AI Summary
This video is a step-by-step tutorial on how to set up and use a Binance futures demo account, covering both desktop and mobile. The creator shares their personal wish to have used a demo account before trading live, and walks through the entire process from accessing the demo account to placing trades.
Chapters
The creator wishes they had used a demo account before trading live on Binance futures, as it allows practice without risking real funds.
The video promises a step-by-step guide to setting up and trading on a Binance demo account, covering both PC/Mac and mobile.
Log into Binance, hover over 'Derivatives', click on 'M Futures Contract', then click on your avatar and select 'Markup Trading' to access the demo account.
To get a positive balance, scroll down to the 'Faucet' section, select the assets you want, and click 'Add Asset' to deposit demo funds.
Before trading, you must pass a quiz on Binance. The creator notes that quiz questions change over time and provides a separate video with answers.
The creator demonstrates placing a limit order on Bitcoin at a specific price, selecting USDT, setting the price, and choosing the amount (25% of account).
You can view open positions and orders, and modify them by setting stop loss and take profit levels.
On mobile, open the Binance app, go to Futures, tap the 'Markup Test Net' icon, connect your account, and you'll be directed to the demo account.
The video provides a clear, practical guide to using Binance's demo futures account, emphasizing the importance of practice before trading with real money. It covers both desktop and mobile access, funding, quiz requirements, and trade placement.
Mentioned in this Video
Tutorial Checklist
💡 Key Takeaways
Practice Before Live Trading
Emphasizes the value of using a demo account to avoid costly mistakes in live futures trading.
Demo Funding via Faucet
Explains a specific feature (Faucet) that many users may not know about, enabling risk-free practice.
01:43Quiz Requirement
Highlights that Binance requires a quiz before demo trading, which can be a barrier for beginners.
02:00Mobile Access
Shows that the demo account is accessible on mobile, making practice convenient.
04:46Full Transcript
[00:00] This video is literally what I wish I had before I started trading the Binance futures market because instead of just figuring things out on my own and on my live account, I would have just, you know, figured it out on a demo account. So this video is about Binance demo futures account.
[00:16] I'm going to take you step by step how to set it up and how to trade on a demo account so that you can practice and actually get ready for a live account. Whether you're using PC, Mac, mobile, while this will work for you. In fact, I'm going to show you how to do it on a desktop computer
[00:31] and also how to do it on your mobile phone. I'll also leave links in the description of this video in order for you to access this account. So go ahead and click on that and let's get started. If you haven't been checking our classes, make sure that you start from class number one,
[00:46] where we go in depth with understanding how to trade the futures market. To get started, you really want to come to your browser that you're using and log into your Binance account. I'm already logged in here, but what we have to do is to hover over on derivatives, then
[01:02] click on M futures contract. This here will be your normal Binance account, but what we want is to be trading on a demo account. Now for you to access your demo account on Binance just come to this icon here which is your avatar and click on the markup trading so this is what you looking for I going to click on that then you have to connect your account to continue
[01:28] you can see that I already have an account and I already have one trade here that I've already placed on a demo account but before you start placing trade on a demo account you may not have a positive balance you can see I have a positive balance of about three thousand dollars so you
[01:43] first need to find your account meaning you have to deposit funds but how do you deposit funds on a demo account well it's very simple just scroll down here and you'll find this thing called faucet click on that from there you just click on the assets that you want to add and click on add asset
[02:00] so once you have your demo account ready then you can start trading but before you even do that you have to pass a test so binance will actually give you a test which is called a quiz that you have to past i already covered a video with regards to all the answers of that quiz again these answers may
[02:17] change from a year to a year depending on when you're watching this video for example i know that four years ago when i started trading on binance futures market these were not the questions that they were asking at that time in fact questions that were asked around that time they
[02:31] were very very difficult it was easy for you to actually fail the quiz but again if you failing this quiz maybe it a sign for you that you need to first understand how to trade the futures market which is why we have the entire course dedicated to this subject and this course is absolutely for
[02:48] free right here on youtube again find that in the description of this video now back to the video here how do you actually trade now you've passed the quiz and you added your asset how do you trade Let me just exit out of this and just leave one here.
[03:02] So you can see that I already have a trade here. So let's move on to Matic. But maybe if you're just getting started, if you hover over on futures perpetual, here you can add assets into your favorites. You can see that I have my favorite coins here.
[03:16] So for example, if I come here, I can search for a cryptocurrency, maybe let's say Atom, one of my favorite cryptocurrencies. If I toggle that on and off, you can see it will be added on my favorite.
[03:30] So I can always come here and find all my favorites. So let me show you how you place a trade. I'm going to click on Bitcoin. And on Bitcoin, let me just zoom into the chart. So I want to enter the trade when Bitcoin goes to 33,500.
[03:44] So what I'm going to do is I'm going to come here and select USDT and put the price which is 33 23 and I want to trade 25 of my account then I go long
[04:07] and you can see this order was placed successfully now if you come to orders I have now two orders right here if you come to the bottom section you can see your open position and your open orders
[04:21] these are all limit orders that we just placed and our trade history obviously we only have one trade history of ethereum and all that stuff so if i come back to my positions i can always come here
[04:33] and modify the position for example i can come here and put my stop loss and also modify my take profit as well so if you're using a mobile phone just head over to your finance app then
[04:46] click on futures again this is going to be your normal finance account then hover over onto these icons here on top and this is the feature that you're looking for which is the markup test net click on that then connect your account and just like that you're going to be directed into the
[05:01] demo account so that's how you trade the futures market on a demo account now click on the video coming up next where we're going to go in depth with understanding the risk and money management Go ahead and click on that. I'll see you there.
[05:13] Goodbye, peace.