We tell beginners how to create an account on Binance and where to start trading crypto.
Do you think that everyone around is already in the crypt, and you also want to join? Maybe you’ve even heard of Binance, and that’s what brought you here? In today’s article we help you overcome the syndrome of lost opportunities and tell you how to get started with Binance.
🐳 What is Binance?
Binance is a leading cryptocurrency exchange founded in 2017 by Changpen Zhao. It ranks first in the world in terms of trading volume and is used by crypto investors from more than 180 countries. The functionality of this exchange is available to both beginners and true crypto-gurus.
Binance works on the principle of exchanging one cryptocurrency for another. That is, to use this exchange, users must first purchase a crypto. The platform also has its own coin called Binance Coin (BNB) . According to the cryptocurrency index as of December 29, 2021, this cryptocurrency ranks third in the world in terms of market capitalization. The first and second are Bitcoin and Ethereum, respectively.
You can use Binance services on several platforms : mobile iOS and Android application, website and desktop Mac and Windows application. For more efficient work with the exchange, we recommend using a mobile or PC application, as they provide fast updates with minimal delay, unlike the web version.
So, let’s move on to the guide for using the Binance application.
🚀 Create a Binance account
Your account will be a direct path to the cryptocurrency space. We tell you how to create it.
🦋 Download the Binance application or go to the website and click on the registration button.
🦋 Register via e-mail or mobile phone number. At this stage, you also need to come up with a strong password. If you have a referral code from a friend, enter it.
🦋 Complete the account registration by entering the verification code sent to your phone number or email.
🦋 Your account is now ready for further settings.
💃 Binance account verification
Binance is a centralized cryptocurrency exchange. This means that its administration manages transactions, asset security and maintenance. Centralized platforms provide a large number of financial instruments, and, on the other hand, reduce the level of anonymity, because to start working with such exchanges you need to pass verification.
That is, in order to be able to trade on Binance , you need to complete a process called “know your customer” (KYC). This procedure gives the exchange the opportunity to make sure that you are who you claim to be, and that you, in turn, protect your account from fraud, money laundering and even terrorist financing. In addition, unverified users can only withdraw funds, close positions and cancel orders. But after the identity is confirmed, crypto-investors have many opportunities, such as increasing the deposit limit, trading and withdrawing fiat funds.
The verification process is quite simple and takes only a few minutes. Here’s how to go through it:
🦋 Log in to your Binance account and click the “verify” button.
🦋 Next you choose the level of verification you need. There are basic, medium and advanced, they are distinguished by deposit and withdrawal limits.
🦋 Then you need to provide your personal information. Important: The information you enter must match your ID.
🦋 The next step is to download your documents: passport, driver’s license or ID card.
🦋 After uploading documents, you also need to add your portrait photo or take a selfie.
🦋 Next you need to go through a facial recognition procedure.
🦋 Wait for Binance to verify your personal information. You will then receive an email notification.
Once the verification process is complete, your account is ready for full-fledged trading activities.
💸 How to buy cryptocurrency on Binance
There are three ways to buy a crypt at Binance :
💥 Via credit or debit card. This method is the easiest for beginners, because all you need is to have an open bank account. Go to the “Buy cryptocurrency” menu and select the option to purchase by credit / debit card. Choose the coin you want to buy and the currency in which you will pay. Next you need to enter your card details and confirm the purchase.
💥 By depositing fiat funds in the spot wallet. Binance supports more than 50 fiat currencies, such as EUR, USD, etc. You can transfer fiat funds to your Binance account by making a bank transfer or using a card, and then use them to buy cryptocurrencies.
💥 Via Binance P2P. Peer-to-peer involves the purchase of cryptocurrency directly from other users of the exchange.
🤝 How to trade cryptocurrency on Binance
The Binance Exchange allows you to trade crypto easily and quickly and provides many trading options for users. You can choose any tool that suits your level of experience in trading.
We advise beginners to start with the convert function because of the simplicity of its interface. It consists in exchanging some coins for others. In the top field, select the cryptocurrency you want to exchange and enter the required amount. In the bottom field you specify the coin or fiat currency you are exchanging for. After completing the transaction, you see the result of this operation.
Another way of trading is spot trading. What is worth knowing about her? This is real-time trading, which Binance offers to carry out in several ways: through market orders, limit orders and stop-limit orders. We tell about each of the orders in more detail.
🦋 Market order. Allows you to instantly buy or sell cryptocurrency at market price.
🦋 Limit order. You set the price at which you want to buy or sell the crypt, and when the coin reaches the value you need – the order will close automatically.
🦋 Stop limit order. It is a combination of stop loss and limit orders. A stop loss order is to set a minimum allowable price for assets, and when the value of coins falls – the exchange automatically sells them. A stop-limit order allows you to insure your assets against the influence of a volatile market.
We have listed the fundamental stages of getting started with Binance . But the world of cryptocurrency is much more than buying and selling. Explore the crypto space further, and don’t forget to share your experience in the comments.