How to send USDT from Binance to Zignaly (or any other crypto)

For over a year now, I am a service provider on Zignaly (Social trading platform). I touched every type of service that a provider can offer.

I am currently providing services for Copy-trading and Profit-Sharing. But today I will mostly cover the profit-sharing funding side of the platform.

New crypto investors often come to me asking how to fund their Zignaly Futures wallet so they can start copying my trades (on profit-sharing).

So I decided to do this easy step-by-step guide that will provide you all the information you need to transfer USDT from Binance to your Zignaly Futures wallet.

I chose to do it with Binance as it is usually the exchange that it is asked for. But you can use it for Kucoin, Bitmex, or any other centralized and decentralized crypto exchange.

Their interface and options are very similar and this guide will give you a good idea of how to proceed.

Below you’ll find all the information and the steps to follow to:

• Exchange any crypto to USDT
• Create a Zignaly Futures wallet
• Send your USDT from Binance (or another exchange) to your newly created Zignaly wallet

What is Zignaly?

I am guessing that you already know it, but in case you don’t, let me explain what is Zignaly and what they are offering on their platform.

Zignaly is a platform that connects traders and investors in 3 different ways.

• Signals
• Copy-trading
• Profit-Sharing

Each of these services lets you trade cryptocurrencies automatically.

Signals

The Signal services on Zignaly are the less managed of all the services. It is aimed at more advanced crypto investors.

When connecting to this type of service, a crypto investor will need to setup:

• The position size each trade will have
• Which Quote currency to trade
• How many simultaneous positions
• Take-profit
• Stop-loss
• DCA
• And more, more, more…

This leaves a lot of places for mistakes to happen.

Basically, the provider is sending an Entry signal and an Exit signal. They sometimes send other values like take-profit, stop-loss, and DCA.

The most important part of any signal is missing here, which is the position size. (I will get back on position size in another post.) Position size is a major part of risk management and no trader can succeed with poor risk management.

So unless you know what you are doing, I would suggest sticking with Copy-Trading and Profit-Sharing.

Copy-Trading

Copy-trading is a fully managed type of service. A crypto investor simply has to allocate an amount to the service and every position will be automatically copied from start to finish.

Everything that the service provider does is copied into your account. Even the position size.

Set and forget solution! It is great but it comes with some limitations.

• Entry and Exit may vary from the provider as the provider positions are executed first and then followed by the copiers.
• You might need to invest a lot of funds depending on the strategy as you need to meet Binance minimum sizes for every position. (If the strategy open a position with 1% of equity and the minimum position size is 10$, you will need to invest at least 1000$ to follow each position)

Zignaly was aware of those limitations and decided to create Copy-Trading 2.0. Now called profit-sharing.

Profit-Sharing

Profit-Sharing brings you the best of copy trading and it removes the limitations.

When following a trader in profit-sharing, your funds are pooled with all the other copier’s funds. Creating one big wallet.

This solution guarantees that the service provider and the copier all have the same entries. Also, that you can invest as low as 0.01$ and you will take part in the action!

This creates another limitation though.

You can’t withdraw your funds whenever you want.

You will first need to disconnect. That will stop your participation in any new position,

Then, once your current positions with the service are closed, your funds will be sent back to your wallet

Zignaly is well aware of the situation. They are currently working on a hard-disconnect function that will let you disconnect from a service at any time.

To avoid getting in trouble with this type of service, make sure to always follow services that use Stop-Loss and don’t hold to their losing positions. (if you see an equity chart that has a 45-degree slope, stay away 😉 )

In this guide, I want to explain how you can start using profit-sharing by funding your Zignaly futures wallet. So let’s dive into this!

Profit-Sharing on Zignaly?

Now that you know what profit-sharing services are, let’s see the difference between different types of profit-sharing.

Spot and Futures trading are the two types of services available. The tutorial on how to fund your zignaly account will be for futures, but you can use it also for spot. Just make sure to set up a Spot wallet instead of a Futures one.

You might be wondering what is the difference between Spot and Futures, so here is an overview of both.

Spot Trading

Spot trading is the action of buying the actual coin to sell it later for a higher price.

Let’s say that you are trading BTC/USDT. When you open a position you are buying real Bitcoin that could be transferred to an external wallet.

Futures trading

Futures trading is the action of buying and selling Futures contracts to close higher or lower at profit.

