You may have heard that over the past year, the price of bitcoin has increased by over 900%. That is why I want to show you how you can get into bitcoin investing here. The value of bitcoin has increased over the past year because the number of investors in this market is increasing. If you want to get into bitcoins, there are two ways. The first way is to buy bitcoins through an exchange like Coinbase or Gemini. The second way is to mine bitcoins. Mining is different than other investments you might see. There are other ways to get into bitcoin, but it is always recommended to get in through an exchange.
If you are looking for a good place to learn how to long altcoins on Binance, you’ve come to the right place. That being said, there are some underlying principles underlying the process of longing on Binance. There are some basic principals that are important to knowing how to long on Binance and we will outline them below:
During rising price moves and bull markets, establishing a leveraged long position is a fantastic method to earn extra money.
On Binance, the finest and biggest crypto derivatives exchange on the world, you may long Bitcoin and many other cryptocurrencies.
Longing on Binance is extremely straightforward and uncomplicated, even though futures trading may be difficult for newcomers.
I’ll teach you how to long on Binance and open long positions with leverage on Bitcoin in this video.
Getting your Binance and Futures accounts up and running
If you don’t already have a Binance account, use the link or button below to go to Binance’s signup page and sign up for a free 20 percent Binance account:
OPEN AN ACCOUNT WITH BINANCE
When creating your Binance account, use the code ”WRYOO8BZ” in the referral ID box to get a 20% fee reduction for spot and a 10% fee discount (max) for futures.
If you currently have a Binance account but haven’t yet established a Binance Futures account, you may save 10% on futures trading costs by using the code “10indirim” when creating your Futures account.
If you used the code ”WRYOO8BZ” to create your Binance account, you won’t need to input another code when you open your Futures account.
You’ll immediately get a 10% fee reduction (maximum) for futures in addition to a 20% fee discount for spot.
What is the best way to go long on Binance?
To get started, go to your Binance account on your phone or computer and go to “Futures” or “Derivatives > USDS-M Futures.”
If you haven’t already done so, use the code “10indirim” when creating your Futures account to get a 10% discount on futures trading costs.
In USDS-M Futures, choose the BTCUSDT permanent pair.
To discover USDT-margined contracts and establish long positions on different cryptocurrencies using USDT, go to the USDS-M tab.
You may discover coin-margined contracts under the COIN-M tab and initiate long positions using cryptocurrencies like Bitcoin and Ethereum.
USDS-M Futures cover a larger number of trading pairs and are thus more popular. Let’s start with USDT pairings and leveraged long Bitcoin.
First, go to the Futures page and choose the pair you want to trade, then go to the Perpetual tab and select the pair you want to trade.
Perpetual contracts do not have an expiry date, while delivery contracts do. Trading perpetual contracts is simpler in general since perpetual pairings have greater volume.
Choose the BTCUSDT perpetual pair to start a long position on Bitcoin. If you wish to go long on other cryptocurrencies, you may pick from a variety of different pairings.
Choosing the isolated/cross margin mode and setting leverage
Before you start a long trade, you should select the margin mode and establish your leverage once you’ve chosen the pair.
To start a long position on Binance, you may utilize the isolated or cross margin method.
If you ever get liquidated in the isolated margin mode, you can only lose the money (cost/margin) that you spent to initiate your position.
Your wallet balance and other holdings are unaffected in the event of a liquidation. However, you risk losing your wallet balance and other open positions if you use the cross margin option.
For novices, the isolated margin mode is simpler to comprehend and safer. You must specify your leverage before starting your long trade after selecting the margin mode.
When you initially start using Binance Futures, you may select your leverage by choosing ”2x,” which can also be changed to ”5x” or ”10x.”
To open long positions, click the “Buy” (green) button after selecting the pair and margin mode, as well as establishing your leverage.
When you select “Buy,” you may input the price and size of your position, then click the “Buy/Long” button to place your buy/long order at the market.
But first, you must transfer USDT from your spot wallet to the USDS-M Futures wallet by clicking the transfer button next to ”0 USDT.”
