Want to get started with Binance? Read this post till the end.
Binance Cryptocurrencies exchange is one of the largest cryptocurrency trading platforms. It was established in China by Changpeng Zhao and Yi He in 2017 but had to move its base to Japan, and finally to Malta due to the ban on cryptocurrency trading by the Chinese government.
Binance is popular amongst cryptocurrency traders for the extremely low transaction fees it charges its clients. The platform used to be a crypto-to-crypto platform, but presently, the platform allows traders to buy cryptocurrencies using localized fiat currencies. Therefore, buyers can pay using credit cards or electronic bank transfers.
How To Get Started With Binance
Open an account with Binance
Visit www.binance.com and tap or click on ‘Register’ to open an account with Binance. On the registration page, provide your email, fill in a secure password, read and accept Binance’s conditions before clicking on register. Prove that you’re not a robot to complete your registration.
Tip: use a secure email and use a strong password comprising of alphabets in upper and lower cases, numerals, and symbols.
Verify your account
After completing your registration, a verification link is sent to your email. Click on the Binance link in your email to verify your account. This process completes your registration.
Use 2FA to secure your account
Using two-factor authentication secures your account. Logging in for the first time, you get a prompt to set up a 2FA, this step is essential, so do not skip this step.
Verify your identity
Verifying your identity enables you to fund your account and also engage in daily transactions above 2 BTC.
You can use any of the documents listed below to verify your account:
- International passport
- Drivers license
- National ID card
Funding your account
There are two ways of funding your account
- Receiving cryptocurrency from an external wallet: To do so, click on Funds on the taskbar, and click on ‘deposits’ to display a list of cryptocurrency you can generate an address for.
- By funding your Binance account with Fiat currency using Credit cards or electronic bank transfer: Binance now accepts fiat deposits using credit cards or electronic bank transfer. You can buy the following cryptocurrencies from Binance: Binance coin, Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin.
Trading on Binance
Binance offers traders two ways to trade cryptocurrencies pairs on its exchange platform. The ‘Exchange’ tab is displayed at the top left of the users’ dashboard.
- Basic trade: this setting is for beginner traders. The settings are simple to understand, with not many features to confuse a first-timer. Here, users have to use ‘Instant execution as the only means of trading.
- Advanced trade: This is for expert traders. Here, traders have access to a variety of trading indicators and analytics tools for a better forecast. It also permits traders to trade using the Limit, market, or Stop-limit orders.
Binance charges 0.1% of ‘buys’ or ‘sells’ you make. However, Binance offers a 50% discount if you use the Binance coin (BNB) to pay for trading fees.
Binance popularity as a trading platform is attributed to its low charges, its intuitive exchange platforms, and the availability of over a hundred currency pairs to trade with.
Trust you can now get started with Binance?
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