How to trade cryptocurrency on Binance Easily

How to trade on Binance for beginners

Have you recently learned about Binance and wish to use it? One of the biggest platforms for trading cryptocurrencies is Binance, which may provide you with a fantastic trading experience. However, in order to do that, you must be able to trade Binance, which might be difficult if this is your first time using the app. Continue reading our guide to Binance trading to make things easier for you.

What Is Binance?

Changpeng Zhao and Yi He launched Binance in China in 2017. After some time spent working at the OKCoin exchange, the two creators decided it would be best to develop their own exchange platform.

Because the platform is a crypto-to-crypto exchange, it can only be used to trade digital currencies and tokens. There are more than 500 of them accessible, with Litecoin, Ether, Dogecoin, and, of course, Bitcoin among the trading alternatives.

How does Binance Coin work

The Binance Coin, sometimes known as BNB, is Binance's own token. In 2017, the first BNB coin offering on the exchange was able to raise around $15 million. People who utilise BNB to pay their trading expenses may also receive savings.

To raise capital, several businesses employ initial coin offerings, or ICOs. This is due to the fact that this method is relatively simple and enables cryptocurrency businesses to generate money without having to go through arduous procedures or techniques like bonds or stocks.

Can Binance Be Traded?

With Binance, you may exchange cryptocurrencies and tokens. You must purchase your first bitcoin or BNB when you join Binance and begin using it. Trading is possible with Binance, especially if you make sure to purchase Binance Coin. But in order to do so, you will have to go through a series of steps.

How to Trade on Binance

There are a few things you need to take in order to trade on Binance:

1. Open Your Account
2. Fund Your Account
3. Start Trading

To understand more about each of these steps, continue reading.

Open Your Account

As previously said, opening an account is required if you wish to trade with Binance. Click Register on the Binance platform's home page to sign up. You will then be sent to the appropriate registration page, where you must first enter your email address and create a password. The email address needs to be one you routinely use and is in good standing. You should create a safe password using a combination of numbers, letters, and symbols.

Rates and Terms

Following a study of the Binance Terms of Use and your acceptance of them, you can click on Register.

Captcha

You'll need to demonstrate that you are a real person and not a robot. This requires solving a riddle, which is not difficult. An email will then be delivered to your inbox. When you click "Verify Email," your registration is finished. You can begin trading on Binance if you have an account. However, there is still one more step you need to take to safeguard your account before you start trading.

That suggests that you set up a 2FA. By preventing anyone else from accessing your money and using it for their own purposes, this gives your account an extra layer of security.

Fund Your Account

You can finance your account now that it has been created and secured. Let's use the funding procedure for Ethereum as an example.

log in

Enter your account information and select Accounts. Then select Send on ETF Wallet from the menu. The person receiving the amount of Ethereum must then be entered as a recipient. Since you transmit the money to Binance, your account must contain an Ethereum address.

Deposit Funds

Afterward, go in to your Binance account and select Funds, followed by Deposits. Type the address for the coin you require. If you select Ethereum, Binance will make sure an address is generated so you may send the money. The ETH Deposit Address will subsequently receive your Ethereum coins. This means that in order to enable the money deposit, it must be copied and pasted into the recipient box of the Coinbase account.

Then, after choosing the amount to send, click Send to send it to your Binance account. Once the money have been processed by the Ethereum network, they will show up in your Binance account.

Start Trading

The time has come to actually begin trading. After placing the pointer above Trade, choose Basic or Advanced. This will display all relevant market information. You must select BTC in the right panel in order to sell BNB for BTC at the current Bitcoin price.

Following that, click BNB/BTC to see the related trading page. When you find a Buy BNB and Sell BNB option, keep scrolling down. To sell BNB, select Sell Coin from the menu. Please enter the desired selling price. After that, click the "Sell BNB" bar. A "Limit Sell Order Created" pop-up will appear right away.

The limit sell order can then be seen by scrolling down to the Open Orders column. Wait for the open order to finish, and your transaction will be finished once it does.

Advantages of Trading Binance

There are numerous advantages to trading Binance, including:

• It has a really attractive touchscreen interface.
• It is quite secure and safe.
• Supports 1,500 cryptocurrencies
• It can be set up very quickly
• accessible from a mobile device
• Has a lot of protection against physical damage

How to Use Binance for Any Basic Trade

Here is how to use Binance for any basic trade:

• Log into your Binance account.
• Click on Exchange and pick Basic on the taskbar.
• Choose a trading pair from the many options available. If Ethereum is the only cryptocurrency you see in the funds, you can only work with Ethereum.
• Select your desired trading strategy, such as Limit Orders, Stop-Limit Orders, or Market Orders.
• Choose the amount you want to trade.

Binance Trading Fees

If you wish to trade on Binance, you will have to pay fees. Fortunately, they are among the most affordable on the market. There are no deposit costs. There are withdrawal costs in the interim. For example, there will be a 0.01 ETH fee for each Ethereum withdrawal. The charges are determined by the currency.

If you know how to use the site, trading on Binance can be a delightful experience. To begin trading, you must first open an account and deposit funds. Only then can you begin trading. The good news is that withdrawal costs are extremely cheap, allowing you to withdraw your funds without any problems.