How to Get Started in Crypto Trading?
We’re going to teach you how you can get started in crypto trading using Binance. Since it can be stressful for anyone to buy and sell a cryptocurrency, it is vital to choose a trustworthy exchange that is easy to use and meet your every need. It can be terrible to open an account on an exchange and eventually realize that you are unaware of how it works.
Whenever you’re considering getting into crypto trading, open a Binance account. In our Binance tutorial, we’ll teach you everything you have to know how to use Binance. Included here are how to trade, sign up, and the trading fees you need to pay on Binance. This exchange is safe and comfortable to use because it got designed for every kind of user.
Once you finish reading this, you’ll become aware of how to use Binance, which is now one of the world’s biggest crypto exchanges.
The Binance Lore
Founded in China last 2017 by Yi He and Changpeng Zhao is Binance. Both of these men worked at the OKCoin exchange before they decided to build their crypto exchange.
Last September 2017, the company was forced to leave China as the Chinese government banned cryptocurrency trading. It then had offices in Taiwan and Japan and is now based in Malta.
The cryptocurrency of Binance is called the BNB or Binance Coin. The initial coin offering of the Binance Coin in the exchange raised funding worth $15 million last July 2017. Traders that use BNB to pay for trading fees were able to get discounts.
The ICO (initial coin offering) is the easy way for crypto businesses to raise money without using highly complicated methods like stocks or bonds. According to Statista, Binance is now the biggest crypto exchange in the market. It now has a trading volume of $72,980,217,471 according to CoinMarketCap.
As a crypto-to-crypto exchange, users can only use Binance for trading cryptocurrencies. Whenever you don’t have cryptocurrency yet, you need to purchase some before trading with Binance. It would be best to use an exchange that offers the trading of fiat currency (official currencies of different countries) like Coinbase, CEX.IO, and Coinmama.
Whenever you have cryptocurrency, you can use it for trading hundreds of tokens and coins on Binance. Since you already know about it, you need to learn how you can use it.
How to Open a Binance Account
Before knowing how you can use Binance, you need to open an account first. Here are simple instructions on how you can open an account with Binance so you can trade immediately:
You will then get redirected to the registration page, where you have to enter your email address and make a password.
Make sure that you always use a secure email address that you regularly check. Whenever you make a password, always include a mixture of symbols, numbers, lower and upper-case letters.
3. Provide proof that you’re not a robot by completing a puzzle. You will find it easy as you’re not a robot.
It will then send an email to you. Complete the registration by clicking on Verify Email.
Once you finish that, you now hold an account with Binance! Congratulations! The next thing that you have to do is to make sure that your account is secure.
4. Make sure to have your account secure. Whenever you log in for the first time, set up the 2FA. You must set up and use this now because you may eventually regret it if you skip it.
2FA stands for two-factor authentication. This security feature provides users with an additional password. People who use the 2FA enter their regular password, and another code is sent through SMS to their mobile device or created through the Google Authenticator app. Once you have your 2FA set up, you can now fund your account and move cryptocurrency into it. You can have this done by sending cryptocurrency from another exchange or a crypto wallet like Coinbase to your account in Binance.
How to Fund Your Account in Binance
Here is one of the ways you can have funds in your Binance account. As an example, the cryptocurrency ETH or Ethereum gets used in funding a Binance account.
1. Go to Binance: Login to your account in Binance and choose Accounts. Select Send on ETH Wallet.
After that, enter a Recipient. That will be the person who will get the Ethereum. Since you’re having it sent to Binance, your Binance account needs to have an Ethereum address.
2. Log in to your account in Binance. Click on Funds and then Deposits on the taskbar.
Have the cryptocurrency that you need an address for entered. If you want to use Ethereum, Binance will make an Ethereum address to send the funds.
You will send your Ethereum funds to the ETH Deposit Address, so you should have it copied and pasted into your Coinbase account’s recipient box.
The next thing you have to do is choose how much Ethereum you intend to send your account in Binance and click on Send. The funds will show up in your Binance account once the Ethereum network processes them. Now that you know how to open and fund an account in Binance, the next thing you need to learn is how to trade on it.
How to Trade Crypto on Binance
The two trading settings in Binance are Advanced and Basic. For Beginners, we highly recommend beginning trading in Basic.
Basic has a trading setting with a simple layout that anyone can easily understand as it only displays the vital information for making trades. However, since Binance is a professional trading platform, the Basic trade setting may appear highly complicated for any newbie. However, it wouldn’t take long for anyone to have a grasp on it.
Because of the Advanced trade setting, expert traders get access to every market data and price chart they need whenever they undergo complex trades. Since this is an excellent tutorial for beginners, we will only show you how to buy on Binance Basic. We can discuss the complicated stuff on another day.
Let us learn about how you can use Binance for Basic trades.
Supports an excess of 1500 cryptocurrencies
Available on a mobile device
It comes with a touchscreen interface any user would appreciate.
It can quickly get set up.
Provides the needed protection against whatever physical damage
How you can use Binance for any Basic Trade
1. Log in to your account in Binance.
2. On the taskbar, click on exchange and choose Basic.
3. You will find that Basic doesn’t look that Basic at all!
4. Select a trading pair. There are so many trading pairs listed on Binance. An exchange rate is what Binance offers for these pairs of coins. You can have Bitcoin traded for 143 various currencies on Binance. If your account has Ethereum in its funds, you can only deal with Ethereum
Search for the cryptocurrencies that offer to trade with Ethereum by choosing ETH at the top right corner. Here, you’ll see that there are 140 different trading pairs for Ethereum on Binance. Choose the coin that you want to have Ethereum exchanged. As an example, you may select XRP or Ripple.
