Ever since its inception, Cofinex has been listening to its users and has been taking regular feedback from them to improve and make our product better than before. In the light of making our user’s trading experience more better and efficient, Cofinex has finally come up with one stop solution: Cofinex Unified Account.
In the investment ecosystem, Unified Account is often regarded as Portfolio Margin which is not typically offered by even traditional exchanges like NYSE and CME. However, to empower Cofinex users, we have decided to make it available for all for smarter risk management for every level of users with different trading experience.
Benefits of using Cofinex Unified Account
Unlike the conventional and traditional Cofinex account, users at Cofinex Unified Account have a plethora of benefits over the previous version. The perks of using Cofinex Unified Account are as follows.
- Users will be able to trade all instruments (spot, margin, perpetual, futures, options) using just one single account. No need to shift and juggle around different instrument accounts.
- Deploying purchasing power to buy or sell any instrument. This means that users can use their BTC to directly trade in ETH/USDT pairs. No need to sell their BTC for USDT and then buy ETH.
- You can now have the power to keep your capital in just one account and use it to trade different instruments.
- State of art risk management system. This ensures better risk management.
- Introduction of a net and open/short system which empowers more flexible trading.
How to use an Cofinex Unified Account?
Cofinex Unified Account comes in three different forms which vary according to the kind of experience you have as a trader. These forms are:
- Simple Account Mode: This form is meant for simple traders who trade in only spot and option markets.
- Single-currency margin mode: This form is meant for margin and derivatives traders who have intermediate level of trading experience.
- Multi-currency-margin mode: This form is meant for professional, API and institutional traders.
You can easily juggle around with these three modes to select which one suits you the best.
How to use Simple Account Mode
Simple account mode is meant for simple traders who don’t have much experience in trading and have just started. The simple account mode is only meant for traders who want to trade in the spot and options market only.
- Log into your account and go to TRADE tab on top of the page. Under TRADE tab, select Unified Account Mode and click to “Go To Trade”.
- In the next step, you will be asked to choose one among the three account modes. You need to select “Simple” and then you will be redirected to the Simple Account Mode.
- Once you select the simple mode, you will then need to select the trading pair. In this case, we are considering the BTC/USDT trading pair. You can change the trading pair by simply clicking on the space circles in the image below.
- You then need to enter the trading details like the rate at which you would like to purchase Bitcoin and how much you would like to trade. This is how you place a buy order.
- Once you have submitted your order, it will be executed if the order gets hit. You can review your order in the “Open Order” tab.
How to use Single Currency Margin Mode
Single currency margin mode is meant for all those traders who aren’t experienced much but want to trade in margins and other derivatives markets as well. This trading mode allows the traders to select between single-currency cross or isolated as margin mode.
- To select the Single Currency Margin mode, you need to first click on the ‘setting’ button. The ‘settings’ button has been circled in the screenshot below.
- Once you have clicked on the ‘Settings’ button, click on the area highlighted in the screenshot below.
- You then need to select the Single Currency margin mode and click on ‘Activate’.
- You will be asked to read the disclosure to start trading using single currency margin mode. Simply select ‘Activate Trading’.
- Simply choose the trading pair and the margin mode. In this case, we are selecting the BTC/USDT trading pair and Isolated margin mode.
- We then need to select the order type (limit, market or stop) and bid for the price at which we want to LONG. Enter the trading details and then click on OPEN LONG or OPEN SHORT.
- And that’s how you take a LONG or SHORT position in the single currency margin mode. You can review your order in the ‘Order History’.
How to use Multi Currency Margin Mode
This mode is used by traders who are highly professional and have years of experience in trading. This mode enables you to trade in spot, margin, perpetual, futures and option market with both isolated and cross margin features.To select the Mutli Currency Margin mode, you need to first click on the ‘setting’ button. The ‘settings’ button has been circled in the screenshot below.
- To select the Mutli Currency Margin mode, you need to first click on the ‘setting’ button. The ‘settings’ button has been circled in the screenshot below.
- Once you have clicked on the ‘Settings’ button, click on the area highlighted in the screenshot below.
- You then need to select the Multi Currency margin mode and click on ‘Activate’.
- We then need to select the trading pair and the trading instrument. In this case, we are considering the BTC/USD pair in the perpetual swap market under the ‘Derivatives’ category.
- We then need to enter the trading details like order type (limit, market, stop) and the leverage amount under the ‘Quantity’ section. Finally when we select the leverage, simply click on Confirm.
- You can then review your transaction by clicking on “Cross Risk Info” which shows all your initial margin, available margin, maintenance margin etc.
Conclusion
Cofinex Unified Account has been built with the intent to serve a high performance and smooth trading experience to Cofinex’s users. The 3 trading modes in Cofinex Unified Account caters to the needs of all users with different trading experiences.
