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How to open contract cooling-off period on Binance
Traders experiencing negative equity in Binance's perpetual futures contracts can initiate a 24-hour cooling-off period to evaluate their trading behavior and prevent further losses.
Nov 13, 2024 at 02:21 am
How to Open a Contract Cooling-Off Period on Binance
Step 1: Eligibility Assessment
- To initiate a contract cooling-off period on Binance, traders must meet certain eligibility criteria.
Eligible traders must have:
- A Binance account in good standing
- Completed KYC verification
- Traded futures contracts within the past 6 months
- Experienced negative equity in a perpetual futures contract within the last 24 hours
Step 2: Request Submission
- Eligible traders can submit a cooling-off period request through the Binance Support Center.
The request should include the following information:
- Binance UID
- Email address registered with Binance
- Screenshot of the negative equity balance
- Brief description of the triggering event (e.g., market volatility, trading error)
Step 3: Verification and Approval
- Binance will review the request and verify the trader's eligibility.
- If the request is approved, Binance will initiate the cooling-off period.
- Approval typically takes 1-2 business days.
Step 4: Cooling-Off Period Activation
- Once approved, the cooling-off period will be activated for a duration of 24 hours.
- During this period, all margin trading and leveraged futures contracts on the trader's account will be locked.
- The trader will be restricted from opening new positions or closing existing positions during the cooling-off period.
Step 5: Reflective Assessment
- The cooling-off period provides traders with a period of introspection to evaluate their trading behavior and identify areas of improvement.
Traders are encouraged to use this time to:
- Review trading records and identify patterns leading to losses
- Assess risk tolerance and make adjustments to trading strategies
- Explore educational resources to enhance trading knowledge
Step 6: Cooling-Off Period Conclusion
- At the end of the 24-hour cooling-off period, the trader's trading privileges will be restored.
- However, traders are cautioned to approach trading with caution after the cooling-off period and to implement the lessons learned during the reflective assessment.
Additional Notes:
- The contract cooling-off period on Binance is a voluntary measure designed to provide traders with an opportunity to mitigate potential losses.
- Traders are encouraged to use this tool responsibly and to seek professional guidance if needed.
- Binance reserves the right to reject a cooling-off period request if the trader does not meet the eligibility criteria or if the request is deemed to be fraudulent.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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