring a seamless experience for traders. This guide will provide detailed instructions on how to effectively close a contract on LBank.

Steps to Close an LBank Contract

1. Sign In to Your LBank Account

Begin by logging into your LBank account using your registered credentials. Once you have access to your account, you will be able to initiate the process of closing your contract.

2. Navigate to the Contracts Page

Locate the "Contracts" section in the LBank navigation bar. Click on this section to access your active and closed contracts. Upon entering this page, you should have a comprehensive overview of all your trading activities.

3. Select the Contract to Close

Identify the contract you wish to close from the list of active contracts. Each contract will have specific details, including the underlying asset, contract type, leverage, entry price, and current market price. Click on the contract you want to close to proceed.

4. Choose the Closing Option

Once you have selected the contract, you will be presented with two options for closing it: "Close Long" or "Close Short." Carefully consider the nature of your contract (long or short) and choose the appropriate closing option to execute the desired action.

5. Specify the Closing Quantity

In this step, you need to determine how much of the contract you want to close. You can choose to close the entire position or a portion of it. Carefully enter the quantity you wish to close, ensuring that it does not exceed the remaining open position.

6. Place the Closing Order

Review the closing quantity and other order details before confirming the closing order. By clicking the "Close" button, you are placing a market order to execute the contract closure at the prevailing market price.

7. Monitor the Order Status

After submitting the closing order, monitor the order status in the "My Orders" section. The order will typically get filled within seconds, depending on market conditions and liquidity. Once the order is filled, your contract position will be closed.

8. Settle the Contract

Upon successful contract closure, you will see a settlement notification. Carefully review the settlement details, which include the realized profit or loss and the settlement fee. The resulting balance will be automatically adjusted in your LBank account.

Conclusion

Closing a contract on LBank is a straightforward process that can be completed in a few simple steps. By following the instructions outlined in this guide, traders can effectively manage their contract positions and realize their trading goals on the LBank platform. It is important to exercise caution and consider market conditions before closing any contract to minimize potential losses.