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.

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