How to open a contract on Bithumb

Opening a contract on Bithumb requires creating an account, verifying identity, funding it, selecting a contract, placing an order, monitoring it, and closing it once desired.

Nov 23, 2024 at 01:49 pm

How to Open a Contract on Bithumb

Introduction

Bithumb is a South Korean cryptocurrency exchange that offers a wide range of trading options, including spot trading, margin trading, and futures contracts. Opening a contract on Bithumb is a relatively straightforward process, but it is important to understand the risks involved before you begin trading.

Step 1: Create a Bithumb Account

The first step is to create a Bithumb account. You can do this by visiting the Bithumb website and clicking on the "Sign Up" button. You will need to provide your email address, create a password, and agree to the terms of service.

Step 2: Verify Your Identity

Once you have created an account, you will need to verify your identity. This is a mandatory step for all Bithumb users. You can verify your identity by providing your government-issued ID and a selfie.

Step 3: Fund Your Account

Once your identity has been verified, you will need to fund your account. You can do this by depositing cryptocurrency or Korean won. To deposit cryptocurrency, click on the "Deposit" button and select the cryptocurrency you want to deposit. You will then be provided with a deposit address. To deposit Korean won, click on the "Buy Crypto" button and select the "Korean Won" tab. You can then enter the amount of Korean won you want to deposit and select a payment method.

Step 4: Choose a Contract

Once your account has been funded, you can start trading contracts. Bithumb offers a variety of contracts, including perpetual contracts, futures contracts, and options contracts. Perpetual contracts are contracts that do not have an expiration date. Futures contracts are contracts that expire on a specific date. Options contracts are contracts that give you the option to buy or sell an asset at a specific price on a specific date.

Step 5: Place an Order

Once you have chosen a contract, you can place an order. To do this, click on the "Trade" button and select the contract you want to trade. You will then need to enter the number of contracts you want to buy or sell and the price you want to buy or sell them at.

Step 6: Monitor Your Order

Once you have placed an order, you can monitor it by clicking on the "Orders" tab. You will be able to see the status of your order, the price it was executed at, and the profit or loss you have made.

Step 7: Close Your Order

When you are ready to close your order, you can do so by clicking on the "Close Order" button. You will then need to enter the number of contracts you want to close and the price you want to close them at.

Conclusion

Opening a contract on Bithumb is a relatively straightforward process. However, it is important to understand the risks involved before you begin trading. By following these steps, you can safely and easily open a contract on Bithumb.