How to Trade on Binance Crypto Exchange

What is a Cryptocurrency Exchange?

A cryptocurrency exchange is an online platform that facilitates the trading of cryptocurrencies for fiat money or other digital currencies. Along with buying, selling, and trading cryptocurrencies, it provides users with an online wallet to store their electronic funds.

What is Binance?

Founded in 2017 by Changpeng Zhao in Hong Kong, Binance is the world’s largest crypto exchange in terms of the trading volume. This is what also makes it the most popular cryptocurrency exchange in the world. Headquartered in the Cayman Islands, Binance offers a wide selection of cryptocurrencies to buy, sell, and trade through its user interface. It allows users crypto-to-crypto trading in more than 500 cryptocurrencies and virtual tokens and provides users with a crypto wallet to store their electronic funds and assets. Binance has its own cryptocurrency called Binance Coin (BNB), which is one of the most widely traded blockchain currencies.

How Does Binance Work?

Binance is the largest and most well-established cryptocurrency exchange. The thing that gives it an upper hand over its rivals is its lowest trading fee. It charges a 0.1% trading fee on buying, selling, and trading, thereby, letting the users keep most of their earnings with them. Binance also gives a 25% trading fee discount if a user pays fees using its Cryptocurrency, Binance Coin (BNB).

Binance offers a wide range of supported assets and trading options for traders. The trading options Binance offers include, peer-to-peer trading, spot trading, margin trading, listing, fundraising, de-listing, and withdrawal. The order types that Binance offers are, limit order, market order, stop-limit order, stop market order, trailing stop order, post only order, and one-cancels-the-other order.

With an impressive selection of market charts and 500+ cryptocurrencies, Binance offers a wide variety of features through its desktop and mobile dashboard. Traders are enabled to access a variety of order types and trading options including futures and options. Traders can buy, sell and trade on Binance using Cryptocurrencies like Binance Coin, Bitcoin, Ethereum, Compound, Cardano, VeChain, VeThor Token, Dogecoin, Matic Network, Dash, Cosmos, Litecoin, and Harmony.

How to Use Binance?

You can start trading on Binance through the following steps:

- Visit the Binance website, desktop, or mobile app and click on Get Started by entering your phone number or email to open an account.

- Complete the identity verification by uploading your identity proof and a portrait picture.

- Now deposit fiat currency in your account through bank/card transfer to buy cryptocurrency.

- You can now start trading cryptocurrencies of your choice under the Spot Trading option.

Secure Binance Account With Google Authentication (2FA)

Before depositing funds in your Binance account, you have to ensure the protection of your funds through two-factor authentication (2FA) by enabling Google Authentication on your Binance account with the help of the following steps:

- Log into your Binance account and go to the security option under profile.

- Tap enable on the Google Authenticator option.

- You will be directed to another page and asked to download Google Authenticator App

- Let the App install and tap next to continue.

- Open the Google Authenticator App on your mobile and tap (+)  on the bottom right of the mobile's screen to scan the QR code shown on your computer screen. Then click next.

- You can manually enter the setup key if the scanner doesn't work.

- Finally, enter the code received on your email, mobile number, and Google Authenticator on the window to complete the process.

How to Trade on Binance?

After completing KYC, users can add cryptocurrency funds to their public wallet address to start trading. The Binance exchange supports several types of trade orders including stop, limit, stop limit, stop market, trailing stop, post only order, and limit TP/SL order. Binance offers a variety of trading tools, including real-time charting tools with moving averages and exponential moving averages. Users can place trades through the Binance website mobile or desktop app. Traders can access their portfolios and trade history, order book, and price charts through the Binance platform. There is no charge for buying cryptocurrency or fund deposits on Binance, however, there can be a network fee that depends on the amount you deposit.

The following steps will help you understand how to trade on Binance and make money.

- After logging in to your Binance account, click on any cryptocurrency on the Home Page.

- It will take you to the trading interface.

- Tap on the Trade option at the top of the Binance Homepage.

- Now to start trading crypto assets, enter the amount in the field of Buy and click the Buy option

- You can sell the same by entering the number of cryptocurrencies in the Sell window.

How to Withdraw Funds from Binance?

You can cash out your earnings from Binance through the following the steps:

- Log into your Binance account and go to the Overview option under the Wallet section.

- Then click Withdraw Crypto and select the cryptocurrency you want to withdraw.

- Select the network and enter the recipient address

- Enter the amount you want to withdraw. The window will show the transaction fee and the final amount you receive.

- Enter the verification code sent on your phone number and email and submit the request.

Withdrawal of funds have transaction fee depending upon cryptocurrency and amount.

Conclusion:

Now as you are aware of what crypto exchange is and the procedure of how to trade on Binance and make money, you will be better equipped to make an informed investment decision. As we know the crypto platform is a bit complex for beginners, you can read more about popular crypto exchanges with us, while exploring more about crypto guides.