How to operate Upbit contracts on mobile phones

How to Operate Upbit Contracts on Mobile PhonesIntroduction

Upbit, one of the leading cryptocurrency exchanges in Asia, offers a user-friendly mobile app that allows users to trade a wide range of cryptocurrency futures contracts. These contracts provide traders with the ability to speculate on the price movements of underlying cryptocurrencies with the potential for high leverage. This comprehensive guide will walk you through the step-by-step process of operating Upbit contracts on your mobile phone, from setting up an account to placing and managing orders.

Step 1: Creating an Upbit Account

• Download the Upbit mobile app from the App Store (iOS) or Google Play Store (Android).
• Create an account by providing your personal information, including email address, phone number, and government-issued ID.
• Complete the account verification process, which may involve submitting additional documents and passing a quiz.

Step 2: Funding Your Account

• Log in to your Upbit account and navigate to the "Wallet" section.
• Select the "Deposit" option and choose your preferred deposit method (cryptocurrency or fiat currency).
• Follow the on-screen instructions to complete the deposit process.

Step 3: Navigating the Upbit Contracts Platform

• Open the Upbit mobile app and tap on the "Contracts" tab.
• Select your desired trading pair (e.g., BTC/USDT, ETH/USDT).
• The contracts page displays the current market price, order book, and chart.

Step 4: Placing a Long Order

• To place a long order (betting on an upward price movement), tap on the "Buy" button.
• Enter the contract quantity you wish to buy, adjust the leverage if desired, and set the order price.
• Review your order details and confirm the execution.

Step 5: Placing a Short Order

• To place a short order (betting on a downward price movement), tap on the "Sell" button.
• Similar to placing a long order, enter the contract quantity, adjust the leverage, and set the order price.
• Review your order details and confirm the execution.

Step 6: Managing Open Positions

• Once your order is executed, it will appear in the "Open Orders" section of the contracts page.
• You can modify or close your open positions by adjusting the leverage, placing a take-profit or stop-loss order, or manually closing the position.

Step 7: Understanding Contract Specifications

• Each contract on Upbit has specific parameters, such as contract size, leverage, and margin requirements.
• It is crucial to understand these specifications to manage your risk effectively and avoid losses.

Step 8: Using Technical Analysis Tools

• Upbit's contracts platform provides a range of technical analysis indicators and tools to help you make informed trading decisions.
• Learn to use these tools to analyze price charts, identify trends, and find potential trading opportunities.

Step 9: Risk Management and Trading Strategies

• Cryptocurrency futures contracts involve high leverage, which can magnify both profits and losses.
• Implement proper risk management strategies, such as setting stop-loss orders, controlling position size, and understanding the risks involved.
• Develop trading strategies that suit your risk tolerance and financial goals.

Step 10: Monitoring Your Trading Performance

• Upbit offers a comprehensive trading history and performance analysis feature.
• Regularly review your trading activity to identify strengths, weaknesses, and areas for improvement.
• Adjust your trading strategies and risk management practices accordingly to enhance your overall performance.