How to enable contract trading on AscendEX

How to Enable Contract Trading on AscendEXIntroduction:

AscendEX, formerly BitMax, is a renowned cryptocurrency exchange that provides a diverse range of financial products, including spot trading, perpetual contracts, and futures contracts. Perpetual contracts, also known as perpetual swaps, are financial instruments that allow traders to speculate on the future price of an underlying asset, such as Bitcoin or Ethereum, without the need for physical delivery.

Step 1: Create an AscendEX Account

To begin contract trading on AscendEX, you first need to create an account:

• Visit the AscendEX website at https://www.ascendex.com/.
• Click on the "Sign Up" button located in the top-right corner of the page.
• Enter your email address, create a password, and agree to the Terms of Service.
• Click on the "Create Account" button.
• You will receive a confirmation email. Click on the link provided in the email to activate your account.

Step 2: Enable Two-Factor Authentication (2FA)

For enhanced account security, AscendEX recommends enabling 2FA:

• Log in to your AscendEX account.
• Click on your profile icon and select "Security".
• Under the "Two-Factor Authentication" section, choose the method you prefer, either via Google Authenticator or SMS.
• Follow the instructions provided to set up 2FA.

Step 3: Fund Your AscendEX Account

To start contract trading, you will need to fund your AscendEX account:

• Click on the "Deposit" button located in the top-right corner of the page.
• Select the cryptocurrency you want to deposit.
• Copy the deposit address provided or scan the QR code using your cryptocurrency wallet.
• Transfer your desired amount of cryptocurrency to the deposit address.

Step 4: Navigate to Contract Trading

Once your account is funded, you can navigate to the Contract Trading section:

• Click on the "Trade" button located in the top-left corner of the page.
• From the drop-down menu, select "Contract".

Step 5: Choose a Contract Market

AscendEX offers a wide range of perpetual contract market**:

• Click on the "Contract" tab.
• Select the contract market you wish to trade, such as "BTC-USD", "ETH-USD", or "SOL-USD".

Step 6: Calculate Contract Size and Margin Requirements

Before placing an order, it is important to understand contract size and margin requirements:

• Contract Size: This refers to the number of units of the underlying asset covered by each contract. For example, if the BTC-USD contract size is 100, each contract represents 100 US Dollars worth of Bitcoin.
• Margin Requirements: This refers to the minimum amount of collateral you need to maintain in your trading account to open and hold a contract position. Margin requirements vary depending on the contract market and the leverage level you choose.

Step 7: Select Long or Short Position

When opening a contract position, you can choose to go long or short:

• Long Position: A long position represents a bet that the price of the underlying asset will rise in the future.
• Short Position: A short position represents a bet that the price of the underlying asset will fall in the future.

Step 8: Set Order Parameters and Protect Your Trades

Before submitting your order, you can set various order parameters, including:

• Order Type: Choose from "Limit Order", "Market Order", or "Stop Order" depending on your trading strategy.
• Price: Specify the price at which you wish to execute the order.
• Quantity: Determine the number of contracts you want to buy or sell.
• Leverage: Adjust the leverage level to increase or decrease your potential gains and risks.
• Stop-Loss Order: Place a stop-loss order to automatically close your position if the market moves against you by a certain percentage.

Step 9: Monitor Your Positions and Manage Risk

Once you have opened a contract position, you can monitor its performance in real-time:

• Click on the "Position" tab to view your open positions.
• Keep an eye on the "Unrealized P/L" column to track your potential profit or loss.
• Adjust your position size, leverage level, or exit strategy as needed to manage your overall risk.