How to play AscendEX contract trading

How to Play AscendEX Contract Trading

AscendEX is an established cryptocurrency exchange offering various trading options, including contract trading. This guide will provide a comprehensive overview of how to engage in contract trading on AscendEX.

Step 1: Create an AscendEX Account

Begin by signing up for an AscendEX account. Submit your email address, create a password, and complete the verification process.

Step 2: Fund Your Account

To trade contracts, you'll need to fund your account with supported cryptocurrencies. Deposit funds through fiat on-ramps, crypto transfers, or via credit/debit cards.

Step 3: Access Contract Trading

Once your account is funded, navigate to the "Contracts" tab in the AscendEX interface. Here, you'll find various contract pairs and trading options.

Step 4: Choose a Contract Pair

Select a contract pair you wish to trade, such as BTC/USDT, ETH/USDT, etc. Each pair represents an underlying cryptocurrency (e.g., BTC) and a stablecoin (e.g., USDT).

Step 5: Understand Contract Specifications

Each contract pair has its own specifications like contract size, tick value, and leverage. Read these specifications carefully to determine whether the contract suits your trading strategy.

Step 6: Place an Order

To place an order, specify the following:

• Order type: Market order (instant execution) or Limit order (executed at a specified price)
• Direction: Buy if you predict the underlying's price will rise, Sell if you predict it will fall
• Quantity: Number of contracts to trade
• Price (for Limit orders): Set the desired entry price for your order
• Leverage: Increase your potential profit but also your risk

Step 7: Monitor Your Position

Once an order is placed, it will appear in your "Open Orders" or "Positions" tab. You can monitor the position's performance and adjust it as needed.

Step 8: Liquidate or Close Position

When it's time to exit your position, you can:

• Liquidation: Forced closure due to margin depletion, resulting in potential losses
• Manual closure: Place an opposite order to close the position and realize profits/losses