Are you looking for a reliable and easy to appeal exchange? Just take a closer look at Binance.
What is Binance
Binance supports cryptocurrency trading only. If you don't have it then you have to buy it to begin working with the platform. Exchange provides fiat currency: Localbitcoins, Crex24, EXMO.
Reasons to Use Binance
The interface is simple for beginners to work and includes many coins and options to make experienced traders happy. Players are offered a choice: basic or advanced settings.
Traders may start with easy transactions and step to complex operations with limit and stop-limit orders.
Further instructions will be sent to the email. The participants need to finish registration by clicking on the link "Confirm email".
When users log in for the first time, they will be notified to configure the 2FA two-factor authentication system.
How to use Google Authenticator with Binance
2FA is two-factor verification. This is a security system that gives traders an additional code. This customer verification method requires the standard password and additional code. The code will be given via SMS or in the Google Authenticator app to choose from.
To figure out how to use the Binance app, clients have to get a profile. The application interface is even more simple than the version in the browser. You just have to download it from Play Store/App Store.
How to Fund on Binance
Traders can transfer cryptocurrency to the exchange from another exchange or wallet. How to use Coinbase for Binance? Take the Ethereum (ETH) cryptocurrency to deposit the Binance profile.
- Log in to Coinbase and click on "Accounts". Then click "Submit" where it says "ETH Wallet".
- Log in to Binance account. On the tasks panel select Funds and Deposits.
After that you have to choose cryptocurrency. Binance has Ethereum digital number and you simply send funds to it. Use it at the "Recipient" field in Coinbase profile. Enter the Ethereum amount. Click Submit.
How to Trade on Binance
There are two Binance trading types: basic and advanced.
Basic trading has an simple structure for newbies. It displays only important data for doing transactions.
Advanced trading provides experienced players approach to all the charts to help to create complicated transactions.
How to use Binance for simple transactions:
- Log in to the Binance profile.
- Push on Exchange in the tasks panel (Basic option).
- Select a trading pair. Bitcoin may be exchanged with 143 various coins. Ethereum - 140.
Binance offers 3 trading ways to work with:
- Limited orders allow market players to set coins` price.
- Market orders help you to make sure that all the transactions are set correctly.
- The stop limit feature allows users to create a purchase order in the specified price range.
Choose “market” button if you are satisfied with the price. Enter the sum of coins you would like to purchase. Click "Buy".
How to use stop limit on Binance
What is the stop limit? It is the same limit for an order which is placed on the exchange when the price reaches the required value and not immediately after registration. Traders usually use Stop Limit to hide their orders from others or to sell coins in case of an unexpected fall.
Take this as an example: trader bought NEO for $80 and expect the coin to grow. But it is likely that this sum will fall to $70. Then player set a Stop Limit for sale, in which the transaction appears on the stock exchange when the price drops to $74. The minimum selling price is $70.
If you decide to put up such a deal without a stop limit, your coins would be bought at the current market price.
For sale, go to the Stop Limit tab:
Set the price 74 in the Stop field and 70 in the Limit. Then press the “Sell NEO” button and the order will appear below. This is the way how to use stop loss at Binance.
Consider this option for purchase. For example, you think that NEO will grow to $90. Install in the Stop field $90, in the Limit field - $95.
How to use Binance to buy Ripple
One of the questions is how to buy Ripple on Binance? User needs to deposit cryptocurrency and trade it for one of the 4 presented, and then buy XRP.
How to use USDT on Binance? Before entering a specific coin to the exchange to buy an XRP, check if the pair is being traded: XRP/ETH; XRP/BTC; XRP/USDT; XRP/BNB.
The exchange itself looks like this.
You can transfer any currency to the exchange and trade it for BTC or ETH for the purchase XRP in the Binance service. But in order to withdraw Ripple traders need a wallet for XRP.
- To trade some BTC for XRP push "Deposits and cash withdrawals".
- Choose "Deposit" opposite BTC. Copy the address of the deposit Bitcoin account. From the BTC wallet send the desired coins to this address.
- To take XRP, go to the exchange platform and choose XRP/BTC currency pair.
- Select price and make the needed XRP.
- Push on "Buy".
How to use Binance Neo wallet
Binance has built-in NEO wallets which allows you to receive NeoGAS. It happens each month.
To purchase a NEO, go to the Exchange tab and choose the option to display the trading interface.
Select from the list NEO cryptocurrency and the main coins (BTC, ETH, BNB, USDT). When you want to transfer other coins to the exchange, for example Litecoin, then they should be exchanged for the main ones which NEO is paired.
You can always analyze this graph, and select the entry point.
Create an order for the purchase. The amount must be specified in % of the base cryptocurrency balance.
Here you select "Active" - "Balance". There is the total number of cryptocurrencies on the wallet.
Binance applies various fees for withdrawing funds for any cryptocurrency. When traders getting Ethereum, they will pay 0.01 ETH. When users getting Ripple - 0.25 XRP.
The commission for trading in finance is limited to 0.1% for every deal. The commission is cut by 50% when players pay by Binance Coin.