How to trade BNB coins on the WhiteBIT cryptocurrency exchange
In this article, we explain what BNB coins are, what trading knowledge you need to know before investing in these coins and which exchanges support trading in this cryptocurrency.
The cryptocurrency market is constantly evolving. New tokens and trading strategies appear regularly. It is difficult for beginners to understand the enormous flow of information. Let's learn what BNB is, look at the main trading options, and learn more about how to buy and sell cryptocurrencies.
What is a BNB coin
BNB (Binance Coin) is a coin of the Binance exchange. Initially, the token worked on the Ethereum platform. But Binance developed its blockchain and transferred the cryptocurrency to it. Today, BNB is actively growing and gaining immense popularity. Coins are used for crypto trading, to pay bills, goods, and services.
BNB is evolving at the same time as the Binance blockchain. It means that digital assets will allow you to generate passive income in the future. It would be best if you knew that the currency is relatively young. Therefore, it isn't easy to give an accurate forecast. But given that Binance is constantly expanding, we can talk about the stabilization of Binance Coin.
Investing in cryptocurrency is the purchase of a cryptocurrency to make a profit. There are a vast number of cryptocurrency exchanges for buying and selling cryptocurrencies. Before you start trading, you should pay attention to the following:
Thus, you will find a platform such as WhiteBIT to exchange BNB to USDT without commissions and long waiting times. You should also pay attention to the cryptocurrency price and whether the system works with your wallet. After that, you can open an account on the exchange and start trading.
When trading currencies, the user earns on the difference in the value of assets. You exchange BNB at one cost and then sell it at a high rate. It is essential to carefully analyze the value of the cryptocurrency and predict its movement.
Margin trading on WhiteBIT will enable you to access many purchases, thanks to another trader or the exchange itself. Unlike standard trading, capital is used to finance the trade. It is leverage by which you can multiply the potential profit.
Everything works as simply as possible. You give the exchange a certain amount of Binance Coin and get more tokens in return. It is the tokens that you receive that you can use for trading. The account must have a sufficient amount of assets to maintain positions.
The main advantage of margin trading: is the opportunity to get more profit. Using a few assets, you can earn a decent amount. But it is worth remembering that part of the money remains with the exchange, which can lead to losses.
Leveraged trading is excellent for beginner investors. It is a great option to get a good income.
When trading futures on WhiteBIT, the user manages not assets but their value. In this case, you buy or sell a contract at a specific BNB price on a particular date. Thus, you protect yourself from a sudden drop in the asset price.
There are two types of futures contracts:
In the first case, you transfer the digital asset to the buyer at the price you set earlier. With the settlement option, the buyer transfers the money to you.
Futures trading allows you to expand your cryptocurrency portfolio significantly. Thanks to high liquidity, you can make good profits. For successful futures trading, it is essential to analyze the market. Therefore, this option is suitable for more experienced traders.