As cryptocurrency continues to attract several investors, every individual is exploring the investment opportunity it offers. Thus, the need for a fast and easy-to-use cryptocurrency exchange surges. Binance is one such exchange that is in demand and is currently one of the leading exchanges in the world.
Traders love the intricate details – the guides and articles for beginners and the simplicity of the exchange. More so, the userbase of Binance has surged too. The world is eager to invest in crypto, so they search for safety and reliability. Binance offers both!
What is Binance?
Founded in 2017 by Changpeng Zhao, Binance is currently the largest cryptocurrency exchange platform globally. It is known for daily trading large volumes of cryptocurrencies. The creator of Binance, Changpeng Zhao, had experience creating high-frequency trading software.
Initially, the headquarters of Binance was in China, but as the regulation of cryptocurrency in China became stricter, it had to move.
The userbase of this cryptocurrency is spread across over 180 countries. A trader at any level will find Binance user-friendly. In addition, through Binance Academy, you can acquire substantial crypto knowledge.
Binance is ideal for anyone from a complete crypto beginner to a DeFi degen as it offers multiple services. Plus, the exchange is regulatory compliant as many countries have amped up regulations on cryptocurrency.
The exchange is safe as it uses reliable verification methods and eliminates the use of controversial services such as security tokens and high leveraged training.
Binance Mobile and Desktop Application
You can access Binance on multiple platforms.
- Mobile Applications
- Desktop Applications
- Browser-based website
Be it browser-based websites, IOS, or Android applications. You can use the exchange platform on most devices.
Some individuals need to use the platform frequently for quick updates with minimal lag. Thus, you can download the application on your phone or desktop.
The browser-based experiences can cause lag during exchanges, so advanced users are recommended to use the applications.
How To Create a Binance Account?
To enter into the world of cryptocurrencies, you would have to create a Binance account. The steps below can help you create a Binance account.
Step #1: Search for the Binance website on your web browser. You will be redirected to the homepage. On the top right corner of the page, you will find ‘register.’ Click on it.
Step #2: Enter your email address and choose a secure password. Alternatively, you can also use your phone number to register. If you have a referral code given to you by a friend, you can enter it during the registration process.
Step #3: Next, you need to verify your account and enter the code sent to you on your phone or email address.
Step #4: After verification, your account will be created.
Depositing Money and Crypto on Binance
You can deposit fiat in up to 50 currencies. You can opt for a bank transfer or via debit or credit card payments to deposit the fiat.
You can start trading and purchasing cryptocurrencies about 24 hours after depositing money. On Binance, you will find the deposits free, easy, and convenient.
If you want to deposit crypto in your Binance account, you will have to transfer them from another cryptocurrency wallet.
- Add the Binance wallet address to the platform you want to withdraw your cryptocurrencies from.
- Next, select the exact cryptocurrency you plan to deposit.
- Choose the protocol on the platform you are withdrawing cryptocurrencies. Ensure that the protocol is valid for your Binance wallet address.
- Lastly, click on the withdrawal button and complete the verification process.
Note: You must take extra caution while selecting the protocol as the wrong protocol may result in you losing your crypto. It may take a considerable amount of time for your request to be approved, as there will be traffic on the blockchain.
Trading On Binance for Beginners
Several users prefer Binance for its ease and speed with trading cryptocurrencies in real-time. The exchange offers different types of trading interfaces for convenient usage based on your experience.
For beginners, you can use the convert feature, a Binance-recommended. The feature breaks down everything into a simple interface.
The top field is to enter the cryptocurrency you want to exchange. Next, you can put the amount you wish to enter. Likewise, the bottom field is for the desired coin or fiat. After the trade is executed, the trading fees will be deducted.
One efficient method to trade is to execute spot trade at real-time prices. Spot trading is buying or selling cryptocurrencies for an immediate settlement, i.e., payment and delivery of cryptocurrency on the market.
Binance has multiple spot trades available.
- Market Order: This trade allows you to buy or sell immediately at the current price. You will buy at a slightly higher price or sell at a slightly lower price. You are jumping the queue and selling at the best immediate offer.
- Limit Order: The limit order enables you to set the trade order at a price of your preference.
- Stop-limit Order: This order is a combination of the stop loss and limits order. It is a safer choice as it protects against big market moves. You can set buy or sell orders at either above or below the current price.
- OCO Order: With this trade option, you can set a buy or a sell order at both higher and lower the current price of a crypto asset.
An ideal way to step into the world of cryptocurrencies is to open your account on an exchange platform such as Binance. You can explore the trade options and indulge in your first trades too. Similarly, if you are already crypto-savvy, Binance may attract you.
It has fast and easy transactions and is a leading cryptocurrency exchange. Moreover, Binance has several features to facilitate your trade, making it efficient and easy.
Do you want to learn more about trading on Binance? You can skim through the trading articles and guides available at Binance Academy with sufficient resources and trading tools!