Margin/Futures trading on Binance major problem

[Swa]

So I can't even place orders. I have to transfer out of my margin account and do the order in my spot before transferring back into my margin account to settle debt. What's the logic in that?

 

[got_shafted]

the margin trading ban in SA was implemented in late 2021, not sure how they allowed you to deposit funds into the margin account

 

[Sensorei]

So I can't even place orders. I have to transfer out of my margin account and do the order in my spot before transferring back into my margin account to settle debt. What's the logic in that?

That's why I was freaking out. People could lose everything. My debt was in the 7 figures and they wouldn't let me sell to repay the debt. I had to transfer crypto from my nano ledger to Binance and sell it to repay the loan before I could transfer the assets out to sell.

 

[airborne]

That's why I was freaking out. People could lose everything. My debt was in the 7 figures and they wouldn't let me sell to repay the debt. I had to transfer crypto from my nano ledger to Binance and sell it to repay the loan before I could transfer the assets out to sell.

That is soo sketchy when you are leveraged, how the fk can they operate like that, at least give a warning or allow you to exit the position before locking things down. Did you end up losing anything once you’d final extracted yourself from that position?

 

[Sensorei]

That is soo sketchy when you are leveraged, how the fk can they operate like that, at least give a warning or allow you to exit the position before locking things down. Did you end up losing anything once you’d final extracted yourself from that position?

They really messed up here and sadly, despite that Binance is probably still more secure than any other exchange. Fortunately I was long and the market kept going up so I settled the debt in good profit.

 

[Swa]

the margin trading ban in SA was implemented in late 2021, not sure how they allowed you to deposit funds into the margin account

You can still transfer into the account, you just can't create any new orders or borrow. The ban was lifted in not so late 2021 which is why I was using it.

 

[got_shafted]

seems like the ban is back, got an email from them today

Our records indicate that you are a resident in a region where Margin is currently no longer available, and that you are accessing them through the Binance platform.

With immediate effect, you will be restricted from opening new margin accounts, increasing your margin liabilities and/or margin positions. We encourage you to promptly take all steps possible to close out any outstanding Margin positions before 7 March 2024.

 

[gustavo07]

There's countless perpetual DEX's out there chaps. "Not yOuR kEyS nOt yOuR cOinZ"

 

[CryptosEra]

this got me thinking!
what if they impose restrictions on futures with no notice?
what if they give us x days, and then close the positions at market price?

 

[CryptosEra]

this got me thinking!
what if they impose restrictions on futures with no notice?
what if they give us x days, and then close the positions at market price?

I thought about this a lot, this is a major risk
I am migrating from Binance to Onchain.
few options available:

Aevo - Trade Perps, Options and Strategies

Aevo is the world's first high-performance decentralized exchange focussed on options and perps trading. The exchange runs on a custom EVM roll-up that rolls up to Ethereum. Aevo operates an off-chain orderbook with on-chain settlements.

www.aevo.xyz

on mainnet ETH. its made by ribbon finance team

Hyper Foundation

Hyperliquid is the blockchain to house all finance. For the first time, build projects, create value, and exchange assets on the same hyper-performant chain.

hyperliquid.xyz

is an L1, you can fund your wallet from Arbitrum

IntentX | Home

The Future of Decentralized Derivatives

intentx.io

never used it myself, peole like them

On SOLANA

Solana' s Borrowing, Lending, Market Making, and Leverage venue. Earn yield on SOL, USDC, JUP, JLP, JitoSOL, and more

Solana' s Borrowing, Lending, Market Making, and Leverage venue. Earn yield on SOL, USDC, JUP, JLP, JitoSOL, and more

app.kamino.finance

the best place to get margin, and borrow money.

Drift | Trade Perpetual Futures

Drift Protocol is the largest open-sourced perpetual futures exchange built on Solana, the fastest L1 blockchain

www.drift.trade

i think this is the primary perp dex of solana

/
All these protocols, are doing airdrop, so i am sure whatever extra onchain tx fees I will pay will be handsomely compensated thro the airdrop!


for margin traders, and for borrowing against your crypto holdings
Aave, DefiSaver, Kamino

all cheap, chad builders and very safe!

 

[Swa]

Why thank you Binance. From a 56% profit to a $11.27543654 loss.

 

[L-Dog]

I thought about this a lot, this is a major risk
I am migrating from Binance to Onchain.
few options available:

Aevo - Trade Perps, Options and Strategies

Aevo is the world's first high-performance decentralized exchange focussed on options and perps trading. The exchange runs on a custom EVM roll-up that rolls up to Ethereum. Aevo operates an off-chain orderbook with on-chain settlements.

www.aevo.xyz

on mainnet ETH. its made by ribbon finance team

Hyper Foundation

Hyperliquid is the blockchain to house all finance. For the first time, build projects, create value, and exchange assets on the same hyper-performant chain.

hyperliquid.xyz

is an L1, you can fund your wallet from Arbitrum

IntentX | Home

The Future of Decentralized Derivatives

intentx.io

never used it myself, peole like them

On SOLANA

Solana' s Borrowing, Lending, Market Making, and Leverage venue. Earn yield on SOL, USDC, JUP, JLP, JitoSOL, and more

Solana' s Borrowing, Lending, Market Making, and Leverage venue. Earn yield on SOL, USDC, JUP, JLP, JitoSOL, and more

app.kamino.finance

the best place to get margin, and borrow money.

