If you think buying and selling cryptocurrency is too complicated for you to understand, Binance can make everything easier for you. When you start dealing in cryptocurrency, it is important that you are familiar with the exchange that you are using as well as the different ways in which you can use it.
When it comes to Binance, the app was founded back in 2017 by two people who were both employees at the OKCoin exchange. Both Changpeng Zhao and Yi He had a drive for cryptocurrency – which is why they made Binance simple and uncomplicated for all users.
Binance has its own cryptocurrency – Binance Coin (BNB). The application is actually an exchange market for various cryptocurrencies. This means that you can only start a Binance account if you already own some form of cryptocurrency, and then you can trade it with other people.
Opening an Account
To make an account with Binance, all you have to do is get registered on the Binance website. On the registration page you will be promoted to enter a valid email address and choose a password for yourself. Once you agree to the Terms and Conditions, you will be asked to verify your account via email.
The email sent to your given account will contain a link where you can verify your Binance account. Once you click on the link, your Binance account has been created and you are ready to begin trading.
But before you do, we recommend securing your account via two-factor authentication. Since trading in cryptocurrency is a costly and risky process, it is essential to keep your account safe from any hackers on the internet. Binance allows you to set up 2FA and link your account to your mobile number. This means that before you can log in to your Binance account from a new device, you will be asked to verify your identity via the phone number provided.
Funding Your Binance Account
As mentioned earlier, Binance is purely a cryptocurrency exchange application. This means that in order to start trading with Binance, you will be required to fund your account with some existing cryptocurrency.
This can be done using any other cryptocurrency exchange wallet. Simply go to your wallet where you have the cryptocurrency stored, select how much you want to transfer, and send those funds to your valid Binance account.
The best part about trading with digital currencies is that everything happens in an instant. Once you select ‘send’ from your crypto exchange wallet, your Binance account will be funded immediately.
Trading with Binance
Once you have funded your account, it is finally time to begin trading with Binance. There are two options that you can select: basic or advance.
If you are a first-time trader, we recommend opting for the Basic settings. This will give you a layout that is easy to navigate, and all the information you need will be displayed clearly. While the basic setting has been designed for beginners on the app, it is certainly not for those who are entirely new to cryptocurrency trading. However, you can follow a few simple tutorials on Binance to understand how everything works.
If you have been trading digital currencies for a while now, then you can opt for the Advanced option. This will give you access to all the complicated features on the app, including price charts and market analytics.