How to operate Deepcoin perpetual contract

Deepcoin's perpetual contracts allow traders to gain leveraged exposure to cryptocurrency markets without expiry dates, providing flexibility and risk management options.

Nov 23, 2024 at 08:54 pm

How to Operate Deepcoin Perpetual Contract

Deepcoin's perpetual contracts are a powerful tool for traders looking to gain exposure to the cryptocurrency market with leverage. Unlike traditional futures contracts, perpetual contracts do not have an expiry date, allowing traders to hold positions for as long as they wish. This flexibility, coupled with the ability to trade with leverage, makes perpetual contracts a popular choice for both experienced and novice traders.

Step 1: Open a Deepcoin Account

To trade perpetual contracts on Deepcoin, you will first need to open an account. The process is quick and easy, and can be completed in just a few minutes. Once your account is open, you will need to deposit funds into your account in order to start trading.

Step 2: Fund Your Account

Deepcoin accepts a variety of deposit methods, including wire transfer, credit card, and cryptocurrency. The minimum deposit amount is $100. Once your deposit has been processed, you will be able to start trading perpetual contracts.

Step 3: Choose a Trading Pair

Deepcoin offers a variety of perpetual contract trading pairs, including BTC/USDT, ETH/USDT, and LTC/USDT. The trading pair you choose will depend on your individual trading strategy. If you are new to trading perpetual contracts, it is recommended to start with a more liquid trading pair, such as BTC/USDT.

Step 4: Set Your Leverage

Leverage is a powerful tool that can magnify your profits, but it can also magnify your losses. It is important to set your leverage level carefully, based on your own risk tolerance and trading experience. Deepcoin offers leverage levels of up to 100x, but it is recommended to start with a lower leverage level, such as 10x or 20x.

Step 5: Place Your Order

Once you have chosen a trading pair and set your leverage level, you can place your order. Deepcoin offers a variety of order types, including market orders, limit orders, and stop orders. The order type you choose will depend on your trading strategy.

Step 6: Monitor Your Position

Once you have placed your order, it is important to monitor your position closely. Perpetual contracts can be volatile, and it is important to be aware of the risks involved. You can monitor your position in the "Positions" tab of your Deepcoin account.

Step 7: Close Your Position

When you are ready to close your position, you can do so by placing a closing order. The closing order will be executed at the current market price, and your profit or loss will be realized. You can also close your position by reaching your take profit or stop loss level.

Tips for Trading Perpetual Contracts on Deepcoin

• Start with a demo account. Deepcoin offers a demo account that allows you to practice trading perpetual contracts with virtual funds. This is a great way to learn how to trade without risking any real money.
• Set your stop loss and take profit levels. Stop loss and take profit orders are essential for protecting your profits and managing your risk. Set your stop loss level below your entry price, and your take profit level above your entry price.
• Monitor your position closely. Perpetual contracts can be volatile, and it is important to monitor your position closely. Be aware of the risks involved, and be prepared to take action if the market moves against you.
• Use a trailing stop loss. A trailing stop loss