How to operate BitFlyer contract mobile phone

To trade contracts on the BitFlyer Contract app, create an account, fund it, learn contract basics, and navigate the user-friendly interface to place orders and monitor positions.

Nov 14, 2024 at 12:22 pm

How to Operate BitFlyer Contract Mobile Phone

Step 1: Download the BitFlyer Contract App

• Head to the Apple App Store or Google Play Store and search for "BitFlyer Contract."
• Download and install the app on your mobile device.

Step 2: Create a BitFlyer Account

• If you don't already have a BitFlyer account, you'll need to create one before you can use the contract app.
• You can create an account on the BitFlyer website or through the mobile app.
• Provide your personal information, including your name, email address, and phone number.
• Verify your identity and proof of residence by uploading required documents.

Step 3: Fund Your Account

• Once your account is created, you need to fund it with funds in order to trade contracts.
• There are several ways to fund your account, including bank transfer, credit card, or cryptocurrencies.
• Select your preferred funding method and follow the instructions provided by the app.

Step 4: Learn Contract Basics

• Before trading contracts, it's important to understand how they work.
• Contracts are agreements between two parties to buy or sell an underlying asset at a specified price on a future date.
• There are two main types of contracts: futures and options.
• Futures are standardized contracts that obligate the buyer to purchase the underlying asset, and the seller to deliver it, at a predetermined price on a specific date.
• Options give the buyer the right, but not the obligation, to buy or sell the underlying asset at a specified price on or before a specified date.
• Educate yourself on the different types of contracts and their risks.

Step 5: Navigating the BitFlyer Contract App

• The BitFlyer Contract app has a user-friendly interface that makes it easy to trade contracts.
• The main screen shows a list of available contracts.
• You can filter the contracts by underlying asset, expiration date, and contract type.
• To place an order, select the contract you want to trade and enter the quantity and price.
• You can also set stop-loss and take-profit orders to manage your risk.

Step 6: Opening a Position

• To open a position, click on the "Buy" or "Sell" button for the desired contract.
• Enter the order quantity and price.
• Click on the "Place Order" button to submit your order.
• Your order will be executed when the market price reaches your specified price.

Step 7: Monitoring and Closing a Position

• Once you have opened a position, you can monitor its performance in the "Positions" tab of the app.
• You can close your position at any time by clicking on the "Close Position" button.
• You can either close your position at the current market price or set a limit order to close it at a specific price.

Step 8: Managing Risk

• It is crucial to manage your risk when trading contracts.
• The high leverage provided by contracts can amplify both profits and losses.
• Use stop-loss orders to limit your potential losses and take-profit orders to lock in your profits.
• Monitor your positions regularly and adjust your risk management strategies as needed.