What is Binance? How to use Binance?
How to Trade with Binance
Are you new to Binance and want to start using it? Binance is one of the largest platforms for cryptocurrency trading, and it can offer you a great experience while trading. But to make it possible, you must know how to trade, which can be a bit difficult when you first use the app. To make things easier for you, keep reading our guide on trading.
What is Binance?
Binance was founded in China in 2017 by Changpeng Zhao and Yi He. The two creators had been working on the OKCoin exchange for a while, and then they thought it would be better to create their exchange platform.
The platform is a crypto-to-crypto exchange, so that means it can only be used to trade cryptocurrencies and virtual tokens. With over 500 of them available, some of the trading options are Litecoin, Ether, Dogecoin, and of course Bitcoin.
Binance Beginners Guide
Welcome to Binance.com – the world’s leading crypto exchange.
Let’s get started in 5 quick and easy steps:
• Step 1: Register an account.
• Step 2: Full Verification
• Step 3: Collect crypto.
• Step 4: Buy crypto.
• Step 5: Explore Binance products.
Step 1: Register an account.
Register an account with your email or phone number from the Binance app, Binance website, or Binance desktop app.
Step 2: Complete the verification.
You can complete identity verification on your account to unlock fiat deposit and withdrawal limits. This process usually takes a few minutes to complete, which includes verifying your basic account information, providing identification documents, and uploading a selfie/portrait.
Be sure to secure your Binance account – While we do everything we can to keep your account safe, you also have the option to increase the security of your account. See our safety tips for more information.
Step 3: Collect Crypto
If you already hold crypto in another wallet, you can deposit them into your Binance Wallet. For more information on how to deposit and withdraw crypto to your account please refer to the FAQ here.
If you are not familiar with crypto wallets, please read this Academy article here to learn more. Please note that you should never share your Binance Account/Wallet passwords, private keys, or 2FA codes with anyone. Binance will never ask you to reveal sensitive information.
Step 4: Buy Crypto
Depending on your country, you can deposit 50+ fiat currencies, such as EUR, BRL, and AUD, to your Binance account using bank transfers and bank cards. You can find these different fiat channels here. Once deposited, you can use them to buy crypto directly.
Buy crypto using a debit/credit card.
You can also buy crypto directly using your credit/debit card on the Binance website or the Binance app in lite mode.
Buy crypto using P2P (Peer-to-peer).
You can also buy crypto through P2P methods. It allows you to buy crypto directly from other crypto enthusiasts like you. Check out this page to learn more about how to buy crypto on P2P.
Step 5: Explore Binance Products
After getting your first crypto, you can start exploring our versatile trading products. In the spot market, you can trade hundreds of cryptos including BNB.
BNB powers the Binance ecosystem and is the native coin of Binance Chain and Binance Smart Chain. BNB has many use cases, such as paying trading fees on Binance Exchange and DEX (Decentralized Exchange) and paying for goods and services online and in-store. Most importantly, you can get a special discount if you choose to pay trading fees on Exchange in BNB.
Binance coin explained.
Binance also has a token, called Binance Coin, or BNB. BNB’s first coin offering on an exchange managed to raise about $15 million in funds in 2017. Individuals who use BNB to pay their trading fees can also get a discount.
Many companies use ICOs, or Initial Coin Offerings, to raise money. This is because this method is very simple and it allows crypto businesses to raise funds without having to go through a very complicated process or methods like bonds or stocks.
How to use in Nigeria
Can Binance be traded?
You can trade with using your cryptocurrencies or tokens. When you first join and start using it, you will need to buy your first Bitcoin or BNB. Binance can be traded, especially if you make sure to buy Coin. But to do that, you have to go through several steps.
How to Trade on Binance
To trade on Binance, you need to go through several steps:
1. Open your account.
2. Fund your account.
3. Trade Get started.
Read on to learn about each of these steps.
Open your account.
As mentioned, if you want to trade you need to open an account. Go to the main page of the platform and click Register. After that, you will be sent to the appropriate registration page, where you must first provide an email address and set a password. The email address must be a valid one that you use regularly. As for the password, you should set up a secure one, such as a combination of numbers, letters, and symbols.
Rates and Terms
You have to prove that you are a human and not a robot. This will require completing a puzzle, which is not difficult. After that, an email will be sent to your inbox. Click on “Confirm Email” and your registration is complete. You have an account and you can start trading. But there’s one more thing you should do before actually trading, namely making sure your account is secure.
This means you should set up 2FA. This adds an extra layer of security to your account by ensuring that no one can access and top up your funds.
Fund your account.
Now that your account is open and secured, you can fund it. Let’s use Ethereum as an example for the funding process.
Log in to your account and click on Accounts. Then, select the Send to ETF Wallet option. Then enter a recipient, as this will be the person who will receive the Ethereum amount. You must have an Ethereum address on your account because you send money.
How to use Binance Wallet
Then, log into your account and click on Funds, then Deposits. Enter the cryptocurrency you need an address for. If Ethereum is the option you choose, will ensure that an address is created for the transfer of funds. Your Ethereum funds will then be sent to the ETH deposit address. This means it must be copied and pasted into the recipient field of the Coinbase account to make the deposit possible.
Next, select the amount you want to send to your account after which you can click Send. As soon as the Ethereum network finishes processing the funds, they will appear in your account.
Now is the time to start trading. Move the cursor to Trade and then click Basic or Advanced. It will show you all the current market details. To sell BNB for BTC at the current Bitcoin price, you need to select BTC in the right panel.
Then, click on BNB/BTC and you will see the corresponding trading page. Keep scrolling down until you see the Buy BNB and Sell BNB options. You use the Sell Coin option to sell BNB. Enter the amount you want to sell. Then click on the “Sell BNB” bar. You will immediately see the “Limit Sell Order Created” popup.
Scroll down to the Open Orders section later to see the Limit Sale order. Wait for the open order to complete, and once it does, your trade will be complete.
Advantages of Trading Binance
Trading comes with many advantages, such as:
• It has a touchscreen interface that looks great.
• It is very safe and secure.
• Supports 1,500 cryptocurrencies.
• It can be configured very quickly.
• Can be accessed on mobile.
• Has great protection against physical damage.
How To Use For Any Basic Trading
Here’s how to use it for any basic trade:
• Log in to your account.
Click Exchange and select Basic on the taskbar.
• Pick a trading pair, as there are many to choose from. If you only see Ethereum in funds, then Ethereum is the only one you can deal with.
• Choose the type of trade you want to make, such as limit orders, stop-limit orders, or market orders.
• Select the amount you want to trade.
Binance Trading Fees
If you want to trade, you will have to deal with fees. Fortunately, they are the lowest on the market. No deposit fees apply. Meanwhile, there are some withdrawal fees. For example, an Ethereum withdrawal fee will cost 0.01 ETH. The fee will depend on the currency.
If you are not interested in trading but still want to grow your crypto holdings, you can try Earn. It offers a complete suite of financial products to grow your passive income, including Flexible Savings, Locked Staking, Launch Pool, and Liquid Swap – just to name a few.
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