Is there a way to completely disable contract mode on Oyi?

By disabling contract mode on Oyi, traders can mitigate the risk of liquidation, simplify trading, and limit their potential returns, reducing the associated risks.

Jan 29, 2025 at 01:36 am

Key Points:

• Understanding contract mode on Oyi
• Methods to disable contract mode
• Implications of disabling contract mode

Is There a Way to Completely Disable Contract Mode on Oyi?

Understanding Contract Mode on Oyi

Oyi, a popular cryptocurrency exchange, offers contract mode as a feature that allows users to trade cryptocurrencies using leverage. Contract mode can amplify profits but also carries higher risks due to the potential for liquidation.

Methods to Disable Contract Mode

1. Contact Oyi Support

• Reach out to Oyi's customer support team via live chat or email.
• Request them to disable contract mode on your account.
• Provide necessary identification and verification information.

2. Create a New Account (without Contract Mode)

• Create a new account on Oyi without selecting the "Yes" option when asked if you wish to enable contract mode.
• Transfer your assets from the old account to the new one.

3. Disable Leverage on Trades

• Access the trading panel.
• Select the "Advanced" options for the desired trading pair.
• Change the "Leverage" setting to "1x" to disable leverage.

4. Use Non-Marginal Funds

• Deposit funds into your Oyi account that are not intended for margin trading.
• Only trade using these non-marginal funds to avoid inadvertently using leverage.

Implications of Disabling Contract Mode

• Reduced Risk: Eliminating contract mode removes the risk of liquidation due to adverse price movements.
• Lower Potential Returns: Contract mode allows for higher potential returns, but also carries higher risks. By disabling it, traders give up the possibility of profiting from leverage.
• Simplified Trading: Without contract mode enabled, trading becomes more straightforward, as users only trade with the funds they have available.

FAQs:

Q: Why disable contract mode?
A: Disabling contract mode reduces the risk of liquidation, lowers potential returns, and simplifies trading.

Q: Can I re-enable contract mode later?
A: Yes, contact Oyi support to re-enable contract mode. Verify your identity and provide the reason for the request.

Q: What is the difference between margin and contract mode?
A: Margin trading allows users to borrow funds from the exchange to increase their trading capacity, while contract mode allows users to trade cryptocurrencies using leverage.

Q: How do I transfer assets from an old to a new Oyi account?
A: Go to the "Transfer" page, select your old account, and enter the amount you want to transfer. Then, select the new account and click "Transfer."

Q: Why use non-marginal funds when contract mode is disabled?
A: Using non-marginal funds prevents accidental leverage usage and ensures that users only trade with funds they have available.