How to cancel AscendEX leverage

AscendEX users can cancel leverage by logging into their account, navigating to the Margin page, entering the desired cancellation amount, and confirming the leveraged position closure.

Nov 23, 2024 at 07:40 pm

A Comprehensive Guide to Canceling AscendEX Leverage

AscendEX is a leading cryptocurrency exchange that offers users access to a wide range of trading products and services, including leverage trading. Leverage trading allows traders to borrow funds from the exchange in order to increase their buying power, enabling them to potentially make larger profits. However, it's crucial to understand that leverage trading also entails greater risk, as any losses incurred will be magnified in proportion to the amount of leverage used.

If you're an AscendEX user and have decided to cancel your leverage, this comprehensive guide will walk you through the step-by-step process, providing detailed instructions and tips to ensure a smooth and successful cancellation.

Steps to Cancel AscendEX Leverage:

1. Log In to Your AscendEX Account:

   a. Open your web browser or your AscendEX mobile app.
   b. Enter your login credentials (email or phone number and password).
   c. Click on the "Log In" button.

2. Navigate to the Leverage Account Page:

   a. Hover over the "Finance" menu in the top navigation bar.
   b. Select "Margin" from the drop-down menu.

3. Identify Your Leverage Account:

   a. On the Margin page, you will see a list of your trading accounts.
   b. Locate the account that has leverage enabled (it will have a "Margin Enabled" status).

4. Enter Leverage Cancellation Details:

   a. Check the available leverage amount and the amount you wish to cancel.
   b. Enter the amount of leverage to cancel in the "Cancel Leverage" field.
   c. Click on the "Confirm" button to execute the cancellation request.

5. Confirm Leveraged Position Closure:

   a. As leverage is canceled, your leveraged positions will be closed.
   b. Review the position closure prompt carefully to ensure you understand the implications.
   c. Click on the "Confirm" button to close the positions.

6. Monitor Leverage Cancellation Status:

   a. The leverage cancellation process usually takes a few minutes to complete.
   b. You can track the status of the cancellation request in the "Order History" section of the Margin page.

Additional Tips:

• Partial Leverage Cancellation: You can partially cancel your leverage if you do not wish to cancel the full amount. Simply enter the desired cancellation amount in the "Cancel Leverage" field.
• Leverage Re-enablement: Once canceled, leverage can be re-enabled on the same account or another account in the future by following the leverage activation steps provided by AscendEX.
• Risk Management: It is important to exercise caution when trading with leverage, as any losses incurred will be amplified. Adequately assess your risk tolerance and trading strategy before using leverage.

Conclusion:

Canceling leverage on AscendEX is a straightforward process that helps traders manage their risk exposure. By following the steps outlined in this article, you can efficiently execute leverage cancellation, close leveraged positions, and monitor the cancellation status seamlessly. Remember to use leverage responsibly and according to your trading plan and risk tolerance.