Trading with Binance Guide
Binance is arguably the best cryptocurrency exchange in the crypto market and it’s definitely the most trusted exchange. Binance has a user-friendly interface but also offers an advanced interface for more experienced traders.
In order to start using Binance to trade cryptocurrencies, you will need to open an account, a fairly simple process.
Registering on Binance
- Register: To register on Go to Binance and click on the ‘Register’ yellow button on the top right. Once you click it you will be redirected to the ‘create a free account’ page.
- Complete your account registration, remember to use a valid email and a strong password. Click ‘Create account’ once you have completed all the fields. You will have to complete a unique captcha where you have to fit a puzzle piece into a hole.
- Verify your email. As a standard procedure in most websites, you will have to verify your email. Check your email and follow the instructions inside the mail to complete your verification, remember to check the spam folder if you haven’t received the email or click ‘Resend email’.
- Log In. Once you have verified your email, you will be redirected to Binance and you will be asked to log in.
- Security Quiz. Since 2019 Binance offers a mini quiz to help users spot unwanted activity on the exchange
Increase your account security.
Once you are logged in, you will be prompted with a screen asking you to increase your account’s security using a 2 factor authentication. We highly recommend enabling 2FA with google authentication method to avoid unnecessary risks.
Deposit your Account
Click ‘Wallet’ and then ‘Deposit’
Now that you have an account on Binance, you will need to deposit Bitcoin or any other cryptocurrency accepted in order to start trading.
Now you can select which coin you want to deposit.
Coins are deposited after 1 network confirmation but Until 2 confirmations are made, an equivalent amount of your assets will be temporarily unavailable for withdrawals. You can also check your recent deposit history
How to Start Trading on Binance
Now that your account has enough coins, you can start trading on Binance. The exchange offers two different interfaces, a basic one and an advanced one. Beginners should use the basic one at first to get used to the exchange.
Click on the ‘Exchange’ tab on Binance’s main page and select ‘Basic’
You will be redirected to the BTC/USDT pair but you can select any pair you want using the tabs.
Here you will find all the available cryptocurrencies that you can trade. You can select the main pair first, BNB, BTC or USD stable coins as well as ETH or XRP. Once you have selected the base pair, you can select the other coin you want to exchange, keep in mind that not all base pairs have all the coins available for trade.
Once you have selected your pair, you can now sell or buy, whatever you need. As you can see, it’s fairly simple and you have 3 different orders possible, ‘Limit’ ‘Market’ and ‘Stop-limit.
is the most common one where you can set your buying or selling price and the amount. This order will stay active on Binance until it’s completed and will only be completed at the price you set it to.Example if coin XRP is at 1$ you can set an order that you want to buy XRP only if he goes down to 0.85$
Market Order Buy
Market is an order used when you need to buy an asset fast. Essentially you will be choosing the amount of Coin you want to buy and the order will automatically buy it at the best price that is available at the moment.
s a bit more complex, it’s used to sell or buy a coin when it reaches a specific price. As an example, if I want to sell my Bitcoin only if it goes below $11000, I would have to set the ‘Stop’ order at $11000 (this means that this order will only go through once BTC reaches $11000 or below) and then my ‘limit’ order at $10950 for example (this means that once Bitcoin goes below $11000 a limit order will be set at $10950 to sell my bitcoin). As you can see, this order is extremely helpful to avoid heavy losses in case the market crashes.