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How to return coins using Poloniex cross margin leverage?
Traders can return borrowed coins in Poloniex cross margin trading by closing their positions, repaying the coins and interest, updating their margin call, and withdrawing their remaining balance.
Nov 25, 2024 at 10:43 pm
How to Return Coins Using Poloniex Cross Margin Leverage
Cross margin trading on Poloniex allows traders to use their entire account balance as collateral, enabling them to open larger positions with potentially higher returns. However, this also comes with increased risk, as losses can exceed the initial investment.
If you have opened a cross margin position and wish to return the borrowed coins, follow these steps:
1. Close Your Margin Position
- Navigate to the "Margin Trading" page on Poloniex.
- Select the "Cross Margin" tab.
- Find the open position you wish to close and click "Close."
- Confirm the close order to execute it.
2. Repay the Borrowed Coins
- After closing your position, you will need to repay the borrowed coins that were used to fund the trade.
- This can be done by depositing the same amount of coins into your Poloniex account.
- For example, if you borrowed 1 BTC to open a position, you would need to deposit 1 BTC into your account to repay the loan.
3. Pay Back the Interest
- In addition to repaying the borrowed coins, you will also need to pay back the interest that accrued during the time you held the position.
- The interest rate for cross margin trading is dynamic and may vary depending on market conditions.
- You can check the current interest rate on the "Margin Trading" page under the "Cross Margin" tab.
4. Update Your Margin Call
- If you are in a margin call, you will need to update it to reflect the fact that you have returned the borrowed coins and paid back the interest.
- This can be done by clicking "Update Margin Call" on the "Margin Trading" page.
5. Withdraw Your Coins
- Once you have closed your position, repaid the borrowed coins, and paid back the interest, you will be able to withdraw the remaining balance in your account.
- To do this, go to the "Withdraw Funds" page on Poloniex and select the coin you wish to withdraw.
- Enter the amount you wish to withdraw and click "Withdraw."
Additional Considerations:
- If you do not repay the borrowed coins and interest on time, Poloniex may liquidate your position to cover the losses.
- The liquidation price for a cross margin position is the point at which it will be automatically closed and your assets sold to repay the loan.
- You can monitor your liquidation price and adjust your margin accordingly to reduce the risk of liquidation.
- Please refer to Poloniex's official documentation for more detailed instructions and information on cross margin trading.
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The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
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