Drift | Trade Perpetual Futures

Drift Protocol is the largest open-sourced perpetual futures exchange built on Solana, the fastest L1 blockchain

www.drift.trade

i think this is the primary perp dex of solana

/
All these protocols, are doing airdrop, so i am sure whatever extra onchain tx fees I will pay will be handsomely compensated thro the airdrop!


for margin traders, and for borrowing against your crypto holdings
Aave, DefiSaver, Kamino

all cheap, chad builders and very safe!

Many of these alos have airdrops coming so can just aswell switch your trading there for added benefit.

Can use whales market to see roughly what the poinst are worth https://app.whales.market/points-markets?project=Hyperliquid

 

[gustavo07]

Thena

Decentralized OTC perpetual exchange. Trade BTC, ETH, ARB and +124 other markets oracle-less and with up to 40x leverage

alpha.thena.fi

Shameless shill for one of my biggest holdings

 

[L-Dog]

I thought about this a lot, this is a major risk
I am migrating from Binance to Onchain.
few options available:

Aevo - Trade Perps, Options and Strategies

Aevo is the world's first high-performance decentralized exchange focussed on options and perps trading. The exchange runs on a custom EVM roll-up that rolls up to Ethereum. Aevo operates an off-chain orderbook with on-chain settlements.

www.aevo.xyz

on mainnet ETH. its made by ribbon finance team

Hyper Foundation

Hyperliquid is the blockchain to house all finance. For the first time, build projects, create value, and exchange assets on the same hyper-performant chain.

hyperliquid.xyz

is an L1, you can fund your wallet from Arbitrum

IntentX | Home

The Future of Decentralized Derivatives

intentx.io

never used it myself, peole like them

On SOLANA

Solana' s Borrowing, Lending, Market Making, and Leverage venue. Earn yield on SOL, USDC, JUP, JLP, JitoSOL, and more

Solana' s Borrowing, Lending, Market Making, and Leverage venue. Earn yield on SOL, USDC, JUP, JLP, JitoSOL, and more

app.kamino.finance

the best place to get margin, and borrow money.

Drift | Trade Perpetual Futures

Drift Protocol is the largest open-sourced perpetual futures exchange built on Solana, the fastest L1 blockchain

www.drift.trade

i think this is the primary perp dex of solana

/
All these protocols, are doing airdrop, so i am sure whatever extra onchain tx fees I will pay will be handsomely compensated thro the airdrop!


for margin traders, and for borrowing against your crypto holdings
Aave, DefiSaver, Kamino

all cheap, chad builders and very safe!

Have you used or can you recommend any of these ? Looking for a Dex to try a few small leveraged plays

 

[CryptosEra]

Have you used or can you recommend any of these ? Looking for a Dex to try a few small leveraged plays

yes, i've been using hyperliquid to get airdrop points
it's like an L1 with gasless transactions and they add new popular coins fast.
it dosent feel like onchain at all, overall good experience.
Aevo i hear is very good, but i never used it.

/

Many of these alos have airdrops coming so can just aswell switch your trading there for added benefit.

Can use whales market to see roughly what the poinst are worth https://app.whales.market/points-markets?project=Hyperliquid

exactly!

 

[Swa]

Hello Binancian,

Join us for a Webinar on Binance Futures! Whether you're new to the world of cryptocurrency or looking to expand your trading skills, this event is perfect for you, our team will provide a comprehensive guide to help you navigate Binance Futures.

Date ️: 24th April 2023

Time : 3 PM UTC| 5 PM SAST| 6 PM EAT


2023 must be correct when they were still offering futures.

 

[Sensorei]

Hello Binancian,

Join us for a Webinar on Binance Futures! Whether you're new to the world of cryptocurrency or looking to expand your trading skills, this event is perfect for you, our team will provide a comprehensive guide to help you navigate Binance Futures.

Date ️: 24th April 2023

Time : 3 PM UTC| 5 PM SAST| 6 PM EAT


2023 must be correct when they were still offering futures.

Futures is working fine again. It's just margin isolated/cross that's not available to South Africans.

 

[Swa]

Futures is working fine again. It's just margin isolated/cross that's not available to South Africans.

That is rather strange. Sounds more like a business issue than a regulatory one.

 

[Kloofvreter]

I forgot Binance still exists.

 

[Spyke357]

Is margin trading on binance still disabled?