How to open leverage on Poloniex mobile version

Leverage trading on Poloniex's mobile app involves understanding the risks, enabling margin trading, funding the account, selecting a trading pair, placing a trade with adjusted leverage, and closely monitoring the position's performance.

Nov 23, 2024 at 05:02 pm

How to Open Leverage on Poloniex Mobile Version

Step 1: Understand Leverage Trading

Leverage trading in cryptocurrency involves utilizing borrowed funds to amplify your trading positions and potentially increase profits. However, it also magnifies potential losses. Traders must possess a thorough understanding of leverage and risk management strategies before engaging in leveraged trading.

Step 2: Create a Poloniex Account

Open the Poloniex mobile app and click on the "Sign Up" button. Fill out the registration form with your personal details and create a strong password. Once your account is verified, you can proceed to the next step.

Step 3: Enable Margin Trading

• Launch the Poloniex mobile app and log in to your account.
• Navigate to the "My Funds" page and click on the "Margin Trading" tab.
• Read and agree to the margin trading terms and conditions.
• Enable margin trading by toggling the switch.

Step 4: Fund Your Account

Before you can open leveraged positions, you need to fund your Poloniex account. You can do this by transferring existing funds from another exchange or purchasing cryptocurrency directly through Poloniex.

Step 5: Select a Trading Pair

Navigate to the "Exchange" section of the Poloniex app. From the drop-down menu, choose your preferred trading pair. For example, if you want to trade Bitcoin with 2x leverage, select "BTCUSDT."

Step 6: Place a Trade

• On the trading page, enter the amount of the base currency (e.g., BTC) that you want to trade.
• Adjust the "Leverage" slider to the desired level.
• Click on the "Buy" or "Sell" button.

Step 7: Monitor Your Position

After placing a leveraged trade, you can monitor its progress by navigating to the "Positions" tab. Keep a close eye on the position's performance and adjust your strategy accordingly.

Step 8: Close Your Position

When you are ready to close your position, navigate to the "Positions" tab and select the desired trade. Click on the "Close Position" button to complete the transaction.