I Have a Binance Account. What Should I Do Next?
Congratulations on your new Binance account! In this article, you'll learn everything you can do on Binance.com, the world's largest cryptocurrency exchange and online trading platform, allowing traders to track the movements of the largest number of digital assets and conduct real-time trading operations with maximum comfort.
At the end of the article, you'll find a step-by-step introduction on how to complete the identity verification, or KYC process, set up your withdrawal and deposit methods, and start using Binance.
What can I do with my Binance Account?
Binance is primarily a cryptocurrency exchange and a gateway for buying and selling crypto with national fiat currencies. However, the Binance Ecosystem consists of multiple products that can empower your financial growth and complement the use cases of cryptocurrencies.
For the starters, let's dive into the four primary categories you can find in the Binance.com menu. You can click on the name of each category or product to learn more about it.
Buy & Sell Crypto products are self-explanatory. You can use them to buy and sell cryptocurrencies using your national currency. Binance offers over 100 payment methods and supports more than 50 fiat currencies, including EUR, CNY, AUD, ARS, and RUB.
Bank Deposit: Deposit or withdraw fiat currencies to/from your Binance account via international wire or SEPA (0 fees) bank transfer. Fast and cheap transfers directly to your bank account.
Credit & Debit Card: Deposit or withdraw fiat currencies to/from your Binance account with your credit or debit card (Visa, MasterCard). Instant payments so you don't miss a single opportunity.
Cash Balance: Use your previously deposited Binance account balance to buy cryptocurrencies.
Third-party Payments: Don't have a bank account or prefer alternative payment methods? Buy and sell crypto with our verified and trusted third-party providers such as Banxa, Simplex, Papara, and more.
Trading crypto is the same thing as trading stocks, bonds, or commodities. As a trader, your goal is to predict the market movements, and as the saying goes, "Buy the bottom and sell the top." Trading can help you multiply your wealth, but it also involves high risk, especially in a volatile market such as cryptocurrencies.
Convert: Instantly convert cryptocurrencies, fiat currencies, and stablecoins without waiting for the market. Easily convert your assets without worrying about the order book or trading fees.
Classic: Trade over 1,100 trading pairs for more than 340 cryptocurrencies with basic trading tools from an intuitive and easy-to-use interface of the classic order book.
Advanced: Same as Classic but with a bunch of advanced trading tools, including Cross and Isolated Margin.
Margin: Leverage your trading position with margin trading and increase your profits. Enjoy up to x125 leverage on selected assets.
P2P: Trade cryptocurrencies and buy or sell crypto with fiat currencies directly from traders on our peer-to-peer trading platform. Over 100 supported payment methods with 60+ fiat currencies.
Derivatives, and futures specifically, allow you to participate in market movements and make a profit by going long (price goes up) or short (price goes down) on a futures contract by using up to 125x leverage. Derivatives are an advanced trading market and require high-risk tolerance and previous trading experience. Derivatives trading is for users with professional trading expertise and experience.
USD-M & Coin-M Futures: Trade leverage with our USD and Coin-margined futures with up to 125x leverage and no expiration.
Vanilla Options: Buy and sell European-style vanilla options where the buyer cannot exercise their right until expiration.
Leveraged Tokens: Unlike margin trading, leveraged tokens allow you to gain exposure to leveraged positions without having to put up any collateral, maintain a maintenance margin level, or worry about the risk of liquidation.
Battle: Join our tournament-style futures trading competition, face other Binance traders, and get a chance to win massive prizes!
We designed Finance products to help you grow your wealth, create additional income streams, and achieve better liquidity and access to funds. Each of the Finance products is designed for a different use, so take a look at each of them to explore.
Binance Earn: Put your crypto to work and earn passive income. Choose between different offers for Staking, Flexible Savings, BNB vault, Launchpool, and more.
Binance Pool: Mine crypto with Binance Pool, the most inclusive mining pool designed with low entry requirements, global coverage, and attractive returns on your investment.
Binance Card: Buy the things you love with Binance Visa Card. Order your card (Visa debit) and use the crypto balance on your Binance account to pay to millions of merchants worldwide.
Crypto Loans: Get a loan from Binance with guaranteed approval secured by your crypto assets. Choose from short-term (7d) up to half a year (180d) loan term.
Liquid Swap: Add your idle assets to the liquidity pool to become a liquidity provider, and earn passive income.
The complexity of the Binance ecosystem might seem a bit scary, but all the products click together as you progress on your cryptocurrency journey. As your knowledge improves and you amass more wealth, you’ll be prepared to explore new opportunities.
Where Should I Start?
There’s no universal answer to this question. If you’re completely new to cryptocurrencies and trading, the safest bet is to accumulate some crypto via Buy Crypto, order a Binance Card if you feel like spending, and put your crypto to work with Binance Earn products, such as BNB Vault, Launchpool, or Savings which come with a guaranteed capital return (you will always receive back your initial crypto stake).
If you have previous experience and understand stock or commodities trading, feel free to explore our Spot exchange that comes with the widest range of trading pairs, low fees, and high liquidity. If you’re feeling more courageous, try out Binance Futures Battle to put your trading skills to a test.
Regardless of where you'd like to start your crypto journey, you'll first have to sign up for Binance and complete identity verification, or KYC to buy crypto. Click the link below to learn how you can get verified in minutes.
The article has been edited on June 27, 2022.