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Binance Opens Up Margin Trading To All Eligible Users! Will You Take The Plunge? by firepower

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· @firepower ·
$42.63
Binance Opens Up Margin Trading To All Eligible Users! Will You Take The Plunge?
I've been waiting for this feature to open up on Binance. Now that it's here I haven't gotten around to trying it yet. The reason is simply that it's Margin trading. Which while can be very profitable, you can also compound your losses significantly. 

![Screen Shot 2019-07-11 at 4.04.31 PM.png](https://cdn.steemitimages.com/DQmPeRMYTG9Xoth4ygNqsTsTH8Fmfye8vv2LdPmJd23UxFG/Screen%20Shot%202019-07-11%20at%204.04.31%20PM.png)

Margin involves trading on borrowed funds. You pay interest (calculated daily) but paid hourly on the funds you borrow in addition to the trading fees. The longer you borrow, the more fees you will incur. If you are liquidated you may end up losing your collateral and may have to pay additional fees. 

I haven't tested this out yet as I'm not big on Margin trading in crypto. I enjoy peace of mind and leverage trading involving being in front of the screen watching the market and price action can be stressful. That's not to say I won't try. I probably will when I'm doubly certain of market tanking. As it happened at 14K and 13.2K price levels recently. 

Anyway, the feature on Binance is available to users from certain geo locations who have completed their KYC. Fortunately, Indian users are eligible for it even as I don't recommend anyone try it outright. I have activated mine nonetheless as I will find some use for it down the road and I generally enjoy trading on Binance as it works consistently well for me.  

You can find the Margin fee details [here](https://www.binance.com/en/margin-fee). Trading fees remain discounted if you use BNB to pay the fees. 

If you are keen on opening a Binance Margin account [here's a guide](https://www.binance.vision/tutorials/binance-margin-trading-guide) on doing it and more info on this launch [here](https://www.binance.com/en/blog/355675102628249600/Binance-Launches-Margin-Trading-Service-for-Evolving-Cryptocurrency-Traders).

Please watch videos on how margin trading works before you jump in. 

If you are a successful margin trader, lemme know what you think about this move from Binance. 

>Most people wreck their portfolio by margin trading based on greed over all else. 

---------

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vote details (1014)
@ericvancewalton ·
Although I probably won't try this myself I'm not against it. I'm so bummed that Binance is excluding US customers. It's my favorite exchange by far. How long before they offer leveraged trading on Alts?
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@firepower ·
$0.10
I think local compliance is preventing? Some limit on max leverage? I'm not sure what the exact US specific issue is. But I'm seeing these + TRX/BTC 

![Screen Shot 2019-07-12 at 2.02.27 AM.png](https://cdn.steemitimages.com/DQmPMRYj1ceFBCpT4Z3R9RLfYkr6wiEbdP3xUexUugvVwwm/Screen%20Shot%202019-07-12%20at%202.02.27%20AM.png)
👍  
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vote details (1)
@ericvancewalton · (edited)
Yes, I have a feeling regs are going to get increasingly strict here in the U.S. for anything other than the large caps. Tweeto-Von-Cheeto voiced his opinion on Bitcoin/cryptocurrency yesterday on Twitter (of all places) but then Federal Reserve chair had some favorable words for Bitcoin. I wish the U.S. would, once and for all, take a clear stance on it so we could move forward. America will fall even further behind the rest of the world if they pass laws to restrict U.S. investors.
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@xyzashu ·
It's very risky unless you're a professional day trader and disciplined & skilled enough to make consistent profits in spot trading.

Even though if you want to taste the waters, I'd suggest to take baby steps through some dummy trading platform like the testnet of KuCoin's KuMEX. Try to win some trading competitions there before you actually put some real money into the game.
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@firepower · (edited)
I've done leveraged trades before, especially when I used to trade forex markets when I was younger. Crypto is volatile enough without leverage and expensive if you aren't watching the chart throughout your trade.  You can't hold leveraged positions for days as you have to account for interest to be paid on borrowed funds which can spell trouble if market reverse.

If market reverses which it can very quickly with BTC, stop loss will liquidate you in no time. It's always good to trade on probability, having calculated your Risk-Reward ratio with excellent risk management. Normal trading is much easier and suited for most people. You can do margin trades in parabolic bull runs sometimes where the probability of a short at a specific level is extremely high. Recent example is the 13.8K-14K high. :)
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@xyzashu ·
Good to know that you're a weathered person and know what you do. Good luck to you in your endeavours! 
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