How to close a position in BingX contract trading

In BingX contract trading, closing a position involves selecting the desired contract, determining the closing parameters (price, quantity), and confirming the order, resulting in settlement and impact on account balance.

Dec 07, 2024 at 02:18 am

How to Close a Position in BingX Contract Trading

Contract trading, also known as futures trading or perpetual trading, is a popular way to trade cryptocurrencies. It allows traders to speculate on the future price of an asset without having to take ownership of the underlying asset. BingX is one of the leading cryptocurrency exchanges that offer contract trading.

Closing a position in BingX contract trading is a simple process that can be completed in a few steps. Here's a step-by-step guide on how to do it:

1. Log in to Your BingX Account

Visit the BingX website (https://bingx.com/) and log in to your account. If you don't have an account, you can create one for free by clicking on the "Sign Up" button.

2. Navigate to the Contract Trading Page

Once you're logged in, hover over the "Trade" tab and select "Contract Trading." This will take you to the contract trading page.

3. Select the Contract You Want to Close

On the contract trading page, you will see a list of available contracts. Select the contract that you want to close by clicking on its name.

4. Click on the "Close Position" Button

Once you have selected the contract, a new window will appear with the contract details. Click on the "Close Position" button.

5. Enter the Close Position Parameters

In the "Close Position" window, you will need to enter the following parameters:

• Close Position: Select "Buy Close" or "Sell Close" to close your position.
• Close Price: The price at which you want to close your position.
• Close Quantity: The amount of contracts you want to close.
• Confirm: Click on the "Confirm" button to submit your close position order.

6. Monitor Your Close Position Order

Once you have submitted your close position order, it will be displayed in the "Open Orders" tab of the contract trading page. You can monitor your order's status and make any necessary adjustments.

7. Settlement

Once your close position order is executed, your position will be closed and the profit or loss will be credited or debited to your account.

Conclusion

Closing a position in BingX contract trading is a quick and easy process. By following the steps outlined in this guide, you can close your positions efficiently and maximize your trading profits.