Trading with cryptocurrencies can be a very profitable but at the same time very risky operation if you are not aware of the basics for trading with Binance in order to invest in digital currencies, or cryptocurrencies. The goal of this article is to provide readers with a practical guide to learn how to take advantage of the Binance exchange platform to profit from trading cryptocurrencies today.
What is Binance?
Despite the risks of cryptocurrencies, the sector is constantly growing, thanks to the improvements in the technological infrastructures for trading online; this aspect has meant that financial investors and traders (beginners and experts) have approached the world of cryptocurrencies with the use of exchange platforms, such as Binance, among the safest exchanges in the world.
Binance exchange is well known and used all over the world, thanks to its ease of use and the various services provided by the platform.
Cryptocurrencies on Binance
Founded in 2017 in Hong Kong, it is nothing more than an online platform for trading cryptocurrencies; Unlike other exchanges where traditional money is exchanged for crypto and vice versa, with Binance speculative trading takes place exclusively between cryptocurrencies (from crypto to crypto), with a wide choice of more than 600 cryptocurrencies and virtual tokens, which include :
- Bitcoin BTC
- Litecoin LTC
- Dogecoin DOGE
- Ether ETH
- and its own cryptocurrency Binance Coin BNB
But this is not the only thing left, because the operation of the platform makes it possible to have a cryptocurrency wallet to convert digital currencies.
In this scenario, Binance stands out from the competition to be the world’s most user crypto exchange platform.
Training with Binance Academy
A very positive aspect of the Binance app is the possibility to train academically within its own site on how to operate with cryptocurrencies through the Binance Academy:
Binance Learn & Earn, is an educational platform that allows novice traders, interested in delving into crypto trading, to deepen their knowledge of the training tools provided by the start-up Binance.
What can be done on Binance?
On the best cryptocurrency exchange platform, a series of operations can be carried out within the site that stand out for the quality of the services offered, such as:
- Trading of digital currencies, for buying and selling of cryptocurrencies
- Investing in crypto-assets
- Buy cryptocurrency Binance Coin BNB
- Investments in cryptocurrencies
- Train with the Binance academy, to learn crypto trading basics
- Binance Charity Foundation (BCF): to donate through the fundraising channel of Binance’s decentralized charity foundation, a revolution in the cryptocurrency exchange industry
- Staking with cryptocurrencies to earn crypto rewards
- Earn cryptocurrencies with Liquid swap Binance
- Storing crypto coins in the virtual wallet (i.e. a crypto wallet): binance wallet
- Join or support Binance Labs’ incubation program for technology startups and new emerging and promising Web3 projects that promote technology, innovation and dissemination of cryptocurrencies
- Discover and invest in new Binance projects that are capitalized through a fundraiser to launch a cryptocurrency, a process known as ICO (English acronym for Initial Coin Offering)
How to create an account on Binance?
To create an account on the best crypto trading platform you don’t need to have a degree in economics and finance, since if you have little knowledge on how to operate with Binance, you can learn everything about blockchain and crypto with the Binance Academy: training program on crypto , offered by the most used cryptocurrency startup in the world.
Moreover, the use of the binance app is within everyone’s reach, it can be downloaded on desktop and smartphone:
- Binance Google Playstore
- Binance Apple app store)
And it takes just a few clicks to register online and open an account on Binance, below I’ll explain how and what to do.
How to register on Binance?
- Visit the official Binance website and click on the Register item, you can register by phone number or by email (there is also the possibility to register an account for entities, which is nothing more than a business account Binance). Remember to create a strong Binance password (alphanumeric password, minimum 8 characters and one capital letter,) and not to share it with anyone for the security of your account
- During the registration process on Binance, verification codes will be sent to you via email and SMS on the number you registered to access your Binance account
- If all the process is successful, you will see the message Account created on the platform.
