How to return the currency with full leverage on Upbit

To return currency with full leverage on Upbit, investors must calculate their leverage requirement, close outstanding orders, deposit the required amount, repay the leverage, confirm repayment, and then withdraw their currency.

Nov 10, 2024 at 03:40 pm

How to Return the Currency with Full Leverage on Upbit

Upbit, a leading South Korean cryptocurrency exchange, offers a range of trading options, including leveraged trading. However, if you wish to withdraw your currency with full leverage, certain steps must be followed to ensure a smooth process.

Steps to Return Currency with Full Leverage on Upbit:

1. Calculating Leverage Position:

   • Determine the amount of leverage you have applied to your trading position.
   • For example, if you have borrowed 3x the value of your initial investment, your leverage ratio would be 3.

2. Determining Leverage Requirement:

   • Calculate the amount of currency you need to return to cover your leveraged position.
   • To do this, divide your initial investment by the leverage ratio.
   • Continuing with the previous example, if you initially invested $1000 and applied a leverage of 3x, you would need to return $333.33 ($1000/3).

3. Completing Outstanding Orders:

   • Close any open leveraged trades before returning the currency.
   • To do this, navigate to the "Orders" tab and cancel any active orders.
   • Ensure that all positions are closed before proceeding.

4. Depositing Currency:

   • Transfer the required amount of currency (as calculated in step 2) into your Upbit account.
   • You can deposit funds via various methods, such as wire transfer or cryptocurrency transfer.
   • Once the funds are credited to your account, verify the balance to confirm the deposit.

5. Repaying Leverage:

   • Navigate to the "Margin" section of your Upbit account.
   • Locate the "Repay" button and enter the amount of currency you need to repay.
   • Review the confirmation details and click "Repay" to complete the transaction.

6. Confirming Repayment:

   • Check your Upbit account to ensure the leverage has been fully repaid.
   • You may receive a confirmation message or email from Upbit confirming the successful repayment.

7. Withdraw Currency:

   • Once the leverage has been fully repaid, you can withdraw your currency.
   • Navigate to the "Withdraw" section of your Upbit account.
   • Select the currency you wish to withdraw, enter the amount, and follow the on-screen instructions.