Binance is a platform which offers, quite possibly, the most easiest and safest medium to trade cryptocurrencies of your choice. Binance is a blockchain ecosystem comprised of Exchange, Labs, Launchpad, and Info. If you have researched enough and finally decided to go for Binance, you should be commended on your great choice since Binance is highly reliable, very popular and growing at a good rate and is credited as one of the largest and most important in this particular industry.
Founded recently in 2017, it has grown upon digital currency investors very quickly and is becoming a more popular choice amongst people with every passing day. So if you wish to become a part of this too, follow the easy to learn, simple steps and get started with Binance!
Step 1: Before you get started
Binance is one of the best in the industry however, one must note that you cannot actually trade traditional currencies on it. This means that you cannot actually transfer your US Dollars / Euros / Sterling Pound to your Binance account. You can only transfer cryptocurrency into your Binance exchange account. That being said, before you actually proceed onto how to start trading on Binance, you would be required to take care of a few things which are to first purchase Bitcoin outside of Binance. Then you can transfer your Bitcoin to Binance. After you are done with this, you can then proceed ahead to purchase the other cryptocurrencies you want using your Bitcoin.
Step 2: Open the Binance website
Visit their official website here. Do make sure that you see the ‘Secure’ tag on the top left corner of the website link. It is important to always keep an eye out for secure websites. The most dangerous part of cryptocurrency is landing on a fake website and sending your hard earned crypto to a scammers wallet because if you do that, you can’t get it back. By ensuring websites are “secure”, you can ensure you are protecting yourself and are actually using the official website so you cannot be scammed.
Step 3: Register on Binance
On the top right hand corner of the webpage, you would see the ‘Register’ option. Click on that. You would be redirected to their sign up page. Fill in the details they ask you to which include your Email ID, password and you would be required to confirm your chosen password once again. There is also an optional field to fill out a referral ID. Click on the checkbox below to agree to their Terms of Service and hit ‘Register’.
Step 4: Verification
Before you can actually start using your Binance account you would be required to undergo a quick verification procedure. you’ll be presented with a quick verification puzzle. Again, this is for safety to assure you are a human being and not hacking-software. Moreover, you would be required to access your email account too. Binance would have sent you an email which requires to be verified and provides further instructions to move ahead. If you cannot find the email in your inbox by any chance, check your Spam folder.
Step 5: Two Factor Authentication
After you have opened your email and clicked on the ‘Verify Email’ option, you would be redirected to a page which says that your account has been activated. You would be required to login again using your personal credentials. After this Binance redirects you to their homepage but you would be met with a pop up which asks you to enable two factor authentication. This is done in an attempt to add additional layers of security to your account. Although you can skip this step, it is highly recommended since an additional step in cyber security does not hurt anyone.
Step 6: Deposit Currency in your Binance account
Since you are already aware that Binance does not provides its users a digital wallet where one can add traditional fiat currency using their bank accounts or online banking, this step assumes that you already have a digital wallet with Bitcoins in them. Sending those Bitcoins from your wallet to your Binance account is a very easy process. You would see the option of ‘Funds’ in the top right hand corner of the web page. Hover over this option and you would see a drop down menu. In the menu, click on the first option which is ‘Deposits Withdrawals’. Click on this option.
You would be redirected to a page with a long list of several digital currencies. Look for the ‘Bitcoin’ option and in that row, select the ‘Deposit’ option. This will then show you your Bitcoin Deposit Address using which you can now receive (“deposit”) or send (“withdraw”) any cryptocurrency that Binance supports.
Step 7: Transfer your coins
The address you will be sending to will be generated in the field under “BTC Deposit Address” as already mentioned in the last step. So if you’re transferring BTC from your wallet or from other exchanges to Binance, this will be the address you send your BTC at.
Step 8: Start trading on Binance
Now that you have everything in place, you can finally trade your digital currencies. This is a fairly simple process and even though the tradin web page may look a little daunting to new investors, you need not worry at all since one can catch up real quick and it does not take much time to get used to the entire working of the system.
On the top left hand corner of the web page you would see the ‘Exchange’ option. Click on it. You would be redirected to a crazy looking page with lots of names and numbers but do not worry. All you need to do is pick the coins you want to trade, and then trade them! It is as simple as that. identify the coins you want to trade. Typically for a beginner who has just started investing and trading in digital currencies, this will mean that you are taking your newly deposited Bitcoin, and diversifying your cryptocurrency portfolio by investing into new coins. These could be anything. Enter your price or the amount you wish to trade and click on ‘Buy’. And you are done.
Step 9: Sell ‘em
If you have previously acquired some digital currency which you now wish to sell, follow very similar steps as that of buying them, and sell them off. Click on ‘Sell’, choose your digital currency, enter the price or amount you wish to sell and click on ‘Sell’.
Step 10: Pay up
You are required to pay a small amount of fees for all the buying and selling you do on their website. They charge a very low rate of just 0.1% which is in fact one of the lowest in the market. However, if you wish to cut down even this low charge to half, you can utilise Binance’s own coin – BNB or the Binance Coin. Using this, your charges are further cut down to 50% in the first year, 25% in the next year and so on.
Now that you have learnt about the basics of trading on Binance, go ahead and apply them! Happy Trading.