Binance Spot Trading is a prominent feature offered by Binance, one of the leading cryptocurrency exchanges globally. It allows users to engage in buying and selling various cryptocurrencies at their current market prices directly on the Binance platform.
Unlike other trading methods such as futures or options trading, Binance Spot Trading involves the direct exchange of cryptocurrencies without leverage or predetermined contract terms.
With Binance Spot Trading, users have access to a wide range of cryptocurrencies, including major coins like Bitcoin (BTC), Ethereum (ETH), and numerous altcoins.
Binance’s spot trading market is known for its high liquidity, enabling traders to execute trades quickly and efficiently.
The exchange provides real-time price updates, ensuring traders have access to the most accurate market data.
One of the key advantages of Binance Spot Trading is its user-friendly interface.
Binance has designed its trading platform to be intuitive and accessible to both novice and experienced traders.
The interface features market charts, different order types (such as limit, market, and stop-limit orders), and a trade history section, all of which facilitate seamless trading experiences.
To get started with Binance Spot Trading, users need to create an account on the Binance exchange and complete the verification process, which may involve submitting identification documents depending on the desired verification level.
Once the account is set up, users can deposit funds into their Binance accounts.
Binance supports a variety of cryptocurrencies and fiat currencies for deposits, providing flexibility for traders.
Navigating the trading interface is straightforward on Binance. Users can access market charts to analyze price trends, monitor their favorite cryptocurrencies, and make informed trading decisions.
They can choose between market orders, which execute trades at the best available price, or limit orders, which allow traders to set specific prices at which they want to buy or sell cryptocurrencies.
To succeed in Binance Spot Trading, traders are encouraged to conduct fundamental and technical analyses to identify potential investment opportunities.
In this section, we will cover a detailed step-by-step on how to get started with Binance spot trading.
Let’s get into it!
Account Creation and Verification
Go to Biance.com and click on sign up with phone or email; alternatively, you can sign up using your Google account.
For the sake of this tutorial, we will be focusing on using email. Keep in mind that whether you use your phone or email to sign up, you will still add the other later for security reasons.
After you must have clicked on “sign up with phone or email”, you will be asked to select your country the way it is shown below.
Note: Your country is automatically selected based on your IP. You need to click the confirm button now, meaning you confirm that the selected country by Binance is correct.
If it is not correct, use the drop-down menu at the extreme by your right-hand side to change your country, as shown below.
You can also use the search bar to search for your country. The country you select here as to be the country in which your government-valid ID is issued from.
So, click confirm after selecting your country. You should have a page similar to the one below.
Here, you will be asked to create either a personal or business account.
The entity account means that if you want to be running the Binance account in your company name while the personal account is for you.
Either way, just hit the create button, and you will have the page below.
Note: Either you choose a personal account or business account, you would have the page above.
What you need to do now is to fill in your information, e.g., email and password, and click the following button at the bottom.
After that, a six digits code will be sent to your registered email address to confirm that the email belongs to you.
Enter the code as seen below and click on the submit button.
After that, you will see a welcome page that looks like the one below.
Binance Account Verification
You now have a Binance account, but it is not verified yet. Before you do anything or perform any transaction on the account, I strongly recommend doing the intermediate verification first.
Besides, the account functions will be limited to about up to 90% without doing the verification.
To proceed with the verification, you will notice a write-up in the header section on the above welcome page.
The message read thus, “You are required to complete intermediate verification to access Binance services.”
At the extreme, there’s a verify button that looks like this by the right.
Click on the verify, and you will have something like this page below.
The first thing you need to do is confirm your country of residence like it is above. If the country of residence is correct, click the ok, and you will have this page.
Here, you have two types of verification, which are:
Verified is a type of account verification that gives you access to all Binance services. However, the latter verified plus as a bit of bit higher advantage; later on, this.
What you need to verify this account type is:
Personal information
Government-issued ID
Face recognition
Binance states that the review of your document is generally within 10 business days, but in my experience, you can get your account verified in minutes.
It can only take a little longer time if they find it difficult to verify your document. In addition, the type of document you use depends on how fast your verification is going to be.
I recommend you use your driver’s license or international passport. So, let’s continue!
Verified Plus requires you to submit all the pieces of information above and one additional document, which is,
Proof of address
It can take around three business days to get your proof of address approved by the Binance team.
An advantage to this is that you will have access to request a Binance credit card that can be sent to your verified personal address.
Since that has been sorted, let’s continue!
To begin your verification, hit the “Start Now” button; for example, check the image below.
You would have this page next.
Here, you need to confirm your nationality and input your personal information, like your first name, last name, and date of birth.
After supplying that, hit the continue button as shown above, and you will have the page below.
You still need to supply additional information about yourself, like your address, city, and postal code, and click the continue button.
Now, you have this page.
You will be asked to select a country where your identity document is issued and select the means of identification you want to use to verify your account.
The means of identification on the verification page will depend on the country you are signing up from.
As for me, I am from Nigeria and what Binance recommends for fast verification is using BVN (Bank Verification Number), as you can see above.
So, you have to click on the means of the document you want to use for verification. The document will depend on the country you are in.
Then hit the continue button.
The next page will ask you to supply information about your identity document or upload your chosen verification means.
In my case, I have to input some numbers like the page below. I am inputting numbers because I selected BVN as a means of verification.
Whether you are to enter pieces of information or upload identity documents do the needful and tick the, I have read and accept Binance’s privacy policy and then continue.
Sidenote: You can’t upload documents if you use a driver’s license or international passport; you will be asked to complete the verification on your phone.
All you need to do is scan the QR code on your computer screen using your phone, snap the pictures of your document and upload it.
After uploading, you will be asked to do facial verification to confirm that the document you have uploaded belongs to you.
Binance says that you should avoid the followings:
Avoid wearing hats
Avoid wearing glasses
Avoid using filters
Use enough lighting
To make the verification easy and seamless, make sure you abide by the rules above. The next thing you need to do now is to click the continue button.
Allow Binance to use your camera and follow the instructions Binance bot says, like turning your head, winking while doing facial verification, opening your mouth and closing it, etc.
After that, you need to wait for a few minutes or hours to hear back from Binance through email.
If what is below is a Binance response you must have completed the verification process.
Then, I want to say congratulations because you now have a fully verified Binance account.
Welcome to the club!
Depositing Funds
The next thing is to learn how to deposit funds into your Binance account.
Before engaging in spot trading, users must deposit funds into their Binance accounts. Binance supports various cryptocurrencies and fiat currencies for deposits.
In order for you to get this once and for all. I have decided to add a video. The video is detailed and’ll guide you straight.
Navigating the Trading Interface & Begin Trading
The first thing you need to learn here is to understand the trading interface. Once that’s sorted, you can begin your spot trading journey!
Conclusion
Binance Spot Trading provides a convenient and accessible way for individuals to engage in buying and selling cryptocurrencies directly on the Binance exchange.
With its wide selection of cryptocurrencies, high liquidity, and user-friendly interface, Binance offers a robust platform for both novice and experienced traders.
By understanding the fundamentals, implementing effective strategies, and staying informed, traders can navigate the world of Binance Spot Trading and potentially capitalize on the dynamic cryptocurrency market.
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