Do you like cryptocurrencies so much that you think about taking it a step further, going beyond just researching the subject? Maybe trading is an idea for you.
Yes, it is possible to do this on Binance. But have you ever stopped to think about what it would be like? In this short article we will bring you a step by step guide and, at the end, some tips so that you can trade more safely, especially if you are just starting out.
Ah, it's important to say: we're going to use what you'll see in the iOS app as a step-by-step illustration, but the procedure is similar for the Android app or the website!
Step by step to trade on Binance
Open your account
The first and essential step to starting your journey on Binance is opening your account. You can do this here. It is possible to open your account with a direct email or by linking existing data from an Apple or Gmail email.
The link we present allows you to open your account using a browser, but it is always important to remember that Binance also has an app - both for Android and iOS - and, whether through an app or browser, you can open your account and use the services .
Check your account
As soon as you open the account, you will be asked for identification information. This data forms the so-called verification, which serves both to meet regulatory aspects and for Binance to allow you to carry out trades.
Verification is something that appears as soon as you log in to your account, because it is a very important part of the process of unlocking Binance's possibilities for those who use it. The verification screen you encounter will ask for your country and other identifying details; If you live in Brazil, you will see a screen like this one after selecting the country:
It may even be a requirement, but it is also something useful in terms of security: from the moment you can carry out trades, it opens up a much wider field of functions than if you had just used the exchange account as a wallet.
Identity verification takes place based on the following steps: you select the country/region where you live, enter your CPF (in case it is Brazil) and then make some records of your face as requested. Based on this information, Binance will seek confirmation of this information based on public data and then provide a response to the request.
This is precisely why, as soon as you finish your account verification process, this screen appears here (which confirms that the next step will be taken by Binance itself):
Send funds to your account
Once the account opening process has been completed and your details have been entered for verification, it is time to open up the gaming possibilities by placing resources within it.
At this moment, there are two possible paths: you can send some fiat currency (such as Reais, Dollars or Euros) or send some cryptocurrency available in another broker or wallet.
The first transaction, in which you put funds into your account, is just an exchange of wallets: the resources come from somewhere (from traditional markets or the crypto universe) and start to count as availability on Binance. Similar to transferring funds from one bank to another, or from a bank to an equity brokerage.
The screen that appears with the possibility of inserting funds is this one, assuming that we are going to bring R$ to the wallet via Pix:
Then just follow the step by step (it's all very intuitive) and wait for the money to drop into your wallet.
Choose a currency pair to trade - and do it!
With the account open, verified and funds available, the stage of making the trade finally arrives - what you have been curious to put into practice since the moment you read the title of this article.
At this stage, you search the Binance trades tab for existing currency pairs to make the exchange. Do you know the stage of placing funds? So: these funds are used to choose the other end of the pair - and then make the trade.
It is important to make it clear that this currency pair can involve a fiat currency and another crypto currency, in addition to the scenario in which only a trade is placed between two digital currencies. Or, in more direct terms: you can exchange Reais for Bitcoin (fiat-crypto) or Bitcoin for BNB (crypto-crypto).
The screen you open to check the possible pairs for trading using Convert is this one:
Did you choose a pair? Place the offer that you intend to exchange from one currency to another and execute the operation.
In the spot market, there are different types of orders you can place, such as market orders or limit orders, but that is a topic for another time...
Tips for those starting out
With this article you discovered how you can start trading, but some tips are valid at the beginning:
Start with little money: no one is born a professional at anything, not even knowing the details of everything operational; with money, this care is even more necessary; just put one foot in the pond first to feel the water temperature!
Research cryptocurrency projects: before making any trade, find out what the project you intend to exchange for your current funds on the exchange; After all, as obvious as it may seem, your current funds will “turn” into this other cryptocurrency;
Learn how to use stop loss (and use it!): this tool sells your cryptos if they reach a certain drop price, which limits losses with the cryptocurrency you trade and reduces problems if that project goes through a price bump. low.
Be patient: you are unlikely to make the shot of your life in a quick trade and believing this is one of the most common errors made by traders; the vast majority of gains in the markets, whether crypto or not, are in the long term!
Use Convert: Binance Convert is a simple way to exchange your cryptocurrency for the currency or fiat of your choice. And the best: no fees! After making the first conversion, you can also look at spot market possibilities and other operations available in the app.
After this brief step guide and these tips, you can start your journey on Binance in a safer way. Good start to the journey!
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Image by fabrikasimf, available on Freepik