Bitcoin Forum

Anyone use leverage on binance?
I usually use bybit or bitmex.
Also have used bitfinex.

Now binance has theirs. Featuring....
*Drum roll* TETHER!!

I tried to stay out of tether by doing margin.
But u eventually have to pass into it when yous sell.
What a mess.

Why is their system so damn complex?
They issue loans and interest and u borrow and u repay and then u sell and buy and blah blah blah.
Also seems to have bugs. I borrowed and then went to buy section. Said i had nothing to buy with. Showed zero.

What the fuck?

U gotta click 50 different buttons just to do a single trade.

 

Are you talking about margin or leverage (futures)? They're quite a bit different on binance, both are still really confusing though...

Both are still confusing, I was testing out margin and they don't liquidate your entire position when you teach it (just a part of it. I'm guessing they're trying to protect themselves by offering a lower bankruptcy price and giving you something back)...

Yea I'm doing margin for now.

I think if u want to try futures you need tether. And I hold usdc.

But yea... not a user friendly interface whatsoever. Bybit is light years better.
They just got that withdraw window only 3 times a day.

Yea I don't think I can manage that level of complexity.

I had a small short open and I tried to set a stop loss... but then it opened a long instead with a stop limit order...
I tried to use my own funds to close instead of "borrowing" to close it because if I had used "borrow" it wouldn't have had enough
stable coins to actually close the trade... so I couldn't do that.

but i was IN the margin tab... so It makes like ZERO sense. also u gotta go through TETHER... I don't want tether.

I mean wow Binance is really trying to boggle your mind with this stuff. I think their strategy is if people cannot even understand it,
chances are they will loose their money to Binance.

So i'm done. Back to Bybit. pfft.

Yeah I don't think many people are used to it, I just checked my futures and I have $20 in it, I don't think I'm going to be able to even work out how to withdraw those ;D :-(.


Not even sure it goes to them so I don't know why they thought it was a good idea to do it this way, anyway, we'll have to see if it develops into something more usable later on.
The only 3 withdraw windows aren't too bad, at least it's better than bitmex!

For some people Binance isn't the most intuitive platform to use when it comes to withdrawals and deposits, which may not be the best thing. Luckily, though there a tutorials that can help with this, here is a link to an article explaining the two processes: https://smartphones.gadgethacks.com/how-to/binance-101-deposit-withdraw-bitcoins-other-cryptocurrencies-0182003/

and if you're hands on there are also a few video tutorial like this one; https://www.youtube.com/watch?v=gUa-qL4g7SY.

So the point is that if you're committed you can spend some time to learn your way around the platform. I suppose this is something the UI needs some improvement on!

Nah those are simple deposits and withdraws. We're talking about doing that stuff with margin and futures sides of things, they're pretty new so I doubt anyone's covered them yet... I'll have to take a look at some point though.

For example, i'd like to understand why in the margin wallet where are listed info about active positions, there is a difference btw the profit\loss in €\$ and the BTC value.

https://imgur.com/gUpWQV6

Thanks.

That's either a question for their support or bitcoin is now worth 43k€ 😂...

Unless I wasn't meant to so 350/0.008. Does it change to be different values off the daily stat? Is the 350 something else entirely maybe and they've just badly designed the ui....

Very stupid UI design by Binance.

The value on the right that is in BTC is the profit you made on that day you traded (daily Profit and loss) while the amount in € is the profit or loss you will have made since you started trading, in this case you have made a total loss of €361 so far since 5th April 2020.  The stupid things they did is put the value in € instead of BTC to match the units used for your Daily Profit and loss.

They both are based on "TODAY", if i change the timeline also the € value is updated.

In that case, the only answer I can give is that they've designed the platform to be so confusing that they've confused themselves in the process...

Is your weekly value less than the 350 then?

https://talkimg.com/images/2023/05/14/blob61af4119f08384a9.jpeg
It doesn't make sense mate

The daily profit can't be +0.0085... in BTC and then - €361 in fiat. The later could be profit and loss from a different time interval.
Have you tried clicking on that "!" icon next to the fiat price. You could get more info in there.

Honestly i have never attempted to do any margin trading on Binance because of the same reasons. I use Bybit and bitmex. Bybit even makes it simpler because you can see your PnL both in crypto and USD.

https://i.imgur.com/0hUBicl.jpg

This is the 1 week timeline.
What do you think ?

It probably means the Profit and Loss of the BTC you had in your account in accordance with bitcoin's price movement. For example, if you had 1 BTC in your wallet and the price dropped by  €400, it would show as - €400 and it's totally not related to the Profit or Loss you made in your margin account in BTC