Check on Binance
To take advantage of all the potential that Binance offers in the world of cryptocurrencies, you need to verify your identity on Binance by clicking on the “verify now” item, where you will need to fill in the required fields with all your personal data and upload an identity document ( valid) which can be: paper or electronic identity card, driving license, passport or residence permit for non-EU citizens.
During this step you will be asked what you will do on Binance, for example, you can choose from the options:
- Online purchase
- Trading on binance
- Other options
How to complete identity verification on Binance?
To complete the verification on Binance, you need to:
Take a selfie inside your platform, the face must be clearly visible, do not wear glasses or hats, and make sure that the lighting is sufficient enough
Upload a document that proves the user’s residence (it can be a domiciled telephone bill, tax return, or bank statement showing the residence address).
Once you have completed all the necessary steps on how to verify your identity on Binance, wait until the system has verified your Binance account, you can exit the platform as you will be notified of the outcome of the procedure by email.
If all goes well and you are a verified binance user, this way, you will be able to have access to all services and product offerings on Binance online; otherwise, if you don’t verify your Business account you will have very limited functionality of the crypto exchange platform.
You can strengthen the security of your Binance account by activating two-factor authentication, to prove your login and confirm online transactions via verification codes sent both via text message and on the email registered at the beginning.
How to trade with Binance?
First of all, trading on Binance is legal, here is what it takes to trade with Binance:
Deposit money on Binance
Once you have created and verified the Binance online account, you can proceed to buy cryptocurrencies online with the traditional money you have available through the Fiat Eur currency (it is the same Euro currency, and in the cryptocurrency world its price is not subject to quotation. gold silver but instead is associated with trust in an issuing body: central bank or state).
To deposit fiat on Binance, go to the item: Deposit EUR (you can choose another fiat currency other than the Euro), the FIAT deposit can be made through various options as a payment method:
Bank transfer (€ 1 transaction fee is payable)
Deposit by bank card (Visa / Mastercard) at a cost of 1.8% of the total balance deposited as a transaction fee
BInance P2P express (without commission)
Wallet Advcash (0 commission)
Buying cryptocurrencies on Binance
Once you have deposited Fiat money into your account, the second step is to purchase cryptocurrencies to trade with Binance, with the advantage of being able to choose between the various tools on Binance to make investments.
Direct Conversion. Fiat to Crypto (from the Binance app)
The purchase of cryptocurrencies is based on the conversion of the Fiat money deposited (or other cryptocurrencies in the account) into other cryptocurrencies (BTC and 600 cryptocurrencies).
To do this, just go to the item: MORE (right on the main screen of the Binance app), then the SERVICES screen appears, scroll to the bottom until you see the DO TRADING option, then click CONVERT:
You can choose the amount of the currency to convert (for example, from EUR) to some crypto (BTC, ETH, BNB, USDT, USDC, BUSD, BHC, and many others)
To conclude, check the box at the bottom: PREVIEW OF THE CONVERSION, after which the conditions of the conversion appear, at this point just give your consent.
Once the original currency has been converted into the desired one, it is indicated in the Binance wallet (icon at the bottom right of the main screen of the Binance app).
Now in your virtual crypto wallet you have the previously converted cryptocurrency via direct conversion.
Buying and selling cryptocurrencies on Binance
In addition to direct conversion to convert any currency into cryptocurrencies, the world’s most popular exchange platform offers its users the option to buy other crypto assets via Binance online trading.
To do this, from the main menu go to the TRADING item for the sale of cryptocurrencies:
In this step, you indicate the cryptocurrency and the amount you want to buy
All this takes place through the exchange with other crypto-assets or fiat currencies
The difference with the direct conversion is that this procedure is not instant, on the contrary, it is compared to trading on the stock exchange, therefore, it is necessary to wait for another Binance user to agree to the purchase proposal (based on the trading currency pair) .
Dear readers of Financial Empires, as we have seen, trading with Binance is safe, legal and intuitive through the cryptocurrency exchange platform on the desktop or from the app, to buy and sell cryptocurrencies and make investments on Binance.
The Editorial Staff, Financial Empires
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