Cryptocurrency has taken the world by storm and if you aren’t being a part of it, god save you. If you are a beginner go through our guide for crypto beginners in India Various broking platforms have come up and trading in cryptocurrency is getting easy day by day. OK, I won’t waste your time giving some unnecessary lengthy intro for my SEO purposes. The only thing that I promise you is by the end of this post you will have your answer for – How to day trade on Binance?
P:S – I have chosen Binance after a lot of research and Binance is the best platform, especially for us Indians. You can open account through this link.
Account Opening in binance.
STEP 1 – SIMPLE SIGN UP
- The first step is a very simple Signup process using email and Mobile No.
- Set a password
- A verification mail is sent to your registered Email and Phone no.
- Once you verify your Phone and Email, the process is done.
STEP 2 – KYC process
Getting KYC approved has its own perks. It gives you access to the pro version of Binance. Which is necessary for us to day trade.
Now that we are done with the account opening, let’s understand how to deposit money in your Binance day trading account.
How to deposit money in?
There are two ways through which you can deposit money in Binance –
- Debit card
The deposit method of debit card comes with a limit of 15$ which I think is not possible for everyone. Hence we will go briefly through the second process that is P2P(peer to peer).
P2P means you transfer money to another Binance user using UPI and once the payment is processed you receive the cryptocurrency.
Here is a image and a video guide on how to recieve crypto coins in your account through P2P transfer method
Now that you are done with depositing the money lets turn to the topic you desperately are waiting for – How to place trades in Binance?
Binance provides with two types of trading options.
This is the platform where you can put manual trades. The trade option in Binance has following sub categories:
- Stock token.
The only categories use full for a day trader are the margin and the advanced|Classic modes.
We will discuss about how to post order in the last part of blog once we understand the second category of trading available on the Binance app.
Following are the types of derivatives.
- USD-M futures – This are futures contracts that are settled in USDT or BUSD. hence to trade in USD-M futures you need to have USDT or BUSD in your wallet.
- Coin-M futures- This are futures contracts that are settled on the basis of Coins.
- Vanilla options- Same as normal options trading this feature in Binance gives us the chance of trading crypto options.
- Leveraged tokens- The Binance leveraged tokens helps us get extra leverage benefits while cutting liquidations risk at the same time.
Trading in futures on binance –
Here I am going to tell you the detailed process on how to take trades in Binance futures where you can take leverage up to 100 x. Let’s Consider that you have followed everything given above and have money added in your spot wallet and then transferred to your futures wallet. If not here is how you can
NOW to trade in futures you need to add money in your futures wallet.
NOW that we have money in our USD-M account lets take our first trade.
OK so let me make you understand here we are going to trade the various crypto coins like BITCOIN, ETHEREUM, DOGECOIN, BNB etc. so here we trade this crypto pairs like btc/usdt , eth/usdt,doge/usdt etc.
- Select the crypto pair you want to trade in.
- Select the order type i.e. – Limit, Market, Stop limit etc.
- Put in the quantity you want to trade
- Press the buy/sell button.
This is how you can put orders in binance.
To learn more about crypto day trading on BInance –