How to make money with AscendEX leverage

Leverage trading on AscendEX offers the potential for amplified profits and losses, but understanding the inherent risks, such as potential losses exceeding investment and rapid market fluctuations, is crucial for successful endeavors.

Nov 27, 2024 at 07:39 pm

How to Make Money with AscendEX Leverage

AscendEX is a cryptocurrency exchange that offers leverage trading. This means that you can trade cryptocurrencies with borrowed funds, which can amplify your profits (and losses).

Before you start leverage trading, it is important to understand the risks involved.

• You can lose more money than you invested. When you trade with leverage, you are borrowing money to increase your trading power. This means that you can lose more money than you originally invested.
• The market can move against you quickly. Cryptocurrency markets are volatile, and prices can move quickly. This means that you can lose money even if you have a good trading strategy.

If you are comfortable with the risks, here are the steps on how to make money with AscendEX leverage:

1. Open an AscendEX account.

To open an AscendEX account, you will need to provide your email address, create a password, and agree to the terms of service.

2. Fund your account.

You can fund your AscendEX account with cryptocurrency or fiat currency. To deposit cryptocurrency, you will need to provide the address of your cryptocurrency wallet. To deposit fiat currency, you can use a credit card or debit card.

3. Choose a trading pair.

AscendEX offers a variety of trading pairs, including BTC/USDT, ETH/USDT, and BNB/USDT. You can choose any trading pair that you are comfortable with.

4. Set your leverage.

AscendEX offers leverage of up to 100x. However, it is important to start with a lower leverage level until you are comfortable with the risks.

5. Place a trade.

To place a trade, you will need to specify the amount of cryptocurrency that you want to trade, the price at which you want to trade, and the leverage that you want to use.

6. Monitor your trade.

Once you have placed a trade, you will need to monitor it closely. The market can move quickly, and you may need to adjust your trade accordingly.

7. Close your trade.

When you are ready to close your trade, you will need to specify the price at which you want to close it. You can also close your trade at a loss if the market moves against you.

Here are some tips for making money with AscendEX leverage:

• Use a stop-loss order. A stop-loss order is an order that will automatically sell your cryptocurrency if the price falls below a certain level. This can help you to limit your losses.
• Don't trade with more money than you can afford to lose. Cryptocurrency markets are volatile, and you can lose money even if you have a good trading strategy.
• Only trade with leverage if you are comfortable with the risks. Leverage can amplify your profits, but it can also amplify your losses.

Disclaimer: I am not a financial advisor, and this is not financial advice. Please do your own research before making any investment decisions.