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Binance Futures is an outstanding trading platform in the crypto market. It is one of the top choices of some of the experienced crypto traders as it offers numerous advantages and high-end services to the users.
Binance was already one of the most prominent exchanges in the market. However, it took a step further and introduced its Crypto Perpetual Futures trading platform, Binance Futures.
The purpose of creating this exchange was to offer a trading platform did not have the same mistakes as every other platform and to introduce innovative features, products and a lot more. One of the biggest reasons why this trading platform is popular is that it has been established to be a suitable platform for all kinds of traders.
However, every platform has its pros and cons, which should not be overlooked. In the brief Binance Futures review here you will get to know the benefits and drawbacks of the trading platform.
Benefits of Binance Futures
Every crypto exchange is developed to offer different kinds of services to the users. Some offer spot trading while others offer margin trading. Some exchanges support a wide range of cryptocurrencies, whereas others don’t.
However, before you choose an exchange it is always suitable to know the services that are offered by an exchange. This brief Binance Futures review will help you get an idea of the benefits offered by the exchange.
Mobile Trading App
If you are a crypto trader who travels a lot has a busy schedule, then Binance Futures might be a suitable exchange for you. This is because this trading platform offers a custom-built mobile application. The app is available for both Android and iOS users and has a user-friendly interface. It helps people to trade while on the go, which is why it attracts the eye of many crypto traders.
Multiple Order Types
Another important factor crypto traders look for is the order types that are offered by an exchange. A trading platform that offers several order types is likely to be well-established and capable of handling large audiences. To the delight of traders, this Binance Futures review can tell you that the exchange offers all order types such as Market Order, Limit Order and Conditional Order.
Highest Number of Tradable Pairs
Binance Futures is not only a popular exchange but is also the most diverse in the entire market. One of the reasons is that this trading platform supports 25 trading crypto pairs. This makes it the highest number of trading pairs available on an exchange.
Simple Registration Process
Another essential benefit you should know is that the trading platform makes it easy and simple for all interested parties to register with the exchange. This means the process is simple and does not require KYC (know your customer).
All Trading Styles
Yet another benefit of using the Binance Futures trading platform is that it supports all types of trading styles. As mentioned above, it has been created to facilitate traders who follow different styles. Therefore, whether you opt for scalping, hedging or trading high volumes, this is the best trading platform for you.
Drawbacks of Binance Futures
There are always ups and downs of each platform. The drawbacks might not necessarily be massive but they can be unsuitable for a trader. Even though Binance is the largest cryptocurrency exchange, its futures trading platform does have some drawbacks you should know.
No Support for Fiat Currencies
As a crypto trader, knowing the drawbacks of an exchange can give you a good idea whether the platform is suitable for you or not. One of the drawbacks of Binance Futures is that it does not support the fiat currencies. This is not a major thing, however, it can be for someone who looks for a platform that supports fiat currencies.
Not Available in the U.S.A.
This trading platform is massive and popular. However, it is not available for traders who are living in the United States of America. The simpler version, Binance has offered Binance U.S. for people in the United States. Therefore, it can be anticipated that the futures trading platform will soon be available for crypto traders in the U.S.A.
Limitations with Deposit/Withdrawal
It has been known that Binance Futures only accepts USDT as deposit or withdrawal in or from its Futures wallet, which is a limitation for many.
Final Takeaways!
Binance Futures is an incredible trading platform that can be used by both beginners and experts alike. It offers numerous services and benefits as are mentioned above. However, it is essential to know the drawbacks as well as benefits of a platform before you choose it for crypto trading. Therefore, as a crypto trader you should know the details mentioned above.