How to trade contracts on BigONE

To trade contracts on BigONE, you'll need to create an account, verify your identity, deposit funds, understand the trading interface, place orders, manage your positions, and implement risk management strategies.

Nov 25, 2024 at 07:54 am

How to Trade Contracts on BigONE: A Comprehensive Guide

Introduction

Contract trading is a sophisticated and high-risk investment strategy that involves predicting the future price of cryptocurrencies using leverage. While it can offer potentially high returns, it also carries significant risk of loss. If you're new to contract trading or simply want to learn more about how it works on BigONE, this comprehensive guide will walk you through each step in detail.

Step 1: Creating an Account and KYC Verification

• Visit the official BigONE website and click "Sign Up."
• Enter your email address or mobile number to receive a verification code.
• Complete the registration process by providing your personal information.
• Submit your KYC documents to verify your identity.

Step 2: Funding Your Account

• Log in to your BigONE account and select "Deposit."
• Choose your preferred cryptocurrency and deposit method (e.g., bank transfer, crypto wallet).
• Follow the on-screen instructions to complete the deposit.

Step 3: Understanding the Contract Trading Interface

• Navigate to the "Contracts" section on BigONE's website.
• Select the contract you wish to trade (e.g., BTCUSDT).
• Familiarize yourself with the interface, including the order book, price chart, and trading buttons.

Step 4: Placing Orders

• Limit Order: Set a specific price at which you want to buy or sell the contract.
• Market Order: Buy or sell the contract at the current market price.
• Stop-Limit Order: Place an order that triggers when the price reaches a specified level, enabling you to limit potential losses or lock in profits.
• Trailing Stop Order: Set an order that automatically adjusts the stop price based on the market price, helping you maximize gains during favorable market movements.

Step 5: Managing Your Positions

• Once you have an open position, you can adjust or close it using the "Manage Positions" tab.
• The "Reduce Position" button allows you to close a portion of your position.
• The "Close Position" button closes the entire position.
• Regularly monitor your positions to manage risk and optimize returns.

Step 6: Settlement and Profit/Loss

• Contract settlements occur on a predetermined date and time.
• Profits or losses are calculated based on the difference between the opening and closing prices of your positions.
• Successful trades result in a positive profit/loss balance, while unsuccessful trades result in a negative balance.

Step 7: Advanced Trading Strategies

• Scalping: Profiting from small price fluctuations over short periods.
• Hedging: Using opposite positions to mitigate risk.
• Arbitrage: Exploiting price discrepancies across different exchanges.
• Seek professional advice or conduct extensive research to master advanced trading strategies.

Step 8: Risk Management

• Utilize stop-loss orders to limit potential losses.
• Set reasonable leverage levels (low leverage is recommended for beginners).
• Monitor your account balance and adjust your trading accordingly.
• Manage your emotions and avoid impulsive trading decisions.