How to open a contract cooling-off period on Upbit

How to Open a Contract Cooling-Off Period on Upbit

Upbit, one of the leading cryptocurrency exchanges in the world, offers a contract cooling-off period to its users. This period allows users to cancel their contract orders within a certain timeframe, providing them with an opportunity to reconsider their trading decisions. Opening a contract cooling-off period on Upbit is a straightforward process that can be completed in a few simple steps.

Step 1: Log in to Your Upbit Account

To initiate the contract cooling-off period, you first need to log in to your Upbit account. Enter your credentials and click on the "Login" button.

Step 2: Navigate to the "Contracts" Section

Once you are logged in, hover your cursor over the "Trade" tab located at the top of the page. A drop-down menu will appear. From the menu, select the "Contracts" option.

Step 3: Open Your Order History

In the "Contracts" section, you will see a list of your active and completed orders. Locate the order you wish to cancel and click on the "Order History" button corresponding to that order.

Step 4: Select the "Cooling-Off" Option

On the order history page, you will find a button labeled "Cooling-Off." Click on this button to open the cooling-off period for the selected order.

Step 5: Confirm Your Cancellation Request

A confirmation dialog box will appear, asking you to confirm your cancellation request. Carefully review the details of the order and ensure that it is the correct one you wish to cancel. Once you are satisfied, click on the "Confirm" button to proceed.

Step 6: Wait for the Cooling-Off Period to Expire

Upon confirmation, the cooling-off period will be activated for the specified duration. During this period, you will not be able to execute the canceled order. The default cooling-off period on Upbit is 24 hours, but you can adjust it to a shorter or longer duration as per your preference.

Step 7: Monitor the Cooling-Off Status

You can monitor the status of your cooling-off period by navigating to the "Contracts" section and selecting the "Cooling-Off" tab. Here, you will find a list of all your active cooling-off periods, including their expiration times.

Step 8: Cancel the Cooling-Off Period (Optional)

If you change your mind and decide not to cancel the order, you can manually cancel the cooling-off period before it expires. To do this, simply click on the "Cancel Cooling-Off" button corresponding to the relevant order in the "Cooling-Off" tab.

By following these steps, you can successfully open a contract cooling-off period on Upbit and cancel your order within the specified timeframe. Remember to carefully consider your trading decisions before executing any orders, and utilize the cooling-off period to minimize potential risks.