Ripple (XRP) can be bought and exchanged for BTC from Binance in following trade pair and the volume is also pretty decent for huge orders: Supported XRP Pair: XRP/BTC, Binance also has a mobile app for the people who want to exchange XRP for BTC on the go. Here is a short video walking you through the mobile app’s UI. Jan 09, · How to trade XRP contracts with up to 75x leverage on Binance. Leveraged trading can be a valuable tool for every XRP trader that’s searching for profits in the cryptocurrency market, as it allows traders to enter larger positions by committing a smaller amount of capital. While Binance was always known as a traditional spot cryptocurrency exchange, it has now entered the cryptocurrency. When the Basic page is fully loaded, at the top right section of the page, locate the cryptocurrency pair you want to trade. Having BTC (Bitcoin) to exchange for XRP (Ripple) you will want to search for the XRP/BTC pair. Same process if you have funded with any other cryptocurrency, you just replace the BTC with what you have.
Trade btc for xrp binanceXRPBTC Charts and Quotes — TradingView
However, sometimes the order is not instantly executed. As with buying, selling follows the same process. The above trade scenario applies to basic cryptocurrency trading on Binance. However, there are more trading opportunities for the exchange. For instance, you can trade futures on Binance. Additionally, the exchange also supports margin. Although this takes you to a whole new level of trading on the exchange and may sound complicated, this is not the time to abandon your Binance trading journey.
These additional trading opportunities have a simple process. Think of futures as buy or sell orders that have a predetermined future date and price.
Interestingly, Binance futures allows traders to make a profit whether the price of a cryptocurrency, e. However, this depends on the position they have taken. In futures trading, you must either take a long or a short position. To trade futures on Binance, you need an account and use your available cryptocurrency deposits. On the other hand, when the trader takes a short position, they can sell the Bitcoin at a high price and buys back when the price falls.
You may ask why not do the same with regular trading. Well, futures are advantageous since they allow a trader to participate in contracts that have higher values than what they have in their wallets. This is referred to as leverage. For example, John may want to enter a short position and trade using a full 1 Bitcoin. Unfortunately, they only want to spend 0. With leverage, John can borrow the remaining 0. So trading futures is loss-free? In fact, it has one of the highest risks of losing.
You may ask how. Follow through. Whether you make a loss or a profit on your position, the borrowed funds must be returned. At a basic level, margin trading differs from futures trading in that it allows you to borrow assets to increase your trading power.
To conduct margin trading on Binance, you need to transfer funds from the standard wallet to a special margin trading wallet.
To increase your trading power, the exchange allows you to borrow up to five times 5X of the amount you wish to trade with. The borrowed amount comes from lenders who earn an hourly interest on the funds.
As such, you must make enough profit to pay the interest and still have a profit. To calculate a basic margin level, you divide the total asset value with the amount borrowed and the interest incurred.
Unfortunately, even with a high margin level translating to higher profits, there are enormous risks involved in margin trading. This message requires you to either settle part of the debt or pump your collateral. If you ignore the warning and the margin level reaches 1. The exchange also recoups its commission and credits the remaining into your account.
In such a scenario, the remaining amount will be less than your own deposit. Coins available for margin trading on the exchange include NEO and Monero. Just as with depositing and trading on Binance, the withdrawal process should be accorded the same accuracy. A mistake in withdrawing means it was of no use trading and making profits since everything can quickly rise in smoke.
The withdrawal process on b i n a n c e starts on the balances section. However, if you need to access your futures wallet or margin wallet, select the same on the drop-down menu. The page presents columns depicting basic information like total balance and available balance.
To locate the cryptocurrency you want to withdraw, Binance presents two options. Binance will send you an email for you to confirm the withdrawal request. Important note. Withdrawing is the opposite of depositing.
To improve security during withdrawal, Binance provides a basic way to whitelist a withdrawal address. Note that when an address is whitelisted, only that address can be used to withdraw funds from Binance. To Whitelist a withdrawal address on Binance, use the security panel by hovering your mouse on your profile avatar.
The next step is to add the withdrawal address you need to be whitelisted. This minimizes the chances of error arising from copying wallet addresses. To improve on the security of funds in the wallet, Binance suspends the withdrawal function if:. The amount of time the withdrawal function remains suspended varies from hours. A suspension due to a change in email address takes the longest at hours, followed by a reset of 2FA at 48 hours and a password change at 24 hours.
