How to play BitFlyer contracts tutorial

How to Play BitFlyer Contracts TutorialIntroduction

BitFlyer is a Japanese cryptocurrency exchange that offers a variety of trading products, including spot trading, margin trading, and contract trading. Contract trading is a type of derivatives trading that allows you to speculate on the future price of an asset without actually owning the asset. This can be a great way to profit from price fluctuations, but it also comes with a higher level of risk.

Step 1: Create a BitFlyer Account

The first step to playing BitFlyer contracts is to create an account. To do this, visit the BitFlyer website and click on the "Create Account" button. You will then need to provide some basic information, including your name, email address, and country of residence. Once you have completed the registration process, you will need to verify your account by providing a government-issued ID.

Step 2: Fund Your Account

Once your account has been verified, you will need to fund it in order to start trading. BitFlyer accepts a variety of funding methods, including bank transfers, credit cards, and cryptocurrencies. To deposit funds, click on the "Deposit" button in the top-right corner of the screen. You will then need to select the funding method you want to use and follow the instructions on the screen.

Step 3: Choose a Contract

BitFlyer offers a variety of contracts, including perpetual contracts, futures contracts, and options contracts. Perpetual contracts are the most popular type of contract, as they do not have an expiration date. Futures contracts have an expiration date, and they can be used to speculate on the future price of an asset. Options contracts give you the right to buy or sell an asset at a specified price on or before a specified date.

To choose a contract, click on the "Contracts" tab in the top-right corner of the screen. You will then need to select the type of contract you want to trade and the underlying asset.

Step 4: Place an Order

Once you have chosen a contract, you can place an order. To place an order, click on the "Order" button in the bottom-left corner of the screen. You will then need to specify the order type, the order size, and the order price.

The order type determines how your order will be executed. There are two main types of order types: market orders and limit orders. Market orders are executed immediately at the current market price, while limit orders are only executed if the market price reaches a specified level.

The order size is the number of contracts you want to buy or sell. The order price is the price at which you want to buy or sell the contracts.

Step 5: Manage Your Risk

Once you have placed an order, you can manage your risk by using stop-loss orders and take-profit orders. Stop-loss orders are used to limit your losses if the market price moves against you. Take-profit orders are used to lock in your profits if the market price moves in your favor.

To place a stop-loss order, click on the "Stop" tab in the bottom-left corner of the screen. You will then need to specify the stop-loss price. The stop-loss price is the price at which your order will be triggered.

Step 6: Monitor Your Trades

Once you have placed an order, you can monitor your trades by clicking on the "Orders" tab in the top-right corner of the screen. You will then be able to see the status of your orders, the average price of your orders, and the unrealised profit or loss of your orders. If your orders are showing an unrealised profit, you may want to consider closing them using the "Sell" or "Buy" button in the bottom-right corner of the screen.