Have you just come across Binance and want to start using it?
Binance is one of the largest platforms for cryptocurrency trading, and it can offer you a great experience when making trades. But to make that possible, you must know how to trade Binance, which may be a bit challenging when it’s your first time using this app. To make things easier for you, keep on reading our guide on trading Binance.
What Is Binance?
Binance was founded by Changpeng Zhao and Yi He in China in 2017. Both of the creators were working at the OKCoin exchange for a while, and then they thought it would be better to build their own exchange platform.
The platform is a crypto-to-crypto exchange one, so this means it can only be used in order to trade cryptocurrencies and virtual tokens. More than 500 of them are available, with some of the trading options being Litecoin, Ether, Dogecoin and, of course, Bitcoin.
Binance Coin Explained
Binance has its own token too, known as Binance Coin, or BNB. The first coin offering of the BNB in the exchange managed to raise funds of about $15 million in 2017. Individuals that use BNB in order to pay their trading fees could get discounts as well.
Can Binance Be Traded?
You can trade with Binance using your cryptocurrencies or tokens. When you first join Binance and start using it, you will have to buy your first bitcoin or BNB. Binance can be traded, especially if you make sure to buy Binance Coin. But in order to do so, you will have to go through a series of steps.
How to Trade on Binance
In order to trade on Binance, there are several steps that you have to go through:
- Open Your Account
- Fund Your Account
- Start Trading
- Read on to learn about each of these steps.
Open Your Account
As mentioned, you need to open an account if you want to trade with Binance. Go to the main page of the Binance platform and click on Register. Then, you will be sent to the proper registration page, where you will first have to give an email address and set up a password. The email address must be a valid one that you use regularly. As for the password, you should set up a secure one, like a combination of numbers, letters, and symbols.
Deposit Funds
Then, log into your Binance account and click on Funds, then Deposits. Enter the cryptocurrency you need the address for. If Ethereum is the option you choose, Binance will make sure an address is generated in order to transfer the amount. Your Ethereum funds will then be sent to the ETH Deposit Address. This means that it should be copied and pasted into the recipient box of the Coinbase account in order to make the money deposit possible.
Next, select the amount you want to send to your account in Binance, after which you can click on Send. As soon as the Ethereum network is done processing the funds, they will appear in your Binance account.
Start Trading
Now it’s time to actually start trading. Move the cursor over Trade and then click on Basic or Advanced. This will show you all the current market details. In order to sell BNB for BTC at the present Bitcoin price, you have to pick BTC in the right panel.
Then, click BNB/BTC and you will see the corresponding trading page. Keep scrolling down until you see a Buy BNB and Sell BNB option. You use the Sell Coin option to sell BNB. Enter the amount you want to sell. Click the “Sell BNB” bar afterward. You will see a “Limit Sell Order Created” pop-up immediately.
Scroll down to the Open Orders section afterward to see the limit sell order. Wait for the open order to complete, and once it happens, your trade will be completed.
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