How to sell DigiFinex contracts

To sell contracts on DigiFinex, select the desired contract, specify the number and price, and click 'Sell' to place an order on the exchange's order book.

Nov 25, 2024 at 09:53 pm

How to Sell DigiFinex Contracts

DigiFinex is a cryptocurrency exchange that allows users to trade a variety of digital assets, including contracts. Contracts are a type of derivative that allows traders to speculate on the future price of an underlying asset.

If you are new to contract trading, it is important to understand the basics before you start trading. This guide will provide you with a step-by-step guide on how to sell DigiFinex contracts.

Requirements:

• A DigiFinex account
• A digital wallet that supports the underlying asset of the contract
• Funds in your DigiFinex account

Steps:

1. Open a DigiFinex Account

If you do not already have a DigiFinex account, you will need to create one. To do this, visit the DigiFinex website and click on the "Sign Up" button. You will be prompted to enter your email address, create a password, and agree to the terms of service.

2. Deposit Funds into Your DigiFinex Account

Once you have created a DigiFinex account, you will need to deposit funds into your account in order to trade contracts. To do this, click on the "Deposit" button in the top right corner of the screen. You will be presented with a list of deposit options. Choose the option that is most convenient for you and follow the instructions to complete your deposit.

3. Choose the Contract You Want to Sell

Once you have funds in your DigiFinex account, you can start trading contracts. To do this, click on the "Contracts" tab in the top menu bar. You will be presented with a list of all the contracts that are available for trading on DigiFinex.

Choose the contract that you want to sell and click on the "Sell" button. You will be prompted to enter the number of contracts that you want to sell and the price that you want to sell them at.

4. Enter the Number of Contracts You Want to Sell

In the "Number of Contracts" field, enter the number of contracts that you want to sell. You can sell a whole number of contracts or a fraction of a contract.

5. Enter the Price You Want to Sell at

In the "Price" field, enter the price that you want to sell the contracts at. You can enter a limit price or a market price. A limit price is the highest price that you are willing to sell the contracts at, while a market price is the current market price of the contracts.

6. Click on the "Sell" Button

Once you have entered the number of contracts that you want to sell and the price that you want to sell them at, click on the "Sell" button. Your order will be placed on the order book and will be executed when the market price reaches your desired price.

7. Monitor Your Order

Once your order has been placed, you can monitor its status in the "Orders" tab. You can see the current status of your order, the price that it was executed at, and the total profit or loss that you have made on the trade.

8. Withdraw Your Profits

Once you have sold your contracts and made a profit, you can withdraw your profits from your DigiFinex account. To do this, click on the "Withdraw" button in the top right corner of the screen. You will be prompted to enter the amount that you want to withdraw and the address of the wallet that you want to withdraw to.

Additional Tips for Selling DigiFinex Contracts

• Use a stop-loss order to limit your losses. A stop-loss order is an order that is placed to sell your contracts if the market price falls below a certain level. This can help you to protect your profits and limit your losses in the event of a sudden market downturn.
• Take profit orders periodically. A take profit order is an order that is placed to sell your contracts if the market price rises above a certain level. This can help you to lock in your profits and prevent you from giving them back in the event of a sudden market reversal.
• Be patient. Contract trading can be a profitable venture, but it is important to be patient and wait for the right opportunities. Do not try to force trades and always trade with a plan.