When trading futures, you can make money when the price goes up or down.

This is why you will need USDT in your Futures wallet and only USDT.

Long and Short

Let’s say you want to make money when Bitcoin is going down.

You will Short (sell) 1 Bitcoin contract that is worth 40k USDT. If BTC goes down to 30k USDT, you can close the contract and make a gain of 10K USDT.

If you want to make money when Bitcoin is going up, you would do a Long (Buy) position. Then if you go Long at 40K and BTC goes to 50K USDT you can close the contract with a 10K USDT profit.

This is not all that Futures trading has to offer, you can also use Leverage.

Leverage

Leverage trading is a tool that professional traders use for risk management and increase their profits.

When trading Bitcoin on Binance, you can have 125X leverage. That means that every 1$ that you invest is worth 125$ in the actual position.

This is a very useful tool, but if you are new to trading, please stay away. It is also very dangerous and can wipe your whole account if it is misused.

Why do you need USDT in your Zignaly futures wallet?

As we are trading contracts and not actual crypto when trading futures. We need a way to pay for those contacts.

The usual way to pay for those is with USDT. Binance does offer Coin-M Futures which is Futures trading with BTC or other cryptos as collateral. But trading on Zignaly and my personal choice also are to trade using USDT.

USDT is a stable coin that is pegged to the dollar value. So 1 USDT = 1$ USD (U.S.A currency)

So to start using the Futures Profit-Sharing service on Zignaly, you will need USDT.

How to send USDT from Binance to Zignaly?

Let’s see how you can quickly and easily fund your futures wallet on Zignaly. You can then start copying profit-sharing and free crypto signals from their providers. No more fluff, here’s the step-by-step guide!

Change your coin for USDT

If you currently only have other cryptos like BTC or ETH here’s how to convert your crypto to USDT on Binance.

1. Click on “Trade” in the top menu on Binance
2. Click on “Convert” in the sub-menu
   
3. Select which coin you would like to convert to USDT
4. Make sure you selected USDT
5. Click Preview Conversion
   
6. Click Convert to get USDT
   
7. The USDT is now in your Binance Spot wallet (https://www.binance.com/en/my/wallet/account/main)
   

Keep that page open as you will need it very soon to send your USDT to Zignaly.

Create a Zignaly wallet

Now, let’s create your Zignaly Futures wallet. This is very easy and you can create as many as you need. This is useful if you would like to split your funds.

1. Connect to your Zignaly Account
2. In the top right corner click on your avatar and select “My Exchange Account”
   
3. Scroll down the popup window and click “Create an exchange account”
   
4. As Type, select Futures. Enter your wallet name and click “Save”

That’s it, after saving your new wallet, you will be redirected to the Exchange Accounts page. Stay on this page and let’s keep going. We’re almost done!

Send USDT from Binance to your Zignaly wallet

Now that you have USDT and a Zignaly Futures wallet, you are ready to transfer your funds from Binance.

1. Click on the “Deposit” button from the Exchange Account page of Zignaly
2. From the “Deposit” page, select USDT as “Coin to deposit”
3. Then select BEP20 (BSC) as a network (Lower fees than ERC20)
4. Copy the deposit address
   
5. Go back to the Binance spot wallet page that we opened earlier (https://www.binance.com/en/my/wallet/account/main)
6. Select “Withdraw” on the right side of your USDT wallet
7. In the address input, paste the Zignaly Futures wallet address that we copied earlier
8. As Network, select BSC (Bep20) so it is compatible with our Zignaly wallet
9. Enter the amount you would like to withdraw and click Withdraw
10. That’s it! Your funds will be transferred to your Zignaly wallet shortly and you will be able to use their Profit-Sharing feature!

Sending USDT from any exchange to your Zignaly wallet

If your funds are on another crypto exchange than Binance, it should be very similar to withdraw your funds or exchange Coins for USDT.

1. Exchange your crypto for USDT
2. Go in the wallet section and find the withdrawal for USDT
3. Select the same network for withdrawing and deposit

Always make sure tough that:

• Whatever network you choose to transfer USDT, it must match on both the withdrawal platform (Crypto Exchange) and the Deposit platform (Zignaly)
• Always double-check the address you are sending USDT to, making sure it matches your Zignaly wallet

You’re all set now! All you need to do is find the best trader that will manage your funds professionally. That might be harder than transferring USDT :p