Mobile Poloniex contract operation process

Through the Poloniex mobile app, users can access advanced contract trading features to hedge their positions and speculate on the cryptocurrency market.

Dec 02, 2024 at 12:35 am

Mobile Poloniex Contract Operation Process

Introduction
Poloniex, a global cryptocurrency exchange, offers mobile trading services through its intuitive app. Through the Poloniex mobile app, users can seamlessly access advanced contract trading features, enabling them to leverage, speculate, and hedge their positions in the burgeoning cryptocurrency market. This comprehensive guide will provide step-by-step instructions on how to navigate the mobile Poloniex contract trading platform.

Step 1: Setting Up Your Account

• Download the Poloniex mobile app from the App Store or Google Play.
• Create a new account by providing your email, setting a password, and agreeing to the terms of service.
• Complete the two-factor authentication (2FA) process via email or Google Authenticator for added security.

Step 2: Funding Your Account

• Tap on "Assets" and select "Deposit."
• Choose the cryptocurrency you wish to deposit and follow the on-screen instructions to generate a deposit address.
• Transfer funds from your external wallet or exchange to the provided Poloniex deposit address.

Step 3: Accessing the Contract Market

• Launch the Poloniex mobile app and log in with your account credentials.
• Tap on "Trade" and select "Contracts." This will direct you to the contract trading interface.

Step 4: Choosing a Contract

• Poloniex offers a range of perpetual and futures contracts across various cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
• Explore the available contracts to find the one that aligns with your trading strategy.
• Consider factors such as the underlying asset, contract type, leverage options, and funding rates.

Step 5: Placing an Order

• Once you have selected a contract, tap on its name to open the order panel.
• Choose between three order types: Limit, Market, and Stop-Limit.
• Input the desired quantity and price for your order.
• Select "Buy/Long" or "Sell/Short" to enter your position.

Step 6: Managing Your Position

• To view your open positions, tap on "Positions" within the "Contracts" tab.
• Adjust the leverage of your position by tapping on "Margin" and selecting the desired option.
• Set take-profit and stop-loss orders to manage your risk and secure profits.

Step 7: Closing Your Position

• To close your position, open the "Positions" panel and select the contract you wish to exit.
• Enter the quantity you wish to close and choose "Buy/Long" or "Sell/Short" to complete the transaction.

Step 8: Monitoring Your Performance

• Track your trading performance by accessing the "Account" tab of the mobile app.
• Review your profit and loss (P&L) statement, as well as open and closed positions.
• Analyze your trading history to identify opportunities for improvement and refine your strategies.

Conclusion
Navigating the Poloniex mobile contract trading platform requires a thorough understanding of the process. This comprehensive guide provides step-by-step instructions to equip traders with the knowledge they need to access, trade, and manage contracts seamlessly. By following these steps, users can unlock the full potential of contract trading on the Poloniex mobile app.