How to lock BitMEX contract

Step 1 in creating a BitMEX account involves visiting the official website, providing personal information, agreeing to terms, and clicking "Create Account."

Nov 09, 2024 at 12:49 pm

Step 1: Create a BitMEX Account

• Visit the official BitMEX website (https://www.bitmex.com/) and click on the "Sign Up" button.
• Provide your email address, username, and password.
• Agree to the Terms of Service and Privacy Policy.
• Click on the "Create Account" button.

Step 2: Verify Your Email Address

• A verification email will be sent to your provided email address.
• Open the email and click on the verification link.
• You will be redirected to the BitMEX website.

Step 3: Enable Two-Factor Authentication (2FA)

• To enhance the security of your account, enable 2FA.
• Choose between Google Authenticator or SMS verification.
• Follow the on-screen instructions to set up 2FA.

Step 4: Fund Your BitMEX Account

• You can fund your BitMEX account using Bitcoin (BTC), Ether (ETH), or Tether (USDT).
• Click on the "Deposits" tab and select the desired cryptocurrency.
• Copy the deposit address and transfer the funds to your BitMEX account.

Step 5: Navigate to the Contracts Market

• Click on the "Contracts" tab in the navigation bar.
• Select the perpetual contract you wish to lock, e.g., XBTUSD.
• Review the contract details, including trading hours, minimum margin, and settlement date.

Step 6: Place a Market Order

• To lock a BitMEX contract, place a market order.
• Enter the desired quantity of the contract (in number of notional units).
• Click on the "Buy" or "Sell" button, depending on your trade direction.
• Confirm the order details and execute the trade.

Step 7: Monitor Your Position

• After locking the contract, your position will appear in the "Positions" tab.
• Monitor the position's performance, including its price, profit/loss, and margin.
• Make adjustments to your position as needed, such as adjusting the leverage or taking profit.

Step 8: Close Your Position

• To close your locked position, place a market order in the opposite direction.
• For example, if you bought a contract, place a sell order to close the position.
• Wait for the order to be executed and confirm the closure of your position.