What is Binance Battle? How to start making money from Battle
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Binance Battle is a new monetization feature on the Binance platform. The Battle is understood as a form of online fighting using the price of the cryptocurrency market as an intermediary. Each fight lasts for five minutes, and the participants receive points at the end. The following article learns everything you need to know about Binance Battle and guides you through the most basic way to make money from Battle.
What is Binance Battle?
Binance Battle is where a user joins a battle by taking a position and competing with another user for bonus points. If users believe that the price will increase in the next five minutes, they choose [Long]. Otherwise, if the price falls, choose [Short]. The war begins when one user matches the other. At the end of the Battle, each user gets points for their choice.
Some information to know before participating in Battle
- The Battle feature currently supports BTCUSD perpetual contracts and USDⓈ-M futures contracts. Users need to open a Binance Futures account before participating in the Battle.
- Users need to have BTC balance available in Futures wallet to open positions to join the fight.
- The system automatically assigns a player that matches the position taker. Win or lose, participants receive points.
- If a player closes an order while participating, they do not receive points and must wait 5 minutes until the end of that trading session to continue participating in another Battle.
- The position is automatically leveraged Isolated Margin of 20x for the duration of the fight.
- Before entering the fight, users need to close open positions with BTCUSD and BTCUSDT perpetual futures.
- Users cannot change the BTCUSD or BTCUSDT positions placed while participating in the Battle in terms of leverage, quantity, etc.
- The fee to join the Battle is similar to the fee for BTCUSDT and BTCUSD Futures trades.
How to start making money from Binance Battle?
Step 1: Log in to your Binance account. If you don’t have a Binance account, register using the link below:
* See more: The complete guide Binance from a to z
Step 2: After opening a Futures account, click on Derivatives, select Battle. Click Get Started to access the Battle feature.
Step 3: Select the trading pair in the left corner of the screen. Currently, Battle only supports BTCUSD perpetual futures and USDⓈ-M perpetual futures contracts.
Step 4: Choose a contract size 1/5/10/50 Cont, in which 1 Cont = 5 USD. Click [More] to choose other sizes. If the price is expected to increase, choose Long and Short if the price is predicted to decrease. A Battle begins when two participants are paired.
Step 5: When the Battle takes place, the contract’s price is displayed in real-time. After the [End Battle] button appears, the user can end the Battle. If the manual Battle end is not used, the position is automatically closed when SL or TP level is reached or when the 5 minute Battle period ends.
Above is some basic information about Battle on Binance. It is a high-risk form of making money that also has the potential for significant returns. In case of strong price fluctuations, users may lose the entire margin balance in Futures wallet. Therefore, users should consider before participating and be well aware of the opportunities and possible losses when trading.
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