Binance is a global cryptocurrency exchange that most traders use. The exchange is up to date with important announcements and has excellent security measures. Binance lists a lot of cryptocurrency pairs to choose from as well, and this means you will find many opportunities to trade.
In order to trade with real money you can open an account with Binance or Binance.us (for American traders). Again, there are other exchanges out there and if you do not choose Binance that is fine. This guide will tell you how to set up a Binance account if you do not have one.
Creating a Binance Account
It should be pretty easy to do yourself, though this will make it easier should you have any troubles. This is what the sign up page should look like.
If you are using binance.us (for American traders) it will look like this.
Once you input your email and choose a password, you will have to verify the email address you have chosen via confirmation email. When you get logged in, you will have a lot of places to navigate. Here you will find some basics. It is important that you understand how to get around your new exchange and use it’s basic features.
In the tabs provided, you can see you have the options to buy crypto, view the markets, trade crypto, view derivatives, view finances, view your wallet, view your orders, and see your notifications.
Funding Your Binance Account
In the “Buy Crypto” tab, you have several options to deposit money to your exchange, and each one has its own set up process. You can choose from bank deposit, credit/debit card transfer, P2P, or third-party payments. These are just some of the many ways to fund your account.
Another way you can fund your account is by sending crypto you already own from another wallet address to your new binance wallet address. When you are trying to transfer crypto, be sure you have the proper coin and network selected. You also need to make sure you have the wallet address typed correctly in order to avoid losing your cryptocurrency.
On the “Wallet” tab drop down, select “Overview” to see all your available balances. It will display all available wallets, even if there are no coins in them.
From the “Overview” screen, you can select “Deposit” to fund your account, “Withdraw” to extract funds from your account, or “Transfer” to change funds from your “Spot” wallet to your “Margin” or “Futures” wallets.
Depositing funds is easier than withdrawing funds from Binance. Withdrawing funds usually has more security measures to ensure that nobody has gained access to your account. When withdrawing funds, you may be asked to enable two factor authentication, or for an email or phone verification code.
Trading on Binance
Now that you have funds on your Binance account, you probably would like to start trading with them. While this next section will cover the physical “how to trade” it will not cover the analytical “how to trade,” meaning you will learn how to initiate a trade but without any chart analyzation. You will need to have an understanding of “Technical Analysis” to learn how to read and understand the charts and their patterns.
At the home page from the tabs along the top screen we reviewed earlier, you can select “Trade” to see a drop down menu of your trading options. You are going to become a pro trader, so you want to select the “Advanced” option to start learning with all the tools available.
You should end up seeing something like this. This might seem like a lot of information – do not worry, you will learn about everything on this page.
This next photo is the same photo, except numbered to give an explanation of each piece of information.
- The currency pair. This is the pair you have selected and about to make a trade in. You can change this by selecting the drop down arrow after the currency pair. In this area, you can also see the current price traded, the 24 hour change in price, the 24 hour high and low, and the 24 hour volume .
- The wallet selection. This is where you will choose to trade funds from your spot wallet or your other wallets. Make sure you have chosen the proper wallet.
- The time frames and chart selections. Here, you can select the time frame you want to trade on. Selecting different time frames will display the candlestick information in different smaller or larger models. Here, you can also select a chart to use to display information.
- The candlesticks. This is the base for all price action information. Candlesticks carry a great amount of information and need to be analyzed carefully before committing your funds to a trade.
- The order book. This is where you can view the limit buy and sell orders other traders have placed for the given currency pair.
- The order terminal. This is where you can buy and sell crypto currencies with crypto you have in your exchange wallets. You can execute a limit or market order, and view your available assets for the given currency pair.
- Your orders. Here you can see your open orders (if you have any), your order history, trade history, and funds.
There’s so much ground to be covered when talking about Binance. Another great feature Binance offers is its paper trading program. Binance Futures Testnet allows users to create a Futures account and credit it with “play money” to practice trading. This is a wonderful tool for traders looking to go pro as they can practice techniques without fear of losing any funds.
If you already have an exchange of choice, congratulations. If not, you can register for Binance here and start using all its amazing features. If you are new to the world of trading and investing, check out some of our resources and trading courses available here.
By viewing any material or using the information within this publication you understand that this is general education material and you can not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here. Trading cryptocurrency has potential rewards, but also potential risks. You must be aware of the risks and be willing to accept them in order to invest in the markets. Only trade with funds you can afford to lose. This publication is neither a solicitation nor an offer to buy/sell cryptocurrency or other financial assets. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material on this website. The past performance of any trading system or methodology is not necessarily indicative of future results.
Written by Edward Gonzales © Crypto University 2021