Hey there!
We understand that Futures trading can get a little overwhelming, so here’s a step-by-step guide to help you through the process smoothly.
Step 1:
Sign up or log in to your CoinDCX Pro app if you haven’t already.
Step 2:
All users are required to complete their ‘KYC’ (know your customer) and bank account verification by adding their Bank Account Details as per requirements to avail our crypto and INR deposit/withdrawal facilities.
NOTE: To know more about the KYC process, read our detailed FAQs here.
Step 3:
Go to the ‘Markets’ screen present in the bottom bar of your screen and then select the ‘Futures’ tab.
Optional step: Purchase USDT to trade smoothly, in case you already have USDT in your account, you can directly move to the Futures Page (steps 2 & 3)
Step 4:
Select any pair that you would like to trade from the list of pairs available. For now, let’s take the example of the pair BTC/USDT.
Step 5:
Click on the ‘View Chart’ button below if you want to see the chart and understand more about the market movements
Step 6:
Now let’s say, you feel like it’s the right time to buy. Simply, tap on the ‘Buy’ button and it will open a new page with all the details.
Step 7:
Here, you can choose from different types of Orders, like Limit, Market, SL, or SL-M. Curious about these abbreviations?? Learn about them below.
Limit: You can put the price as per your own choice.
Market: You will be provided with the best price available on the market
SL: Simply means Stop-Loss, where you can put a trigger price
SL-M: Similar to SL order but your order will get processed as soon as it hits the trigger price
Step 8:
Let’s take the example of ‘Limit’ as the order type for now and enter the price and the number of contracts in the ‘Enter Price’ and ‘Enter Contract’ boxes.
Step 9:
Now adjust the leverage as per your need. Note that here you can benefit from up to 15x leverage, depending on the pairs. In order words, you can trade up to 15x times more than the funds you have.
Step 10:
Select the Order Expiry type as per your choice. Read about each of them here.
Good-Till-Cancel: Order stays active until it’s filled or we cancel it ourselves
Immediate-Or-Cancel: The order will get executed immediately, and if a portion is not filled, it will get canceled immediately
Fill-Or-Kill: Order either gets completely/immediately filled or gets canceled.
Step 11:
Now simply swipe to the right to place the order and bingo! Your order has been placed.
Step 12:
You can square off your trade as soon as the target price hits your desired amount, or in other words, you can sell your transaction as soon as the target price hits the desired price you have in mind.
Please note: Always be cognizant of your trades and the risk appetite attached to it. Always Do-Your-Own-Research before investing!
Step 13:
You can also check your “hard liquidation” price as well, which is basically the price where your loss is equal to your margin. At this price, your position will get closed the moment BTC hits that price.
If you want to avoid this, you can add more margin to your positions.
Please note that this does not apply in Spot.
Step 14:
If you ever want to adjust the leverage, all you need to do is add or remove it. You can also buy/add more positions or sell/reduce the existing positions as well.
Step 15:
If you wish to reduce your current positions, tap on the ‘Sell/Reduce’ option. Enter the contract amount you want to reduce. Select ‘Market’ as the order type and ‘Swipe to Sell’. Bingo! The order has been placed successfully.
Note: You can either reduce your current positions partially or completely square them off.
Step 16:
Additionally, you can also completely exit a position by clicking on the ‘Exit’ button.
Wasn’t that simple and convenient to use? So what are you waiting for, visit CoinDCX Futures now and start trading on your favorite crypto pairs!
