Binance is a leading crypto exchange in the world with no competitors coming close to its achievements. Since its inception, Binance has been offering top-notch cryptocurrency exchange services for different categories of traders. Recently, Binance expanded its offerings to users to include crypto futures trading. With this new arrangement, the transition becomes easy while also improving traders' experience.
If you are looking to start trading on the Binance futures, it is important to use futures signals to increase your chances of winning in a trade. The use of trading signals to make a profit is now the norm in the crypto space.
With trading signals, you don't have to monitor the market 24/7 to track the best times to enter or exit a trade position. By default, trading signals will suggest those for you. Plus, you'd trade with confidence knowing that you won't lose your hard-earned money to market forces.
In this article, we will take an in-depth look into the Binance futures platform and also discuss how to improve your trading strategies using Binance futures signals. We would then wrap up by suggesting the best signals Binance futures for you to incorporate into your trading Arsenal's. Sounds good, right?
Let's dive into the Binance futures platform.
Cryptocurrencies Supported By Binance Futures
Aside from Bitcoin, there is range of Cryptos supported at Binance futures along with offering up to 75X leverage.
Below are the cryptos pairs you can trade on Binance Futures:
- Binance coin (BNB) / USDT
- Ethereum (ETH) / USDT
- Stellar (XLM) / USDT
- Cardano (ADA) / USDT
- Ripple (XRP) / USDT
- Tron (TRX) / USDT
- EOS / USDT
- Binance Coin (BNB) / USDT
- Bitcoin Cash (BCH) / USDT
- Litecoin (LTC) / USDT
- Zcash (ZEC) / USDT
- Tezos (XTZ) / USDT
- Ethereum Classic (ETC) / USDT
- Chainlink (Link) / USDT
- Dash / USDT
- Monero (XMR) / USDT
- Cosmos (ATOM) / USDT
- Ontology (ONT) / USDT
- Brave (BAT) / USDT
- VeChain (VET) / USDT
Why Should I Trade on Binance Futures?
While there are lots of reasons to trade Bitcoin of Binance Futures, below are the major reasons to consider:
- Trading Bitcoin on Binance Futures would help you hedge your positions and also help to protect your investment during bear markets.
- With Binance Futures, you'd be able to open a leverage position and trade the market without owning the money.
- Binance Futures offers up to 125x leverage. For this reason, you don't need to deposit huge funds in your account.
How To Trade On Binance Futures
The first step to trading on the Binance Futures platform is to open a Binance Futures account. If you don't have an account with the regular Binance platform, you need to open one to access the Futures platform.
To open a regular Binance account, visit Binance and complete the application form. Binance will send you a verification mail to the email address you provided for you to complete your registration. Follow the instructions in the verification mail and confirm your email.
Once you've successfully created an account, head straight to the Binance Futures platform at the top of the page, activate the Binance Futures platform by clicking on "open now" button. Once that is done, then you are ready to trade.
Funding Your Binance Futures Account
You need to fund your account before you start trading on Binance Futures. Depositing funds is pretty, as you can transfer funds from your regular Binance wallet to your Binance Futures wallet.
Hover your mouse on the transfer tab located at the bottom right of your Binance Futures platform and click on the transfer button. Enter the amount you wish to transfer to your Futures wallet. If everything goes on smoothly, you will see the money reflecting in your Futures balance.
The screenshot above shows Binance Futures interface. Now, let's explain the Binance Futures interface and discuss what each section stand for.
- Section 1 - Menu: The menu area is where you will get access to a wide range of market information and the Futures FAQ. You can also check information on open interest, historical funding rates, insurance fund current balance, short/long ratio, as well as other market data.
- Section 2 - Price chart: Here, you can hover your mouse over the contract name to choose a contract. You can also check the Mark price. What's more? You can check the expected funding rate and TradingView chart.
- Section 3 - Trading Activity Panel: Here, you will be able to monitor your trading activities in real-time. You can equally check the status of your trade position, current and previously executed orders, as well as check your trading history at a given time.
- Section 4 - Margin Overview: With the margin overview section, you can check your assets worth, buy more coins, deposit funds, and check your current contract information.
- Section 5 - Order Entry Field: Here, you can change from Isolated margin to Cross margin and vice versa. You can also adjust your leverage to suit your trading styles.
How To Adjust Your Leverage
Binance Futures is a platform that allows traders to adjust each contract's leverage manually.
To adjust your contract leverage, hover your mouse over the "order entry field" section, click on the default leverage amount, enter your preferred leverage amount or adjust the slider to set the leverage amount. Confirm the new leverage amount and click on save to proceed.
Let's make it clear at this point that the risk of liquidation becomes higher if you set a higher leverage amount.
Types of Orders And How To Use Them
As a trader on the Binance Futures platform, you are opportune to use up to 7 orders to trade. These orders are meant to protect you from market forces and also help scale up your profits.
Below is a list of the different types of orders available on the Binance Futures platform:
When you are on the Binance Futures platform, a limit order can be used to place an order on the order book and also set a specific price limit. The moment you set a limit order, a trade will only be executed when the market price aligns with your limit price.
Additionally, you can use a limit order to sell at a higher price or buy at a lower price than the market price.
A market order is a type of order you can place to buy or sell an asset at the best available price. This order is usually executed against the limit order you previously placed on the order book. As a market trader, you will pay a fee when placing a market order.
Stop Limit Order
Let's break the stop limit order into two for you to easily understand how it works - limit price and stop price. While the stop price can be defined as the price that you can set to trigger the limit order, the limit price is the triggered limit price.
For sell orders, it is more convenient for you to see the trigger price a bit higher than the limit price.
Stop Market Order
A stop market order is similar to a stop limit order but the trigger is a stop price. However, whenever a stop price is achieved, it will trigger a market order.
Take Profit Limit Order
This is another type of order you need to be familiar with if you must make a profit while trading. A take profit limit order is similar to a stop limit order, but involves a limit price, the price that triggers the order, the price of the limit order, as well as a trigger price.
The major difference between a take profit order and a stop limit order is that the former is often used only to reduce open positions. To set the take profit limit order, hover your mouse on the order entry field, and click on the stop limit option.
Take Profit Market Order
A take profit market order is similar to the take profit limit order, but uses a stop price as a trigger. The moment a stop price is achieved, it will automatically trigger a market order.
To set the take profit market order, hover your mouse on the order entry field and click on the Stop market option.
Trailing Stop Order
The last type of order available on the Binance Futures platform is the trailing stop order. A trailing stop order can help you mitigate losses inherent on the market and also lock in profit for future trades. If the market price moves up, the trailing stop order will also move up with the price.
Closing Thoughts - The Best Binance Futures Signal
Trading manually on the Binance Futures platform can be challenging, especially if you are a novice. Using the best Binance Futures Signals would enable you to make the most out of the market. It would enable you to trade on auto-pilot so that you can concentrate on your 9-5 jobs.
Additionally, the best Binance Futures signal suggests enter and exit points so that you can make the most profits and mitigate the losses inherent in the market.
If you're passionate about using the best Binance futures signal, one great provider you need to turn to is BestTradingSignals. This platform is not just user-friendly; it is designed with both novice and experienced traders in mind. If you are on Telegram, you can join BestTradingSignals channel via https://t.me/altscenter to get free signals.