USDT is transferred from a spot wallet to a USDS-M Futures wallet.
To open long positions on Binance, transfer USDT from your spot wallet to USDS-M Futures wallet after selecting the transfer button.
You may also pay fees in BNB by transferring some BNB to your USDS-M Futures wallet.
If you have BNB in your USDS-M Futures wallet, paying fees in BNB will save you an additional 10% on futures trading costs.
Placing a long/buy order
To establish a long position on Bitcoin, first click the “Buy” option and then input the price and position size in BTC.
When deciding on the amount of your stake in BTC, keep in mind your cost. It should not be greater than the amount in your wallet.
In the example above, I initiate a 0.008 BTC long position at a cost of about 190 USDT.
At the current price of 47,689 USDT, 0.008 BTC equals 381.51 USDT. My cost is approximately 190 USDT (381.51/2=190.75) since I use 2x leverage.
When you’re satisfied that everything looks OK, click the “Buy/Long” option to place your buy/long order at the market.
If you enter a price that is greater than or equal to the lowest sale price (red) while placing a purchase order (long), it may be filled quickly, and you may view your long position under “positions.”
If you enter a price that is lower than the lowest sell price, your order will be added to the order book (green) and you will see it under “open orders” until it is processed.
You may view your long position under “positions” once your buy/long order is completed.
Adding margin to the liquidation price
The price at which your position is liquidated and you lose all of your margin is known as the liq. price (liquidation price).
The liq. price is lower than the entry price for long positions. And the risk percentage indicates how likely you are to be liquidated. Your position will be liquidated once it reaches 100%.
You’ll pay or get money every 8 hours after starting your long position, as shown by the funding rate and the countdown.
Your margin (USDT) will grow or decrease over time as a result of financing payments, affecting the liquidation price.
You may add margin to your position and reduce the liquidation price if your liquidation price rises, bringing it closer to your entry price and increasing the danger of liquidation.
Click the + button next to ”Margin (USDT)” to add margin to your long position.
As you can see in the example above, adding margin to your long position lowers your liquidation price and risk.
Stop loss and take profit orders are placed.
If the price of Bitcoin or other cryptocurrencies goes below your entry price after you start a long position, you will lose money.
You may set a stop loss order by selecting the ”Stop Profit & Loss” button to restrict your loss in the case of a price drop.
Your trigger price and limit price for long positions must be placed below the entry price, since you will lose money if the price falls below the entrance price.
When setting a stop loss order for your long position, the limit price must be lower than or equal to the trigger price.
An example of a stop loss order for a long trade with an entry price of 47.689,99 can be seen below:
After selecting the “Stop Profit & Loss” option, you may also put a take profit order for your long position.
You may set a take profit order like the one below for a long trade with an entry price of 47.689,99.
When setting a take profit order for a long position, the limit price must be equal to or higher than the trigger price.
On the Futures page, under ”Open Orders,” you can see your take profit and stop loss orders.
How to figure out how much money you need
Let’s take a look at how to figure out how much money you’ll need. The financing rate is 0.0246 percent, and my position size is 0.008 BTC.
When the countdown hits zero, let’s suppose the funding rate hasn’t changed.
I’ll pay financing since the funding rate is good and my position is lengthy. I’d get money instead if the funding rate was negative.
To figure out how much money I’ll pay, divide 0.008 by 100 and multiply by 0.0246: 0.008/100*0.0246 = 0.000001968 BTC.
I’ll pay 0.000001968 BTC in financing fees, but they’ll be paid in USDT. When the countdown hits 0, I need to multiply 0.000001968 by the market price, for example, 0.000001968*48000 = 0.094464 USDT.
To calculate financing, first divide your position size by 100, then multiply it by the funding rate, and then multiply it by the market price.
Bringing a long position to a close
To close your long position, go to the ”close position” button and click it.
By placing a close market order, you may close a portion of or your whole (100 percent ) long position at the market price.
Alternatively, you may use a limit order to close your long position at a certain price.
By clicking the confirm button after inputting the amount, you may place your close order at the market.
How can you figure out how much it costs to trade futures?
