Binance is a leading digital asset exchange that allows people from all over the world to participate in the cryptocurrency market. It is a centralized but also a fast and secure platform.
You can use your basic account to trade bitcoin or any other cryptocurrency in the market and then afterward change it back into another cryptocurrency or fiat currency.
The straightforward interface of the website makes it user-friendly and easy to navigate around. You can also buy other cryptocurrencies through the site without having to verify your identity, which is a secure way of trading cryptocurrencies with anonymity.
Binance is not just a cryptocurrency exchange, but you can also use it as an income generation tool. It gives you a great opportunity to start earning money by selling other coins and also becomes a source of passive income. As a result, we will discuss the steps you need to take in order to start your Binance trading and make money.
Steps to Start Trading on Binance
Step 1: Account opening
In order to start trading on Binance, you will need to first open an account on the site. Therefore, you need to visit their website and click on “Register .”Here you will be required to give your username, and email address and create a password. Make sure that the email address is one that you access frequently or have full control of because what is coming next is a security step. Once done choosing your password, click “Register” and then you will be taken to your personal dashboard. From here, click on “Login” to log in to your account, and the following steps will be discussed.
Step 2: Verification
To start trading Binance cryptocurrency, you need to verify your account. This is an optional step; however, in order to complete this step, you will need a valid email address and a strong password.
To verify your account, you will have to enter the email address and password that you’ve created at the registration step. After entering your information, go to “Get Verification Pin” and click on it. A verification code will be sent to your email address, which you need to enter on the site. Afterward, you will receive a notification that your account was successfully verified.
Step 3: Setting up a 2-factor authenticator (2FA) for the security of your account
Two-factor authentication is an essential step in the setting up of your account because it provides a higher level of security than email verification alone. Two-factor authentication protects your account by just providing a PIN code that you need to enter in addition to your username and password.
Setting up the authenticator on Binance is very easy. Go to “Setting” – “Security” – “Enable 2FA”. Here you will be asked to either scan or manually enter the QR code generated on the Binance app. When you are finished, click on “Enable.”
Step 4: Binance Transfer and Trading Cryptocurrencies
Now that you have successfully verified your account, it is time to move forward. In order to start trading on Binance, you will need to first transfer tokens into your account. To do so, go to “Trading” and click on “Funds .”Next, you will be required to enter the number of tokens you wish to transfer and click on the appropriate top-right “Transfer” button. After clicking “Continue,” the funds will be transferred to your trading account.
You can now start trading cryptos on the exchange by simply clicking on the coin you wish to trade and then the trading pairs you want to trade with. You can also set stop loss and limit orders, which are both essential in a professional trading strategy.
Step 5: Research and Investing
Trading cryptocurrencies is not just about setting up an account and transferring money, but it is also about knowing and choosing the right coins to invest in. There are thousands of cryptocurrencies out there and choosing the right ones will take you some time. The key to success lies in research, which allows you to get familiarized with all crypto coins on Binance and then choose the one that suits your investing needs best. You can find any information about a coin by simply googling it and reading forums online for a detailed analysis of a cryptocurrency or ICOs.
Binance is a widely popular cryptocurrency exchange that offers easy-to-use features as well as convenience for beginners. Moreover, it allows anyone from anywhere in the world to trade securely and anonymously without compromising on security.