How to open Poloniex 100x contract

To open a 100x contract on Poloniex, you must first create an account, verify your identity, fund your account, and set appropriate leverage before entering an order.

Nov 26, 2024 at 04:58 pm

How to Open a Poloniex 100x Contract

Poloniex is a cryptocurrency exchange that offers a variety of trading options, including margin trading and futures contracts. Margin trading allows you to borrow funds from the exchange to trade with, while futures contracts allow you to speculate on the future price of a cryptocurrency.

100x contracts are a type of futures contract that allows you to multiply your potential profits by 100 times. However, they also come with a higher risk of losing your entire investment.

Step 1: Create a Poloniex Account

If you don't already have a Poloniex account, you will need to create one. To do this, go to the Poloniex website and click on the "Sign Up" button.

Enter your email address, create a password and agree to the terms of service.

Step 2: Verify Your Identity

Once you have created an account, you will need to verify your identity. This is a requirement for all Poloniex users who want to trade margin or futures contracts.

To verify your identity, click on the "Settings" tab and then click on the "Verification" link.

Provide your personal information and a copy of your government-issued ID.

Step 3: Fund Your Account

Before you can start trading 100x contracts, you will need to fund your Poloniex account. To do this, click on the "Balances" tab and then click on the "Deposit" button.

Select the cryptocurrency that you want to deposit and follow the instructions on the screen.

Step 4: Open a 100x Contract

Once you have funded your account, you can start opening 100x contracts. To do this, click on the "Futures" tab and then click on the "Open a Contract" button.

Select the cryptocurrency that you want to trade and the contract size.

The contract size is the amount of the underlying cryptocurrency that you are betting on. For example, a contract size of 1 BTC means that you are betting on the price of 1 Bitcoin.

Step 5: Set Your Leverage

Leverage is the amount of money that you are borrowing from the exchange to trade with. The higher the leverage, the greater your potential profits and losses.

Poloniex offers leverage of up to 100x for 100x contracts. This means that you can borrow up to 100 times the amount of your initial investment.

However, it is important to note that leverage can also magnify your losses. If the price of the cryptocurrency moves against you, you could lose more than your initial investment.

Step 6: Enter Your Order

Once you have set your leverage, you can enter your order. To do this, click on the "Buy" or "Sell" button.

Enter the quantity of contracts that you want to trade and the price that you want to execute the order at.

Step 7: Monitor Your Position

Once you have opened a 100x contract, it is important to monitor your position closely. The price of the cryptocurrency can move quickly, and you could lose your entire investment if you are not careful.

You can monitor your position by clicking on the "Positions" tab. This will show you the current status of all of your open contracts.

Tips for Trading 100x Contracts

Trading 100x contracts can be a profitable way to speculate on the price of cryptocurrency. However, it is important to remember that there is a high risk of losing your entire investment.

Here are a few tips for trading 100x contracts:

• Only trade with money that you can afford to lose.
• Use leverage carefully. The higher the leverage, the greater your potential profits and losses.
• Monitor your positions closely. The price of the cryptocurrency can move quickly, and you could lose your entire investment if you are not careful.
• Use stop orders to protect your profits. Stop orders will automatically sell your contract if the price of the cryptocurrency falls below a certain level.
• Remember that 100x contracts are a complex financial instrument. It is important to understand the risks involved before you start trading.