How to open leverage on DigiFinex mobile version

DigiFinex's mobile app offers a convenient way to access leverage trading, allowing users to increase their potential returns while navigating the risks associated with such transactions.

Nov 26, 2024 at 01:50 am

How to Open Leverage on DigiFinex Mobile Version

DigiFinex is a cryptocurrency exchange that offers a variety of trading options, including leverage trading. Leverage trading allows you to increase your potential profits by borrowing funds from the exchange. However, it is important to understand the risks involved before you begin leverage trading.

How to Open Leverage on DigiFinex Mobile Version

To open leverage on DigiFinex mobile version, you will need to:

1. Create an account. If you do not already have a DigiFinex account, you will need to create one before you can begin trading. You can create an account by going to the DigiFinex website or downloading the DigiFinex mobile app.
2. Verify your identity. To verify your identity, you will need to provide DigiFinex with a government-issued ID and a proof of residence. You can upload your documents through the DigiFinex website or mobile app.
3. Deposit funds into your account. You can deposit funds into your DigiFinex account by using a wire transfer, a credit card, or a cryptocurrency wallet.
4. Navigate to the " Leverage " page. Once you have deposited funds into your account, you can navigate to the " Leverage " page by clicking on the " Trade " tab and then selecting " Leverage " from the left-hand menu.**
5. Select a trading pair. On the " Leverage " page, you will need to select a trading pair. This is the pair of cryptocurrencies that you will be trading. For example, if you want to trade Bitcoin with leverage, you would select the BTC/USDT trading pair.**
6. Choose your leverage amount. Once you have selected a trading pair, you will need to choose your leverage amount. This is the amount of funds that you will borrow from DigiFinex. You can choose a leverage amount of up to 5x.**
7. Enter your trade order. After you have chosen your leverage amount, you can enter your trade order. To do this, you will need to specify the type of order you want to place (market or limit), the amount of cryptocurrency you want to trade, and the price at which you want to trade.**
8. Confirm your order. Once you have entered your trade order, you will need to confirm your order. To do this, you will need to click on the " Confirm Order " button.**

Risks of Leverage Trading

There are a number of risks involved in leverage trading. These risks include:

• The risk of liquidation. If the price of the cryptocurrency you are trading moves against you, your position may be liquidated. This means that you will lose all of the funds that you have deposited into your account.**
• The risk of margin calls. If you are using leverage, you may be subject to margin calls. A margin call is a request from DigiFinex to deposit additional funds into your account. If you do not meet a margin call, your position may be liquidated.**
• The risk of volatility. The cryptocurrency market is volatile, and the price of cryptocurrencies can move quickly. This means that you could lose money quickly if you are using leverage.**

Before you begin leverage trading, it is important to understand the risks involved. You should also make sure that you have a trading strategy and that you are managing your risk.