How to open 75 times MEXC contract

How to Open 75 Times MEXC Contract

MEXC is a popular cryptocurrency exchange that offers a variety of trading options, including futures contracts. Futures contracts are agreements to buy or sell an asset at a specified price on a future date. They can be used to speculate on the price of an asset or to hedge against risk.

MEXC offers futures contracts with up to 75 times leverage. This means that you can control a position worth up to 75 times your initial investment. However, it is important to note that leverage can magnify both profits and losses.

How to Open a 75 Times MEXC Contract

1. Create an account on MEXC.

If you don't already have an account on MEXC, you will need to create one. You can do this by visiting the MEXC website and clicking on the "Sign Up" button.

2. Fund your account.

Once you have created an account, you will need to fund it with cryptocurrency. You can do this by depositing cryptocurrency from another wallet or by purchasing cryptocurrency directly on MEXC.

3. Navigate to the futures trading page.

Once you have funded your account, you can navigate to the futures trading page by clicking on the "Futures" tab at the top of the MEXC website.

4. Select a trading pair.

The next step is to select a trading pair. A trading pair is a pair of cryptocurrencies that you can trade against each other. For example, you could trade BTC/USDT, which means that you are trading Bitcoin (BTC) against Tether (USDT).

5. Select the leverage you want to use.

Once you have selected a trading pair, you will need to select the leverage you want to use. MEXC offers leverage of up to 75 times. However, it is important to note that leverage can magnify both profits and losses.

6. Place your order.

Once you have selected the leverage you want to use, you can place your order. You can do this by entering the amount of cryptocurrency you want to buy or sell and the price you want to buy or sell it at.

7. Monitor your position.

Once you have placed your order, you will need to monitor your position. You can do this by clicking on the "Positions" tab at the top of the MEXC website.

Risks of Using 75 Times Leverage

As mentioned above, using 75 times leverage can magnify both profits and losses. This means that you could lose more money than you invested if the price of the asset moves against you.

It is important to carefully consider the risks of using leverage before you open a position. You should only use leverage if you are comfortable with the risk of losing money.

In addition to the risks of losing money, using 75 times leverage can also lead to liquidation. Liquidation occurs when the value of your position falls below a certain threshold. If this happens, your position will be closed and you will lose all of your investment.

Conclusion

Opening a 75 times MEXC contract can be a risky but potentially profitable way to trade cryptocurrencies. However, it is important to understand the risks of using leverage before you open a position.