Binance is one of the popular cryptocurrency exchanges that offers a variety of features to users. This makes it a popular choice for beginners. In this guide, we have shared all you need to know about how to trade Crypto on Binance.
Binance offers its services on multiple platforms, including iOS, and Android, as well as a desktop application for Mac and Windows. To begin trading you need to create an account on Binance and verify it before you can begin trading.
Fund your account with currency or cryptocurrency. The next step is to choose a trading pair. A trading pair is a pair of cryptocurrencies that you can trade against each other. The final step is to place a trade.
Trade Crypto On Binance: How To Buy Crypto
To buy crypto on Binance you can link your bank card to your wallet or by making a direct bank transfer. You may also purchase crypto from other users through the Binance P2P (peer-to-peer) system.
Binance P2P automatically shows the selected sellers based on the amount of crypto you want to buy and your desired payment option.
As soon as the buyer confirms the payment, the crypto will be released to your account.
Trade Crypto On Binance: Sell Crypto On Binance
Selling the crypto on Binance is simple and easy.
- Head to the cash balance section on Binance and click on “sell crypto”
- Tap on the cryptocurrency you wish to sell.
- Enter the amount and tap on the FIAT currency of your choice.
- Post selection Hit the Sell button!
- Confirm your request.
- The money will be transferred to your fiat wallet.
Sell Crypto Through P2P Trading
Another method to sell your Crypto is through P2P trading.
- Transfer the crypto you want to sell to your P2P wallet.
- Go to P2P trading and click on the sell option.
- Enter the amount(number of coins/tokens) you wish to sell.
- Select the payment method and tap on OK.
- As soon as you’ve received the money, tap Confirm to release the crypto to the buyer.
Trade Crypto On Binance: Deposit Crypto On Binance
To trade Crypto on Binance deposit Crypto by following the steps shared here:
You can deposit crypto into your Binance wallet from another cryptocurrency wallet for example: Coinbase to Binance
- Copy your Binance wallet address and paste it into Coinbase the platform you’re withdrawing from to deposit it into Binance.
- Select the exact cryptocurrency you want to deposit.
- Select the protocol.
- See that the protocol is valid for your Binance wallet address.
- Hit the withdrawal button and complete the withdrawal verification process.
- Do be careful as selecting the wrong protocol may result in you losing your crypto.
- Wait as it will take a while for your request to be confirmed.
How To Withdraw Crypto From Binance
Follow the steps shared below to Withdraw crypto from Binance to another wallet.
- Log in to Binance and go to Wallet.
- Next, click on Withdraw.
- Select the crypto you would like to withdraw.
- Copy the exact wallet address and click Submit.
- Tap on the coin and click Receive.
Safety Tips For Beginners to Trade Crypto On Binance:
If you are new to the world of trading then you need to start with a small amount of money. As Cryptocurrency trading is risky try to start with a small amount that you can afford to lose.
It is quite important to do your research before you start trading in cryptocurrencies. Learn the fundamentals of the cryptocurrency and the technical analysis of the market.
Use a stop loss if the price falls below a certain level. A stop loss is an order that automatically sells your cryptocurrency it helps you to limit your loss if the market turns against you.
Cryptocurrency trading is a long-term game so to trade Crypto on Binance be patient and do not dream about getting rich instantly.