For its users, Binance cryptocurrency exchange has created such a supporting trading tool as sub-account. Now, traders can have more than one account to deal with using various strategies as well as investors can keep all their funds under control. Consequently, the risks are remarkably reduced.
For its users, Binance cryptocurrency exchange has added a managed sub-account feature. This expands trading opportunities for both investors and professional traders. The feature allows investors to allocate their assets while keeping everything in check. Furthermore, it is a good chance for traders to both implement and adopt various trading strategies. Let’s go deeper into understanding what sub-accounts on Binance are.
What is a sub-account on Binance?
Binance provides its users with a sub-account feature. It allows them to create multiple sub-accounts under the main account.
However, this option is only available to VIP users of level one and above and to users having access to corporate accounts.
The number of sub-accounts either depends on the VIP level of the user. For example, the level one allows to register up to 20 sub-accounts. On the contrary, the top level – nine – allows to create up to 200 accounts.
You can also use the Binance mobile app to manage your account and sub-accounts.
Creating a sub-account
So, in the “Profile” section, clicking on the”Sub-account” tab , you can create an additional account. You then need to provide an email address and come up with a password. You can use either regular or temporary/virtual email. Then you have to confirm the email. As a result, the created sub-account will be displayed in the Account Management. Here you can find all the settings for the sub-accounts and the access rights.
In the “Account Management” tab, you can set up access rights. To create an API key for a sub-account, go to: “API Management” – “Create API”. The user can create up to 30 API keys for each sub-account.
Users can choose between a full or limited functionality for the sub-account and can specify if the sub-account is to be a futures or a margin one. It is also possible to create a separate password for each account.
However, sub-accounts cannot interact with third party services. In other words, withdrawals from sub-accounts are only available via your master account.
So, sub-accounts on Binance are a simple but important tool to help both investors and professional traders.