Tutorial on how to play AscendEX contracts

To start trading on AscendEX, create an account, fund it with cryptocurrency or card payment, choose a contract type (e.g., Bitcoin), place an order by selecting the buy/sell option and specifying quantity and price, and monitor and close the order when desired.

Nov 23, 2024 at 05:53 am

Tutorial on How to Play AscendEX Contracts

Introduction:
AscendEX is a leading cryptocurrency exchange that offers a wide range of trading products, including perpetual contracts. Perpetual contracts are a type of derivative that allow traders to speculate on the future price of an underlying asset, such as Bitcoin or Ethereum. They are similar to futures contracts, but they do not have an expiration date and can be held indefinitely.

Step 1: Create an AscendEX Account
The first step is to create an AscendEX account. You can do this by visiting the AscendEX website and clicking on the "Sign Up" button. You will need to provide your email address and create a password. Once you have created an account, you will need to verify your email address by clicking on the link in the confirmation email that AscendEX will send you.

Step 2: Fund Your Account
Once you have verified your email address, you will need to fund your account. You can do this by depositing cryptocurrency or by using a credit card or debit card. To deposit cryptocurrency, click on the "Deposit" button and select the cryptocurrency that you want to deposit. You will then need to provide the address of your cryptocurrency wallet and the amount of cryptocurrency that you want to deposit. To deposit using a credit card or debit card, click on the "Buy Crypto" button and select the cryptocurrency that you want to buy. You will then need to provide your credit card or debit card information and the amount of cryptocurrency that you want to buy.

Step 3: Choose a Contract
Once you have funded your account, you need to choose a contract to trade. AscendEX offers a wide range of contracts, including Bitcoin, Ethereum, Litecoin, and XRP. To choose a contract, click on the "Contracts" tab and select the contract that you want to trade.

Step 4: Place an Order
Once you have chosen a contract, you need to place an order. To place an order, click on the "Buy" or "Sell" button and enter the amount of the contract that you want to buy or sell. You will also need to specify the price at which you want to buy or sell the contract.

Step 5: Monitor Your Order
Once you have placed an order, you can monitor its progress by clicking on the "Orders" tab. The Orders tab will show you the status of your order, including the price at which it was executed and the amount of profit or loss that you have made.

Step 6: Close Your Order
When you are ready to close your order, you can click on the "Close" button. The Close button will close your order at the current market price.

Tips for Trading AscendEX Contracts

• Use a stop-loss order to protect your profits. A stop-loss order is an order that will automatically sell your contract if the price falls below a certain level. This can help you to limit your losses in the event of a sudden market downturn.
• Use a take-profit order to lock in your profits. A take-profit order is an order that will automatically sell your contract if the price rises above a certain level. This can help you to lock in your profits and prevent you from giving them back if the market reverses.
• Use a trailing stop-loss order to follow the market. A trailing stop-loss order is an order that will automatically move your stop-loss price as the market price moves in your favor. This can help you to protect your profits while still allowing you to ride out market fluctuations. For example: A stop-loss order is set at $20,000, and a 20% trailing stop loss is utilized. If the price of the asset rises to $25,000, the stop loss will automatically move to $22,000
• Be aware of the risks involved in trading contracts. Contracts are a leveraged product, which means that you can lose more money than you deposit. It is important to only trade with money that you can afford to lose.