Binance is known as one of the largest crypto trading platforms that permits traders to trade a variety of cryptocurrency. It has increased its offerings since it was initially an exchange that traded on spot, meaning traders would only earn profit from prices that were rising. Read here?
What exactly is Crypto Futures Trading ?
Binance Futures Trading is the most recent technology that allows traders to increase their profits and earn by trading altcoins upwards or downwards. Similar to CFDs it is possible to open short and long positions on the platform in order to earn money when prices fluctuate.
Cryptocurrencies’ prices do not always move up. The prices do tend to decrease due to extreme volatility. Binance Futures allows traders to profit by speculating about the price dropping.
The platform also permits traders to make use of leveraged trading. In this case, traders just need to deposit only a tiny amount to open large positions. With a leverage as high as 1:100, traders could earn more by trading 100x the money in their accounts.
Opening Futures Accounts Futures Account
Futures contracts for trading on the cryptocurrency market can be done easily. All you have to do is sign up for a regular Binance account and then create make a Binance Futures trading account to be able to access the Futures interface. All futures contracts on the platform are traded into Tether. You’ll need to fund your account with Tether before you can begin trading.
The Binance futures interface provides all the chart information that one needs to speculate on the prices of various cryptos. It also comes with an order and depth chart book as well as all the latest news on trades in the market.
The traders can also get information regarding all transactions and trading activities. In addition, you can track past performance and see the trades executed.
Market Orders that are supported
The crypto futures trading platform gives traders the chance to leverage various market orders to squeeze profits from the cryptocurrency market. The futures trading platform can support Market Orders as well as Stop Limit Orders and Stop Market Orders.
Cryptocurrencies supported
As a market leader in cryptocurrency trading, Binance supports a wide selection of cryptocurrencies that traders can also use in futures trading. It also provides an array of trading pairs in addition to Bitcoin.
The pairs that traders may leverage in futures trading are:
Ethereum (ETH)/USDT
Ripple (XRP) / USDT
Binance Coin (BNB) / USDT
Bitcoin Cash (BCH / USDT)
Litecoin (LTC / USDT)
Ethereum Classic (ETC / USDT)
Monero (XMR) / USDT
Advantages of Binance Futures trading platform
The volume of trading as well as liquidity makes it simple to open and close positions at the price you want. Additionally, Binance is a trusted brand when it comes to cryptocurrency trading. It adheres with the best practices in the market as well as providing the best security.
The Disadvantages to Trading Futures on Binary
One of the major disadvantages of Binance as an exchange for futures is that it requires traders to first deposit Tether to trade. It is based on the controversial Tether Stablecoin.
Bottom Line
Bitcoin futures trading platform provides an excellent method of betting on the price of cryptocurrency; similarly, it offers the ability to hedge positions and enhance risk management as a way to secure a crypto portfolio.