How to open leverage on the BitMEX mobile version

To open leverage on BitMEX's mobile version, sign up, verify your identity, fund your account, select your desired leverage ratio, and execute a trade.

Nov 10, 2024 at 06:45 am

How to Open Leverage on the BitMEX Mobile Version

BitMEX is a popular cryptocurrency exchange that offers traders the ability to trade cryptocurrencies with up to 100x leverage. This can be a great way to increase your profits, but it is also important to understand the risks involved.

Before you open leverage on BitMEX, it is important to make sure that you understand how it works. Leverage is a tool that allows you to borrow money from the exchange to increase your trading power. This can be a great way to increase your profits, but it also increases your risk of loss.

If you are not comfortable with the risks involved, then you should not open leverage on BitMEX. However, if you are comfortable with the risks and you understand how leverage works, then you can follow these steps to open leverage on the BitMEX mobile version:

1. Sign up for a BitMEX account

The first step is to sign up for a BitMEX account. You can do this by visiting the BitMEX website and clicking on the "Sign Up" button. You will need to provide your email address, a password, and a phone number.

2. Verify your identity

Once you have created an account, you will need to verify your identity. This is required by law for all BitMEX users. You can verify your identity by uploading a government-issued ID card and a selfie.

3. Fund your account

Once your identity has been verified, you will need to fund your account. You can do this by depositing cryptocurrency or by using a credit card.

4. Open leverage

Once your account is funded, you can open leverage. To do this, click on the "Trade" tab and then click on the "Leverage" button. You will then need to select the amount of leverage that you want to use.

5. Place a trade

Once you have opened leverage, you can place a trade. To do this, click on the "Order" tab and then select the type of order that you want to place. You will then need to enter the amount of the trade and the price at which you want to execute the trade.

Additional Information

What are the risks of using leverage?

The main risk of using leverage is that you can lose more money than you deposit. This is because leverage magnifies both your profits and your losses. For example, if you use 10x leverage and the price of the cryptocurrency moves against you by 10%, then you will lose 100% of your deposit.

How can I reduce the risks of using leverage?

You can reduce the risks of using leverage by following these tips:

• Only use leverage if you are comfortable with the risks involved.
• Do not use more leverage than you can afford to lose.
• Make sure that you understand how leverage works.
• Use a stop-loss order to limit your losses.

Is leverage right for me?

Leverage can be a powerful tool, but it is important to understand the risks involved. If you are not comfortable with the risks, then you should not use leverage. However, if you are comfortable with the risks and you understand how leverage works, then leverage can be a great way to increase your profits.