Binance Customer Service Futures Trading What You Need to Know, Step by Step Guide
Binance Customer Service is one of the largest and most respected cryptocurrency trading platforms that allow traders to trade hundreds of cryptocurrencies. The exchange has expanded its offering after starting as a spot trading exchange where traders can only profit from rising prices.
What is Crypto Futures Trading?
Binance Customer Service futures trading is the latest sensation that allows traders to use leverage and profit on rising and falling altcoin prices. As is the case with CFD, you can open long and short positions on the platform to make a profit as prices fluctuate.
Cryptocurrency prices do not always rise. Given the extreme levels of volatility, the prices experience a strong downtrend. Conversely, the Binance Futures trading platform makes it possible for traders to speculate on falling prices and make profits as a result.
Likewise, the platform allows merchants to participate in leverage operations. In such a situation, traders have to invest only a small amount to open large positions. Leverage of up to 1:100 allows traders to maximize returns by trading more than 100 times the funds in the account.
Open Futures Account | Binance Customer Service
Trading futures contracts on the cryptocurrency market are straightforward. All you have to do is open a regular Binance account and then open a Binance Futures trading account to access the interface of the future. Since all futures contracts on the platform are traded on Tether, you will need to deposit some Tether to start trading.
Binance’s futures interface provides all the charting information needed to speculate on the price of various cryptocurrencies. It also comes with a depth chart and order book as well as the latest trades posted in the market.
In addition, merchants can access all information about business activity as well as all transactions processed on the platform. Instead, you can track the performance and understand all the work done in the past.
Market Orders Accepted
The cryptocurrency futures trading platform offers traders the opportunity to tap into various market orders to squeeze profits out of the cryptocurrency market. Some of the orders supported by futures trading platforms include market orders, stop limit orders and stop market orders, as well as take profit limit orders and take profit market orders.
Compatible with Cryptocurrencies
As a leader in cryptocurrency trading, Binance supports a wide range of cryptocurrencies, which traders can take advantage of even when trading futures. Likewise, the platform has expanded a variety of trading pairs in addition to bitcoin.
Pairs that traders can take advantage of in futures trading include:
- Ethereum (ETH) / USDT
- Ripple (XRP) / USDT
- Binance Coin (BNB) / USDT
- Bitcoin Cash (BCH) / USDT
- Litecoin (LTC) / USDT
- Ethereum Classic (ETC) / USDT
- Monero (XMR) / USDT
- Benefits of Binance Futures Trading Platform
High trading volume and liquidity make it possible to enter and close the position easily at desired price points. Similarly, Binance is a trusted brand when it comes to cryptocurrency trading. Adheres to industry best practices while offering industry leading protection.
Disadvantages of Trading Futures on Binance
One of the biggest drawbacks of Binance as a future trading platform is that traders have to first deposit Tether in order to trade. The platform is based on the controversial static currency Tether.
The Bitcoin Futures trading platform provides an ideal way of speculating on the price action of cryptocurrency; Likewise, it provides a way to hedge the status quo and improve risk management as a way of protecting crypto portfolios.