Binance is a cryptocurrency site that provides traders with a platform on which to trade cryptos. It was founded in 2018 and is the largest cryptocurrency exchange in terms of the volume of cryptos traded. The platform features a mobile crypto app that enhances Mac OS and Windows owners’ trading experience.
Binance trading platform features a binance API which allows a trader to integrate applications into any other platform. Besides, it features a responsive support team that ensures the users’ needs are taken care of as they arise.
But to succeed in trading on the platform, you may need to utilize Binance Signals. It is a well-known fact that the prices of cryptos could move in either direction quickly. So, it is difficult for new traders to predict and determine how they can place profitable trades.
It is for this reason that binance decided to provide their traders with signals. By receiving the Binance signals, the trader’s work is made easier. It solves the problem of determining which digital currencies to pair and how to place the trade.
Therefore, this post gives the details you need to know about the Binance signal.
Binance Trading Signals
They are instructions sent to individual traders, giving them suggestions on which cryptocurrency they need to buy.
Typically, a binance signal will outline helpful details about the digital asset to be bought or sold. Some of the commonly traded cryptos are XRP, BTC, and ETH. Besides, the signal will indicate the price at which a trader will buy the asset.
Also, it will suggest the price at which you will sell the crypto. This is critical in helping a trader determine the profit they expect to make on the trade.
Stop-loss- A good binance signal will indicate the stop-loss price. It helps in mitigating the loss hence protecting the capital.
Instead of giving the trader a signal price to buy an asset, some Binance signal provider will give you a range at which you should buy an asset. For instance, they may give a range of $ 56000-$57000. It allows the trader to determine the price at which they can get into the trade.
The sell target price
This is the price at which a trader should sell the asset. It refers to the point at which the trader should exit the market. In most cases, binance signal providers will give 2 or more exit prices. It allows you to take profit more than once and helps to increase the profit margin.
It is a point at which you will exit the market. It determines the point at which the price is expected to start going in the opposite direction. A good binance signal provider should indicate the point at which one. Should exit the trade.
Working with a reliable binance signal provider is vital since it can greatly help you to make a good profit. But binance signals will only be helpful if you plan to place your trades on Binance platform.
So, you may not use the signals on other platforms such as Coinbase and Bitmex, which also have their own customized signals.
Binance platform has continued to grow and allows traders to trade over 740 fiat and cryptocurrency pairs. Some of the leading cryptos include but are not limited to Bitcoin, BNB with Binance spot, and Ethereum.
The platform is robust and is capable of processing more than 1.4 million orders in a second. So, it does not matter how many traders want to place the order. They guarantee that their orders will go through. There are no delays as those associated with other smaller exchanges.
Note that many crypto traders use binance signals. After all, binance is the most popular global exchange and attracts users from across the world. It is attractive and features reduced fees. It charges about 0.1% for every trade you place on the platform.
So, if you are just starting to trade on Binance, all you need is a reliable binance signal provider, and you will be on your way to making money on cryptos.
Here are the things to do to help you choose a good signal provider, you may need to:
1. Join some telegram channel
As soon as you join a channel, do some research to find out if it features cross-promotions. If they feature too many advertisements, the provider will not earn much from providing the signals, so they may be using the promotions to break even.
Such a provider cannot be relied on to provide profitable signals. Also, check out if he features ads for other cryptos or channels. If he does, then you may not rely on him.
2. Check how accurate the signals are
Once you have identified a group to feed you with the binance signals, it may be necessary to check if the signals are accurate and profitable.
The best way to do this is to visit trading view.com, choose the suggested crypto pair, and go through the results. It helps you to determine if the results from the signal are profitable.
3. Look at how they communicate.
The way the signal provider’s admin communicates to the group members will tell you whether they can be trusted or not.
Lastly, check out the pricing of their binance signals. If the pricing is too high or too low, think twice.