Instructions for opening an account and trading Binance Margin
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Binance Margin is a form of cryptocurrency trading that allows you to use leverage. The use of leverage increases profits but also causes larger losses.
This article shows you how to open an account and trade on Margin Binance. If you have no trading experience, you should avoid using this form of trading.
Instructions to open a Binance Margin trading account
To open a Binance Margin account, you need to sign up for a regular Binance account. Registration link below:
[vcex_button url=”https://www.binance.com/en/register?ref=S1DXPLZ3″ title=”Visit Site” style=”flat” align=”center” color=”orange” size=”small” target=”self” rel=”none”]https://www.binance.com[/vcex_button]
After logging in, open a Margin Binance trading account with the following steps:
Step 1: On the Menu bar, select “Trade,” then select “Margin”
Step 2: Take the Quiz, Click “Start the Quiz”
You need to answer 12 questions correctly. If wrong, you can try again. Then click Success
You have successfully activated your Binance margin account.
Transfer coins to Margin Binance wallet
On the home page, click Wallet on the toolbar, then select Margin
On the Margin wallet window, click on “Transfer” in the upper right corner of the screen.
Select a wallet to receive coins. You will trade Cross Margin; you must choose “Cross Margin”. You want to trade Isolate Margin, choose “Isolate Margin”. Then, select the coin type, enter the coin number and click “Confirm”.
How to place orders, borrow and repay when trading Margin
Select the type of Margin order you want to trade: Cross or Isolated. Then click on the “Seach coin” box.
You choose a coin pair to trade and click “Trade.”
Scroll down to the bottom corner of the screen with the trading window.
For example, BTC/USDT has an uptrend, and you place a MARGIN BUY BTC limit order as follows:
- Select Isolated
- Select Limit order
- Choose loan (Borrow).
- Enter the price you want to order BTC
- Enter the amount of BTC you want to buy.
- You drag the slider to select the amount you want to borrow as a percentage.
- Click Margin Buy BTC.
A screen window pops up asking you to confirm the transaction again. You choose “Confirm”
A screen pops up with instructions on how to review your transaction. Click “OK” to move on to the next steps or click the (x) sign to turn it off.
View detailed information about the transaction you just made.
- Open Order: Orders pending to be matched
- Order History: History of orders placed
- Trade History: History of traded orders
- Funds: Details of the coins you are owed and the number of coins you have purchased in the transaction you just made
- Positions: Details of the transaction just made
Access to Margin wallet to check your balance, profit.
At the Margin wallet, you can continue to trade, repay or liquidate borrowed transactions.
To repay the loan, there are 2 ways to do it.
- In the Margin wallet, click “Borrow/Repay”, then click the “Repay” tab.
- Select the coin pair you want to trade and the coin you want to repay.
- As in the example above, Investi ki has just made a USDT loan transaction to Margin Buy BTC. Therefore, you need to choose BTCUSDT pair, choose USDT coin.
- Enter the number of coins you want to pay, then click “Confirm Repayment”
Option 2: Automatic repayment.
At Margin wallet, click “One click Liquidate”, then click “Confirm”
Above is a guide to Binance margin trading. However, to trade Margin profitably, it is necessary to learn how to do technical analysis, recognize trading opportunities and develop a complete trading strategy. In the next articles, Investiki.com will continue with you to learn more features on Binance.
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