Have you just come acrossBinanceandwant to start using it? Binance is one of the largest platforms forcryptocurrencytrading,and it can offer you a great experience when making trades. But to make thatpossible, you must know how to trade Binance,which may be a bitchallenging when it’s your first time using this app. To make things easier foryou, keep on reading our guide on trading Binance.
How to Trade on Binance
In order to trade on Binance, there are several steps thatyou have to go through:
- Open Your Account
- Fund Your Account
- Start Trading
Read on to learn about each of these steps.
1)Open Your Account
As mentioned, you need to open an account if you want totrade with Binance. Go to the main page of the Binance platform and click onRegister. Then, you will be sent to the proper registration page, where youwill first have to give an email address and set up a password. The emailaddress must be a valid one that you use regularly. As for the password, youshould set up a secure one, like a combination of numbers, letters, andsymbols.
Get 100 USDT Trading Fee Credit For Signing Up here
Rates and Terms
Next, you will have to review the Terms of Use from Binanceand agree to them, after which you can click on Register.
Captcha
You will have to prove that you are a human and not a robot.This will require completing a puzzle, which is not hard. After that, an emailwill be sent to your inbox. Click on “Verify Email” and your registration iscomplete. You have an account on Binance and can start trading. But there isone more thing you should do before actually trading, respectively ensuringyour account is secure.
That means you should set up a 2FA. This adds an extra layerof security to your account by ensuring nobody else will get to access yourfunds and spend them for their personal fulfillment.
2)Fund Your Account
Now that your account is opened and secured, you can fundit. Let’s use Ethereum as an example of the funding process.
Log In
Log into your account and click on Accounts. Then, choosethe option Send on ETF Wallet. Enter a Recipient after that, as it will be theindividual getting the Ethereum amount. You must have an Ethereum address onyour Binance account since you send the amount to Binance.
Deposit Funds
Then, log into your Binance account and click on Funds, thenDeposits. Enter the cryptocurrency you need the address for. If Ethereum is theoption you choose, Binance will make sure an address is generated in order totransfer the amount. Your Ethereum funds will then be sent to the ETH DepositAddress. This means that it should be copied and pasted into the recipient boxof the Coinbase account in order to make the money deposit possible.
Next, select the amount you want to send to your account inBinance, after which you can click on Send. As soon as the Ethereum network isdone processing the funds, they will appear in your Binance account.
3)Start Trading
Now it’s time to actually start trading. Move the cursorover Trade and then click on Basic or Advanced. This will show you all thecurrent market details. In order to sell BNB for BTC at the present Bitcoinprice, you have to pick BTC in the right panel.
Then, click BNB/BTC and you will see the correspondingtrading page. Keep scrolling down until you see a Buy BNB and Sell BNB option.You use the Sell Coin option to sell BNB. Enter the amount you want to sell.Click the “Sell BNB” bar afterward. You will see a “Limit Sell OrderCreated” pop-up immediately.
Scroll down to the Open Orders section afterward to see thelimit sell order. Wait for the open order to complete, and once it happens,your trade will be completed.
Advantages of Trading Binance
Trading Binance comes with many benefits, such as:
- It has a touchscreen interface that looks very nice.
- It is very safe and secure.
- Supports 1,500 cryptocurrencies
- It can be set up very quickly
- Can be accessed on mobile
- Has a lot of protection against physical damage
How to Use Binance for Any Basic Trade
Here is how to use Binance for any basic trade:
- Log into your Binance account.
- Click on Exchange and pick Basic on the taskbar.
- Pick a trading pair, as there is a lot to choose from. If you only see Ethereum in the funds, then Ethereum is the only one you can deal with.
- Choose the type of trade you want to make, like Limit Orders, Stop-Limit orders, or Market Orders.
- Choose the amount you want to trade.
Binance Trading Fees
You will have to deal with fees if you want to trade onBinance. Luckily, they are some of the lowest on the market. No deposit feesapply. Meanwhile, there are some withdrawal fees. Ethereum withdrawals willcost 0.01 ETH in fees, for instance. The fees will depend on the currency.
What Is Binance?
Binancewasfounded by Changpeng Zhao and Yi He in China in 2017. Both of the creators wereworking at the OKCoin exchange for a while, and then they thought it would bebetter to build their own exchange platform.
The platform is a crypto-to-crypto exchange one, so thismeans it can only be used in order to tradecryptocurrenciesandvirtual tokens. More than 500 of them are available, with some of the tradingoptions being Litecoin, Ether, Dogecoin and, of course, Bitcoin.
Binance Coin Explained
Binance has its own token too, known as Binance Coin, orBNB. The first coin offering of the BNB in the exchange managed to raise fundsof about $15 million in 2017. Individuals that use BNB in order to pay theirtrading fees could get discounts as well.
Many companies use the ICO, aka initial coin offering inorder to raise money. This is because this method is very easy and it allowscrypto businesses to raise funds without having to go through very difficultprocesses or methods such as bonds or stocks.
Can Binance Be Traded?
As you’ve seen, you can trade with Binance using yourcryptocurrenciesortokens. When you first join Binance and start using it, you will have to buyyour first bitcoin or BNB. Binance can be traded, especially if you make sureto buy Binance Coin. But in order to do so, you will have to go through thesteps listed above.
Final Thoughts
Trading onBinancecanbe a wonderful experience if you know how to use the platform. Before you starttrading, you need to create an account and then make a fund deposit, afterwhich you can start trading. The good news is that fees are very low forwithdrawals so you can withdraw your amounts with no issues.
