Rates and Terms
You will have to prove that you are a human and not a robot. This will require completing a puzzle, which is not hard. After that, an email will be sent to your inbox. Click on “Verify Email” and your registration is complete. You have an account on Binance and can start trading. But there is one more thing you should do before actually trading, respectively ensuring your account is secure.
That means you should set up a 2FA. This adds an extra layer of security to your account by ensuring nobody else will get to access your funds and spend them for their personal fulfillment.
Fund Your Account
Now that your account is opened and is secured, you can fund it. Let’s use Ethereum as an example for the funding process.
Log into your account and click on Accounts. Then, choose the option Send on ETF Wallet. Enter a Recipient after that, as it will be the individual getting the Ethereum amount. You must have an Ethereum address on your Binance account since you send the amount to Binance.
Then, log into your Binance account and click on Funds, then Deposits. Enter the cryptocurrency you need the address for. If Ethereum is the option you choose, Binance will make sure an address is generated in order to transfer the amount. Your Ethereum funds will then be sent to the ETH Deposit Address. This means that it should be copied and pasted into the recipient box of the Coinbase account in order to make the money deposit possible.
Next, select the amount you want to send to your account in Binance, after which you can click on Send. As soon as the Ethereum network is done processing the funds, they will appear in your Binance account.
Now it’s time to actually start trading. Move the cursor over Trade and then click on Basic or Advanced. This will show you all the current market details. In order to sell BNB for BTC at the present Bitcoin price, you have to pick BTC in the right panel.
Then, click BNB/BTC and you will see the corresponding trading page. Keep scrolling down until you see a Buy BNB and Sell BNB option. You use the Sell Coin option to sell BNB. Enter the amount you want to sell. Click the “Sell BNB” bar afterward. You will see a “Limit Sell Order Created” pop-up immediately.
Scroll down to the Open Orders section afterward to see the limit sell order. Wait for the open order to complete, and once it happens, your trade will be completed.
Advantages of Trading Binance
Trading Binance comes with many benefits, such as:
- It has a touchscreen interface that looks very nice.
- It is very safe and secure.
- Supports 1,500 cryptocurrencies
- It can be set up very quickly
- Can be accessed on mobile
- Has a lot of protection against physical damage
How to Use Binance for Any Basic Trade
Here is how to use Binance for any basic trade:
- Log into your Binance account.
- Click on Exchange and pick Basic on the taskbar.
- Pick a trading pair, as there is a lot to choose from. If you only see Ethereum in the funds, then Ethereum is the only one you can deal with.
- Choose the type of trade you want to make, like Limit Orders, Stop-Limit orders, or Market Orders.
- Choose the amount you want to trade.
Binance Trading Fees
You will have to deal with fees if you want to trade on Binance. Luckily, they are some of the lowest on the market. No deposit fees apply. Meanwhile, there are some withdrawal fees. Ethereum withdrawals will cost 0.01 ETH in fees, for instance. The fees will depend on the currency.
Trading on Binance can be a wonderful experience if you know how to use the platform. Before you start trading, you need to create an account and then make a fund deposit, after which you can start trading. The good news is that fees are very low for withdrawals so you can withdraw your amounts with no issues.