How to play AscendEX BTC contract

Trading BTC contracts on AscendEX offers opportunities for speculating on Bitcoin's price movements without directly buying or selling the asset.

Dec 02, 2024 at 05:31 am

How to Play AscendEX BTC Contract: A Comprehensive Guide

AscendEX is a leading cryptocurrency exchange that offers a variety of trading options, including BTC contracts. BTC contracts are a derivative product that allows traders to speculate on the price of Bitcoin without having to buy or sell the underlying asset. This can be a great way to profit from price movements in the cryptocurrency market, and it can also be used as a hedging tool.

If you're new to BTC contracts, don't worry - this guide will walk you through everything you need to know to get started.

Step 1: Create an Account on AscendEX

The first step is to create an account on AscendEX. You can do this by visiting the AscendEX website and clicking on the "Sign Up" button. Once you have created an account, you will need to verify your email address and identity.

Step 2: Fund Your Account

Once your account is verified, you will need to fund it with Bitcoin or another cryptocurrency. You can do this by depositing funds from your personal wallet or by purchasing cryptocurrency through AscendEX.

Step 3: Choose a BTC Contract

Once you have funded your account, you can start trading BTC contracts. There are two types of BTC contracts available on AscendEX:

• Futures contracts are contracts that expire on a specific date in the future. The price of a futures contract is based on the expected price of Bitcoin on that date.
• Perpetual contracts are contracts that never expire. The price of a perpetual contract is based on the current spot price of Bitcoin.

Step 4: Place an Order

Once you have chosen a BTC contract, you can place an order. To place an order, you will need to specify the following:

• The type of order (market order, limit order, or stop order)
• The quantity of contracts you want to buy or sell
• The price at which you want to buy or sell

Step 5: Manage Your Position

Once you have placed an order, you will need to manage your position. This involves monitoring the price of Bitcoin and adjusting your position as necessary. You can also close your position at any time by selling your contracts.

Step 6: Withdraw Your Profits

If you make a profit on your BTC contracts, you can withdraw your profits to your personal wallet. To do this, you will need to click on the "Withdraw" button on the AscendEX website and enter the amount of Bitcoin you want to withdraw.

Tips for Trading BTC Contracts

Here are a few tips for trading BTC contracts:

• Do your research. Before you start trading BTC contracts, it's important to do your research and understand how they work.
• Start small. When you're first starting out, it's important to start small and trade with a small amount of capital. This will help you to learn the ropes without risking too much money.
• Use stop-loss orders. Stop-loss orders are a great way to protect your profits and limit your losses. A stop-loss order will automatically sell your contracts if the price of Bitcoin falls below a certain level.
• Be patient. Trading BTC contracts can be a volatile business. Don't get discouraged if you don't make a profit right away. Be patient and keep learning, and you'll eventually be successful.