- The World’s Largest Cryptocurrency Exchange Binance Added Vechain (VET) to its Margin Trading on October 29, 2019
- Here’s the guide on How to Margin Trade Vechain Thor VET
In the recent light, Binance introduced Margin trading for VeChain on its exchange platform, it includes in most of the cryptocurrencies trading and exchanges.
— Binance (@binance) October 29, 2019
For those of you wondering what is Margin Trading, it’s simple. Margin trading is the trading done when you don’t have enough funds to buy an actual stock, you leverage your stock by taking a loan from the exchange or any fellow trader on the platform of your choice.
Margin Trading accompanies a higher level of risk than just exchanging with your own assets. While your additions will be intensified on the off chance that you effectively predict the course of the market, losses can include rapidly if the market moves against you. On the off chance that your margin level gets excessively low, your position will be sold – you will lose every one of the assets you presented as margin on entering the leveraged position.
The margin trading introduced on the Binance exchange platform is quite easy, Below is the detailed procedure for Margin Trading of VeChain on Binance. The below-set procedure is for the crypto VeChain. Here BTC is used as a primary comparison.
- Margin Trading on Binance for VeChain.
It’s not a required necessity to verify your identity on Binance for Margin trading of VeChain, although you need to complete the KYC process (Know your customer) to get indulged in Margin Trading on Binance Exchange for VeChain. Margin Trading has not been introduced in all the countries and only a few have been blacklisted by the exchange platform for VeChain. Go to your account dashboard on Binance, select the “margin” tab and click “open your margin” account. If your account is not processed yet, you will be asked to start the KYC process.
- Transferring Funds for VeChain.
Presently, you will have the option to move funds between your trade wallet and your margin wallet of VeChain trade. You can view their status by means of the “wallet” tab present on your dashboard. You can add your margin wallet by picking the coin you need to store from your trade wallet and tapping the “transfer” button.
When the assets are in your Margin wallet, you will have the option to utilize them as collateral to acquire cryptocurrency for exchanging. On Binance, you the greatest ratio you can acquire at is 3:1 (for instance, you can get 0.2 BTC on the off chance that you submit 0.1 BTC as security). You can pick which digital currency (now VeChain “VET”) you need to acquire by tapping the “borrow/repay” button. Set the sum you wish to get and click “confirm borrow”. Your Margin loan will be dependent upon a loan cost, which will be shown when you’re getting the measure of assets you’re hoping to get.
- You are set for Margin Trading.
Now go to your trading interface and select the pair of cryptos (here VeChain) you want to start trading with. You can view them by clicking the M icon tab in the top right corner of the Binance interface. Once upon selection, transfer or change the pair from exchange to margin tab under the trading chart. Now you can either go long or go short with the selected crypto asset. Once you reach your profits you can repay the debt you had received before your trading.