After increasing of cryptocurrency users and fame of cryptocurrency. As you know its increasing popularity due to the price of cryptocurrency increase rapidly.
As a result, lots of exchanges have come into the market for buying and selling cryptocurrency. So that the problem is coming to how to use these exchanges.
Therefore, today we will come for the solution to that. Today we will explain how trade and exchange cryptocurrency with the help of Binance Exchange.
We provide you step to step guide how to sign up, deposit funds in Binance exchange, trading and withdraw coin from the Binance exchange.
What is Binance Exchange?
Binance Exchange is a new, globally most popular cryptocurrency exchange and trading platform. If you are interested and thinking about buying/selling cryptocurrency then, Binance exchange is the best option for you.
Since early 2018, it is one of the largest cryptocurrency exchanges by Binance trade volume that providing a platform for trading more than 150+ cryptocurrencies. It is Founded on 1 July 2017 by Chagpeng Zhao. He is also CEO of Binance. Initially, the Binance exchange is located in china after some time it moves in Japan the place of the digital world.
Its name comes from two words Bi + Nance, Bi stands for Binary and Nance comes from Finance. So, Binance Exchange is a cryptocurrency platform that makes from digital technology plus Finance.
How to Use Binance Exchange?
I think now your mind is very clear about Binance Exchange. So, after a brief introduction of Binance Exchange like why it is used for and what it is? Let’s go further to how you can use the Binance exchange. The first step is how to create an account on Binance Exchange.
Binance Sign Up
Firstly, you need to create an account on Binance before Exchange and Trading. Follow these steps to create a free account on Binance Exchange:-
1. Goto Binance Exchange website.
2. Your next step is to click on Register Now Button.
3. Fill create free account form details like Email, Password, Referral ID if you have.
With Binance referral System, you can get a 50% discount on Binance trading fees.
Note:- If you are below 18 years then you can’t create an account. Tick on, I am over 18 years old.
4. After filling all the details in appearing form. Press the Create Account button as shown in the above picture.
5. When you click on the create account button a puzzle image will come. Slide the button to complete the puzzle.
6. After completing the puzzle, an email verification will be sent on your Register email ID.
7. Open your Gmail account, you got a mail from the Binance website. Open that mail and click on the Confirm registration button.
8. Now your account will be activated and your account is ready to be used.
9. Last but not least step is to log into your account and now you can trade and exchange your currency.
How to Deposit Funds in Binance Exchange?
Now you created an account successfully and it is also activated. For trading cryptocurrency on Binance Exchange, you need to add funds in your Binance account.
As you build a fresh new account, therefore, you don’t have any funds in your Binance account. Furthermore, you need to deposit funds into your account. So, you can add funds to your Binance account with two methods.
- Deposit cryptocurrency
- Buy cryptocurrency with the help of a Debit card Or credit card.
Binance supports more than 150+ different cryptocurrencies, and you can deposit any one of these into the exchange. In this example, we will be depositing Binance Coin (BNB) from Trust Wallet.
Do you know? The Trust Wallet is an official cryptocurrency wallet of Binance. The Binance acquires the Trust wallet in November 2017. It is a secure, decentralized, open-source and intuitive mobile wallet.
1. First, you need to log in to your account. After that, on the home page, select the profile and then choose the wallet tab.
2. Now select the Deposit tab, this is sub-tab of wallet tab.
3. On the deposit page, you can select the cryptocurrency which you want to deposit. You can select a coin on the left side of the page and deposit details will be displayed on the right side on the page.
You can see the address on the right side. Copy that address very carefully that will require when you send coin from your wallet to the Binance wallet.
4. Now open your true wallet and select coin that you want to send.
5. There is a send button appears, click on it.
6. Now form the next screen, paste your Binance account address and amount of coin that you wish to deposit on your Binance account.
7. After filling the complete details you need to click on the send button, the fund is credited in your Binance account after some time.
Buy Cryptocurrency with the help of a Debit card Or Credit card
You can also purchase cryptocurrencies with your bank Debit/Credit card.
2. On the next page, you can choose any cryptocurrency which you wish to buy, as well as you can also select the order amount as you want. The total changes will be displayed as per the order amount and current market price. As per your convenience, you can also set the charge first and your order price will be automatically calculated.
3. If you are agreeing to buy than click on the buy now button. A confirmation order window will appear. Remember, Read the complete details. Also, read the disclaimer and terms & conditions. If you agree then tick on the “I have read and agreed to the disclaimer” and click on the go to payment button.
4. On the next page, you will need to fill the credit card details with your personal information too. When you fill all the required details, click “pay now”.
5. Wait during your card to be verified. That will take a few seconds to verify your card details.
6. Due to this is your first simplex payment. You will also need to verify your Email and Phone number too. You receive a verification code on your email and phone number. To complete the verification you need to enter the verification code on getting by the SMS and confirm link send on your Email ID. Next, click on the continue button.
7. Now, in the end, you need to verify your identity with your personal documents. Please upload a picture also with your details document and click on the upload document button.
Finally, after verification and approval of your document, you will start receiving emails of your purchases that have been confirmed. Your Binance account will be credited shortly as per your purchased cryptocurrency in your wallet.
How to Trade on Binance Exchange?
Now, after creating an account on Binance and deposit currency in the Binance account. Its time to trade on Binace. This is simple as you create an account and deposit currency in your account.
1. Go to the footer menu and click on Exchange after that Basic. As sown in the figure:-
Note: You can Exchange three types Basic Advance and margin. But now we will discuss trading Basic only. After getting some experience you can trade as advanced and margin.
2. I know this screen little difficult to understand by the beginners. Down worry, it is more simple as you can’t think.
3. On the next screen, you need to select your currency on the right upper side on the favorite block. you can select any one of them that you want to trade.
4. Now, enter the currency code for the cryptocurrency you want to buy on the Binance.
5. After click on the currency pairing, you will redirect to the trading screen.
6. Scroll down and look for the Green Buy Make sure you click on the Market.
7. To do complete your trade on Binance, now you need to enter the coins you want to buy. There are two options you can choose:
- Enter the number of coins you choose to buy a button.
- You can choose a percentage of your Binance balance.
8. Finally, to complete your trade, click on the green
How to Withdraw from Binance Exchange?
This is the final step to convert your work into money. In this step, you just need to send your fund into any other wallet and convert it into a fiat currency. There are we also provide the video tutorial link to do that.
1. You need to click on the withdraw button on the Dashboard. You can also select an eye button on the right side to the account balance text to see your current balance. As shown in the picture:-
2. If you do not set up two-factor authentication, Binance will not let you withdraw money. It is strongly recommended to set up 2FA first.
3. Click on “Select Withdrawal” and enter the cryptocurrency you want to withdraw. Remember, you need to enter the currency code also, like BTC or ETH.
4. Now, enter your wallet address in which you want to send. Be carefully copy the wallet address and paste it in the wallet address section. If you do a mistake it may possibly you lost your coin.
5. Finally, enter the number of coins that you need to withdraw, and click on the orange Submit button. Binance exchange is a very fast and easy transaction. It will take approximately 30 to 35 minutes to get a deposit to another wallet if the network is not busy.
Binance Exchange Review
If you read that complete blog then now you understand all the working processes about cryptocurrency trading and Binance Exchange trading. Furthermore, you can decide the Binance exchange is good or not.
Whether you decide to use Binance or not, at least now you know how to use Binance, and you should easily be able to deposit, trade and withdraw funds!