How to sell LBank contract

How to Sell LBank Contract

Selling LBank contracts can be a straightforward process if you follow the steps outlined below:

Step 1: Understanding LBank Contracts

LBank contracts are perpetual futures contracts that allow traders to speculate on the price of underlying cryptocurrencies without physical settlement. They provide leverage up to 100x, enabling traders to amplify their potential gains but also exposing them to greater risks.

Step 2: Funding the Account

To sell LBank contracts, you need to ensure there are sufficient funds in your account. You can deposit funds in various ways, including cryptocurrencies, fiat currencies, and credit cards. The minimum deposit amount varies depending on the payment method selected.

Step 3: Navigating the LBank Interface

Access the "Derivatives" section from the LBank website's top menu. This will direct you to the derivatives trading platform, where you can trade futures, perpetual contracts, and options. Choose the "Perpetual" tab to view LBank's perpetual contract offerings.

Step 4: Selecting the Contract

LBank offers a wide range of perpetual contracts covering various cryptocurrencies. Identify the contract you wish to trade by selecting it from the list. Each contract's page provides key information such as the underlying asset, leverage options, trading fees, and historical price data.

Step 5: Placing the Sell Order

Once you have chosen the contract, decide the number of contracts you want to sell. Enter this number in the "Amount" field. Select the "Sell" button to place the order. Before executing the order, carefully review the details, including the contract price, fees, and potential profit or loss.

Step 6: Monitoring the Order

After placing the sell order, it is recommended to monitor its progress. You can view open orders and track their status in the "Orders" tab. LBank provides real-time updates on order execution and any changes in price or position.

Step 7: Profit or Loss Realization

If the price of the underlying asset moves in the direction you predicted, you will realize a profit on your sell position. The profits can be calculated based on the difference between the selling price and the current market price multiplied by the number of contracts sold. On the other hand, if the market moves against your position, you will incur a loss.