TL;DR- Go to the KuCoin Futures trading screen. On the bottom go to positions and to the right you’ll see a close positions box with market and limit options. Choose your option and how much you’d like to sell. For a complete walkthrough with visuals, see below.
While I’m not a financial adviser, I am comfortable saying that using leverage in crypto trading is the definition of insanity. I love KuCoin, and have had some good fun ($$$+++) on the futures trading feature. But cryptocurrency as an asset class is already 12x-15x more volatile than stocks, which itself is considered a risky asset class. If you proceed with KuCoin futures, it’s best to minimize leverage and use it as a learning experience. Personally, the majority of my crypto holdings are just boring Ethereum and Bitcoin that sit on my hardware wallets. I’m a buy and hold guy. My favorite holding period is forever!
Still, KuCoin is an incredible exchange and futures can be a fun way to learn about options trading- for example shorting cryptos on KuCoin or using a little leverage. KuCoin also has hundreds of exotic altcoins, although only 60 or so cryptos are available on KuCoin Futures.
1. Either go straight to futures.KuCoin.com or login to your regular KuCoin page. Under the assets menu in top right, select the drop down and select futures account.
2. You’ll land on the KuCoin futures account page. You should see the total value of all your futures assets displayed. In the top left, select the trade button. You’re brought to the KuCoin futures trading screen.
3. On the trading screen, scroll toward the bottom of the page. Underneath the candlestick chart on the left you’ll see a toggle menu. Click positions [x] on the leftmost side of the menu. If you have an open position, the number in the bracket should be nonzero.
4. On the right side of the positions block, you’ll see a small box that says close position. If you’re looking to sell immediately, it’s best to choose the market option. If there’s a price you don’t want to sell below, you can select the limit option. Just keep in mind if the limit price you set isn’t achieved then KuCoin can’t sell your holding. I’ve been caught a few times in this situation, so now if I want to close a position I always just select the market option.
5. You’re met with the close with market order pop-up. If you’d like to sell all your holdings for this crypto, select the 100% option. If you’d like to only sell a fraction of your holdings for this crypto, you can either enter the amount into the box or select one of the 25/50/75% options. Once you’ve entered the amount or chosen a %, select confirm. Soon after you’ll see the confirmations of the trade on the right side of the screen.
If you choose the limit option, you’re met with the close with limit order window. Similar to above, choose a % amount of your holding you’d like to sell. Since this is a limit order, you’ll need to enter the desired sell price into the box. If you enter a price less than the current price of the cryptocurrency right now, it will sell right away. If you enter a price above that, it could take a while (or worse, it’ll never happen!) In this example, ETH is currently trading at $3,541, and I’m going to set a limit price of $3,542. Let’s see if it executes. Select confirm once you’ve entered the value and quantity.
When the order executes, you’ll see the notifications in the top right of the trading screen.
6. Head back to your assets screen by selecting assets in the top right. You’ll see the amount in your account in the preset stablecoin for your location. For most of us, it’s going to be USDT (tether).
That’s it! Remember, be careful out there. Cryptocurrency is wild- especially if you’re using leverage. Not financial advice- but don’t use leverage in crypto. It’s volatile enough as it is. But sometimes we like to learn things the hard way.