How To Trade Cryptocurrency Effectively On Binance
Most of us know what cryptocurrency is and some famous examples are Bitcoin, Cardano, Pi Network, Tether, etc but have you heard of Binance and want to try using it? In case you do not, Binance is one of the largest platforms for trading cryptocurrency. If you know but have not used to trading digital money online, we will take a look at the guide below on how to use the app and start trading.
What is Binance?
Binance was created in 2017 in China by two founders Changpeng Zhao and Yi He. The platform can be used in order to trade more than 500 cryptocurrencies and virtual tokens. Not only that, it even has its own token too, known as Binance Coin, or BNB. The company used to have headquarters in China, however, they were forced to move later on due to the Chinese government started promoting strict rules regarding cryptocurrency trading. Because of that, they tried to open offices in Japan and Taiwan, but it currently places its headquarters in Malta.
How to trade with Binance?
You can use cryptocurrencies or tokens to trade with Binance. When you first join Binance and start trading it, you will have to buy your first bitcoin or BNB by going through a series of steps. The main step is to open an official account, after which you are ready to move to the other steps.
As mentioned above, you will need to open an account if you want to start trading with Binance. Go to the main page of the Binance platform at Binance.com and click on Register. Then, you will be sent to the registration page, where you will first have to give a valid email address and set up a password. The email address must be the one that you use regularly. As for the password, you should set up a secure one, usually a combination of numbers, capital letters, and symbols. After your registration process is completed, you can easily open your account since they have applications on most smartphone platforms such as IOS and Android as well as Microsoft for computer users. One more thing to remember, you should set up a 2FA security procedure. It will help you add an extra layer including email or mobile phone and security questions to ensure nobody else will get to access your funds.
Steps to start trading on Binance
When you are finished creating your account, you can fund it. Binance users trade on P2P which can be understood as a peer-to-peer trading cryptocurrency. Users can post trading ads to buy and sell crypto assets and trade directly with other users. Binance P2P allows users to choose cryptocurrency, amount, and preferred method of payment. Binance will act as an intermediary to help you complete and secure transactions.
Once you are at the trading site, you can click on Basic or Advanced. This will show you all of the current market information. You have to pick BTC in the right panel in order to sell Binance coin for BTC at the present Bitcoin price. Then, click BNB/BTC and you will see the corresponding trading page where you can buy and sell BNB there.
In order to buy a coin on Binance P2P, here are what you have to do:
Step 1: you must add your bank account information.
Step 2: you must select the type of digital currency you want and fill in the exact amount you need.
Step 3: Transfer the money to the seller and receive a confirmation that it has been successfully transferred.
The advantages of trading with Binance
In case you are still wondering whether to start trading on Binance, here are a few reasons why Binance has become a trusted address of crypto investors in the world in general:
- Fast: Deliver a great experience for all users.
- Simple operation: with just a few small steps, you can buy bitcoin instantly. The interface on Binance exchange is easy, simple, and direct.
- High account calculation: Binance is the money in the transaction encoding with the most of the account of the highest account.
- Multi-language support: Binance supports many languages such as English, Chinese, Korean, etc., especially Vietnamese.
- Multi-coin support: Binance allows trading of many different virtual currencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), IOTA (MIOTA), Binance coin (BNB),…