Here is a tutorial on how to sign up and buy and sell digital currency in Binance currency exchange.
Digital currency trading has opened up a new way of making money. Digital currencies have largely eliminated geographical boundaries and restrictions, and traders from countries such as Iran who have limited access to financial systems can benefit from this particular market.
If you are new to trading, we recommend reading this: Basic Trading
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Due to the increasing demand for digital currencies all over the world, many trading and exchange platforms for digital currency trading have popped up. In this article we are going to introduce “Binance” which is a Cryptocurrency Exchange Company and teach you how to trade.
According to the description on its website, this particular site is highly secure and stable, capable of processing 1,400,000 transactions per second. Given the large number of traders and the high trading volume, there is good liquidity for many currencies in this exchange company. (the volume of currency trading is indeed high).
Although Binance is a new company in the digital currency market, it has gained popularity due to low transaction fees.
What you need in order to trade using Binance:
- Introduction to trading and technical analysis: Trading in financial markets has almost the same principles as any market and one of its main requirements is familiarity with technical analysis. Read the technical analysis tutorials here.
- Capital: You can start from low amounts. In fact, if you are a newbie, it is best to start with low amounts.
- Enough digital currency knowledge: There are many details about working with digital currencies, such as wallets, digital currency security plus transactions and market knowledge.
- High risk adaptability: Trading in this market means dealing with quite a lot of risk. Its fluctuations can be profitable but most of the time they result in losses. Familiarity with the way these currencies operate and move is also essential to prevent losses.
In this article, you can read digital currency tutorials in this category.
Video: Complete Guide to Digital Currency Trading on Binance
We explain step-by-step illustrations of how to buy or sell digital currencies:
Step 1 – Site Membership and Email Verification
Register on Binance:
Membership is simply done by completing the form
Then you need to to solve the security puzzle, in order to do so you need to drag the puzzle piece and drop it in place to solve the puzzle. After that you have to drag the slider to confirm the process.
After you sign up for a membership, you will see a message like the one below asking you to confirm your email.
Once you have logged in to your Inbox, click the confirmation link. Email confirmation is done by clicking the Verify Email button.
Clicking on the “Verify Email” button will show you a page like the one below which confirms your account verification.
Step 2 – Login and security measures
Now login to your account by clicking the “Login link” or clicking the “Login” menu at the top of the site and then entering your username and password.
At first you will be prompted to choose one of two security features including google authenticator or SMS authentication to increase security.
These are 2-step verification options and you need to enable them so that if someone has access to your password and username, they won’t be able to login to your account.
You can close this window by clicking the “Skip for now” button and then follow these security steps later, but we recommend enabling 2-step verification right away in order to increase the security of your account against hackers.
We recommend using google authenticator. Clicking this option will take you to a page like the one below.
As you can see in step 1 shown above, to enable this security option, first you need to download and install the Google Authenticator app from Google Play or App Store.
After you have installed the app on your mobile, click on the Add sign (+)
This will open a QR code scanner and then you have to scan the image you see in the second step (below the Scan QR-code option) to add the Binance website to the app.
After that a secret key for google authenticator is given to you so that if your phone is damaged or stolen, you can sign in to the app on a new phone and use it again to login.
So keep the secret key which consists of random characters and numbers and letters somewhere safe.
After you have completed all of the above steps, click on “I’ve backed it up, Continue”.
After you enable google authenticator, any time you enter your password and username a new field will show up asking you for the security code from the google authenticator app. You need to have access to your phone at all times in order to get that code from the app and paste it into the appropriate field on the website.
Step 3 – Depositing Bitcoin or other currencies in the website
To convert digital currencies, you must deposit the currency you own and convert it into another currency, to do so click the “Deposits Withdrawals” option in the “Funds” menu.
This will display a list of currencies that you can deposit into the site.
To start charging your account, click on the “Deposit” button in front of the desired currency to display the address you need to send the currency to.
For example, as you can see in the image above, click on the “Deposit button” in front of the BTC Currency, then an address appears in the “BTC Deposit Address” field, and you have to send bitcoin to that address.
You can read about bitcoin sending and receiving here.
After depositing the desired currency into the account, charging your account depends on the currency in question. For Bitcoin it may take a few minutes to several hours, and other currencies will vary depending on the type of operation.
Your transactions (both verified or in the process of verification) will be visible on the “History” page. After the transaction is approved on the currency network and added to your account, you will see the total account balance and the dollar value at the top of the “Deposits Withdrawals” page.
Step 4 – Currency Conversion
Now that you’ve added funds to your Binance account, it’s time to convert.
By logging in you can choose between advanced trading and simple trading options from the top menu.
The “Advanced Trading” page is for traders and people who already have experience, and the “Simple or Basic trading” page is for those who have little or no experience at all.
Each currency pair on this website has its own page, such as BTC / ETH, BTC / XRP or Bitcoin to Ethereum. The separate pages are for displaying trading information.
Follow the instructions below to get to the currency trading page you want.
When you open the Basic Transactions page, you will see a page like the one below.
To enter the currency trading page, enter the currency denomination in the field marked with the red box.
For example, the Ripple currency symbol is XRP and you must enter the XRP / BTC page to buy Ripples with Bitcoin (Click the icon in the sidebar as shown on the page)
After entering the page, you will see the currency purchase and sale form as shown below.
The Sell XRP section is for when you own XRP and plan to sell it.
The BUY XRP section is for when you have bitcoin and want to buy Ripples.
The shopping process in the Market tab is very simple. You only select the amount you want to buy (from 25, 50, 75 and 100% of the capital) and then click the Buy XRP button.
For example, by clicking 100%, the total bitcoin you have in your account will be bought at the market price of the last transaction.
If you click 25%, only 25% of the bitcoin you have in your existing account will be spend buying Ripples and another 75% will remain in the account.
If you intend to enter the Ripple purchase price something other than the market price, go to the “Limit” tab, where you must enter the price yourself. This type of order registration is more suitable for the experienced and if you just want to buy Ripples and keep it, you need to go to the “Market” tab.
Before buying or selling, consider the “Balance” at the top of the buy or sell form. This option shows your account balance.
Very Important Tips
- To avoid blocking your account, you should only work with a foreign IP if you wish to trade.
- Sometimes deposits or withdrawals of some currencies are blocked for reasons such as site changes, network congestion or any other reason, but they will usually unblock it after a while, unless it is no longer tradable in Binance. The news section of the website will keep you posted on that front.
- Make sure you enter your address carefully when depositing and receiving.
- There is currently no need for authentication on the website and you can withdrawal up to 2 bitcoins daily without any authentication.
- Before depositing currency into this site, be sure to check out the minimum withdrawal allowance of the different currencies on the “Deposits Withdrawals” page. To see the minimum withdrawal allowance of your preferred currency and the withdrawal fee, click the “Withdrawal” button in front of the desired currency and see its terms.
- Also note the transaction fees on the network. Frequent bitcoin withdrawals and deposits from this site can make you lose a lot of bitcoins for fees.
- Depositing a currency on the website is free. Each transaction has a 0.75% commission rate and the currency withdrawal fee also varies from one currency to another.
- You are responsible for any possible gain or loss.
If you do not intend to sell consistently and want to convert digital currencies in a simple way, use the exchange company we have introduced below:
Currency conversion methods on Changelly
If you have questions about this cryptocurrency exchange platform, let us know in the comments section.