Have you just found out about Binance and want to start trading with it? Binance is a leading platform for cryptocurrency trading, which can offer an excellent experience to users. But that can only be possible by learning how to utilize Binance, and this can be tricky if you’ve never used the platform before. But don’t worry, we’re here for you. This article will explain all you need to know about trading with Binance.
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What is Binance?
Binance was developed by Yi He and Changpeng Zhao in 2017. The two creators worked at the OKCoin exchange for some time, and later on, they decided to build their own exchange platform. You can only use this platform to trade virtual tokens and cryptocurrencies.
Binance’s token is Binance Coin, or BNB and individuals who use it to pay trading fees may get discounts. Many organizations use the initial coin offering to raise money because the method is easy, and crypto businesses can raise funds without going through challenging processes like stocks or bonds.
How can you trade with Binance?
To trade with Binance, you have to use your tokens or cryptocurrencies. When joining Binance for the first time, you’ll need to get your first BNB.
It’s possible to trade Binance, especially if you buy Binance Coins. However, you have to go through the following steps beforehand:
- Create an account;
- Fund the account;
- Start trading.
Let’s further discuss these steps.
Create an account
As mentioned above, the first step to getting started with Binance trading is creating an account. To do this, you have to access the platform’s main page and then click on Register. You’ll be directed to the registration page, where you have to write your email address and a password. You should give a valid email address that you generally use. Also, it’s critical to ensure the password is secure, so make sure to combine letters, symbols and numbers.
If you have completed the step successfully, your account has been created, which means you can start trading. However, there’s something else you should do prior to it, namely to ensure your account is protected. To do this, you have to set up two-factor authentication, which provides your account with an additional layer of security. This way, you ensure no one except yourself access your funds to spend them for their fulfillment.
Fund the account
After opening and securing your account, you can move on to the next step – funding it. We’ll use Ethereum to explain the funding process. Here’s what you have to do:
- First, log into the account you’ve created. Once you’ve logged in, click on Accounts and select the option Send on EFT Wallet. Next, enter the Recipient that will get the Ethereum amount. You need to insert an Ethereum address on the account since you send the cash to Binance.
- Next, deposit your funds. After logging into your account, click on Funds. Then, click on Deposits and enter the cryptocurrency’s name for which you need the address. Supposing Ethereum is your option, Binance will generate an address to transfer the cash. Then, you’ll get the Ethereum funds to your ETH Deposit Address. To make the deposit possible, you should copy and paste the address into the Coinbase account’s recipient box. After completing these steps, choose the amount you want to deposit in your Binance account and then click on Send. Once the Ethereum network processes the funds, you’ll see them in your Binance account.
If you’ve managed to get through those two steps successfully, you’re ready to start trading. First, move the screen cursor over Trade. Next, select between Basic and Advanced options. Once you do this, you’ll see the actual market details. To trade BNB for BTC at the current Bitcoin price, you have to select BTC in the proper panel.
Next, you have to click BTC/BNB, and you’ll be directed to the trading page. Then, scroll down until you find the Buy BNB and Sell BNB option. The Sell Coin option allows you to sell BNB. Figure out how much you want to sell and enter the amount, then go to the Sell BNB bar and click on it – the Limit Sell Order Created box will pop up right away. Scroll down until you get to the Open Orders section and check the limit sell order. Wait until the open order completes, and then your trade is finalized.
What are the benefits of trading with Binance?
Trading with Binance has several benefits, including:
- It provides increased safety;
- It can be set up rapidly;
- You can access it on your mobile;
- Its interface looks nice;
- It provides protection against physical deterioration.
Who is Binance designed for?
Binance appeals to different users – newbies can use the exchange effortlessly, and expert traders are also happy as they can benefit from various features and get enough coins. Almost every crypto trader can use Binance regardless of their level of experience. First-time traders may find it pretty challenging to use Binance at first since they don’t really understand how crypto works. In such a case, it’s critical to start with the Basic settings. Later on, beginners can move on to an expert level through its Advanced settings.
The bottom line
The cryptocurrency market is crowded, and to succeed, the exchanges have to provide features that any trader can enjoy and use effortlessly. Millions of customers worldwide find Binance appealing due to its ease of use and excellent trading features. As illustrated in this article, trading with Binance has several advantages, making it an impressive platform.