How to Trade Crypto on Binance?
It cannot be denied that buying and selling digital currency can prove stressful and if you are new to Binance, you must be looking for ways to trade crypto on Binance. Every crypto enthusiast out there is continuously searching to find a trading platform that he/she could trust and trust me, it isn’t too complicated! What’s frustrating is signing up to a platform for exchange and realizing that you don’t even know how it works.
But fret now, we, at Koinal.io, will show you how to trade crypto on Binance.
What is Binance?
Before we begin, let’s take a closer look at what Binance is.
Binance is the world’s leading cryptocurrency trading platform, which came into existence in China in 2017.
The company has recently joined hands with Koinal.io to extend its services and to provide additional payment methods to its users.
Also, Binance has its dedicated cryptocurrency known as Binance Coin.
Now that we know what Binance is and its relationship with Koinal, let’s get started to understand how to trade crypto on Binance.
Opening a Trading Account on Binance
You cannot trade crypto on Binance if you don’t have an account, can you? Luckily, Binance offers an easy-to-follow registration process.
Step 1: Simple Registration
This is the most basic step, all you have to do is visit Binance and hit on the “Register” button. But before you do, note the “Secure” term on the top left-hand corner of the page.
This ensures that the website is secure.
Step 2: Sign-Up Process
Once you have clicked on the registration button and provided basic information, Binance will redirect you to its registration page. You have to provide information to complete the registration process.
After that, Binance will send you a confirmation email so don’t forget to check your mailbox.
Step 3: 2-Factor Authentication
Similar to Koinal.io, Binance cares about its customers. So, when you enter your login credentials for the first time, you will be asked to enable 2-factor authentication.
This is great for intensifying account security. For this purpose, you will be required to download the Google authenticator app. After that, it’s a simple process of following instructions.
Step 4: Deposit Funds
You can’t trade cryptocurrencies if you don’t have any, right? After you have successfully created your account, all you need to do is to deposit funds to your wallet.
What’s amazing is that Binance offers its users to purchase cryptocurrencies using their credit cards or debit cards. However, this is only limited to Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP.
The users of Binance can also buy BTC, ETH, LTC, BCH, XRP with credit and debit cards through Koinal.
Follow the Binance security process to ensure that your purchase is secured. That’s it!
Now that you know how to set-up a Binance account and fund it, you are ready for the next, most awaited step.
Trading Crypto on Binance
Binance offers two different types of trading: Advanced and Basic. If you are a beginner, it is recommended that you start by choosing the ‘Basic’ trading option.
The primary trading option is simple to use and easy to understand, and it only displays information required by the user to perform trading.
Advanced options, however, allow users to access market price and price charts for complex trades.
For simplicity, we will be covering only the Basic option
The steps to perform Basic Trades are simple. All you need to do is:
- Login to the Binance account.
- Select ‘Basic’ on the exchange tab.
- Select the cryptocurrency you wish to exchange with and the cryptocurrency that you have.
- Choose the type of trade: Stop-limit orders, market orders, and Limit orders.
- Enter the amount you wish to trade.
- Now, all you have to do is to click on the buy. That’s it!
Binance offers the lowest trading fees on the cryptocurrency market. Binance charges 0.1% of each sale or purchase.
Pretty sweet, right?
So, what are you waiting for? Head to Binance and start trading!
Also, don’t forget to visit Koinal.io for amazing prices on cryptocurrencies.
Now that you know how to trade crypto on Binance, you can start right away.
Binance is a great platform whether you want to purchase or trade your cryptocurrencies. So, all you have to do is to visit Binance and take advantage of its services!