How to open a contract cooling-off period with CoinW

Opening a contract cooling-off period with CoinW allows traders to cancel eligible perpetual and delivery contracts within a 30-minute timeframe if they meet specific criteria, such as a loss ratio exceeding 80% and a holding time of at least 10 minutes.

Nov 12, 2024 at 01:39 pm

How to Open a Contract Cooling-Off Period with CoinW

CoinW, a reliable cryptocurrency exchange, offers a contract cooling-off period to safeguard traders' interests and reduce potential losses in volatile market conditions. This period provides traders with the flexibility to cancel eligible contracts within a specified timeframe. Here's a detailed guide on how to open a contract cooling-off period with CoinW:

Step 1: Understand Eligibility

Before initiating a cooling-off period, it's crucial to ensure that the contract you wish to cancel meets the following eligibility criteria:

• Contract Type: Only perpetual and delivery contracts are eligible for the cooling-off period.
• Timeframe: The cooling-off period can be initiated within 30 minutes of opening the contract.
• Loss Ratio: The contract's unrealized loss ratio must exceed 80%.
• Holding Time: The contract must have been held for at least 10 minutes.

Step 2: Identify the Cooling-Off Option

Once you've confirmed the eligibility of your contract, locate the "Cooling-Off" option on CoinW's trading interface. This option is typically found within the contract details or trade history.

Step 3: Initiate the Cooling-Off Period

Click on the "Cooling-Off" button and provide the necessary details. The required information may include the contract code, order ID, and reason for cancellation.

Step 4: Confirmation and Cancellation

After initiating the cooling-off period, CoinW will send a confirmation message to your registered email address or phone number. Your contract will be canceled automatically if it meets the eligibility criteria and there are no outstanding fees or margin requirements.

Step 5: Check the Status

You can check the status of your cooling-off request by navigating to the "Order History" section in the "Contracts" tab. The order will be marked as "Cooling-Off" if the request is successfully submitted.

Step 6: Fees and Penalties

It's important to note that certain fees and penalties may apply during the cooling-off period. These charges can vary depending on the type and size of the contract. It's recommended to carefully review the fees associated with canceling a contract before initiating the cooling-off period.

Additional Considerations:

• The cooling-off period is only applicable to contracts held on CoinW.
• Contracts that have been closed or executed cannot be canceled through the cooling-off period.
• CoinW has the right to reject the cancellation of contracts that do not meet the eligibility criteria or involve suspicious activities.

By following these steps, you can effectively open a contract cooling-off period with CoinW and minimize potential losses in unfavorable market conditions.