Have you heard about people with great trading experience on Binance? Do you also want to trade your cryptocurrencies on Binance? In that case, you are the right place to learn about it. Binance is one of the most significant exchanges for buying and selling cryptocurrencies to provide a satisfying trading experience.
Learning about how to trade with Binance might be difficult in the beginning. However, you can explore much about it through this guide about trading with Binance. So, without further ado, let’s get straight to it.
What is Binance
Binance is an exchange platform that supports trading in a broad range of cryptocurrencies. In terms of average daily trading volume, it beats any other exchange platform worldwide. People can use this platform for trading virtual tokens and cryptocurrencies since it solely works as a crypto-to-crypto exchange.
In 2017, Changpeng Zhao and Yi He developed Binance in China. In the beginning, both developers spent time at the OKCoin exchange. Later, they found that creating their own trading platform would be more profitable.
How Does Trading on Binance Work?
Before starting trading, you need to fulfil the KYC criteria. Hence, once you create your account, you can start trading by sending your cryptocurrency to the public wallet address.
Binance has introduced its own coin called BNB or Binance Coin. Accordion to research, in 2017, the first time BNB coins sold on the exchange brought in about $15 million. Moreover, Binance offers discounts for people who use BNB to pay their trading fees.
How to Trade on Binance
To trade on Binance, here are the steps you must follow:
Open your Account with Binance
First and foremost is to create an account with Binance before learning how to use it. Therefore, the following are some easy steps to walk you through opening an account with Binance. That will help you start trading right away:
Get Registered on Binance
Creating an account to get registered on Binance is a must. It is the first step to learning about using Binance. So, you need to visit the Binance homepage first and then tap on “Register.”
Next, a registration page will open, and you must add your working email address and password to create an account. Remember to use different types of characters and symbols to create a safer password for your account on Binance.
In the next step, you will find a captcha or a puzzle to sort out. Once you solve it successfully, you will get an email.
Verify Your Email Address
Your registration process will end after you click the “Verify Email” button. Finally, you have a Binance account and can begin trading on the platform.
Secure Your Account
Before you start trading for real, you must take care of a crucial thing. It is to make sure your account is safe. You must develop a two-factor authentication (2FA) system for that purpose. It provides additional protection for your account by assuring that no one else will be able to access your money.
Fund Your Account in Binance
There are many unique ways to fund your Binance account. One of those methods is as under:
Open the official website of Binance. Next, login into your Binance account. Let’s suppose Ethereum is the currency you use to fund your Binance account. So, choose the send option on Ethereum (ETH) Wallet. Since you are sending the funds to Binance, you must have an Ethereum address associated with your Binance account.
Funds Deposit on Binance
After that, sign into your account on Binance and click on “Funds.” Next, click on “Deposits.” Enter the name of the cryptocurrency whose address you want. Binance will ensure to create an address for funds transferring if you select Ethereum as the currency of your choice.
After that, your Ethereum funds will be transferred to the address designated for ETH deposits. The funds’ deposit process becomes feasible when you copy and paste it into the Coinbase account’s recipient’s box.
Next, choose the amount you want to transfer to your Binance account and click the “Send” button. Your Binance account will receive the funds once the Coinbase network completes its process.
Start Trading With Binance
Now it is time to get down to the business of trading. After moving the mouse over Trade, select either the Basic or Advanced option from the drop-down menu. It will provide you with an overview of the current market conditions.
Choose BTC in the right panel to sell Binance Coin in exchange for Bitcoin Cash at the current Bitcoin price. Click on the “Sell BNB” option after entering your desired amount to sell. A pop-up that says “Limit Sell Order Created” will appear next. You will find the limit in the “Open Orders” section. Your trading deal will be complete soon after the open order ends.
Trading on Binance will cost you for sure. You have to pay some fees. These are among the most affordable options for your good fortune. Although it does not apply any deposit fees, withdrawal costs are associated.
Binance is a cryptocurrency exchange where users can only exchange these currencies with one another. Thus, to start trading on Binance, you must first purchase a cryptocurrency. Moreover, these exchanges offer the trading of fiat money, which refers to the official currencies of various nations.
It is another incredible feature of Binance for being highly recommended. So, this is all, for now, to learn about how to trade on Binance. Let us know in the comments how helpful you find the post to trade on Binance. Visit somquestblog to learn more.
Is it easy for beginners to trade on Binance?
Binance is a platform for trading cryptocurrencies. It offers costs that are among the lowest in the industry. It is perhaps the simplest and least expensive way to trade crypto. Therefore, traders of all experience levels can benefit from this platform. So, you should try it if you are interested in trading on Binance.
What preventive measures should I take to protect my Binance account from scammers?
Keep your password noted in the most secure and safe place, and do not share it with anybody.
If anyone contacts you as an employee of Binance or a member of the Binance Support staff, never respond or hand him over your money.
Set up two-factor authentication using Google Authenticator, Binance Authenticator, or Yubikey (if available).
Will Binance still be available to use in the UK in 2023?
Binance was not operating in the United Kingdom for several months. However, after carefully considering the Binance policies, the United Kingdom’s government lifted the ban.