How to open a contract cooling-off period on BitMart

BitMart's contract cooling-off period feature provides traders with a buffer to review and adjust their trades before they become binding, enabling informed decision-making and risk mitigation.

Nov 23, 2024 at 01:38 am

How to Open a Contract Cooling-Off Period on BitMart

Introduction

BitMart is a renowned cryptocurrency exchange that offers a diverse range of crypto assets and trading options. Among these options is contract trading, which allows traders to enter into agreements to buy or sell a crypto asset at a predetermined price on a future date. To protect traders from hasty trading decisions, BitMart has implemented a contract cooling-off period feature. This feature provides traders with a grace period during which they can review and adjust their contract trades before they become active.

Steps to Open a Contract Cooling-Off Period on BitMart

1. Log in to Your BitMart Account

To access the contract cooling-off period feature, you need to sign in to your BitMart account. Enter your username and password to complete the login process.

2. Navigate to the Contract Trading Interface

Once logged in, hover your mouse over the "Derivatives" tab located at the top of the page. From the drop-down menu, select "Contracts" to access the contract trading interface.

3. Select the Desired Contract

The contract trading interface displays a list of available crypto assets for contract trading. Select the crypto asset for which you want to open a contract cooling-off period.

4. Enable the Contract Cooling-Off Period

On the contract trading page, locate the "Cooling-off Period" section. Here, you can set the duration of the cooling-off period. The available options range from 5 minutes to 60 minutes. Select the desired duration and click "Enable."

5. Adjust Contract Parameters During Cooling-Off Period

During the cooling-off period, you can modify various contract parameters, such as leverage, position size, and order type. These adjustments allow you to fine-tune your trading strategy before the contract becomes active.

6. Confirm and Activate Contract

Once satisfied with your contract parameters, click the "Confirm" button at the bottom of the trading interface. This action finalizes your contract and activates it after the cooling-off period expires.

Additional Considerations

• Once a contract cooling-off period is enabled, you cannot disable it or extend its duration.
• The cooling-off period is a crucial safety mechanism that prevents impulsive trading decisions. Use this feature judiciously to protect your crypto assets.
• Contract trading involves substantial risk. Traders should exercise caution and manage risk accordingly.
• BitMart reserves the right to modify or terminate the contract cooling-off period feature at its sole discretion.