It’s 2021 and the cryptocurrency exchange market has exploded in both value and the amount of traders. With the value of various forms of cryptocurrency going up and the many different types of cryptocurrency becoming available, it is easy in 2021 to feel a bit of crypto FOMO. However, our beginner's guide for Binanace is here to save the day for you!
If you are new to cryptocurrency trading and want to get started as soon as possible, the Binance cryptocurrency exchange is a great place for you to begin trading crypto in a matter of minutes. In this guide we will walk you through the process of setting up your account, buying, and trading your first cryptocurrency using Binance. With the help of our beginner's guide to Binance we are sure you can take your interest in cryptocurrency to the next level.
What is Binance?
Binance is a very popular online cryptocurrency exchange platform where users and crypto enthusiasts can trade their cryptocurrency with others. Here people can buy and sell a very wide variety of cryptocurrency at relatively low fees. Using more than forty different types of Fiat currencies (normal bank issued currency) Binance users can buy Bitcoins as well as the many varieties of Alt Coins also available.
Binance also has its own Binance Coin known as BNB which is available for buying, selling and trading. Binance first came onto the cryptocurrency exchange scene in 2017 when it soon began rising fast to become one of the top crypto exchanges in the world. As of the year 2021, Binance has become the leading online cryptocurrency exchange in the world, simply in terms of trade volume.
For users living in Europe, Binance also offers ‘Binance Jersey’ which allows users to use European Fiat currencies to buy crypto. Other than this Binance offers its users many services with which to manage and organize their cryptocurrency exchanges. Other than having their own crypto wallet in which you can safely store your cryptocurrency, they also offer a multitude of finance options. These include, options for saving and earning interest, staking cryptocurrency, crypto loans and their own debit card.
Setting up a Binance Account
The first thing you will need to do before you can start trading on Binance and using their many crypto management services, you will have to set up your Binance account. Like most online platforms, setting up an account in simple and requires only a few steps.
Follow these steps and you can start trading on Binance within minutes.
To get started head over to the Binance homepage and click register on the upper left-hand corner of the webpage.
2) Create Free Account
Once you click register you will be redirected to the page shown below. Here you can input your email address and create a password for your Binance account.
3) Verify Your Account
Once you have completed the above step, you will be prompted to verify your account by inputting a 6 digit code that Binance will send to your email address.
Once you do this your account will be verified and will have been created. You will now be ready to start buying and trading cryptocurrency.
Buying Cryptocurrency on Binance
Now that you have successfully set up your Binance account you are ready to start trading crypto. Before you do so however, Binance will prompt you to complete the ‘Know Your Customer’ process. This is a procedure conducted by all banks and money exchanges that lets the financial institution verify that it is indeed you who is setting up an account for yourself.
Financial institutions conduct KYC procedures in order to avoid fraudulent activity or identity theft. In order to complete the KYC process Binance may ask you to provide some identification documents that prove your identity. This can be your driver’s license, social security number, utility bill, or a copy of your passport. Either way, completing this step will ensure that you don’t run into any problems on your crypto trading journey.
Moving on, there are two options available on Binance for those looking to buy cryptocurrency. Note that if you are a first time cryptocurrency trader and do not have any cryptocurrency to begin with you will need to purchase some to get started trading on Binance. This is because Binance is a crypto exchange platform and its main purpose is to allow users to trade different cryptocurrencies with each other.
Thankfully users can purchase any cryptocurrency they like on Binance. The two options for purchasing cryptocurrency are Credit and Debit card purchases or by transferring Fiat currency from your bank account.
Buying Crypto with a Debit/Credit Card
You can follow the steps given below in order to purchase cryptocurrency on Binance using your Credit or Debit Card.
1) Select Credit/Debit Card
In order to buy cryptocurrency on Binance using your debit or credit card hover over the ‘Buy Crypto’ Icon on the top of the home screen of the Binance Webpage. When the dropdown menu appears select ‘Credit/Debit Card’ as shown below.
2) Make Payment
After this you will be redirected to another page on which you will choose which kind of cryptocurrency you want to buy and how much. Next, enter your credit/debit card details.
At this stage Binance also provides you with a step by step guide on how to pay for cryptocurrency using Debit or Credit card. The process is essentially as shown in the picture below.
That’s how easy it is! Once you complete the process the cryptocurrency you purchased will be credited to your crypto wallet. You can now use this crypto to trade cryptocurrency with other Binance users on the exchange. Don’t worry, we’ll teach you how to do that as well.
Trading Cryptocurrency on Binance
In order to really get into trading on Binance, you will need to invest a lot of time into learning about bitcoin trading as well as staying informed about the cryptocurrency market. However, Binance has created an easier option for beginners with which they can begin trading cryptocurrencies right away.
This option is great for anyone who is new to cryptocurrency to get their feet wet and learn about the ins and outs of bitcoin trading. Using the traditional crypto trading interface requires an understanding of the interface, which is not the world’s simplest thing to wrap one’s head around. This why in our Binance guide for beginners we highly recommend using the ‘Convert’ feature as explained below.
1) Select Convert
From the home page of your Binance account, hover over the ‘Trade’ icon in the tool bar at the top of the page. Once the drop down menu appears select ‘Convert’ as shown below.
2) Trade Crypto
Unlike the ‘Classic’ trading interface given in the same drop down menu, the ‘Convert’ trading tool provides a very simple interface on which beginners can get started trading as soon as they create a Binance account.
As shown below you can use this tool to choose the two cryptocurrencies you want to trade between. One of these obviously has to be the cryptocurrency you have available, while the other should be the cryptocurrency you want to trade it for.
After you confirm your selection the crypto trade will automatically take place at market price. Further, you must keep in mind that trading fees are applicable for this process and will be deducted from the final amount you receive automatically.
There you have it. Once you complete all these steps you will be able to easily trade cryptocurrency on Binance. While there are many other features available on Binance that you can use this is enough to get any beginner started on their Binance crypto trading journey.
Furthermore, as a beginner you don’t have to learn to use the classic trading interface right away. However, if you want to up your crypto trading game and become more experienced at it, you should eventually learn how to use the classic crypto trading interface available on Binance. This is because this provides the user with much more information about exchange rates, trends, and valuation that come in handy when trading cryptocurrency.
Securing Your Binance Account
Since you will be trading cryptocurrency on Binance and cryptocurrency has actual purchasing power, no Binance guide for beginners would be complete without a section on securing your Binance account. In the crypto world, security is of utmost importance and more experienced traders go to great lengths to make sure their accounts and funds are secure.
Three simple steps can be taken to ensure that your account and your cryptocurrency funds are safe and secure.
1) Create a Strong Password
Make sure your password is complex and contains multiple different kinds of characters including Upper case and special characters.
2) Two-Factor Authentication
Setting up two factor authentication is a great way to add an extra layer of security to your Binance account. Either set up a physical two-factor authentication device or set up SMS authentication.
3) Binance Anti-Phishing Code
In order to prevent phishing attackers that are disguised as Binance, you can enable the Binance anti-phishing code from your account preferences. This way, every email you receive from Binance will contain an ‘anti-phishing’ banner on the top which will authenticate that the email was actually sent by Binance and not potential hackers.
Let’s Get Trading!
There is nothing at all difficult about setting up a Binance account and starting to trade cryptocurrency on the Binance exchange. As the world of cryptocurrency expands over the coming years, more and more people will turn to Binance in order to exchange cryptocurrencies.