Guide On How Do You Trade On Binance Exchange
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Guide On How Do You Trade On Binance Exchange

April 7, 2020      Tarulika Jain

Do you know about Binance crypto exchange? If you don’t know, then you must be a newbie in crypto space or just going to start your journey to invest in cryptocurrency. Binance is one of the largest crypto exchanges in the world in terms of trading volume. Founded by Changpeng Zhao in 2017 and became prominent in industry in less than a year. It is one of the first exchanges to officially acclaimed the status of “unicorn” in crypto space. If you want to begin trading, then you can initiate with Binance. And stop thinking-how do you trade on Binance and start reading ahead.

Binance

 

How Does Binance Work?

You need to read the guide to know thoroughly- how does binance work? Binance crypto exchange facilitates the crypto-to-crypto trading only. It means you need to purchase some crypto coins from Coinmama, Coinbase exchange or which offers fiat to crypto trade, before start trading on Binance. Once you have crypto in your wallet, you can trade it with almost 150 coins (including BTC, ETH and BNB also) on the platform of Binance. Crypto Exchange, Binance, along with trading, provides the crypto wallet to traders to safeguard their private keys. Also, it aids the crypto investors in making the decisions related to investment through its supporting programs, uploaded on their website. After some basics, let us move on to the main motive of this guide, to explain to you how do you trade on Binance?

How To Use Binance Exchange?

The most awaited question- How to use Binance exchange? It is not simple and not challenging, but you have to calm your nerves while using any exchange to trade cryptocurrencies. So to use the exchange, you first need to create an account.

  • Creating an account is as simple as creating an account of Facebook or Instagram.
  • When you log in for the first time, a message will pop up for setting up “2FA”,i.e. Two Factor Authentication. It is up to you; if you are trading just 2 BTC per day, then you don’t have to approve, skip the pop-up. But if you want to trade at a large scale (up to 100 BTC), you need to upload a photo ID and might wait for the approval.
  • Once your ID gets approved, you are ready to add funds from the wallet to exchange.

 

Binance Log In

 

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We had started with first step to get familiar with Binance and furtherly use it as our choice for trading (both exchanging and investing) purposes. Just do not rush to know,how to buy on exchange, slowly and gradually you will learn everything.

How To Put Money Into Binance?

Till now your account must have been open. It is time to add funds to Binance account. But how to put money into Binance? Variety of cryptocurrencies are available in the market, but it has been recommended to start with the popular one like BTC, ETH, XRP etc.

  • To initiate adding the funds to your account, you need to click on “Funds” then on “Deposit/Withdrawals” link available at the site of Binance or the mobile app of Binance.
  • Click on the currency you wish to send from the list given and click “Deposit” button.
  • A window will appear with a crypto wallet address.
  • You need to send funds at the next step to the address given and wait for some time.
  • Phew!! Your steps have been completed; now you have to wait for approval from the team Binance before you can initiate trading.

 

Deposit/ withdrawal

 

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Now your money is added and I wish you are not confused whether to continue with Binance or not! Dont worry, Binance is the reputed name in the crypto space and is the first choice of many of the crypto traders, both newbies and veterans.

How Do You Trade On Binance?

Finally, the question that helped you landed on this guide, how to buy using binance will be answered in this section. Hopefully, your account has been successfully created and funded till the time you reached this section. You are all set to trade, exchange and invest not only in a variety of trading pairs of digital currencies but in several ICO listings and their coins.

  • Before starting the trade, confirm that the coins you have deposited are in trading pairs with BTC, ETH, BNB and USDT (as per the website).
  • On the menu option, click on “Exchange” then either on “Basic” or “Advance” to move onto the trading screen.

 

Binance Trade Page

 

  • On your trading screen, you can select from BTC, ETH, BNB or USDT as the option to trade.
  • Click on the currency you wanted to trade in from the list (You can mark some of them as favourites also!).
  • After loading the desired currency, just have a look on the left column that displays prices related to buying (red) and selling(green) along with the last sale price in the middle of the list.

 

Buy-Sell Prices

 

  • Finally, the crucial step after you finished reading the charts and values on the display screen, click “Buy Order” after entering a price.

 

Buy Crypto On Binance

 

  • You can now check the section of Deposits/Withdrawals from where you can withdraw the coins trade to store them in your crypto wallet.

I tried in the simplest of ways and language to answer your question, how to buy cryptocurrency on Binance and hope you can trade on the platform of Binance and could gain massive profits from the cryptocurrencies.

Is Binance A Right Choice To Trade?

Binance has been showing a high level of integrity since 2017. The team is continuously working on upgrading the network and expanding its reach in many countries with a variety of options to trade. Binance, with the added advantage of different languages (Chinese, English, Korean and Japanese), is available on the web, Android, WeChat and also on HTML5. On the contrary, Binance is still an unregulated exchange in the United States. Also, some of the lesser-known altcoins show little liquidity on the Binance. But, on the whole, if we balance the cons and pros, definitely the advantages outweighs and Binance can be chosen as an option to start your trade, and you can even continue for a long time too.

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Tarulika Jain
Tarulika Jain

Tarulika is an engineering graduate and an eloquent crypto blogger. Being a digital economy supporter, she keeps herself updated with the latest innovation in the crypto industry, Blockchain Technology, Internet of Things and other technologies. Currently, she curates the simple and interesting content for Crypto guides for beginners. If you want to learn more about the cryptocurrencies, latest trends of blockchain-powered AI applications, you are free to follow her on LinkedIn and Twitter.