How to open leverage on the Bitfinex mobile version

Leverage trading on Bitfinex Mobile allows traders to amplify their returns by borrowing funds, available for most trading pairs with leverage levels varying depending on the asset.

Nov 24, 2024 at 03:51 pm

How to Open Leverage on the Bitfinex Mobile Version

Step 1: Log into Your Bitfinex Mobile Account

• Open the Bitfinex mobile app on your device.
• Enter your username and password and tap "Log In."
• Verify your identity using two-factor authentication if prompted.

Step 2: Navigate to the Trading Interface

• Tap the "Trading" tab at the bottom of the screen.
• Select the "Margin" tab to access the leverage trading options.

Step 3: Choose the Asset Pair and Trading Leverage

• Scroll through the list of available trading pairs.
• Tap on the pair you want to trade with leverage.
• Select the desired leverage level from the "Leverage" dropdown menu.
• Note: Leverage levels vary depending on the asset pair. Higher leverage comes with increased risk.

Step 4: Place a Trade

• Enter the order details, including the order type, quantity, and price.
• Tap the "Buy/Sell" button to place the trade.
• Margin orders are denoted by a "M" symbol in the order book.

Step 5: Manage Your Leverage

• Once you have placed a leveraged trade, you can monitor and manage it through the "Margin" tab.
• Check the "Account Margins" section to see your available balance and margin level.
• If your margin level drops below the required minimum, you may receive a margin call.

Step 6: Close Leveraged Positions

• To close a leveraged position, place a reverse trade with the same quantity as your original trade.
• For example, if you opened a long position with leverage, you would close it with a short position of the same size.
• Leverage positions will automatically close if your margin level drops too low.

Step 7: Understand the Risks

• Leverage trading involves significant risks.
• Losses can exceed your initial investment.
• Use leverage cautiously and only if you fully understand the risks involved.

Step 8: Additional Considerations

• Bitfinex offers up to 10x leverage for most trading pairs.
• Leverage can amplify both profits and losses.
• Maintain a healthy margin level to avoid margin calls.
• Consider using stop-loss orders to limit potential losses.
• Monitor market conditions closely and be prepared to adjust your positions accordingly.

By following these steps, you can safely open leverage on the Bitfinex mobile version and potentially increase your trading profits. However, remember to trade responsibly and understand the risks associated with leverage.