5. Select the kind of trade you desire to make. There are three kinds of trades that Binance offers:
Market Orders - These let the users trade their coins at the current market price. It is the kind of trade that is most simple and fastest.
Stop-Limit Orders - Here, traders can sell or buy a coin whenever it gets to a specific price. It is a kind of order that pro-traders often use.
Limit Orders - Limit orders enable users to have the maximum price that they are will to sell a set. The traders will then wait until a seller or buyer accepts their price.
You can buy on Binance using market orders that are perfectly simple and quick for any beginner.
6. Select your desired amount for trading. If you feel happy with the current market price, click on the market and enter the amount of the coin that you want to buy. You can have this entered as a percentage or amount of your account’s Ethereum.
Click on Buy XRP so you can now be a Binance crypto trader.
Since you now know how to trade on Binance, the next thing you need to know are the trading fees of Binance.
Binance has trading fees that are some of the market’s lowest. Binance does not charge users for making deposits as the exchange is only focused on cryptocurrency. The high fees charged by fiat trading offers are what it avoids.
The withdrawal fees charged by Binance for different cryptocurrencies are also relatively low. As an example, you can have Ripple withdrawn and get charged with 0.25 XRP. You can also have Ethereum withdrawn and get charged with 0.01 ETH. The trading fees of Binance have capped at 0.1% of every sale or purchase that users make. The fee can get reduced by 50% whenever Binance Coin is what traders use for payments. Because of that, the final fee will only be 0.05%.
Check out the trading fees of Binance’s competitors, so you’ll understand why Binance is among the most famous exchanges on the market. Bitstamp and Bittrex are renowned for having low fees, and both of them charge 0.25% for every trade, which is five times higher than Binance. The low trading fees of Binance are among the best features of the exchange. The other excellent quality is security.
Here are the different ways Binance users can have themselves well protected against any thief or hacker:
Ignore any request from people who claim to be from Binance:
No one from the team of Binance will ever ask for your 2FA codes or passwords. They will never ask for coins to be sent anywhere else like a “safe account.”
Here is a vital security feature that I have mentioned repeatedly.
Use of robust anti-virus software:
Your account on Binance may only be as safe as the device where you access it. Ensure that every device you use in accessing your Binance account is free from any virus or bugs.
Only utilize the official website of Binance:
Avoid clicking on links to Binance in pop-ups or emails. Make sure that you go to the official URL of Binance and have it bookmarked. Whenever you have to get in touch with the Binance team, check out Binance support.
The use of a crypto exchange may not be similar to the services that your bank provides. It does not have buildings you can visit to complain or 24-hour helplines to contact. You are solely responsible for your account’s security, so you always need to be safe.
Now, you know how to open an account on Binance and make any regular trade. You also got informed about Binance security and trading fees. Before you can check out Binance to start trading, take a quick look at what type of user that Binance provides a design.
Who is Binance for?
Binance has a design that is appealing to as many users as possible. Newbies can consider the exchange to be simple enough for them to use, and it provides enough features and coins that can make sure that expert traders are happy. We highly recommend Binance to crypto traders of every experience level.
People who struggle in using Binance are those who trade for the first-time. These are people who may not own any cryptocurrency that they don’t understand crypto trading basics. If that is the case, trade with Binance with its Basic settings first. Start by making simple market trades and get into the Advanced settings so you can move on to the highly complex stop-limit and complex limit order trades. There is a wide selection of coins that Binance offers its users, and this is the kind of market information that is not available on any other exchange.
Binance now even has fiat trading in Binance Uganda, wherein traders can use Binance to use fiat currencies in purchasing cryptocurrencies. Once fiat trading is available in every Binance platform, the users may not want to go anywhere else for crypto trading.
After discussing how you can buy Binance, who are the people who can utilize Binance, and what is the price of trading with Binance, the only thing you need are some words of wisdom.
The market of cryptocurrency exchange is so crowded that successful exchanges are the ones that provide features that every trader can have fun with and easily use. Here, we showed you that Binance is a great exchange as it can exactly do all these!
There is a great reason why Binance has a trading volume of around $28.85 billion. That is because it works! Aside from this, there are millions of people all over the world who are happy with Binance. Binance is what they use because it comes with excellent trading features and is so simple to use. Now that you know how to use Binance go ahead and try it for yourself. Let us know what you think after making a few trades!
Get Started in Crypto Trading with Binance
It can now be possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using the Philippine Peso. Binance has a P2P platform that allows Filipinos to do this without any transaction fees. Integrating this will enable the user to trade crypto in their preferred prices and payment modes. They can even have their crypto assets transferred to a Binance wallet without an added cost.
Because of the platform's zero transaction fees, it offers an escrow service. It aims to ensure that all of the cryptos will go to the users' wallets. Binance has a P2P platform that lets users gain more access to various financial services. Included here are spot, margin, lending, and futures trading of Binance.com.
Since its launch in October 2019, Binance's P2P platform has supported approximately 31 fiat currencies. It was also able to process trades of more than $1 billion. For their Global P2P Merchants Program, the company now actively searches for local merchants with reliable crypto and fiat access. Here, verified merchants enjoy a lot of benefits. It includes exclusive support for customers, VIP discounts, ad transactions and postings, and security deposits without any fees.
Start learning about Binance P2P trading by trading through Binance now.