Once you are on the security page, you will find the 2FA section. Meanwhile, you will need to download the Google Authenticator app on your mobile phone or PC, depending on your preferred device for verification. Personally, I have a bias for my PC because it is safe and hardly leaves my house.
My phone, on the other hand, can be stolen or misplaced. Alternatively, you can download the authenticator extension from the Chrome Web Store. If you already have an authenticator, then skip steps 3 and 4. Scan the QR code provided by Binance or copy and paste the key provided.
Ensure you keep this key safe. This is the only way to access your Binance Google authenticator if your device gets stolen or damaged. With your QR scanned, Binance reminds you to back up your key.
I just had to repeat that because it is very important. I lost access to an account in the past because I failed to back up my code. Finally, you need to activate your Binance Google Authenticator. Depending on what other 2FA options have been enabled on your account, you will need to provide the 6-digit code that was sent to you via text, email, or your newly created 2FA.
After securing your account, I believe it is time to start trading by funding your account. Binance has fiat-on-ramp. Once your account is funded, you can start trading. But first, here are a few things that you need to know. Before now, they were only Basic and Advance settings.
Convert as the name suggests is an easy way to exchange or swap your digital asset from one currency to another, without having to deal with market prices. The OTC portal gives you a conversion rate from current market prices. Chances are that you will never use this feature. Classic, otherwise known as Basic, has a simple layout that is easy to understand.
You are presented with only the basic information that you need such as trading pairs, a simple price chart, sell and buy orders, price actions and trading volume over the last 24 hours, and a general overview of the market activity. The Advanced trade option has all the features of Classic. The only difference is that it prioritizes the charts and data. But not to worry, all the numbers and charts do not really matter at least not immediately. This is what you will be trading in.
Select your desired currency from the list. There is also a search bar that you can use to easily find your preferred currency.
Last but not the least; you can favorite coins by clicking the star next to them. Chances are that you will only trade a few digital assets. Creating a favorite list will help simplify things even further.
Choose a trading pair. As I mentioned earlier, Binance has hundreds of trading pairs. Once you have chosen what you want to trade, select the type of trade you want to make. There are three types of trade on Binance — limit orders, market orders, and stop-limit orders. In a limit order, you set the maximum price you will like to pay for a particular coin or the minimum price you will like to sell an asset, which in this case is Ripple.
Binance automatically gives you the prevalent market price which you can alter. If there is another trader who is willing to sell at that time or lesser, your order will be automatically fulfilled.
Otherwise, you will have to wait until a buyer or seller accepts your price. Market orders are the fastest and simplest kinds of trade. If you need to buy XRP immediately at the current market price, select the market order tab. Binance stop-limit orders allow you to buy or sell a coin once it reaches a certain price. This is usually used by pro-traders. Since you know what each kind of trade does, it is time to input the amount you want to trade. I recommend you stick with limit and market orders as a beginner.
For clarity, I will be using a limit order just to show you how it works. Binance has by default given me a price of 0. The crypto market is highly volatile and this value will change rapidly. Otherwise, try to mark the changing price and purchase at a reasonable point. Your Bitcoin will be traded for XRP. For better understanding, a stop-limit trade can be broken down into parts - the stop price and the limit price.
The stop price is the price at which a limit order is triggered. You can enable additional security on your account by activating what is called 2FA 2-factor identification.
If you do not want to do it for the moment, you can click on "Skip for now" and activate it later. To do this, click on "Funds" at the top of the page, and choose "Deposits Withdrawals". In this example, we will choose to deposit Bitcoin.
It will be necessary to click on the button "Deposit" to the right of the currency in question. You can search your currency directly in the list or use the search tool located at the top left. After clicking Deposit, you will see the deposit address on which you will be able to send change here Bitcoin. You have a different address for each Cryptocurrency, send only Bitcoin to your Bitcoin address etc Now that you have made a deposit on Binance, you can start trading.
Click on "Market" at the top left of your screen, then choose Basic or Advanced. I advise using "Basic" unless you are familiar with trading. The page may seem complex at first glance, but once you understand it is very easy. We must first choose the market on which we will trade, top right in red on the photo. In this example, we will choose BTC. Just below, you can see the list of currencies that can be traded against the BTC. Click on the currency you want to buy or sell.
There is also an option to search for the currency you want in orange on the photo. You can see the chosen currency at the top left in green on the photo , as well as the current price next door. If you choose "Limit", it will then fix its price, and then choose the amount you want to buy or sell.
With "Market", you just have to choose the amount. As for the "Stop-Limit", we will approach it in the following image. The Stop-Limit allows him to set a price from which one would be ready to buy. The Stop box allows you to set a price, from which your order Limit is automatically passed. Let's say I bought it at 0. To make sure, I would like to sell it automatically if the price goes below 0.
So I put in Stop 0. If the last price is equal or lower than 0. Make sure all the devices you use to access your Binance account are free from bugs and viruses. There are no hour helplines to call or buildings you can visit to complain!
Before you head over to Binance and start trading, I want to take a quick look at what kind of user Binance is designed for. Binance is designed to appeal to as many users as possible. The exchange is simple enough for newbies to use, and offers enough coins and features to keep expert traders happy, as well.
I would recommend Binance to crypto traders of almost every level of experience. The only users who might struggle to use Binance are first-time traders. If this sounds like you, then I suggest signing up to an exchange like Coinbase.
Trading with Binance will take you from beginner to expert through its Basic and Advanced settings. You can start by making simple market trades and move on to the more complex limit and stop-limit order trades. On June 28, , Team Binance announced that it had launched its first fiat trading exchange in Binance Uganda will allow traders to use Binance to buy cryptocurrencies with fiat currencies for the first time. Learn how to convert Bitcoin to cash on Binance P2P, and start exchanging today!
Find out where to buy Shiba coin, in a safe, quick, and reliable manner! Find out how to use the Binance P2P marketplace in order to safeguard your cryptocurrencies and tokens! The cryptocurrency exchange market is very crowded.
The exchanges that succeed will be the ones that offer features that every trader can use and enjoy. Binance has millions of happy customers all over the world. Now, go and try it for yourself! We do not publish biased feedback or spam. So if you want to share your experience, opinion or give advice - the scene is yours! Yes - without a doubt, Binance is one of the best cryptocurrency exchange platforms on the current market. It's relatively simple to use especially if you're already an advanced crypto trader , offers some great fees, and supports a lot of coins and coin trading pairs.
Surely one of the best options out there! Not quite. Learning how to use Binance is usually segmented into two parts - the basics , and the more advanced stuff. If you're a complete newcomer in the field of cryptocurrency trading, then even the Basic version of Binance might prove to be a bit confusing.
With patience, though, you should be able to crack it - no problem. In general, Binance is considered to be one of the simpler exchanges out there.
Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. That said, many users believe that Coinbase is one of the simpler exchanges on the current market.
The exchange platform i. Binance acts as a middleman - it connects you your offer or request with that other person the seller or the buyer. When considering cryptocurrency exchange rankings, though, both of these types of businesses exchanges and brokerages are usually just thrown under the umbrella term - exchange.
This is done for the sake of simplicity. No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States i. Coinbase or Kraken , there are other very well-known industry leaders that are located all over the world. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform. Read more.
Check this tutorial out! By Laura M. All the content on BitDegree. The real context behind every covered topic must always be revealed to the reader. Feel free to contact us if you believe that content is outdated, incomplete, or questionable. Laura M. Table of Contents 1. The Lore of Binance 2.
How to Open an Account 3. How to Fund an Account 4. How to Trade on Binance 4. How to use Binance for Basic Trades 5.
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