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To start off, it might be a good idea to switch to isolated margin. This gives you less flexibility but can reduce the total amount of losses you can take when having multiple positions open at the same time. In this example, we will be using a limit order to enter a long position worth 0.
The procedure is the same when you are opening an order for your selected cryptocurrency, in this case Bitcoin. We set the limit price at 7, and we are using 20x leverage, so entering this position will require 3. Of course, you can use stop orders to manage your risk. You can check out this tutorial from Binance to understand how different types of stop orders work and how they can prevent unnecessary losses. In the picture below, you can see an example of an order that has been filled successfully.
This position is worth 0. On the right side of the tab, the position can be closed with either a market order or limit order.
While it may be hard to wrap your head around Bitcoin leverage trading at the start, this guide has hopefully made the process a bit easier to understand. Thanks to the user-friendly interface, trading Bitcoin with leverage on the Binance digital asset exchange is relatively simple. Trade on Binance Futures.
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