How to Trade On Binance
How to Trade On Binance
In this article, I’m going to teach you how to trade on Binance. Buying and selling cryptocurrency is essential, so it’s necessary to choose an exchange that you can trust. Discover the exchange that meets your needs, and isn’t too tedious to use.
About Binance
Binance was founded by Changpeng Zhao and Yi He in China in 2017. Both of the creators were working at the OKCoin exchange for a while, and then they thought it would be better to build their own exchange platform.
The company was forced to leave China in September 2017, after the Chinese government banned cryptocurrency trading. It has since had offices in Japan, Taiwan, and Malta. Currently, Binance is based in the Cayman Islands.
The platform is a crypto-to-crypto exchange one, so this means it can only be used in order to trade cryptocurrencies and virtual tokens. More than 500 of them are available, with some of the trading options being Litecoin, Ether, Dogecoin and, of course, Bitcoin.
SEE: How To Make $100 A Day On Binance
Binance Coin Explained
Binance has its own cryptocurrency, called Binance Coin (BNB). The exchange used an initial coin offering of Binance Coin to raise $15 million worth of funding in July 2017. Discounts are offered to traders who use BNB to pay trading fees
Binance has its own token too, known as Binance Coin, or BNB. The first coin offering of the BNB in the exchange managed to raise funds of about $15 million in 2017. Individuals that use BNB in order to pay their trading fees could get discounts as well.
Many companies use the ICO, aka initial coin offering in order to raise money. This is because this method is very easy and it allows crypto businesses to raise funds without having to go through very difficult processes or methods such as bonds or stocks.
SEE: How to Become a Millionaire with Cryptocurrency
Can Binance Be Traded?
You can trade with Binance using your cryptocurrencies or tokens. When you first join Binance and start using it, you will have to buy your first bitcoin or BNB. Binance can be traded, especially if you make sure to buy Binance Coins. But in order to do so, you will have to go through a series of steps.
In this article, I’ll teach you things you need to know about how to use Binance. I’ll show you how to sign up, how to trade on Binance, and what Binance trading fees you’ll have to pay. I’ll also tell you how safe the exchange is to use, and even what kind of users it’s designed for.
SEE Video On How To Trade On Binance
In order to trade on Binance, there are several steps that you have to go through:
Welcome to Binance.com – Let’s get started in 5 quick and easy steps:
Step 1: Register Account
Step 2: Complete Verification
Step 3: Deposit Crypto
Step 4: Buy Crypto
Step 5: Explore Binance Products
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Step 1: Register Account
Register a Binance account from the Binance App, Binance website, or Binance Desktop App with your email or phone number.
Step 2: Complete Verification
You can complete Identity Verification on your Binance account to unlock the fiat deposit and withdrawal limits. This process typically takes a few minutes to complete, which includes verifying your basic account information, providing ID documentation, and uploading a selfie/portrait.
Be sure to secure your Binance account – while we do everything to keep your account secure, you also have the power to increase the security of your Binance account.
Step 3: Deposit Crypto
If you already hold crypto in another wallet, you can deposit them into your Binance Wallet.
Please note that you should never share your Binance Account/Wallet passwords, private keys, or 2FA codes with anyone. Binance will never ask you to disclose sensitive information.
Step 4: Buy Crypto
Deposit Fiat
Depending on your country, you can deposit up to 50+ fiat currencies, such as EUR, BRL, and AUD to your Binance account using bank transfer and bank cards. You can find these different fiat channels here. Once deposited, you can use them to buy crypto directly.
Buy Crypto Using Debit/Credit Card
You can also buy crypto directly using your credit/debit card on the Binance website or the Lite Mode on the Binance App easily.
SEE: How to Start Crypto Arbitrage Business
Buy Crypto Using P2P (Peer-to-Peer)
You can buy crypto with P2P methods, too. This allows you to buy crypto from other crypto enthusiasts like you directly. Visit this page to learn more on how to buy crypto on P2P.
Step 5: Explore Binance Products
Spot Trading
After getting your first crypto, you can start exploring our versatile trading products. In the Spot market, you can trade hundreds of crypto, including BNB.
BNB powers the Binance ecosystem and is the native coin of the Binance Chain and the Binance Smart Chain. BNB has several use cases, such as paying for trading fees on the Binance Exchange and Binance DEX (Decentralized Exchange), and paying for goods and services online and in-store. Most importantly, you can get a special discount if you choose to pay for trading fees in BNB on the Binance Exchange.
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Binance Earn
If you are not interested in trading but still looking to increase your crypto holdings, you can try Binance Earn. It offers a complete suite of financial products for you to grow your passive income, including Flexible Savings, Locked Staking, Launchpool, Binance Liquid Swap – just to name a few.
Binance Fees
Binance offers some of the lowest fees in the crypto exchange market, making it a favorite among traders. Here’s a quick rundown of some of the fees you might face.
Purchase Fees
If you choose to buy your cryptocurrencies with a debit or credit card, you can expect to pay up to 4.50% in fees. Because of these fees, you’re better off using other payment methods.
Wire transfers, on the other hand, come with no transaction fee but are not available everywhere. If your location does support wire transfers, you can use them to avoid paying card fees.
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Deposit Fees
There are no fees when depositing crypto assets on Binance with Bitcoin (BTC), Tether (USDT) and Ethereum (ETH). You’ll first need to exchange your fiat for crypto and then make your deposit.
Trading Fees
Binance charges a 0.10% fee for trading on the platform as well as a 0.50% fee for Instant Buy/Sell, so your actual fee amount will depend on the amount of the trade. The higher the transaction, the higher the fee. One way to lower your trading fee is to keep some Binance Coin in your account at all times so your fees can be taken from that. Doing this fetches you a 25% discount on all trading fees.
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Final Thought
Binance is a good online platform for trading cryptocurrency, especially for beginners who don’t quite know the ins and outs of the market. If you are a now trader, follow this guide you will be able to adjust to the platform quite easily.
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