Heart skipping a beat thinking about crypto trading? Well, you can always create an account on Binance and start investing in seconds. This article will give you an idea of how to get started with crypto trading on the Binance Crypto Exchange.
But what exactly is Binance? Let’s walk through the basics.
Binance is the world's largest cryptocurrency exchange platform. It is not particularly user-friendly due to its extensive range of trading options and features. Depending on their expertise and skills, investors may encounter a steep learning curve with Binance. You can pick between a beginner-friendly and expert trading interface based on your previous trading experience. Binance also offers a wide range of cryptocurrencies that allows you to trade across the globe.
You can start trading via Binance in three simple steps.
- Open an account on Binance,
- Choose a payment method, and
- Start trading.
Our beginner’s guide will aid you in getting started with trading on Binance the simple way!
Creating an Account on Binance
Before buying your first crypto, you will need to open an account. Let’s check out the steps involved.
- Go to the Binance homepage and click on the Register button in the upper right corner.
- Enter your email and set a strong password. You can either sign up via your mobile number or email. Got a referral code? Enter it right away!
- Verify your account by providing the code sent to you over your email or mobile number.
- Verified successfully? You are now a step closer to getting started with trading on Binance!
Buying Crypto On Binance
Looking forward to buying crypto? Well, you will need to complete KYC first! KYC is crucial to authenticate the identity of any user and safeguard the platform from fraudsters. Once done with KYC, you will be able to buy your prized cryptos. You will be provided with multiple options to buy cryptocurrencies. These include:
- Binance P2P
- Adding funds to your Fiat Spot Wallet
- Credit/Debit Card
Binance P2P is a platform that enables P2P Bitcoin Exchange, that is, it allows you to buy/sell Bitcoin directly to another verified user with zero fees! It currently supports
trading in 55 local currencies through 150+ payment channels across the globe. You can run ads to buy/sell Bitcoin. You have the option to comment on another user and leave a review about your experience.
Adding Funds to Your Fiat Spot Wallet
Fiat and Spot Wallet is a feature available in Binance that allows users to deposit fiat currencies such as USD and cryptocurrencies from any external wallets without any hitch. But why do you need it when ‘Funding Wallet’ is available? If you need to transfer your cryptos bought via P2P to any of your external wallets such as MetaMask, D-Wallet, etc, you will need to transfer them to Fiat Spot wallet first. Also, if you buy NFTs via the Binance NFT marketplace, the cryptocurrencies need to be available in the Fiat Spot wallet.
Buying Crypto with Credit/Debit Card
- Still on the Binance welcome screen? Select 'Buy crypto with your credit card', else, go to the Binance homepage, click on 'Buy Crypto' select 'Credit/Debit Card'.
- Choose the currency and the cryptocurrency you want to buy. To proceed further, click the 'Continue' button and choose your payment card.
- Confirm the amount and click on ‘Add new card’. Input your card details and click ‘Next’.
- Now, enter your billing address and click ‘Add Card’.
- You will be taken back to the ‘ Buy crypto via card’ page. Check the amount once and then click ‘Continue’.
- Now, all you gotta do is wait for your crypto to get credited into your Fiat and Spot wallet!
Trading Crypto On Binance
Now that you are all set with Binance, it's time to start trading. Feeling giddy about trading on Binance? Binance has got you covered. With the ‘Convert’ feature, you can seamlessly select the crypto pair you want to trade via a simple interface. This feature is available under ‘Trade’ on the Binance homepage. Two fields are available to utilise the ‘Convert’ tool. Select the crypto you are going to exchange and enter the amount in the first field and then select the crypto/fiat currency that you desire. You can also preview the conversion. Satisfied with the preview? Go ahead and confirm the order. The trade will finish in no time!
Depositing Crypto On Binance
In order to deposit cryptocurrencies, you will need a “deposit address”. Want to find out the deposit address of your Binance Wallet? Go to ‘Wallet’ → ‘Overview’ → ‘Deposit’. Now, click on ‘Crypto Deposit’ and select the crypto you want to deposit along with the network you are currently using. Ensure that the network you pick matches the network of the platform from which you are withdrawing the crypto from. You will end up losing your prized crypto if you choose the wrong network. You will be able to the ‘deposit address’ now. Now all you gotta do is copy the address and paste it to the wallet or platform you are withdrawing your cryptos from to get them into your Binance Wallet!
Withdrawing Crypto On Binance
Let’s take a look at the steps involved in transferring cryptocurrency from your Binance account to an external wallet or platform. Go to ‘Wallet’ → ‘Overview’ → ‘Withdraw’. Now, click on ‘Withdraw Crypto’ and select the crypto you want to withdraw along with the network you are currently using. Ensure that the network you pick matches the address's network. You will end up losing your prized crypto if you choose the wrong network. Now, select the recipient address from the address book list or enter the recipient address. Need to add a new recipient address? Click on ‘Address Book’ → ‘Address Management’. Now, click on ‘Add Address’. Select the crypto, the network and enter the address label, the full address and MEMO (optional). Now, enter the amount. You will be able to see the final amount you will be receiving along with the transaction fee. Satisfied with the details? Proceed with withdrawal by clicking on ‘Withdraw’. You will need to verify the transaction. Once done, you will find your crypto in your external wallet or platform.
Binance delivers you with an ultimate gateway to the world of cryptocurrency. If you are a crypto enthusiast looking forward to stepping into the crypto arena, launching a crypto exchange like Binance is one way to go! It might come as a surprise to you that now you can launch a Binance-like cryptocurrency exchange in a matter of days. Yes, you heard that right. Binance clone scripts pave the way to it. These clone scripts are an exact ready-to-launch replica of the largest crypto exchange in the world, Binance.
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