How to open Poloniex contract 75 times

To start trading contracts on Poloniex, traders can create an account, fund it with cryptocurrency, and navigate to the Poloniex contracts page.

Nov 29, 2024 at 12:18 pm

Step 1: Understand the Basics of Poloniex Contracts

Poloniex contracts are derivative financial instruments that allow traders to speculate on the future price of cryptocurrencies. By entering into a contract, traders can either take a long position (betting that the price will rise) or a short position (betting that the price will fall).

Contracts are traded in pairs, with the base currency being the cryptocurrency that is being speculated on and the quote currency being the currency that is used to buy or sell the contract. For example, a BTC/USDT contract represents a contract that is based on the price of Bitcoin (BTC) and is traded using Tether (USDT).

Step 2: Create a Poloniex Account

To open a Poloniex contract, you will need to create a Poloniex account. This can be done by visiting the Poloniex website and clicking on the "Sign Up" button.

Once you have created an account, you will need to verify your email address and phone number. You can do this by clicking on the "Verify" links in the emails and SMS messages that Poloniex will send you.

Step 3: Fund Your Account

Once your account is verified, you will need to fund it with cryptocurrency. You can do this by clicking on the "Deposit" button and following the instructions on the screen.

Poloniex supports a wide range of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Tether. You can deposit funds using a variety of methods, including bank transfer, credit/debit card, and cryptocurrency wallet.

Step 4: Navigate to the Poloniex Contracts Page

Once your account is funded, you can navigate to the Poloniex contracts page by clicking on the "Contracts" link in the top menu.

The contracts page will list all of the available contract pairs. You can filter the list by base currency, quote currency, or expiration date.

Step 5: Choose a Contract Pair

Once you have chosen a contract pair, you will need to click on the "Trade" button. This will open up the contract trading interface.

The trading interface will show you the current price of the contract, as well as the bid and ask prices. You can also see a chart of the contract's price history.

Step 6: Place an Order

To place an order, you will need to enter the following information:

• Order type: The order type determines how your order will be executed. There are two main types of orders: market orders and limit orders. Market orders are executed immediately at the best available price, while limit orders are executed only if the price of the contract reaches a certain level.
• Order amount: The order amount is the number of contracts that you want to buy or sell.
• Order price: The order price is the price at which you want to buy or sell the contract.

Step 7: Monitor Your Order

Once you have placed an order, you can monitor its status by clicking on the "Orders" tab.

The orders tab will show you a list of all of your open orders. You can also see the order history, which will show you a list of all of your executed orders.

Step 8: Close Your Position

When you are ready to close your position, you will need to place an opposite order. For example, if you have a long position, you will need to place a short order to close it.

Once you have closed your position, you will receive the profit or loss from the trade. The profit or loss will be credited to your Poloniex account balance.