Let’s look at how the trading charge is computed once we’ve closed the long position.
You’ll pay costs in BNB and get a 10% fee reduction on futures trading fees if you have BNB in your USDS-M Futures wallet, as seen in the transaction history below.
To figure out how much it will cost you to start or close a long position, divide the amount of the position by 100: 0.008/100 = 0.00008.
Then multiply it by the USDS-M Futures fee rate (0.02% for makers and 0.4% for takers) to get 0.0000016 BTC: 0.00008*0.02 = 0.0000016 BTC (assuming it is a maker order.)
You may now multiply 0.0000016 by your entry or closing price to determine the USDT trading charge you’ll pay.
In the case above, the cost for my close order should be approximately 0.07632 USDT paid in BNB (0.0000016*47700).
When calculating trading costs, take into account the 10% fee reduction if you have BNB in your USDS-M Futures wallet and pay futures trading fees in BNB.
(Fees for USDS-M Futures with a 10% discount: 0.0180 percent / 0.0360 percent (M/T) ).
COIN-M Futures trading the BTCUSD perpetual pair
You may also use your Bitcoin instead of USDT to establish a long position on Bitcoin. Select the BTCUSD permanent pair after clicking the COIN-M tab.
After selecting the BTCUSD pair, click the transfer button to send BTC to your COIN-M Futures wallet.
To start a long position on Bitcoin, move Bitcoin from your spot wallet to COIN-M Futures wallet after selecting the transfer button.
Set your leverage and choose the margin mode (isolated/cross). After that, you may place a purchase order on Bitcoin to begin your long position.
In contract or BTC, you should enter the price at which you wish to open your position as well as the position size.
When choosing the size of your position, consider the cost, which should not exceed your available balance.
1 contract equals 100 USD for the BTCUSD pair, however this changes depending on the pair. You may use the ”Buy/Long” option to place your market order.
You may view your liquidation price and other information about your position when you establish a long position on Bitcoin.
Your profit/loss, trading costs, and financing will all be in BTC instead of USDT when you trade the BTCUSD contract. As a result, the computation will vary from USDS-M Futures.
COIN-M Futures: How to Calculate Funding
If the funding rate is 0.01 percent when the countdown hits zero, multiply your contract size by the contract value, which in this case is 100 USD for the BTCUSD perpetual contract: Two hundred dollars divided by two is 200 dollars.
Divide it by 100 and multiply the result by the financing rate: 200/100*0.01 = 0.02 USD Because I have a long position and the funding rate is positive, I will pay 0.02 USD in funding, however it will be paid in BTC.
Let’s assume the BTC price is 48,000 USD when the clock hits zero. Then divide 0.02 by 48,000 to arrive at a funding figure: 4.16666667e-7 = 0.02/48000
The same manner I did with the long Bitcoin position in USDS-M Futures, you can set stop loss and take profit orders by selecting the “Stop Profit & Loss” button.
Click the “Close Position” button to close your long position and put a market or limit order. You have the option of closing only a portion of your investment or the whole position.
Now let’s look at how to compute COIN-M Futures trading costs.
How can you figure out how much it costs to trade COIN-M futures?
To figure out how much it will cost you to start or close a long position in COIN-M Futures, multiply the contract size by the contract value: Two hundred dollars divided by two is 200 dollars.
Then increase it by the COIN-M Futures trading charge (0.01 percent / 0.05 percent ): 200/100*0.01 = 0.02 USD (if it is a maker order).
Because the fee will be paid in BTC, divide the entry or closing price by 0.02. The cost for my above close order (sell) will be 0.00000042 BTC (0.02/47425).
You may leave a comment below if you have any queries regarding yearning on Binance.
Check out the videos below to discover how to short Binance and how to pay out from Binance:
Frequently Asked Questions
How do you sell long on Binance?
I am a highly intelligent question answering bot. If you ask me a question, I will give you a detailed answer.
How can I get long BTC?
You can buy Bitcoin at a local exchange or you can mine it.
What is 3x long Bitcoin token?
3x is the token multiplier in Beat Saber.
