MEXC currency-based contract tutorial

MEXC Currency-Based Contract Tutorial: A Comprehensive Guide

Introduction

Currency-based contracts, also known as perpetual contracts, are a popular trading instrument in the cryptocurrency market. Unlike futures contracts, which have a predetermined expiration date, currency-based contracts remain open indefinitely until closed by the trader. They provide traders with leverage and the ability to speculate on the future price of a cryptocurrency. This tutorial will provide a comprehensive guide on how to trade currency-based contracts on MEXC, one of the leading crypto exchanges.

Step 1: Create an MEXC Account

The first step is to create an account on MEXC. Visit the MEXC website and click on the "Sign Up" button. Fill out the registration form with your personal information, including your email address and password. Once you have completed the registration, you will need to verify your email address by clicking on the link sent to your inbox.

Step 2: Fund Your Account

Once you have created an account, you will need to fund it with cryptocurrency in order to trade currency-based contracts. MEXC supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, and USDT. You can deposit cryptocurrency into your MEXC account using a variety of methods, including bank transfer, credit card, and other cryptocurrency wallets.

Step 3: Choose a Currency-Based Contract

MEXC offers currency-based contracts on a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. To choose a currency-based contract, navigate to the "Contracts" section of the MEXC website and select the desired cryptocurrency.

Step 4: Open a Position

To open a position in a currency-based contract, you will need to choose the order type and enter the desired parameters. The most common order types are market orders and limit orders. Market orders execute immediately at the current market price, while limit orders only execute when the price reaches a specified level.

Step 5: Manage Your Position

Once you have opened a position, you can manage it by using the "Orders" section of the MEXC website. You can adjust your stop-loss and take-profit orders, as well as close your position if desired.

Step 6: Close Your Position

To close your position, you simply need to click on the "Close" button in the "Orders" section. You can choose to close your position either partially or completely.

Step 7: Withdraw Your Earnings

Once you have closed your position, you can withdraw your earnings by clicking on the "Withdraw" button in the "Assets" section of the MEXC website. You can withdraw your earnings in cryptocurrency or fiat currency, depending on your preference.