Binance seem to add at least one altcoin every week to its Futures platform
- XLM :https://www.publish0x.com/press-play-on-tape/xlm-binance-futures-xxngjw
and now ADA is joining the party :https://www.binance.com/en/support/articles/360039355391
More info in the other posts (the XLM one above goes into some detail on how Futures work if you're interested), but I thought I'd quickly add some more observations, and clarify a few terms. Since stop loss orders are so crucial, I'll show you an example of that here too.
You don't actually own any coins in these markets. You're trading IOUs with the intent to make a profit if the coin is to go up or down. It's useful if you think a token is overvalued, as a way to make money on the dip.
I started using Futures after getting a bit tired of my bags going down every day, but it's also useful to make more gains if you don't hold a lot (or any) of the coin.
You can borrow more IOUs than you'd normally be able to.
If I borrow (long) 75 ETH and the price goes up $2, I make $150 dollars.
If I sell IOUs I don't have (short) 75 ETH and the price goes down $2, I make $150 dollars.
Personally I have about 50% crypto, 50% fiat in my portfolio. So I like to have a short open most days, to hedge against a BTC/crypto price dump. I can set my leverage to determine how much I make on a price dip. 20x feels comfortable to me.
All the Futures markets are valued in USDT (Tether). This is a bit unfortunate tbh, because to my mind that means all price moves are dominated by BTCs price movements against the dollar.
This is why I use Binance Futures. I don't like giving my personal information to third parties, and Binance are happy to let you trade 'anonymously' so long as you have funds to cover any losses.
stop loss orders
Stops are absolutely essential. I lost money this week because I was convinced BTCs price run wasn't sustainable, and kept trying to short it every time the price went up.
If it hadn't been for stops, I would have lost all my money doing this. If you don't use stops, YOU will lose all your money on Futures.
I'll run through this one in some detail actually, because it's so important. Post incoming, with pictures and everything!
Update: post on stop losses here :https://www.publish0x.com/press-play-on-tape/how-use-stop-loss-orders-binance-futures-xqzeey