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2023-01-21 18:21:38

Binance Sub Accounts101: Everything You Need To Know To Get Started

Have you ever wondered if you can have multiple Binance accounts?
Have you ever wanted to test different trading and investing strategies but not in the same Binance account?
Have you ever wanted to manage trading or investing for someone you know?

Two of the less-known features of Binance exchange are

Sub-account feature
Managed Sub-account feature

In this guide, I will help you understand everything about the Binance Sub-account feature. This will help you learn more about the handy features of Binance, which you may need to help you become a better trader/investor.

What is the Binance sub-account feature?

Binance let you create multiple accounts under your main account (master account), which you can manage from a single login.

These sub-accounts could be created as a child account of the master account, and you can manage a few things, such as:

Transfer funds between your master account to sub-accounts
Transfer funds between sub-accounts to the master account
Manage API and permission of any sub-account
Order management – Check current open orders, Order history, and trade history.
Login history – Check the sub-account’s login history by date, IP history, and location.

You can create a Binance sub-account in two ways, which I have explained in the further section of this guide.

For now, let’s understand who should be using the sub-account feature.

Who and why should you use the Binance sub-account feature?

Corporate account holders use Binance sub-accounts to test different trading strategies; similarly, Individual pro traders and investors are using it to test different techniques and strategies.

Example 1 – Why an Individual might need a sub-account?

Let’s take the example of Mr. Creatonics, who is a pro-trader and wishes to try out different strategies such as –

Buy and Hold strategies
Grid bot trading strategy
DCA strategy
Copy trade

Similarly, other trading strategies…

To accurately track the performance of each trade under one account could be difficult, and there could be asset overlap. However, the best solution is to use a unique Binance account for different strategies.

The problem is that Binance does not allow users to create more than one account. This is where the Sub-account feature comes into the picture.

As a corporate account user or an Individual user, you can create multiple sub-accounts under your existing Binance account. This way, you don’t have to get into the hassles of managing the security of multiple Binance accounts, and you will save considerable time.

Example 2 – Why a corporate might need a sub-account?

Let’s understand the need for a Binance sub-account with another example.

Let’s assume you are a hedge fund manager, and your company has a Binance corporate account. Now, you have three analysts who trade with three different strategies.

To ensure that your analysts have complete freedom and total control stays with you, you can create their sub-accounts within your Binance corporate account and let your analysts manage them as independent accounts.

They can either log in using the email/password provided by you, or you can create an API key for every sub-account and let them trade using their favorite trading terminal.

Note 1- The functions of sub-accounts could be different. For example, some of them could have Futures and margin trading enabled, or others could have only spot trading enabled.

Note 2- The sub-account users don’t have permission to withdraw funds. As the master account, you can only transfer funds or withdraw funds.

The application of Binance sub-accounts is immense, and as you grow in your journey of being a trader or investor, you will find a lot of value in this feature.

How to Enable the Sub-account feature in your Binance account?

Corporate users – This feature is enabled by default if you have a corporate Binance account. Simply log in to your Binance dashboard, and on the left side, you will find the Binance sub-account feature.
Individual users – If you have a KYC’d account on Binance, and your level is VIP 1 or more, you will be able to access the Sub-account feature from your dashboard. Interestingly, the list of eligible accounts will automatically update at 1:00 AM UTC daily. From here on, the sub-account function will be permanent. So, even if your master account level degrades from VIP 1 to a regular user, you will be able to continue enjoying the sub-account feature.

Here is the upgrade requirement from a regular user account to a VIP level 1 account.

What are the other benefits and features of Binance sub-accounts?

The trading volume of your sub-accounts will contribute towards your master account VIP level and discounts.
The trading fees of your master account will apply to all the sub-account. For example; if your master account VIP level is 5, your sub-account will enjoy the same discounted trading fees.
The sub-accounts have their separate API order limits.
As a master account holder, you can do the asset-management (transfer funds between master and sub-account or vice versa) from the Binance mobile app too.
You can anytime freeze any sub-account.

Now that you have understood the functions and benefits of a Binance sub-account let’s learn how to create a sub-account under your Binance account.

How to create a Sub-account under your Binance account?

If you have a corporate account, this feature is enabled by default. However, if yours is an individual account, you need to have VIP level 1 or more to use this feature. If you have been a VIP level 1 or more in the past, this feature will be available for you.

Login to your Binance account, and head over to the dashboard.
Here you can find the sub-account feature on the left side of the menu.
Click on the option that says “Create Sub-account”

Here you will have two options –

Create using email – This is useful when you want to give login to another user (An analyst, trader friend or someone)
Create using Virtual email – This is useful when you don’t need to share the login. You need to create an API and use that account using 3rd party apps.

In both scenarios, the sub-account users or 3rd party apps will not be able to withdraw the funds.

In this example, I’m using a virtual email to create a sub-account.

Click on Create Sub Account, and your account is ready to be used.

Note: Margin account is activated instantly, and to use it, transfer funds from your master account to your sub-account. To enable Binance’s future account, click on three dots under “Action” and enable the future feature.

Click on “Transfer” and from here you can start managing the assets on your sub-accounts. You can transfer funds from Master account to sub-account, or vice versa.

From here on, you can create an API key for your sub-account (Click on API management under Sub account) and manage it using any 3rd party trading terminal or crypto trading bot.

I let you try the rest of the Binance sub-account features by yourself. If you have any questions or feedback regarding sub-account features of Binance, share them with us by commenting below. You can also check out other articles about Binance exchange on CoinSutra to learn more functions and features of Binance.

Here are some of them:

How To Keep Your Binance account safe from hackers
How to use Binance Futures Trading for Short and Long
Binance Spot Grid bot Trading Strategy (Tutorial)

Based on our community comments on social media and emails from our readers, here are some of the top FAQs related to Binance sub-account functions.

How many sub-accounts can one open on Binance?

Your VIP level governs the number of sub-accounts you can open. This screenshot shows how many sub-accounts are permitted under various VIP level.

Is it allowed to have 2 Binance accounts?

No, Binance does not allow users to have more than one account. However, you can have more accounts using the sub-account feature.

How do I open a second Binance account?

Unfortunately, one user can only have one verified Binance account. You can open a second account under your blood relative name, and the KYC needs to be done by them. Or, you can use the sub-account feature to have multiple Binance accounts under your name.

News appeared first on: Coinsutra.com

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