Changpeng Zhao and Yi He founded Binance in China in 2017. Before deciding to start their own crypto exchange, he and Zhao both worked at the OKCoin exchange. After the Chinese government banned cryptocurrency trading in September 2017, the company was forced to leave the country. Since then, it has opened offices in Japan and Taiwan. It is currently headquartered in Malta. Binance is a coin to the cryptocurrency exchange. Users will only use it to exchange cryptocurrencies as a result. You’ll need to purchase cryptocurrency if you don’t already have any until you can start trading with Binance. I recommend using a fiat currency trading exchange such as Coinmama, CEX.IO, or Coinbase.
How to Make a Account On Binance
You’ll be trading in no time if you follow the easy instructions below.
- 1. The first thing you can care about using Binance is how to register! Go to Binance’s home page and press the Register button. You’ll be taken to a login page where you can enter your email address and generate a password.
- 2. Click Register after reading and agreeing to Binance’s Terms of Service.
- 3. You’ll be asked to complete a puzzle that should be simple for you. Unless you’re a robot, of course! You will get an email shortly. To finish your registration, click Verify Email. Congratulations on your achievement! You’ve got a Binance account. I’ll show you how to use Binance after that, but first, you must protect your account.
- 4. Secure your account by taking these steps: When you first log in, you’ll be asked if you want to allow two-factor authentication. You should definitely set up 2FA; it’s crucial! If you prefer Skip, for the time being, you will come to regret it later!
How to Fund an Account
In this Binance tutorial, I’ll show you how to fund your Binance account using Coinbase as an example. Almost every other exchange from which you are sending funds would follow a similar procedure. As an example of a cryptocurrency you can use to finance your Binance account, I’ll use Ethereum (ETH).
- 1. Visit Coinbase: Click Accounts after logging into your Coinbase account. Then, where it says ETH Wallet, press Send. You’ll be prompted to pick a Recipient. The Ethereum will be sent to this address. You’ll need to get an Ethereum address from your Binance account since you’re sending it to Binance.
- 2. Login to your Binance account. Select Funds, then Deposits, on the taskbar. Now type in the cryptocurrency for which you need an address. I’m going to use Ethereum in this example. For you to send money to, Binance will generate an Ethereum address. The ETH Deposit Address is where you’ll send your Ethereum funds, so copy and paste it into your Coinbase account’s Recipient box.
All you have to do now is choose the amount of Ethereum you want to send to your Binance account and press Send. As soon as the Ethereum network processes the funds, they will appear in your Binance account.
How to Trade on Binance
Binance offers two trading options: Basic and Advanced. Beginners can start with Basic trading. The Basic trade setting has a plain, easy-to-understand layout. Only the most critical information for trading is shown. You should keep in mind that Binance is a skilled trading platform, so even the Basic trade environment can be too difficult for some newcomers to use. It won’t take you long to figure it out, though!
Expert traders may use the Advanced trading environment to get all of the price charts and market data they need to make complicated trades. I’ll just show you how to buy on Binance in Basic since this is a beginner’s Binance tutorial. I’ll put the tough stuff off for another day!
Binance for Basic Trades: How to Use It
- 1. Go to your Binance account and log in. It’s nice and easy!
- 2. Pick Basic from the Exchange menu on the taskbar.
- 3. As you can see, Basic is far from easy!
- 4. Pick a trading pair to invest in. Hundreds of trading pairs are available on Binance. These are the coin pairs for which Binance provides an exchange rate. Since Bitcoin can be exchanged with 143 different coins on Binance, we refer to it as having 143 trading pairs. Our account is supported with Ethereum in this case, so we can only transact with Ethereum.
- Select ETH in the top right corner to see which cryptocurrencies are available for trading with Ethereum. On Binance, you can now see that Ethereum has 140 separate trading pairs. Choose the coin for which you want to trade Ethereum. You might, for example, go with Ripple (XRP).
- 5. Settle on the sort of trade you’d like to make. Binance provides three distinct types of trades:
Limit orders :Enable users to set a maximum price for coins they are willing to pay or a minimum price for coins they are willing to sell. Traders must then wait for a buyer or seller to approve their bid.
Market orders : Users will exchange coins at their current market value. This is the simplest and quickest form of exchange.
Stop-limit orders : If a coin has reached a certain price, traders may buy or sell it. Professional traders often use this type of order. - 6. Decide how much you want to trade. If you’re satisfied with the current market price, click Market and enter the sum of Ripple (or your preferred coin) you want to purchase. You can join this as a dollar sum or a percentage of your Ethereum balance.
Now comes the fun part! That’s all there is to it. Click Buy XRP and you’re done. You’ve now been a Binance cryptocurrency dealer! I need to inform you about Binance trading fees now that you know how to use Binance to make trades.
Binance trading fees are among the most affordable on the market. Users are not charged for making deposits on Binance. This is due to the fact that the exchange only accepts cryptocurrencies. It removes the high fees that fiat trading exchanges have to charge.
Different cryptocurrencies have different withdrawal fees, but they are all very tiny. For eg, withdrawing Ethereum will cost you 0.01 ETH, while withdrawing Ripple will cost you 0.25 XRP.
The fees charged by Binance are capped at 0.1 percent of each purchase or sale made. Traders who pay with Binance Coin get a 50% discount on this fee. Which amounts to a final fee of just 0.05 percent!
It’s easy to see why Binance is one of the most successful exchanges on the market by looking at its competitors’ trading fees. Both Bittrex and Bitstamp are known for their low fees, charging 0.25 percent for each transaction. That’s five times what Binance has!
Who is Binance for?
Binance is planned to cater to a wide variety of users. The exchange is easy enough for beginners to use, but it still has enough coins and features to satisfy experienced traders. Binance is a cryptocurrency exchange that I will suggest to almost every level of crypto trader.
The only people who may have trouble using Binance are those who are new to trading. These users are unlikely to have any cryptocurrency and may be unfamiliar with the fundamentals of cryptocurrency trading. If this describes you, I recommend signing up for an exchange such as Coinbase. You’ll be able to buy your first cryptocurrency with fiat currency and make some easy trades with Coinbase. You’ll then be ready to try Binance.
Binance’s Simple and Advanced settings will take you from beginner to expert in trading. Start with basic market trades and work your way up to the more complicated limits and stop-limit order trades.
Binance provides its users with a diverse range of coins as well as market data unavailable on most other exchanges. The only thing it lacks is fiat trading. That, however, is about to change.
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