In addition to the three scenarios, Binance suspends the withdrawal function when it detects unusual activity in your account, like an abnormal withdrawal. In such a case, Binance will display an error message which when clicked reads:. Please check your withdrawal history to confirm that you did initiate the withdrawal s in question before verifying your identity.
If you find any withdrawals that did not initiate, please immediately cancel them and contact customer support. Binance will send an email indicating whether the process was a success.
Apart from placing a trade on Binance, there are other cool things you can do on the platform. Binance makes use of the platform to fundraise for new tokens every month. The platform is a basic revolution of the initial coin offering plan that has left many reeling from losses originating from being scammed. Through the Launchpad, Binance powers the initial exchange offering plan.
The first projects to makes use of the platform were BitTorrent and Fetch. For a token to make it on the Launchpad, it has to, among other things, be backed by a reputable team, portray a clear adoption path, be able to scale, and portray its positive impact in the broader cryptocurrency ecosystem. The advantage of the Binance Launchpad is that the exchange conducts all the background checks for both the investors and the project before they are allowed to sell tokens.
To use the Launchpad, you only need a Binance account. The window that opens shows both past and active token sales on the platform. Also, tokens that will enter the sale phase at a later date are clearly shown together with their start date and token supply. To participate in a given active token sale, click on the project on the page.
The project page will contain a short description of the project, price, session supply, and the allocation per winning ticket. However, this option is not available when the token sale is either complete or has not started yet. The next step is to indicate the amount of the new token you wish to buy. Provide your verification code and submit your request.
Your request is placed in a queue containing other buyers. If you are lucky to get part of the tokens, your BNB balance will decrease while the new tokens are displayed. Note that you should not reload the page as this is where the details will be provided.
Therefore, before participating in any token sale, conduct thorough research to avoid ending up with making losses in the long run or holding on to coins with a price that continues to plummet instead of skyrocket. At a time when hackers are on the lookout for the next victim to devour, the security of a crypto exchange should come before trades regardless of the promises made.
From the look of things, Binance takes security very seriously. The crypto exchange enhances security by using a two-factor authentication method and temporarily disabling the withdrawal option when there is suspicious use of your account. Whitelisting of withdrawal addresses is also another way of bolstering security on the exchange. As always, everything has to be accessed from the Binance account home page. Binance supports two-factor authentication through Google Authenticator, short messages SMS , or hardware keys.
However, with SIM swapping cases on the rise, make use of a Google Authenticator to provide a more robust extra safety layer. To connect it with the exchange, open the app and scan the QR code provided by the exchange. The recovery phrase should be stored separately from the phone.
The phrase helps in case you lose your mobile phone and install the application on another phone. To get the Binance 2FA authentication using Google Authenticator running, provide the email and password you use to login to your Binance account, provide the six-digit code from the authenticator app, and you are done. In , Binance provided a new way to heighten safety by allowing 2FA to be conducted using hardware keys. The hardware keys have a somewhat different way of operation.
You use the hardware dongle for verification. According to Binance:. The keys can be used during a withdrawal where inserting the key legitimizes the withdrawal. The strength provided by a hardware key is way more superior than the one realized when using SMS or Google Authenticator.
Also, a secure internet connection, using trusted antivirus programs, a secure password manager, and carefully managing access to APIs application programming interfaces can make a huge difference in securing your account. Many, if not all, cryptocurrency exchanges make their profits from the trading fees paid by traders, and Binance is not an exception.
An example of a taker is a market order while limit orders form maker orders. Each trading level has a limit on the withdrawal amount. About Advertise Contact. Home Guides. June 26, Share on Facebook Share on Twitter. What is DeFi? Why FinTech should love Content Marketing.
Navigating through the challenges of Blockchain Tech to fast track development of the FinTech Market. Two types of Binance exchange 6. Creating an account. Depositing funds 6. Visa or MasterCard. Click here for the steps. On steps on how to trade on cryptocurrency exchanges like Binance, click here. Skip to content. Please share and grow the BitPinas community. Table of Contents. Register for Binance here. You will then see the registration page same as the image above. After completing the registration, click or tap on Register and they will then send you a verification email.
You can click on the link or copy it to your browser. Once you have your BTC ready, you can go to Funds. You can copy the address or scan the QR code. You just need to go to the right side of the screen and click on the altcoin you want to have. Join and subscribe to stay up to date.