How to use Binance Exchange to trade – In this post we will guide you how to use Binance Exchange to trade Cryptocurrencies. Binance Coin exchange is easy and fast. Binance Exchange for crypto is simple and there are many crypto available to exchange in binance. Binance is a cryptocurrency exchange with a focus on the Chinese market and other Chinese coins. Currently, it supports English and Chinese users.
Binance is a China-based cryptocurrency exchange that gives users access to a robust set of trading tools, charts and security features. Following a successful initial coin offering (ICO), Binance began live trading in July 2017.
How to use Binance Exchange to trade
Binance is growing at an astounding rate, and if this keeps up, it will be one of the biggest crypto exchanges based on trading volume. Additionally, many newly coins/tokens that just had an ICO would have a higher tendency to be listed on Binance compared to other big exchange.
Binance is growing at a very fast rate, and if it will keep growing, it will soon become the biggest crypto exchange worldwide for trading altcoins. Binance would be the recommended choice of exchange due to its large trading volume, which would equate to better prices and a higher probability of your buy/sell orders being filled.
How to use Binance Exchange to trade Cryptocurrencies
Binance is a secure exchange that many people use, I like that Binance fees are halved because they have their own currency Binance coin(BNB) which will when used to pay your transaction fee will cut your fee in half! We have provided steps to use Binance Exchange to trade Cryptocurrencies.
How to Make Account in Binance
The process behind this is fairly simple and straight-forward and you don’t have to verify your account for level 1 which is a 2 BTC daily withdrawal limit.
For level 2 which allows up to 100 BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that. below is how to create account in binance and how to apply binance referral code.
- Visit here to create account in Binance.
Click on Sign up ans enter your email id and Password
Now Verify your email address.
Login and now you need to enable 2F Authentication Used for withdrawals and security modifications
- in that Select SMS and enter your Mobile number and verify it. you can also use google authenticator app for 2F Authentication.
Now you have made account in Binance, follow below steps for Binance Exchange to trade Cryptocurrencies.
Steps for Deposit Bitcoin or ETH in Binance to trade
At your dashboard click on the “Deposit/Withdrawals” button under the “Funds” tab on the top right-hand corner.
Select the Coin You Want to Deposit, Search the coin that you want to deposit and press the “deposit” button
if you’re depositing Bitcoin (BTC), make sure you click the “Deposit” button only for Bitcoin (BTC). This is because the address for each coin is different. You can just search for the coin in the search field to expedite the process.
Transfer Your Coins to the Generated Address
5. Copy and paste the Deposit Address into the Recipient box in Coinbase/Zebpay and enter how much ETH/USD you want to send and click continue… Your Bitcoin or Ethereum is now en-route to the Binance exchange.
Depending on network congestion, this could take a while, although usually with Ethereum transaction times are shorter.
Steps for Binance Exchange to trade Cryptocurrencies
- Once the incoming Bitcoin/Ethereum hits your Binance account, you are now ready to start trading!
Go to the Exchange tab and click Basic and you should see the screen below. Now select desired pair from the right pane. Use the search field for faster navigation.
- Like FOREX trading Cryptocurrency is traded in pairs. It will always be ETH/BTC, BTC/XVG, BTC/WTC, etc. Most coins are traded against BTC although some also support ETH and LTC.
In this example we want to trade our Bitcoin for Ripple. We start by selecting XRP/BTC pair market, and then we’ll get the following:
In order to buy (Limit): Set the desired price, select amount (XRP units, or select percentage of your total Bitcoins). The total BTC (the cost) will then be calculated automatically and click on Buy.
If you want to buy at market price then select Market from the top menu. Stop limit is more advanced, and lets you set a stop loss or stop buy orders.
Video Tutorial of How to use Binance Exchange
When trading on Binance, you will be charged a 0.1% fee on each trade. Binance has issued its own token, BNB, which can be used to pay any kind of fees incurred on the exchange. Using the BNB token reduces transaction fees on trades by a specified amount: 50% during the first year, 25% during the second year and so forth. Because the BNB token is tradable on the exchange, its value fluctuates
So these are the steps to use Binance Exchange to trade Cryptocurrencies. if you are facing any issues in any steps comment below and we will try to resolve your query.