The recent FTX exchange issue has disrupted the cryptocurrency market. However, on the other hand, the Binance Exchange, binancenote.com the world’s No. 1 exchange and competitor, is also benefiting from the decline in trust in FTX. In that sense, today we’re going to look at the characteristics of the Binance Exchange and how to join it, and I’m going to explain it in a more complementary way from what I summarized the other day.
1. Exchange where virtualization pay investors use actual transactions the most
2. Futures trading leverage is up to 125 times possible (with small investments, 125 times the profit can be realized)
3. Three major exchanges in Korea, Travelul Pass (Upbit, Coinone, Bithumb)
4. Rewards and various events are continuously conducted
5. Services such as events, defi, staking, and lunch pads are available
6. Unfortunately, Korean language support has been suspended
How to sign up and how to discount fees
Click on the top image to see the Binance Exchange membership screen.
(If you proceed through the image link, you can get a 20% discount on fees, and various reward events are also available, so please refer to it.)
Click on the image above and press ‘sing up with phone or email’ to set it as Korean nationality.
Fill in the e-mail and password that you use often and align the puzzle that is separated to fit the blank.
If the puzzle is completed, you need to verify the authentication number of the reply to the email you wrote. If you have completed entering the authentication number, move on to the next one and enter the mobile phone number you are using.
Enter the authentication number sent to your mobile phone, such as the email authentication method, and click Verify Now.
On the next screen, enter your name and date of birth, make sure that your Korean nationality is properly set, and enter the address, zip code, and city on your ID card in order.
Take a picture of the front and back of your resident registration card for KYC identification. It doesn’t matter if you use the ID picture stored in the gallery. (Passport and driver’s license are also available)
If you took a picture of the front and back of your ID card, click take a selfie to take a picture of the front of your face, and the identity verification process for the Binance gift transaction is completed.
Now you need to change the Lite mode to Pro mode before starting the transaction.
After logging in, click on the top left profile – click on the enabled Binance Lite.
Click Activate to switch to the BINANCE Pro screen and start trading. Please refer to it and change it to Pro mode because the transaction will not start until the mode is released.
Since the registration method and KYC identity verification process have been completed, we will find out how to move assets for Binance futures trading. You can refer to the contents below.
* In Upbeat, ‘Deposit-Ripple-Deposit-Deposit-Quantity-Check’
(Reasons for choosing a ripple: the fastest transmission speed, with little fee)
Return to the Binance Exchange app and click wallets-deposit-xrp
Copy the addresses and tags shown on the screen in order, go to the Upbit app, paste them in the order of addresses and tags, and click Apply for withdrawal to complete the asset movement.
If the asset transfer process for the transaction has been completed, the received ripple must be converted from USDT spot to USDT gift before the binance futures transaction. It’s very simple like how you move your assets, so you can do it slowly.
Wallets-transfer-to partial USD–M Futures-btc partial usdt-confirm transfer
If you’ve followed along well, USDT will be converted into a gift and you can use Binance Exchange futures trading.
For those who are new to Binance futures trading, please refer to the image above to solve the quiz and continue.
a good term for futures trading
Before I use the transaction, I’ll give you a brief term.
cross: The entire asset is held as evidence and the estimated liquidation price is far, but in the case of liquidation, there is a risk because the entire asset is liquidated.
lsolated: The assets entered are captured as evidence and only the amount entered in liquidation is liquidated. The risk is less than the cross, but the estimated liquidation price is tight.
How to bet at a higher price than the underlying assets.
Leverage can expect a high investment effect with up to 125 times less investment, but the higher the drainage, the greater the risk, so it is safe to use a low drainage according to your financial situation.
limit : You must reach the specified price for trading at the specified price before closing. If the specified price is not reached, the contract is not made and the fee is lower than the market price.
* a market price
market: It is an immediate transaction at the price formed in the market and is concluded immediately. The fee is high compared to the designated price.
* long/short betting
Long : Bet on rising prices
short: bet on falling prices
That’s all for the 20% fee on the Binance Exchange, how to sign up for futures trading, and simple terms. Unlike spot transactions, futures transactions are characterized by the fact that they can make two-way profits and maximize profits by utilizing leverage, but it is recommended to approach them considering the high risk.
If you have read this post, we recommend that you take this opportunity to participate in 20% commission benefits and various reward events to make great profits through futures trading on the Binance Exchange.