Trading Guide of the USDT Perpetual Contract (App)

1. Enter Trading Page

Log in to the 58COIN App, click “Contract” in the bottom navigation bar and select “USDT”. If you haven’t installed the 58COIN App yet, please download: www.wap.58ex.com.

2. Asset Transfer-In

If there is no asset in the USDT Account, you can transfer the assets of other accounts to the USDT Account via the “...” button in the upper right corner of the page. (Note: Internal transfers do not have fees).

3. Create a Position

There are three methods to open a position: market order, limit order, and trigger order.

Market Order: A market order is an order to buy or sell at the best available price and is normally executed on an immediate basis. You only need to enter “Amount” and select the leverage;

Limit Order: A limit order sets the maximum or minimum price at which willing to buy or sell. However, unlike market orders, the trade will only get executed when the price breaches the level that has been specified. After the setting the price limit, the market will give priority to the price in the favorable direction under the principle of “buy low and sell high”.

If the current index price is $8,700 and you plan to open long the BTC/USDT Contract at $8,650, select “Limit”, enter 8650 in “Price” and 10 in “Amount”, and then click on “Open Long”. After the successful operation, related information can be viewed in “Orders”.  

 4. Trigger Order

In addition to market order and limit order, users can also open a position through the trigger order.

Select “Trigger Order”, set the “Trigger Price” and “Execution Price”. When the last transaction price reaches the trigger price, the order will be placed to the market at the execution price. For details, please refer to Trigger Order Operating Guide. 

For example, if you plan to open long the BTC/USDT contract at $8,800, set the trigger price at $8,750 and the execution price at $8,800, enter the “Amount” and click on open long. Users should be reminded that the execution price must be higher than the trigger price, but the difference cannot be too large, otherwise the order may not be filled.

5. Preset Take-Profit and Stop-Loss

After submitting the order, if the transaction is not executed immediately, you can see the order details in “Orders”, and preset take-profit and stop-loss here, so as to achieve the purpose of setting the take-profit and stop-loss strategy ahead of the execution of the limit order.

For example, if to preset take-profit for the long order BTC/USDT, click on “Preset TP/SL” in “Orders”, select “PRESET TP” and enter the TP Trigger Price and then click on “CONFIRM”. (For details, please refer to Operating Guide of Preset Take-Profit and Stop-Loss: https://58coin-support.zendesk.com/hc/zh-cn/articles/360037434694)

6. Set Take-Profit and Stop-Loss

If the order is executed immediately, then the action of opening position will be successful and the open position details including “Avg. Holding Price”, “Margin”, “Unrealized PNL” can be viewed in “Positions”. After successful opening of the position, you can set take-profit and stop-loss and it will be executed according to the trigger plan, even if you do not read the tape from time to time. (For details, please refer to Take-Profit and Stop-Loss Guide: https://58coin-support.zendesk.com/hc/en-us/articles/360035035233).

For the stop-loss setting of the BTC/USDT long order, click on the “Stop Loss”, in the case of the limit order, enter the “Execution Price” and “Amount”, and then click on “Confirm”.

Note:1) Currently, there are 9 supported contract categories, including BTC, EOS, ETH, LTC, XRP, ETC, DASH, BCH, and BSV. 

2) USDT Contract supports long, short and two-direction positions. The opening of positions in the same direction will be accumulated, and the “Opening Price” will be changed into “Avg. Holding Price”. 

3) Fees will be charged for the execution of an order. For charging standard, please refer to Fee Description (https://58coin-support.zendesk.com/hc/en-us/articles/360016222894).

7. Risk Monitoring

Information including “Assets”, “Available Assets” is displayed at the top of the trading page. Users should pay special attention to the “Risk Level”. When the risk is >50%, the risk indicator will change from green to red. When the risk is >90%, a warning message will be sent to you. When the risk is 100%, the assets in your account are insufficient to meet the maintenance margin call and your account will enter the liquidation process.

Note: 1) The USDT contract adopts “One Risk Level Calculation for All Positions”, that is, the risk is assessed for all positions instead of an individual position.

2) No single-currency two-direction position: Risk Level = (Sum of Position Value * MM) / Current Equity;

Single-currency two-direction position: Risk Level = (Sum of Higher Position Value * MM) / Current Equity;

Where MM (Maintenance Margin)= 0.5%, Current Equity = Available Balance + Margin + Unrealized PNL

3) USDT Contract adopts a cross margin model, and the Unrealized PNL is automatically included in the margin.

8. Close a Position

After judging the position risk, if you want to stop-loss or take-profit in time, you can close positions by clicking on “Close” or “Close All” in “Positions” in the asset area. For a single category “Close”, you can choose limit price or market price. “Close All” means that all your positions will be closed at the market price.   

Additional Remarks: 1) “A Lot” in each contract refers to a different amount of currency, details are shown as follows:

Contract	BTCUSDT	EOSUDT	ETHUSDT	LTCUSDT	XRPUSDT	ETCUSDT	DASHUSDT	BSVUSDT
Multiplier	0.002	2	0.02	0.05	0.2	40	1	0.1
Quote Unit	USDT
Trading Method	T+0
Transaction Hour	24H
Maintenance Margin	0.50%

2) To reduce the transaction cost of users, the platform removed the funding fee (carrying charge).

3) The platform has invested heavily in the Insurance Fund to help bear the loss of debt that the liquidation users may occur, and the major profitable users need not worry about being auto-deleveraged.

 The above is the entire operating process of the USDT Perpetual Contract. In short, users are reminded to enter the market with a small investment and pay close attention to risk level and the use of high leverage. Enjoy your trading on 58COIN! For more details, please join the official community.

Trading Guide of the USDT Perpetual Contract (Web)