Hello friends!
In this article, I will go into detail about the Binance phone app.
To start trading, download the Binance application to your phone. Register or log into your account. When registering, you can enter a referral code to receive a discount on commissions.
The Lite version opens for beginners. Let's go straight to professional. We open the “Wallet” section, it contains all our assets. At the top are the tabs for different wallets.
To change the language, go to the home screen ⇒ “Setting” ⇒ “Language”. Select “Russian”. In the “View” section you can change the theme.
Go to “Home”, “More” section ⇒ “Reward Center”. Bonuses for registering via referral links are displayed there. By topping up your balance with $100, you will receive a voucher for $50.
Let's top up your wallet. Section “Home” ⇒ “More” ⇒ “P2P”. This section allows you to buy cryptocurrency from other users using our bank card. Select “Buy”, the currency for which we will buy (RUB), USDT (has the most favorable rate), payment method (bank), amount and select the appropriate seller from the list. Sellers with a check mark next to their name are merchants verified by the exchange itself. Click “Buy”.
A simplified purchasing method is the “Express” option. In this case, Binance only offers verified sellers. “P2P” ⇒ “Express”, select “Buy”, USDT, enter the amount and click “Buy with zero commission”. Specify the payment method and click “Confirm purchase.” After which a transaction will open with the details of the seller to which you need to transfer money.
The purchased coins are sent to your wallet for replenishment. To use them, let's transfer money to a spot wallet. “Wallet” ⇒ “Overview” ⇒ “Top-ups” ⇒ “Transfer”. Select a coin, amount and click “Confirm transfer”.
On the main page, in the “More” section, you can find all the tools you can use to make money on Binance. Let's go to "Trade" ⇒ "Spot".
Let's choose a trading pair for USDT. Let's take BNB. Select “Buy” or “Sell”. Type of order – limit, when a purchase occurs only when the specified price is reached. Market - Buy at current market value. Transaction amount in USDT or BNB. And click “Buy BNB”. The order has been created. Having entered the history with an order, we will see our transaction.
The coins are in our spot wallet. By clicking on BNB, we will see the history, which displays, among other things, “Trading Commission”.
By using the BNB token itself to pay fees, we will receive an additional discount.
You can enable it on the main page. Click on “Use BNB for a discount” and enable the checkboxes. I also recommend going through identity verification there in order to use all the capabilities of the exchange.
Consider futures trading. First you need to fund your futures account. Go to the section “Wallet” ⇒ “Futures” ⇒ “Transfer”. Select from “Spot” to “USD-M Futures”, coin, amount and click “Confirm transfer”.
Let's go to the "Futures" section.
This type of trading allows us to use borrowed funds, which allows us to earn more, but also lose more.
Select “USD-M Futures”. Type of margin – isolated, when you use only the funds in the transaction. Cross margin involves spending all funds in the futures account.
The size of the leverage shows how much borrowed money we will use. Leverage x10 will increase our income by 10 times, but also losses. In this case, if the price falls by 10%, we will lose all the money in the transaction.
Choose between “Buy” and “Sell”. Futures allow you to trade short, i.e. to go down. Select margin, leverage, sell, order type, amount and click “Sell/Short”. The deal appears in the “Positions” tab. Buy orders are marked with a green “K” and sell orders with a red “P”.
You can view information about margin, position size, entry price, mark price and liquidation price. The liquidation price indicates that when the asset reaches it, your position will be closed.
Let's consider Take Profit (TP) and Stop Loss (SL). TP is a limit order that we place ourselves to take profit. SL – accordingly, limits our losses. TP and SL can also be placed during the transaction formation process. They are best used if we are not constantly on the phone tracking a deal.
Let's look at the graph. It supports displaying different candlesticks as Japanese candlesticks and allows you to change their time frame. It can be used for analysis, although not too in-depth. Below is a glass of orders with buy and sell transactions.
