How to open MEXC contracts

To initiate cryptocurrency contracts trading on MEXC, traders must fund their accounts, navigate the Contracts trading interface, select a contract, and carefully set order parameters, including type, side, quantity, and leverage, while considering risk management principles.

Nov 14, 2024 at 09:26 am

How to Open MEXC Contracts: A Comprehensive Guide for Beginners

Introduction:

MEXC Contracts is a cutting-edge platform for trading cryptocurrency contracts, offering traders unparalleled opportunities and advanced features. This guide will provide a step-by-step walkthrough of how to open contracts on MEXC, empowering new traders to navigate the platform with confidence.

Disclaimer:

• Cryptocurrency trading involves substantial risk and should only be undertaken by experienced traders with a deep understanding of the field.
• This guide is intended for educational purposes and should not be construed as financial advice.
• Always conduct thorough research and exercise due diligence before making any investment decisions.

Prerequisites:

• MEXC account with sufficient funds
• Basic understanding of cryptocurrency trading
• Risk appetite and tolerance

Step 1: Fund Your MEXC Account

• Login to your MEXC account and click "Wallet" > "Deposit" in the top navigation bar.
• Select the cryptocurrency you wish to use to fund your account.
• Copy the deposit address provided by MEXC.
• Transfer the desired amount of cryptocurrency from your external wallet or exchange to the specified deposit address.

Step 2: Locate the Contracts Tab

• Once your account is funded, hover over "Trade" in the top navigation bar and click "Contracts."
• You will be directed to the MEXC Contracts trading interface.

Step 3: Understand the MEXC Contracts Interface

• The trading interface consists of several tabs, including Overview, Chart, Depth, and Trading.
• The Overview tab provides a summary of key contract information, including contract multiplier, underlying asset, and funding rate.
• The Chart tab displays the price chart of the underlying asset.
• The Depth tab shows the current bid and ask orders, giving traders insights into market liquidity.
• The Trading tab is where traders place and manage their orders.

Step 4: Choose a Contract to Trade

• The list of available contracts is displayed in the top-left corner of the trading interface.
• Select the contract you wish to trade, considering factors such as the underlying asset, multiplier, and expiration date.

Step 5: Set Your Order Parameters

• In the "Order" section of the trading interface, specify your order parameters:

  • Order Type: Choose from Market, Limit, or Stop orders.
  • Order Side: Indicate if you are opening a Long or Short contract.
  • Quantity: Enter the number of contracts you wish to trade.
  • Leverage: Select the desired leverage level, ranging from 1x to 125x (depending on the contract).
• Leverage should be used cautiously, as it magnifies potential profits as well as losses.

Step 6: Place Your Order

• Once your order parameters are set, click the "Place Order" button to submit your order.
• Your order will be displayed in the "Open Orders" tab of the trading interface.

Step 7: Monitor and Manage Your Position

• You can track the progress of your contract position in the "Positions" tab of the trading interface.
• Here, you can view your current position, including its profit/loss, margin utilized, and risk rate.
• Manage your position as necessary by adjusting leverage, placing stop-loss orders, or closing the position.

Step 8: Close Your Contract Position

• When you are ready to close your contract position, click the "Close Position" button in the "Positions" tab.
• A confirmation window will appear, displaying the realized profit/loss.
• Click "Confirm" to close your position and exit the trade.

Important Considerations:

• Risk Management: Cryptocurrency margins