Shorting at Binance

[skhan855]

Hi
I used to short at bitfinex and have some idea how to short BTC but I had to close the account at bitfinex for some reason

Now I tried shorting at binance but unlike bitfinix I actually had to "Borrow" funds at a cost despite I have sufficient USDT in wallet.

Am I going in right direction or is there any other way to short without actually taking borrow.

[1714769293]

1714769293

[1714769293]

1714769293

[GreatArkansas]

You tried to use the Futures trading in Binance where you can Buy/Long or Sell/Short some pairs there.
If you are using android app of Binance, you can do it in the Futures tab and there you can start opening some short/long trades.
You should also acknowledge the leverage of every trades you have, not all pairs in Binance got the same leverage or you can cross leverage.

[Bodykeepers]

You tried to use the Futures trading in Binance where you can Buy/Long or Sell/Short some pairs there.
If you are using android app of Binance, you can do it in the Futures tab and there you can start opening some short/long trades.
You should also acknowledge the leverage of every trades you have, not all pairs in Binance got the same leverage or you can cross leverage.

It look likes difficult for him to trade in mobile app he can't see the chart clearly because the word "some idea how to short btc" that i think he is a new trader maybe pc is a good one for him. Mobile trading app is for expert only because even me i didn't know how to trade in mobile phone

[cryptoaddictchie]

Now I tried shorting at binance but unlike bitfinix I actually had to "Borrow" funds at a cost despite I have sufficient USDT in wallet.

Hello you dont actually borrow funds if you want to do shorting.

When you are gonna set your order make sure that your sell order are sufficient for the leverage you are going to use such as ^{10x, 20x, 50x and even at 125x (for BTC)}



You can refer to this image the highlighted option can help you set correct budget for your chosen leverage.

_{I dont advise borrowing funds cause it eats a lot of commissioned when you are doing leverage. Also tip, deposit some bnb on your future account for discounted fee when you do futures.}

Mobile trading app is for expert only because even me i didn't know how to trade in mobile phone

Not really sure about that. Im no expert but Im sufficiently can bid or make orderbook, execute SL and Take profit using the mobile. For me its convenient, regards to trading view always set your phone auto rotate so you can manuever it on a horizontal view.

[Paycoinzzz]

Hi
I used to short at bitfinex and have some idea how to short BTC but I had to close the account at bitfinex for some reason

Now I tried shorting at binance but unlike bitfinix I actually had to "Borrow" funds at a cost despite I have sufficient USDT in wallet.

Am I going in right direction or is there any other way to short without actually taking borrow.

Borrowing to trade is also one of the ways you can earn more but it is a double-edged sword and you must know how to use it. If the trade is unsuccessful, you will have to pay more interest on Binance. In general, if you feel this is a good opportunity to hit big then you should borrow exchange and take a big shot. I wish you good luck.

[Clegive8V]

Borrowing for speculative Shorting is considered a risk as the price trend will rise and consequently negative profits may be achieved which means double losses.
Why do not you trade and then achieve profits and use those profits for Shorting?
some biance orders like OCO gives you more than good profits and you can using it to support your Shorting plan.

if you dont know about Shorting avoid it

[exstasie]

Hi
I used to short at bitfinex and have some idea how to short BTC but I had to close the account at bitfinex for some reason

Now I tried shorting at binance but unlike bitfinix I actually had to "Borrow" funds at a cost despite I have sufficient USDT in wallet.

Am I going in right direction or is there any other way to short without actually taking borrow.

Generally when people short, they use leverage. That requires borrowing. Short traders borrow BTC (paying interest) so they can sell and buy back lower.

Shorting at Bitfinex does in fact depend on a P2P lending market, so short traders can borrow BTC and long traders can borrow USD. Binance has a similar system. You may not have noticed you were being charged interest at Bitfinex (you can enter a position and they will automatically borrow for you at the best offered rate), or maybe you were shorting with 1x leverage or less so no borrowing was required.

Shorting with 1x leverage is equivalent to selling, so you might as well be spot trading if that's the level of risk you're looking for.

[chip1994]

Hi
I used to short at bitfinex and have some idea how to short BTC but I had to close the account at bitfinex for some reason

Now I tried shorting at binance but unlike bitfinix I actually had to "Borrow" funds at a cost despite I have sufficient USDT in wallet.

Am I going in right direction or is there any other way to short without actually taking borrow.

yes that's the way you have to be in a position to be bigger than your safe amount. Each exchange will have different functions and you should read carefully before trading. But borrowing coins to trade is also quite good, we will be able to hit bigger on the chance of having a high percentage of winning. It is also a way to make a lot of money if you know how to use financial leverage well.

[Coin_trader]

Hi
I used to short at bitfinex and have some idea how to short BTC but I had to close the account at bitfinex for some reason

Now I tried shorting at binance but unlike bitfinix I actually had to "Borrow" funds at a cost despite I have sufficient USDT in wallet.

Am I going in right direction or is there any other way to short without actually taking borrow.

I believe you do margin trading instead of of future trading since you mention you are just borrowing when you placed order for shorting BTC. I'm using binance exchange for futures trading and I'm sure that you used margin trading. If you are using binance mobile wallet. Futures was located on the bottom part which is fixed position, It is between the wallet and trades function.
Refer in the image below for more precise location.

[justdimin]

I never encourage anyone to go for derivative/futures trading.
If you are very much concerned about shorting then you can do that even in spot market with the help of stablecoins.

I believe many people are already doing that but for the new traders I am just explaining how to go for shorting even in spot market by making use of stablecoins (for example USDT).

• Choose any exchange with BTC/USDT pair and watch it through your technical analysis.
• If you find market will be going down then sell BTC for USDT.
• If your technical analysis says about the reversal of trend then now time for selling USDT for BTC.

It is all about using stablecoins for locking profits of BTC when it starts falling down and then re-entering at lower prices.

[Sanugarid]

I never encourage anyone to go for derivative/futures trading.
If you are very much concerned about shorting then you can do that even in spot market with the help of stablecoins.

Well I find futures trading a riskier type of trade. Spot and Futures trading are different, it has a level of difficulty if you would like to categorize them that's why you can earn more with futures trading and you can lose so much to otherwise. Futures trading is safe if you are fully monitoring your position, and you won't be liquidated as early as you pull out your position near the liquidated price. What I like about binance is that they will notify you once the margin reaches 80.I don't know yet if the other exchange do the same coz I only trade in binance.  Don't encourage them to avoid the blame just let them know what they need to know

[bitgolden]

Considering he is looking like a person who hasn't done this for a long time and had trouble with bitfinex as well, I would say maybe the best course of action would be to stay away from something as dangerous as leverage and future trading? I understand that some people get tempted by the profitable look of the futures trading however it is really not that profitable if you are not doing it properly. It is a way where you can make tons of profit if you are right however if you are wrong you can lose all of your money in a minute.

On regular trading there is really not that much trouble because even if you lose the worst you will do would be 20-30% loss at the very worst, however you also won't earn too much neither. This is not like that in leverage and future trading, it is too risky for a newbie to get in and make a profit.