Binance South Asia
--
How You Trade: 30% of Pro Mode Users Opt for Short-Term Gains
Binance’s journey in becoming the world’s leading cryptocurrency exchange has been laden with principles of user-centricity and commitment to our communities. It’s how we’ve reached 180 million users to date. Yet, we are constantly seeking ways to refine our user experiences so that you, Binancian, can trade in more optimal ways.
Our latest trading survey, which garnered a broad swathe of responses, was conducted to gather insight on your motivation for using products, what incentives you’d prefer, the ease of discoverability for products, and your thoughts on our product suite. For a more concentrated understanding, we opted to survey those of you who trade using Pro Mode, with at least $5,000 in trading volume.
For context, Pro Mode, which is catered to seasoned and active traders, offers versatile functionalities such as futures, options and margin trading, an advanced trading interface, as well as a broader portfolio of services.
What Did We Learn?
What was striking above all else is that 29% of traders (using Pro Mode) are seeking to make short-term gains as their primary objective when placing a trade on Binance, while 21% invest based on long-term goals. Meanwhile, 10% of those surveyed rely on trends to determine whether they will place a trade, and nearly 30% just simply buy and hold.
When queried about whether they’d be open to using new products, over 50% of our respondents confirmed that they would do so dependent on if they received more incentives such as rebates for their losses on initial trades or flat token vouchers on the completion of new trades. A small minority (12%) wish to receive non-cash incentives such as gadgets or travel vouchers, while a larger majority (18%) prefer non-withdrawable bonuses to use as capital.
In addition, we found that market news, asset price movements and fundamental research primarily drive user decisions in terms of placing a trade on Binance. However, respondents were split when it comes to influencers on social media, the press and media, recommendations from friends or family members, and FOMO (Fear of Missing Out) having an impact on their trading decisions.
We certainly hear that our respondents want more ease of accessibility when locating options, Launchpads/Launchpools, trading grid and bots and copy trading functionalities via Pro Mode, and we will endeavor to improve these experiences. Nonetheless, we were pleased to notice high accessibility ratings for locating spot and perpetual futures products on Pro Mode. Moreover, users awarded us an average of four stars or above in terms of their satisfaction with our current product suite across all products available via Pro Mode, with spot and convert products leading (60%) in terms of user preference, followed by derivatives (35%).
We also found that a significant portion of derivatives traders (28%) rely on high leverage in order to increase their position sizes, while 22% are motivated to trade derivatives due to the potential opportunities of capitalizing on downward market movements. This corresponds to additional findings showing how 38% of respondents like to undertake higher risks through leverage to increase their notional profits in case their trade thesis is correct.
Try Pro Mode Today
Going forward, we’ll be refining our app based on the aforementioned findings, and we invite you to participate in future surveys of this nature so that you can trade better, every day, with Binance.
Get started with Pro Mode today and gain access to Binance’s full ecosystem. Click here to learn more and click here to download the Binance app.
Our latest trading survey, which garnered a broad swathe of responses, was conducted to gather insight on your motivation for using products, what incentives you’d prefer, the ease of discoverability for products, and your thoughts on our product suite. For a more concentrated understanding, we opted to survey those of you who trade using Pro Mode, with at least $5,000 in trading volume.
For context, Pro Mode, which is catered to seasoned and active traders, offers versatile functionalities such as futures, options and margin trading, an advanced trading interface, as well as a broader portfolio of services.
What Did We Learn?
What was striking above all else is that 29% of traders (using Pro Mode) are seeking to make short-term gains as their primary objective when placing a trade on Binance, while 21% invest based on long-term goals. Meanwhile, 10% of those surveyed rely on trends to determine whether they will place a trade, and nearly 30% just simply buy and hold.
When queried about whether they’d be open to using new products, over 50% of our respondents confirmed that they would do so dependent on if they received more incentives such as rebates for their losses on initial trades or flat token vouchers on the completion of new trades. A small minority (12%) wish to receive non-cash incentives such as gadgets or travel vouchers, while a larger majority (18%) prefer non-withdrawable bonuses to use as capital.
In addition, we found that market news, asset price movements and fundamental research primarily drive user decisions in terms of placing a trade on Binance. However, respondents were split when it comes to influencers on social media, the press and media, recommendations from friends or family members, and FOMO (Fear of Missing Out) having an impact on their trading decisions.
We certainly hear that our respondents want more ease of accessibility when locating options, Launchpads/Launchpools, trading grid and bots and copy trading functionalities via Pro Mode, and we will endeavor to improve these experiences. Nonetheless, we were pleased to notice high accessibility ratings for locating spot and perpetual futures products on Pro Mode. Moreover, users awarded us an average of four stars or above in terms of their satisfaction with our current product suite across all products available via Pro Mode, with spot and convert products leading (60%) in terms of user preference, followed by derivatives (35%).
We also found that a significant portion of derivatives traders (28%) rely on high leverage in order to increase their position sizes, while 22% are motivated to trade derivatives due to the potential opportunities of capitalizing on downward market movements. This corresponds to additional findings showing how 38% of respondents like to undertake higher risks through leverage to increase their notional profits in case their trade thesis is correct.
Try Pro Mode Today
Going forward, we’ll be refining our app based on the aforementioned findings, and we invite you to participate in future surveys of this nature so that you can trade better, every day, with Binance.
Get started with Pro Mode today and gain access to Binance’s full ecosystem. Click here to learn more and click here to download the Binance app.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.