How to use Binance

How to Use Binance

This is one of the fastest growing exchanges in the world as indicated in the binance tutorial. It is affordable and highly convenient for the trading of cryptocurrencies. The platform was founded by the Chinese duo of Changpeng Zhao in 2017 and Yi He. Within a few months, it has attained the 10th position in the category of the highest volume exchanges of cryptocurrency. It has achieved its popularity due to its availability in different languages, top speed in the processing of orders, and a friendly and well-ordered user interface. The native cryptocurrency is known as Binance Coin (BNB). It is an exchange of crypto-to-crypto, and users cannot use cash to purchase the coins. To trade in it, you will have to own some cryptocurrencies already. The following is a binance tutorial

Opening an Account on binance

  • You start by getting registered and learning how to use binance, and this is done by you visiting the Home page and then clicking on Register on the graphical user interface.

Binance Register page

  • You will then be redirected to a page of registration and while there, you will key in your details and create a user password. A secure email that you are always checking is a prerequisite. As a security measure, the password should be a mixture of symbols, numbers, lower and uppercase letters.

Binance register page

  • You be required to read and agree to the terms and conditions and then click on Register.
  • You will then be required to prove that you are human and not a robot.
  • A verification process then follows. You are only required to click on the verifying Email so as to finish the registering of your account. With this part completed, you will now become a full member of the exchange.
  • When you log in to your account for the very first time, a question will pop up asking you whether you would want to set up your 2FA. Prudence demands that you set up your 2FA. Otherwise, your account will not be secured. 2FA is a double-factor authentication. It comes as a security feature that gives the user an extra layer of security. After entering your password, you will have to enter the securtiy code wich i provided by google2fa or authy (we recommend authy because it saves you a lot of trouble when you lose your device) .

 

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Trading on Your Binance Account

Basic Trading

This setting has a layout that is easy to understand and use. The vital information for trading is well displayed. For these reasons, the trade setting in the Basic level are easy to comprehend for those who are no tech-savvy.

Advanced Trading

This setting offers expert traders the access to all market data and price charts that they require to engage in complex trades.

How to Use Binance Trading for the Basic Trade

  • Begin by logging in to your account.
  • On the taskbar, click on the Exchange icon and choose Basic.
  • Select a trading pair. The platform has listed trading pairs in the hundreds. For illustration purposes, if you have 143 dissimilar (different) coins, Bitcoin will have 143 trading pairs on the platform. If your account is Ethereum-funded, you will only trade with Ethereum. To check the cryptocurrencies that can trade with Ethereum, you will have to select ETH icon in the corner at the top right. From that viewpoint, it will be clear that Ethereum has one-hundred and forty-three different trading pairs on the forum. You can now select a coin that you desire to exchange Ethereum.
  • You then make a choice of the trade you want to engage in, and it gives you three different types of trade:

Limit Orders

The platform allows the users to determine the highest price they can pay for the coins traded in or the lowest price the users can sell or dispose the coins. Traders are offered a waiting period until a buyer or a seller accepts the price they set.

Market Orders

The user is allowed to trade his coins at the prevailing market price. It is the most simple and fastest type of trade.

Stop-Limit-Orders

Here, you are allowed to sell or buy a coin the moment it reaches a certain price. Pro-traders often go for this type of order.

Buying and Using Market Orders on binance

Using market orders is quick and straightforward for beginners. You choose any amount that you would want to trade. You then click on the Market icon. If you are comfortable with the present price in the market, you choose a coin you desire to buy and its amount. The coin can be entered as an Ethereum percentage or simply a specific amount. Finally, click the Buy XRP icon. You straightaway become a Binance crypto dealer.

Trading Fees

It has the lowest trading fees in the entire cryptocurrency exchange industry. As a user, it will not charge you when you make a deposit, and this is because trading is only done in cryptocurrency. Every cryptocurrency has different charges for withdrawals, but the fees are quite low.

In an Ethereum withdrawal, the charges are 0.01 ETH, and for a Ripple withdrawal, the fees are 0.25XRP. For Binance, the fees for trading are capped at 0.1%.

How to Use Binance Security

You can protect yourself against hackers and thieves by using the two-factor verification that we mentioned before. Choose to ignore any requests from conmen masquerading as Binance staff. Remember, your 2FA codes and passwords are private. As a trader, you should always use the binance guide site and binance tutorial. Also, ensure that you use very powerful anti-virus software on your device. Your security on crypto-exchange is your responsibility.

Conclusion

Today, Binance can confidently declare 1.4 billion US dollars of trading volume. Clients are excited all over the world to use the user-friendly interface and great trading features. In the dynamic world of cryptocurrency, competition is stiff, and Binance has managed to grab its share of the market by making their service exceptional. With this binance guide, you can confidently navigate the murky waters of the crypto exchange service, you can also use it as a binance tutorial.

[dt_default_button link=”https://www.binance.com/?ref=28083819″ button_alignment=”default” animation=”fadeIn” size=”big” default_btn_bg_color=”” bg_hover_color=”” text_color=”” text_hover_color=”” icon=”fa fa-chevron-circle-right” icon_align=”left”]Register your Binance Account[/dt_default_button]

 

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