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How to open high multiple contracts on Poloniex
To open a high multiple contract on Poloniex, follow these steps: create an account, enable 2FA, verify your identity, deposit funds, open a trading account, choose the asset pair, set the leverage, set order parameters, place the order, and manage risk.
Dec 02, 2024 at 12:56 am
How to Open a High Multiple Contract on Poloniex
Poloniex, one of the leading cryptocurrency exchanges, offers users the ability to open high multiple contracts (HMCs), which allow traders to trade with leverage. This guide will explain the steps involved to open a high multiple contract on Poloniex.
1. Create a Poloniex Account
Begin by creating a Poloniex account. Go to the Poloniex website and click on "Sign Up." Enter your email address and create a password. You will also need to provide your name and country of residence.
2. Enable Two-Factor Authentication (2FA)
Two-factor authentication is essential to protect your account and funds. After creating your account, enable two-factor authentication by going to "Security" under the "Account" tab.
3. Verify Your Identity
To enhance the security of your account and access withdrawal privileges, verify your identity by completing the identity verification process.
4. Deposit Funds
Before you can trade, you need to deposit funds into your Poloniex account. You can deposit cryptocurrency or fiat currency.
5. Open a Trading Account
Go to the "Trading" tab and click on "Open New Position." Select "High Multiple Contract" as the trading contract type.
6. Choose the Asset Pair
Select the asset pair you wish to trade. For example, to trade Bitcoin with leverage, select "BTC-USDT."
7. Set the Leverage
Determine the leverage you wish to trade with. Poloniex offers different leverage levels ranging from 1x to 100x. Higher leverage allows for greater potential returns but also increases potential losses.
8. Set Order Parameters
Specify the direction of your trade (buy or sell), the market price, and the amount of the base currency you wish to trade.
9. Place the Order
Once satisfied with your trading parameters, click on "Buy" or "Sell" to place the order. Monitor your open contracts through the "Positions" tab under the "Trading" tab.
10. Manage Risk
High leverage conlleva increased risk. Employ risk management strategies such as stop-loss orders or taking profit at appropriate levels.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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