How to play the contract of Firecoin? What are the contract trading rules of Firecoin?

Oct 13,2022
How to play the contract of Firecoin? What are the contract trading rules of Firecoin?

Firecoin contract refers to the agreement between the trading parties that promises to receive a certain amount of virtual currency at a specified price at a certain time in the future. This transaction should be carried out in Firecoin. That is, investors can choose to buy long or sell short contracts in futures contract transactions by judging whether the price is rising or falling. So, how to play the Huo Coin contract? What are its trading rules? Next, let's have a look.

How to play the contract of Firecoin?

1. Log in to Firecoin APP or official website( ), you can see the "Contract" on the bottom navigation bar.

The customer can click the avatar at the top left of the "homepage" to view the account UID, account center, settings and other information and enter the customer service channel.

2. Click the "Contract" on the bottom navigation bar to enter into contract trading, and click the "USDT Contract" card option on the top to enter into continuous contract trading on the USDT standard. If the contract transaction has not been opened, click "Open Contract Transaction".

Click "Activate USDT continuous contract". On the contract opening page, you need to carry out identity verification before completing the authentication. After the authentication is completed, you can enter the user service agreement page. After carefully reading the agreement, click "Agree" to successfully open the contract transaction.

3. After the USDT standard continuous contract is opened, select the contracts that must be traded and carry out capital transfer.

① Click the transfer icon on the right of "Total Account Equity" in the transaction interface to enter the transfer page;

② Click "..." at the top right of the page and click "Transfer of Secured Assets" in the directory window to enter the transfer page.

USDT based continuous contracts All types of contracts shall use USDT as security property, and customers can trade only by transferring USDT. At present, the USDT standard continuous contract is applicable to transfer from currency account to currency account, and it is applicable to transfer between USDT standard continuous accounts for each type of contract.

Currency account transferred to USDT standard continuous contract account:

For example, a customer has just opened a USDT based continuous contract transaction account and needs to conduct BTC/USDT continuous contract transactions. At this time, the customer must transfer USDT from the [Currency Account] to the [USDT Standard Continuous Contract Account BTC/USDT] account.

The USDT standard continuously transfers various types of accounts to each other:

For example, a user has conducted transactions in the BTC/USDT continuous account, and now hopes to transfer the remaining available assets in the BTC/USDT continuous account to ETH/USDT continuous contract for transactions. At this time, the customer only needs to transfer the transferable limit in the [USDT based continuous contract account BTC/USDT] account to the [USDT based continuous contract account ETH/USDT] account

Note: At present, the USDT standard continuous contract adopts the full warehouse collateral property method of sub account, and each type corresponds to a contract account. The assets and positions of different contract types are not related to each other, and the transfer and transactions between different contract types do not affect each other.

4. After the transfer, you can see the total equity of the current account on the upper left. Click the directory button on the top left to select each type of contract, and select different types of contracts to conduct transactions according to their own needs, such as "BTC Continuously/USDT".

5. At present, the USDT based continuous contract is applicable to a maximum of 125 times. If the user uses a high multiple of more than 20 times, he/she needs to agree to the High Multiple Agreement first, and the user can select the leverage multiple according to the situation.

After selecting multiples, you can use "limit order" or "plan order" to open the position. If it goes up, you can choose "buy more", and if it goes down, you can choose "sell short".

Price Limit Entrustment: enter the price and quantity to place an order; Or select the form of "rival price", "the best 5 grades", etc., and just enter the quantity to place an order. The price limit entrustment specifies the maximum price that the customer is willing to buy or the minimum price that the customer is willing to sell. After the user sets the price limit, the market will give priority to the transaction at a price that is beneficial to the user. Both opening and closing positions can be entrusted by price limit.

Three effective systems can be selected for price limit entrustment: "Maker only", "FillOrKill", "Immediate OrCancel"; When the effective system is not selected, the price limit entrustment is always effective by default.

Planned order placing by entrustment: set the opening price, entrusted price and quantity. When the new transaction price in the market reaches the trigger condition, the system will place an order according to the entrusted price and quantity set in advance (i.e. limited price entrustment).

After the order is placed successfully, the completed entrustment is displayed on the "shareholding" page, and the unfinished part is displayed on the "current entrustment" (the entrustment can be canceled before the matching is successful).

If you want to query the current entrustment, you can pull down the page, or click "All". On the pop-up page, click "Historical Data" to view the historical data of the recent three months.

7. When closing positions, click "sell flat" for double contracts and "buy flat" for short contracts.

Convert to the position closing page, select "limited price entrustment" and "planned entrustment" according to the situation to carry out position closing, and click "sell small amount" after confirmation (click "buy small amount" for small amount).

Convert to the shareholding page, and select "lightning position closing" or use "stop loss and stop profit" to place an order.

8. Click "..." at the top right of the page to conduct "contract setting" and view more "contract information".

9. Click "Property" at the bottom right and select "Continuous Contract Account" and contract type to query the contract bill of corresponding contract type.

Rules of contract transaction of Huo Coin

1. Transaction time

The contract transaction is a 7 * 24 hour transaction, which will only be interrupted during the clearing or settlement period at 16:00 (UTC+8) every Friday. The contract can only be closed but not opened 10 minutes before settlement.

2. Transaction type

There are two types of transactions, opening and closing. Opening and closing positions are divided into buying and selling directions:

Buying long (rising) refers to the new purchase of a certain number of contracts when customers look at the index for a long time and rise. Carry out the "buy and open long" operation, and after the matching is completed, the long position will be improved.

The selling contract (multiple closing positions) refers to the selling contract that the customer makes up for the future index market without rising, and exits the market by offsetting the current purchase contract hedge. Carry out the "sell flat" operation, and reduce the long position after matching.

Short selling (bearish) refers to a certain number of new contracts sold when customers are bearish or bearish on the index. Carry out the "sell open" operation, and the short position will be increased after matching.

Buying a short position (closing a short position) refers to a buying contract that a customer makes up for when he or she is no longer bearish on the future index market, and exits the market by offsetting the current sales contract hedge. Carry out "buy flat" operation, and reduce short positions after matching.

3. Ordering method

Price limit entrustment: the customer needs the price and quantity of the order. Both opening and closing positions can be entrusted by price limit.

Place Order at Counterparty Price: if the customer chooses to place an order at the counter party price, the customer can only enter the order quantity, and cannot enter the order price.

At the moment of receiving this entrustment, the system will read the current brand new counterparty price (if the customer buys, the counterparty price is the selling price of 1; if the customer sells, the counterparty price is the buying price of 1), and issue a price limit entrustment of this counterparty price.

4. Position

After the opening and closing of the position, the customer has the position, and the positions of the same contract in the same direction will be merged. In a contract account, there can only be 6 positions at most, namely, long positions in the current week, short positions in the current week, long positions in the next week, short positions in the next week, long positions in quarterly contracts, and short positions in quarterly contracts.

5. Order limit

The platform will limit the number of shares held by individual customers in a certain cycle contract and the number of orders placed for each position opening/closing to avoid customers from manipulating the market.

Speaking of this, I believe you have a certain understanding of how to play the Huo Coin contract and how its trading rules are. In general, Xiao Bian also reminds investors that when choosing a contract exchange, they must choose an exchange that is as reliable as Huo In addition, they should also check how much the commission is deducted from the exchange, and choose more formal exchanges to compare, so as to choose the most suitable exchange. After all, for investors who often trade, they can choose a low rate exchange to avoid the erosion of profits.