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Binance Review
Binance
www.binance.com
(5 reviews)
Site Rank: 3

Binance is a cryptocurrency exchange founded in 2017 by Changpeng Zhao and Yi He. Although it started operations in China, it has moved multiple times from China to Japan and is presently headquartered in Malta. This is as a result of increased efforts by the Chinese and Japanese governments to stop its citizens from participating in cryptocurrency trading. As a top-tier cryptocurrency exchange, Binance provides its users with different trading opportunities, including Margin Trading. Therefore, if you’re thinking about engaging in margin trading, this review contains all the necessary information you need to know.

About Binance Margin Trading

Binance recently released this feature in July 2019. It is a trading method where a trader uses third-party funds to enter into trades. It presents the opportunity to amplify the profits of successful trades. So, where do these funds come from? Usually, it comes from the exchange's reserve. Also, other traders provide the funds due to increased demand for margin funds. You're required to commit a certain percentage of the total order value (dependent on the leverage) to initiate a margin trade. For instance, a $50,000 trade with a leverage of 10:1 requires you to commit $5,000 from your capital.

To start margin trading, follow the steps below;

STEP 1: OPEN AN ACCOUNT

If you're a new member, visit www.binance.com to open a new account. Otherwise, log in to your Binance account. Submit all required details to the support team for identity verification. Note: Some countries are blacklisted from trades on Binance. These include the USA, among others. Therefore, ensure you're not from any of the blacklisted countries.

STEP 2: SET UP MARGIN TRADING ACCOUNT

After completing verification, open your account dashboard. Click Margin, a T&C page would come up. If you agree to the terms and conditions, tick the box and click I understand. Therefore, you can now transfer funds from your margin account. The transferred funds serve as collateral to be used when borrowing for margin trades.

Summary

In this review, we discussed how to engage in margin trades on Binance. Although the feature is new to the exchange, Binance has impressive features which makes it an excellent platform for margin trades. It offers leverage for its users up to 3x with plans of 20x. Although it has a lot of risks, Margin Trading on Binance provides profitable opportunities for its users.

Pros & Cons
  • User Interface: Binance provides basic and advanced views for its users. You can switch between both trading interfaces to suit your style. The two views provide the essential details for trading.
  • Multiple Trading Options: There are lots of cryptocurrencies available for margin trading. This includes assets such as Bitcoin, Dash, Litecoin, Ripple, Ethereum, etc. There are 17 active margin trading markets presently.
  • Low TX fees: Binance offers low transaction fees for margin trading. Its transaction fee is pegged at 0.2% of trading capital.
  • Trust: Binance has grown to show that they can be trusted with customer funds. The exchange was hacked recently. However, in response, the exchange compensated its users for their losses.
  • Margin Trading provides the opportunity to earn more profits with limited funds. With a good understanding of Technical Analysis, you can make more with leveraged crypto trading. You can perform up to 3x leverage presently, but according to a tweet via its official handle, it would support futures contracts with up to 20x leverage.
  • User Verification: Binance requires a complete verified profile of its users to qualify for its margin trading benefits. Therefore, if you cannot adhere to its KYC policy, Binance is not available for you.
  • Slow Customer Support: Binance doesn't offer 24/7 customer support systems nor live chat feature. You can only submit support tickets. Therefore, if you have a hitch in your margin trades, you'll have to exercise patience.
  • Blacklisting of Certain Countries: Binance is only available in select countries across the globe. Blacklisted countries include the United States of America, Croatia, Liberia, Bosnia, Korea, etc.