Trading on Binance for Beginners

The digital world is full of exciting and extraordinary experience and once you get interested in it, it is most likely the crypto world gets one more enthusiast.

When all the basic information is learnt and risks are taken into account, crypto followers start making their choice on the cryptocurrency exchange.

Among a great number of platforms the world’s largest crypto exchange by trade volume is Binance. It was founded in 2017 and in less than one year, Binance achieved ‘unicorn’ status in the crypto industry.

Trading on Binance might seem not that easy and it requires certain knowledge to start. We’ll provide you with necessary steps to make this process a bit simpler.

Start trading on Binance!

1. Sign up. The first step requires creating an account. It won’t take much time as the platform needs only usual data about a new user. Binance users have to be older 18 and agree to the terms of use that they acknowledge and declare that they are not on any trade or economic sanctions list.

In addition, users enter personal information (e-mail address, password and a referral ID if they have it).  The referral system gives a user 50% of his referrals trading fees. The last step is to confirm registration with the link received by email.

 trading on Binance

2. Add funds to your account. Binance enables users to purchase cryptocurrencies with Visa or Master card. The usual procedure of online buying is regular. What concerns the minimum fee, it is $10 or 3.5 percent of the total order. Users get their money to the account within 10-30 minutes.

Another way to make a deposit on the account is using a separate crypto wallet. One needs to find ‘Finds’ and click ‘Balances’. The page reveals all the cryptocurrencies available for trading on Binance. In order to deposit, simply press ‘Deposit’. Then scan either the QR code or paste in the address.

 trading on Binance

3. Place a trade order. All the cryptocurrencies are shown with their respective markets. Having decided the cryptocurrency you are eager to trade for, type its name in the search bar. Click the appropriate row and the page where trading takes place will open.

Now users are able to see all active buy and sell limit orders. A limit order is an order to buy or sell cryptocurrency at a specific price if there are buyers or sellers interested at that level. On the right users find other cryptocurrencies and the lower section shows the public trade history of the market which is currently being viewed.

 trading on Binance

When you are ready to trade, select market order. Insert necessary amount of your currency and the amount of cryptocurrency you want to get. When the order is completed, users can check the status of order on the bottom of the page ‘Open order’.

Withdraw your funds

Having completed all your trading operations successfully, you can withdraw funds from Binance. In order to do it, go to the Balances page and select the withdrawal button in the crypto row. Then you get your destination address or QR code at once. It is easy to paste the address and insert the number you want to withdraw.

Advantages of Binance

First, Binance has a mobile application and you can make operations any time and any place. It is well-known that trading on Binance shows higher trading volume than most of other crypto exchanges. What concerns project’s development, BNB is a native token of the exchange.

Its main function is for paying fees, and using it in this way results in a discount on exchange fees. It is also important, that the exchange provides a huge selection of crypto markets. Although a complex user interface might be challenging for novice traders, but it completely fulfills its all main functions.

Recommended

Choose Ethereum or Ethereum Classic?
Bitcoin is a new kind of money
The Largest Drop in Value in Ethereum’s History

Leave a Reply

Your email address will not be published. Required fields are marked *