Binance Tutorial For Beginners: How to open a Binance account and use it
The Binance tutorial is a cryptocurency trader’s delight as it provides all the need guidance on how to initiate and complete token trades. A careful look at the step-by-step points highlighted here can make a difference in your trading outcome.
Binance has a reputation as the exchange with the widest spread of cryptocurrencies trade on planet earth. This exchange currently supports 287 different tokens issued in different countries for the global marketplace.
As a beginner to cryptocurrency trading there is a need to understand the rubrics of Binance exchange.
Part 1: Why You Should Have a Binance Account
When you open an account on the Binance exchange, you are given the privilege of accessing an -easy -to-use cryptocurrency trading platform. If you are yet to start trading on Binance, you should register for your Binance account here.
Here are some reasons to note:
All continents are supported
You can open your account on the Binance exchange from any continent you live in around the world. A few notable exchanges like Coinbase do not support many countries, and this is where Binance makes the difference.
You have access to a wallet
Access to a personal cryptocurrency wallet is assured as soon as you open your Binance account. Irrespective of the token to decide to trade on, you will be to access your personal wallet in order to send, receive or trade on Binance.
You have incentives
There are incentives on the Binance exchange to boost your trading experience.
You gave the 50 percent bonus on transaction fees when you sign up for the Binance token (BNB) to settle your trading fees.
You should also look forward to referral fees if you able to refer new customers to the exchange by using your referral code.
Part 2: How to sign up at Binance
This part of the Binance tutorial shows you how to sign up on the exchange:
- To sign up for an account on the Binance exchange, you have to go to the homepage
- Click on the register tab on the top right hand corner of the screen
- You will be prompted to enter your email address
- Add your password, and repeat it on the next tab
- You should add your referral code, if any
- Check the box, to agree to the terms of Binance website, its associated terms and conditions
- Click on the register tab
- You then need to check your email to confirm your registration
- The next step will be to add a phone number to your account so that you have a notification for every-log-in
- The 2 FA (factor authentication) used by Binance will mean you should confirm your phone number by confirming it with the code sent to your phone
- This code sent to your phone should be entered on the tab provided
- If you have Google Authenticator(GA) installed on your phone, you can also use this to validate your account
- You will need to either scan the barcode on the screen or enter the GA code in the row provided as you verify you account
Part 3: How to add money to Binance
This Binance tutorial will be incomplete without you learning how to add money to your account successfully.
Adding money on Binance is made possible only when you send tokens from another wallet ir exchange to your Binance account. Cash or bank deposits are not supported on Binance neither can you use debit or credit cards.
- Go to Binance homepage and navigate to the funds tab
- Next, click on the drop-down tab for Deposits/ Withdrawals
- Choose the currency you are depositing on the menu that emerges from the step above
- Tap the deposit tab on the row of your selected token
- An address will be revealed after your action on step 2 above
- Copy this address using “CTRL C” for accuracy
- Go to the send tab on your exchange where you have existing tokens
- Paste the wallet address you copied in step 3 above using “CTRL V”
- Specify the token quantity you are sending on the tab provided
- Hit the submit tab
- Depending on the platform you used to end the tokens, you might wait for up to an hour before it reflects
- Check your Binance account afterward by clicking on the deposits history, the tokens will be there if the transaction was completed
Click on the link for a detailed explanation this binance tutorial on how to add money on Binance
Part 4: How to withdraw from Binance
- Log in to your Binance account
- follow the path to funds on the top right corner
- click on the tab for Deposits/Withdraws
- select the token
- click on withdrawal
- The recipient address tab will open up here; you need to enter your wallet address next
- After you submit your request to withdraw, an email confirmation link will arrive in your inbox
- Click on the link to authorize the withdrawal
- After the time limit for processing is complete, your wallet will reflect the amount withdrawn
- Check for the correct amount of your expected tokens in your wallet.
- Check here for how to withdraw from Binance
Part 5: The two exchanges on Binance
On Binance, you have two exchanges called the Basic and Advanced exchanges. The Basic caters for simple trades of buying and selling of tokens, and order management.
The Advanced exchange includes features for margin trading including placing limit, market or stop orders. Experienced traders are better suited to use the ‘Advanced’ exchange.
To uncover the two exchanges on the Binance homepage, you need to click on the exchange tab on the center-mid position of the website. See the illustrated section below:
Part 6: How to trade on Binance
This is how to use Binance exchange successfully for cryptocurrency trading:
- Go to the Binance homepage and log -in to see the markets displayed
- You will see the available markets displayed; click on your preferred token
- On the token you have clicked, select the pair you want to trade
- You have more pairs when trading from the tab of BTC, ETH or USDT
- To place an order, select the pair of your preference
- The three type of orders available are the stop-limit, limit and market options
- Any order you place will appear on your open orders tab
To view a detailed explanation of the steps above, go to how to trade on binance
Part 7: How to check deposit, withdrawal, and order history
Having deposited your tokens by sending them from another exchange or wallet address, you need to confirm if the transaction is completed.
It is like making a deposit into your bank account or having someone wire money into it. After such actions are taken, you might need to log into your banking app to see if the transfers or deposits reflect.
Here are the steps necessary to check if your deposits, withdrawals or trade orders are processed on Binance exchange:
To check for deposits you have made on Binance, it is advisable you observe a time lag of 10 to 60 minutes. Different exchanges have stated processing times.
- Log in on the Binance homepage
- Navigate to the “Funds” tab
- Under the ‘Funds’, the history will appear after you click
- If transaction is completed successfully, your tokens will be reflected
- After placing your withdrawal request, your tokens will reflect within the expected processing time
- Go to the Funds tab and click on it
- Click on the withdrawal row on the drop-down menu that appears afterwards
- You should click on your trade history to see the amount of tokens processed
Check Order History
- After placing your order, the expected token should appear under the order history
- Go to Binance homepage
- Click on exchange and click on Basic on the drop-down menu
- To the left side of our screen, the live data for sales and buying of tokens are displayed
- On the right side of your Basic dashboard, you will find tabs for the major pairs like USDT, BNB, ETH and BTC
- At the middle, of the dashboard, there is a live snapshot of all trades
- After the graph are the tabs used for a buy or a sell order
- Going to the bottom of the dashboard, you will find the open orders you placed
- Underneath the orders, the order history is displayed as seen in the orders history page
- Your order history will show all the orders you placed while the trade history shows all the trades you have completed.
- You will find your open orders in the order history page
- Check the information displayed to confirm if all the expected tokens are reflected
- You can cancel your orders here if you choose before they are executed
Here is a video that gives an explanation of what to do when buying, selling or trading cryptocurrencies on the Binance exchange:
Part 8: Conclusion
Anyone who adheres to this definitive Binance tutorial will excel in cryptocurrency trading and earn the rewards. Pay attention to the steps, and you will avoid the common mistakes that beginners make in their cryptocurrency business.