Are you looking for a fun alternative to earn rewards with your crypto funds? Binance Battle might be the perfect solution.
Founded in 2017, Binance is known as a leading crypto exchange that supports more than 500 cryptocurrencies in over 180 countries. The platform has received a lot of favorable reviews from all around the world and has partnered with several notable companies to provide additional services for its clients. Binance even has its own blockchain called BNB Chain (formerly known as Binance Smart Chain) that's powered by its native coin, BNB; it now stands for "Build and Build" instead of "Binance Coin".
See Also: What are Fan Tokens on Binance?
Binance offers many different paths for clients to earn money. One of the options that you can choose is the new online competition called Binance Battle. It basically allows Binance users to compete against each other in order to earn rewards according to the battle's outcome. This can be quite a thrilling experience to try if you want to test your skill and get additional income.
Binance Futures Battle at Glance
Binance Battle is a feature that was first released in 2020. This feature allows users to join a battle by opening a position and competing with other users to gain bonus points. Users should predict where the market price will move next and battle against other users who think otherwise. If the user believes that the price will rise in the next five minutes, then they should open a Long position to win. Conversely, if the user believes that the price will fall in the next five minutes, then they should open a Short position to win.
See Also: 4 Ways to Trade Cryptocurrencies
The battle will begin when the user is matched with an opponent and then when the battle ends, each user will get to collect their bonus points accordingly. It is worth noting that users can choose to end the battle manually after the 2-minute countdown or wait for the position to be automatically closed by the system.
What to Expect in a Binance Battle
The premise of Binance Futures Battle is certainly interesting because it feels more like a game or competition rather than actual trading. Here are some of the things that you should know before you get started:
- Binance Futures Battle is only available on Coin-Margined BTC/USD perpetual contracts and USDⓈ-M futures contracts. Therefore, users must have a futures account before joining the online battle.
- All Battle trades will be on isolated margin mode only.
- For coin-margined BTC/USD contracts, users may adjust the leverage to either 10x, 20x, or 50x. Meanwhile, for USDⓈ-M futures contracts, the leverage is fixed at 50x.
- Before participating in a battle, users need to close any positions or open orders that they have on the trading platform.
- Users must ensure that they have enough BTC or USDT in their futures account balance, which means they have enough margin to support the orders placed in the Battle.
- Users won't be able to make any changes to orders that have been placed during the battle, including leverage and quantity adjustments, position reducing/opening/closing, margin-mode switching, etc. It's important to evaluate any possible losses that may arise due to such restrictions.
- The trading fees to join a battle are similar to trading Coin-Margined and USDⓈ-M futures contracts.
How to Participate in Binance Battle
1. There are several ways that you can choose to access the Binance Battle, but first things first, you need to make sure that you've already registered on Binance. Then, head over to the Binance website, log in to your Binance account, and click "Derivatives". Choose "Battle" to enter the Binance Battle menu.
The second option is to participate via the Binance Futures homepage. Simply click "Battle" to enter the Binance Battle page.
Lastly, you can also participate by using the Binance mobile app, in which case you can tap "Futures" and "Battle".
2. Choose the contract that you'd like to enter from the list. Then, the desired contract size. Click "Long" if you think that the price will rise in the next 1 or 5 minutes (depending on the contract you pick), or click "Short" if you think that the price will drop. The battle will start once the system finds a suitable opponent for you. This process might take a few moments.
3. You'll see the latest real-time price of the contract that you have chosen on the screen along the bar. You can then decide to end the battle manually once the "End Battle" button appears after 10 seconds, or you can just wait for the system to close the position automatically and end the battle. This will happen after 1 or 5 minutes or if the take profit/stop loss level is reached.
How to Win the Binance Battle:
- Go Long when the closing - opening price > 0
- Go Short when the opening - closing price > 0
Once the battle is done, users will immediately see the result of their battle along with other information like the number of points they'll get, the total number of victories, their winning streak, and the winning percentage.
Apart from the features mentioned above, users can also get access to the following things:
- Battle Badge & Points System. There are several levels and badges that users can get from collecting the coins. The lowest badge is Bronze with 10,000,000 points) in consecutive order.
- Winning Streak & Battle Point Leaderboards that are automatically updated every 5 minutes.
- Battle History that can be accessed via "My Result" tab. You can also share the results with your friends.
Binance Battle can be a fun alternative way to get extra benefits and get new experiences in the crypto world. By simply choosing a contract and deciding on a position, Binance users can participate in a battle for a chance to earn bonus points. However, it's important to know that joining a battle can give you benefits as well as risks. In case of strong price fluctuations, users may lose their whole margin balance in their futures wallet if they're not careful. Therefore, please consider carefully before joining and make your investments with caution.
Apart from Binance Battle, there are plenty more opportunities to earn an income in Binance, one of which is through its P2P platform. To get the details, go to "What is Binance P2P Bitcoin and Crypto Exchange?"