There is a calculator in the deal window. It allows us to calculate our profit or loss, as well as TP and SL levels. For example, PnL. Select “Short”, leverage, enter “Entry price”, “Exit price”, the amount entered into, and click “Calculate”.
“Target Price” allows you to calculate where to place your TP. Select “Short”, leverage, “Entry price”, ROE (desired return as a percentage). Click “Calculate” and get the price at which you can put TP. SL and Liquidation Price are calculated similarly.
To close a position, you need to select the price type and percentage size and click “Confirm”.
Let's consider liquidity farming. Go to the main page ⇒ “More” ⇒ “Earn” ⇒ “Farming profitability”.
Here you can invest tokens in various liquidity pools and receive rewards for it. We create liquidity in a specific pair of coins and everyone who trades these coins for each other will pay us a percentage of the fee.
Select a pair and click “Liquidity”. We must add two coins of equal value. Specify the amounts and click “Add liquidity”. By clicking “View my share” we will see our profitability. You can add liquidity or remove it by closing the position.
If you exchange coins through liquidity pools, then the commission for the transaction will be received by the people who created this liquidity.
Fixed staking - allows you to fix coins for a certain period of time and receive a reward for it. Go to the main page ⇒ “More” ⇒ “Earn” ⇒ “Staking”.
Consider the NEAR token. A limited number of coins are available for staking. This amount depends on the period. The shorter the period, the greater the number of tokens that can be used.
In the “Earn” section you can place coins into non-fixed staking. In the “Wallet” ⇒ “Earn” tab you can view the income for all staked positions, as well as for liquidity farming.
Let's go to "Wallet" ⇒ "Top-ups" ⇒ "Pay". In this section, we can send and receive money from Binance users without fees using Pay ID. One of the interesting features is Crypto Box. With it, you can send cryptocurrency as a gift to other users.
Click “Send” ⇒ “Create Now”, enter the quantity, total amount and message for the gift. Click “Continue” and the “Code for Crypto Box” is generated. The recipient activates this code in the “Receive” section and takes part of the amount from the general gift pool.
Binance has a referral program where you can invite friends and receive bonuses from the exchange for doing so. When choosing the “Standard Referral” mode, we can choose which part of the commission discount we keep for ourselves and which part our friend gets.
Trading bot. Go to the “More” section ⇒ “Trading strategy”. This tool allows us to create a bot that will trade automatically. You can configure it manually, but there are also automatic settings that the exchange provides.
There are three strategy options: neutral, long or short. Neutral is most preferable for beginners. Select margin, leverage, amount and click “Create”. The “Launch” tab shows running bots, as well as their statistics: profit, duration of operation, etc.
In the “Trade” section there is a “Trade Simulator”. We are given an initial deposit of $3000 to learn trading on a simulator. You can practice opening and closing trades, setting TP/SL, and analyzing the chart.
Another interesting tool is crypto loans. If we need money, we can take it from the exchange using the existing cryptocurrency as collateral.
Go to the “More” section ⇒ “Crypto loans” ⇒ “Take a loan”. You need to select a loan token and a collateral token, as well as the loan term. The collateral amount is always greater than the loan, by approximately 30%. You can immediately see interest rates and assess the level of risk. This money can be used at your discretion, including withdrawn to a card.
Launchpad and Launchpool are some of the most popular activities on Binance. Go to the “More” section ⇒ “Earn” ⇒ “Launchpad”. They occur quite often and represent the purchase of tokens at a pre-sale at a reduced price and staking accordingly.
Earnings come from the fact that after entering the exchange, coins increase in price and can be sold at a profit.
NFT - The Binance marketplace allows you to buy NFTs from different collections and sell your own pictures. Go to your profile ⇒ “Enter”, select the network through which you want to receive NFTs, and transfer them to your Binance account. Various promotions, project launches, and NFT box draws are held periodically.
Here's everything you need to know about the Binance mobile version. Happy trading!
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