How to Trade Binance Futures: A Beginners Guide

Binance, one of the world’s largest cryptocurrency exchanges, recently announced the addition of bnb, or Binance Coin, as a trading pair with Binance DEX, the exchange’s decentralized exchange.

This means that Binance users can now trade BNB for a fee to pay the exchange’s fee on the DEX. The fee varies depending on which trading pairs are used, but it is usually around 0.1%.

For Binance traders who want to take advantage of the small fee while still getting exposure to the Binance token (BNB), trading BNB futures can be a good way to do that.

So how do you trade Binance futures? Keep reading to find out.

Binance Futures Explained

Futures contracts enable you to buy or sell anything that can be divided into smaller units, such as cryptocurrencies. If you’re investing in cryptocurrencies, you may want to consider trading futures to reduce the amount of money you’re committing to a single coin.

When Binance first added the ability to trade BNB for cryptocurrency, they offered three options: long, medium and short. However, as the popularity of Binance continued to grow, they added a new Futures contract type: Binance Coin.

This BNB future contract is a “buying” contract, which means that you have to deposit BNB to open a position.

How to Trade Binance Futures

  1. Deposit Binance Coin to Trade Binance Futures

The first step is to make a deposit to your Binance account. There are multiple ways to do this, including using a cryptocurrency exchange that supports Binance trading pairs, or by linking your Binance account to your bank account.

Once you’ve made the deposit, you can use the funds to buy BNB futures.

There are currently two types of Binance futures contracts: long and short.

Open a Position

Once you’ve funded your futures account, you can open a position by using the “BUY” option.

  1. You can place a sell order if you want to cash out your position, or use the “SELL” option to let the contract automatically manage your sell orders as prices fluctuate.

Binance Futures Contract Address

The next step is to locate your contract’s contract address. The contract address is the equivalent of the stock market’s ticker symbol, and you can use it to track your position.

The Binance futures contracts are located under the “Futures Contracts” section of the Binance trading platform.

Download Binance Futures

The final step is to download the Binance futures contract. You can find the latest contract data on the Binance trading platform’s “Futures Contracts” page, and clicking the “Contracts” button on the right side of the page will display all available futures contracts.

The latest contract data is usually uploaded to the Binance trading platform around the time that trading occurs.

Set Up Your Account

Now that you have all of the information necessary to trade Binance futures, it’s time to set up your account.

First, you’ll need to choose a cryptocurrency exchange that lists Binance trading pairs.

If you don’t have an account on the chosen exchange yet, you can often sign up for an account using your Google account, creating a cryptocurrency exchange account with the same email address and password.

After you’ve created your account, make a deposit to fund your trading account.

If you don’t have cryptocurrency to fund your account, you can use a cryptocurrency exchange that lists Binance trading pairs to fund your account.

Once you’ve funded your account, you can choose a trading platform that is best for you.

Create an Account on Binance DEX

The final step is to create an account on the Binance DEX. You can do this by visiting the Binance website and clicking the “Sign up” button in the top right-hand corner.

From there, you’ll be prompted to enter your email address and create a password. Next, you’ll be prompted to choose a username. This is the account that other traders will see when they are trading on Binance.

After you’ve created your account, you can make a deposit to fund your account.

If you don’t have cryptocurrency to fund your account, you can use a cryptocurrency exchange that lists Binance trading pairs to fund your account.

depositing BNB to your Binance DEX account

The next step is to deposit Binance Coin (or another supported coin) to your Binance DEX account.

You can do this by navigating to the “Funds” section of your Binance account, clicking the “Deposits” button next to the Binance Coin (or other supported coin) token you’d like to deposit, and then selecting a wallet.

You can also use an online wallet service that supports Binance DEX, such as the Ledger Nano S.

withdraw your trading fees from the exchange to your personal BNB wallet

Finally, you can use the trading fees you’ve earned from your Binance trading to buy more BNB.

Navigate to the “Finance” section of your Binance account and select the “Trading fees” option.

You can then use the trading fees to buy more BNB with the fee going to your personal BNB wallet.

Keep in mind that you can only have a maximum of 100 BNB in your trading account at any time, so be sure to use your trading fees to buy more if you want to hold more BNB.

Conclusion

Binance Futures are a great way for cryptocurrency investors to take advantage of the small fee and receive exposure to the Binance token (BNB).

You can find the latest contract data on the Binance trading platform’s “Futures Contracts” page, and clicking the “Contracts” button on the right side of the page will display all available futures contracts.

The latest contract data is usually uploaded to the Binance trading platform around the time that trading occurs.

Binance Futures are a great way for cryptocurrency investors to take advantage of the small fee and receive exposure to the Binance token (BNB).

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