How to operate BitFlyer contract

To open a BitFlyer Contract trading account, users must navigate to the "Trade" tab, select "Contract Trading," understand the trading rules, and sign the required agreements.

Nov 07, 2024 at 11:50 pm

How to Operate BitFlyer Contract: A Comprehensive Guide

Step 1: Create a BitFlyer Account

• Visit the official BitFlyer website (www.bitflyer.com) and click on the "Sign Up" button.
• Provide your email address, country of residence, and create a password.
• Verify your email address and phone number.
• Complete the account verification process to enhance your trading limits and security.

Step 2: Fund Your Account

• Log into your BitFlyer account and navigate to the "Deposit" tab.
• Choose the deposit method you prefer, such as bank transfer, credit/debit card, or cryptocurrency.
• Provide the necessary information and follow the instructions to deposit funds into your account.

Step 3: Open a Trading Account

• Click on the "Trade" tab in your BitFlyer account.
• Select "Contract Trading" from the drop-down menu.
• Read and understand the risk disclosures and trading rules.
• Open a contract trading account by signing the necessary agreements.

Step 4: Choose a Contract

• BitFlyer offers a variety of cryptocurrency contracts, each with its own specifications.
• Consider the contract's underlying asset, leverage, and expiration date.
• Select a contract that aligns with your trading strategy and risk appetite.

Step 5: Place an Order

• Determine the type of order you want to place: Market order, Limit order, or Stop order.
• Specify the contract you wish to trade, the order amount, leverage, and any applicable trading conditions.
• Preview the order details and confirm your intention to place it.

Step 6: Monitor Your Position

• After placing an order, you can track its status in the "My Positions" tab.
• Manage your position by adjusting leverage or placing stop-loss and take-profit orders.
• Monitor market fluctuations and make informed decisions based on real-time data.

Step 7: Close Your Position

• To close a contract position, place an opposing order with the same order size.
• For example, if you entered a long position, you would close it with a short position of the same amount.
• Alternatively, you can close your position by using a "Close" button in the "My Positions" tab.

Step 8: Withdraw Funds

• After closing all your positions and converting any open contracts back to cryptocurrency, you can withdraw funds from your account.
• Navigate to the "Withdraw" tab, choose the currency you want to withdraw, and provide the necessary withdrawal details.
• Confirm the withdrawal and follow the instructions to complete the process.