If you are interested in buying or selling a cryptocurrency, there are few better places to look than one of the world’s largest cryptocurrency exchange by trade volume, Binance.
Founded in 2017 by Changpeng Zhao – who earned the number-one spot on CoinDesk’s 2018 Most Influential list – Binance rose to prominence during the historic crypto market-wide bull run in 2017 by supporting a wide array of cryptocurrencies in what was, and perhaps still is, one of the fastest and most reliable trading platforms.
In fact, Binance became so popular, so quickly that CZ and Binance both became worth more than $1 billion in less than one year, officially making it one of the first companies to achieve “unicorn” status in the cryptocurrency industry.
Binance is a crypto-to-crypto exchange. This means that users can only use it to trade cryptocurrencies. If you don’t already own some cryptocurrency, then you’ll need to buy some before you can start trading with Binance. I suggest using an exchange that fiat currency trading like Coinbase.
Once you have cryptocurrency, you can use it to trade with more than 200 coins and tokens on Binance. Now you know what it is, you’re ready to learn how to use Binance!
Before I can show you how to use Binance, I need to show you how to open an account…
How to start using Binance
Follow the simple instructions below and you’ll be trading in no time at all!
The first thing you need to know about how to use Binance is how to get registered!
You’ll be redirected to the registration page where you’ll need to enter your email address and create a password.
Prove that you’re not a robot. You’ll be asked to complete a puzzle which you should find easy unless… you’re a robot!
An email will now be sent to you. Click on Verify Email to complete your registration.
Congratulations! You’re a Binance account holder. Next, I’ll show you how to use Binance but first, you need to secure your account…
When your login for the first time, you’ll be asked if you want to set up 2FA.
You DO want to set up 2FA, it’s very important! If you choose Skip, for now, you’ll regret it later!
After you’ve set up 2FA, you’ll be ready to fund your account. This means moving cryptocurrency into it. You can do this by sending cryptocurrency from a crypto wallet or another exchange – like Coinbase – to your Binance account. Here’s how it works…
How to Fund your Trading Account
For this Binance tutorial, I will use Coinbase as an example of one way that you can fund your Binance account. A similar process will apply to almost any other exchange you are sending the funds from. I will use Ethereum (ETH) as an example of a cryptocurrency you can use to fund your Binance account.
Go to Coinbase: Login to your Coinbase account and click on Accounts. Next, click on Send where it says ETH Wallet.
You’ll be asked to enter a Recipient. This is where the Ethereum will be sent.
You’re sending it to Binance so you need to get an Ethereum address from your Binance account.
Login to your Binance account. On the taskbar, click on Funds then Deposits.
Binance will create an Ethereum address for you to send funds to.
The ETH Deposit Address is where you will be sending your Ethereum funds so copy and paste it into the Recipient box in your Coinbase account.
All you need to do now is decide how much Ethereum you want to send to your Binance account and click Send.
The funds will appear in your Binance account as soon as they are processed by the Ethereum network.
How to Trade on Binance
Click on Exchange on the taskbar and select Basic.
Choose a trading pair. Binance lists hundreds of trading pairs.
These are pairs of coins that Binance offers an exchange rate for.
For example, Bitcoin can be traded with 143 different coins so we say that Bitcoin has 143 trading pairs on Binance.
In this example, our account is funded with Ethereum, so we are only able to trade with Ethereum. To find out which cryptocurrencies are offered for trading with Ethereum, select ETH in the top right corner. You’ll now be able to see that Ethereum has 140 different trading pairs on Binance.
Select the coin that you want to exchange Ethereum for.
For example, you could choose Ripple (XRP).
Binance offers three kinds of trade:
LIMIT ORDERS allow users to set the maximum price they are willing to pay for coins or the minimum price they are willing to sell them for. Traders then have to wait until a buyer or seller accepts their price.
MARKET ORDERS allow users to trade coins at their current market price. This kind of trade is the fastest and most simple.
STOP-LIMIT orders allow traders to buy or sell a coin once it has reached a certain price. This kind of order is often used by pro-traders. Today, I’m only going to show you how to buy on Binance with market orders. They are quick, simple and perfect for beginners.
Click on the Market if you are happy with the current market price and enter the amount of Ripple (or your chosen coin) you want to buy.
You can enter this as an amount or as a percentage of the Ethereum in your account.
Binance trading fees are some of the lowest on the market. Binance doesn’t charge users for making deposits. This is because the exchange is cryptocurrency-only. It avoids the high fees that exchanges that offer fiat trading have to charge.
Binance trading fees are capped at 0.1% of each purchase or sale users make. This fee is reduced by 50% if traders use Binance Coin to pay them. So, that’s a final fee of just 0.05%!
This security feature is so important I’ve mentioned it twice!
Ignore requests from people claiming to be from Binance:
Nobody from the Binance team will ever ask for your passwords or your 2FA codes. They will also never ask you to send coins to a “safe account” or anywhere else!
Only use the official Binance site:
Don’t click on links to Binance in emails/pop-ups. Check the official Binance URL and bookmark it! If you need to contact the Binance team, use the contact information found on its secure homepage.
Use strong anti-virus software:
Your Binance account is only as safe as the device you’re accessing it from. Make sure all the devices you use to access your Binance account are free from bugs and viruses.
Free Trading Signals
Trading signals are triggers for action to buy or sell a security based on a pre-determined set of criteria. They can also be used to reconstitute a portfolio and shift sector allocations or take new positions.
Traders can create trading signals using a variety of criteria, from simple ones, such as earnings reports and volume surge, to more complex signals that are derived using existing signals.
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