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.