Binance is one of the largest crypto trading platforms in the world, offering a wide range of products and services, such as spot trading, margin trading, futures trading, savings, staking, lending, and more. However, beginners who have just joined Binance may feel confused and afraid to start making transactions. What should you do before starting your adventure in the world of crypto? Check out the following tips!
Create an Account on Binance
The first step you have to take is to create an account on Binance by filling in your personal data and verifying your identity. You can visit the Binance website or download the Binance app on your phone. Then, you can select the “Register” option and follow the instructions provided. You will be asked to enter your email, phone number, password and referral code (if any). After that, you must verify your email and telephone number.
Next, you must verify your identity to increase your withdrawal limits and account security. You can select the “Verify” option on your profile page and upload your identity document, such as KTP, driving license, or passport. You should also take a photo of yourself holding your identity document and a piece of paper that says “Binance” and the date of the day. This verification process usually takes a few minutes to a few hours, depending on the volume of requests.
Choose a suitable payment method
The second step you have to do is choose a payment method that suits your needs and comfort. Binance offers a wide choice of payment methods, such as bank transfer, credit card, or crypto wallet. You can select the “Buy Crypto” option on the Binance main page and see the list of available payment methods. You can also choose the fiat currency you want to use, such as IDR, USD, EUR, or others.
If you want to use a bank transfer, you must enter your bank account number and follow the instructions provided. You will be asked to transfer the amount of money you want to your Binance bank account. After a successful transfer, you will receive your purchased crypto assets in your Binance account.
If you want to use a credit card, you must enter your credit card number and follow the instructions provided. You will be asked to enter the CVV code and OTP code sent to your telephone number. After successful payment, you will receive your purchased crypto assets in your Binance account.
If you want to use a crypto wallet, you must enter your crypto wallet address and follow the instructions provided. You will be asked to send the crypto assets you own to your Binance crypto wallet address. After a successful transaction, you will receive the crypto assets you purchased in your Binance account.
Understanding the Basics of Crypto Trading
The third step you must take is to understand the basics of crypto trading, such as currency pairs, order books, limit orders, market orders, stop-limit orders, and others. This is important to help you make the right decisions and avoid losses.
A currency pair is a combination of two crypto assets that are traded against each other, such as BTC/USDT, ETH/BTC, BNB/USDT, and others. You can see the list of currency pairs available on Binance by selecting the “Markets” option on the Binance home page. You can also choose a currency pair category, such as BTC, ALTS, FIAT, or BNB.
The order book is a list of buying and selling requests made by traders in the market. You can view the order book by selecting the “Trade” option on the Binance home page and selecting the currency pair you want. You will see two columns in red and green, which represent buy and sell requests. You will also see the last price, percentage change, volume, and market depth.
A limit order is an order to buy or sell a crypto asset at a certain price or better. You can create a limit order by entering the amount and price of the crypto asset you want. Limit orders will be executed if the market price reaches or exceeds the price you specified. Limit orders can help you get better prices, but they do not guarantee execution.
Market orders are orders to buy or sell crypto assets at the current market price. You can create a market order by entering the amount of crypto assets you want. Market orders will be executed immediately at the best price available in the market. Market orders can help you get fast execution, but they do not guarantee prices.
A stop-limit order is an order to buy or sell a crypto asset at a certain price once the market price reaches a trigger price that you specify. You can create a stop-limit order by entering the amount, trigger price, and limit price of the crypto asset you want. A stop-limit order will change to a limit order if the market price reaches or exceeds the trigger price you specify. Stop-limit orders can help you protect profits or limit losses, but they do not guarantee execution.
Choosing Crypto Assets to Trade
The fourth step you have to do is choose the crypto asset you want to trade, such as Bitcoin, Ethereum, Binance Coin, or others. You can see the list of crypto assets available on Binance by selecting the “Wallet” option on the Binance home page. You will see the balance and value of the crypto assets you hold in your Binance account. You can also add or delete the crypto assets you want by selecting the “Manage” option in the top right corner.
To choose the crypto assets you want to trade, you should consider several factors, such as:
Popularity: You can see the popularity of a crypto asset by looking at its volume, market capitalization, and ranking on websites like CoinMarketCap or CoinGecko. Popular crypto assets usually have high liquidity, which means it is easy to buy and sell them on the market. Popular crypto assets also tend to be more stable and secure, because they are supported by many users and developers.
Potential: You can see the potential of crypto assets by looking at the vision, mission, goals and roadmap on the official website or whitepaper. Crypto assets that have potential usually have added value, innovation, or solutions offered to problems or needs that exist in the real world. Crypto assets that have potential also tend to have strong, active and loyal communities, which contribute to their growth and development.
Risks: You should also be aware of the risks associated with the crypto assets you choose, such as volatility, regulation, security and competition. Crypto assets that have high risk usually have large price fluctuations, which means they can provide large profits or losses in a short time. Crypto assets that have high risk can also be negatively impacted by regulatory changes, hacker attacks, or competition from other crypto assets.
Follow Crypto Market News and Analysis
The fifth step you must take is following crypto market news and analysis, both from official sources and the community, is the fifth step you must take. This is important to help you stay aware of the latest developments, trends and issues affecting the crypto market. You can also get insights, tips, and advice from experts, analysts, or experienced crypto traders.
You can follow crypto market news and analysis from various sources, such as:
- The official website of Binance, which provides the latest news, blogs, podcasts, videos, webinars and reports about Binance and the crypto market. You can visit the Binance website or follow Binance's social media accounts, such as Twitter, Facebook, Instagram, or YouTube.
- Crypto news website, which provides up-to-date news, articles, opinions and analysis on the crypto market from various points of view. Some popular crypto news websites are CoinDesk, Cointelegraph, CryptoSlate, and CoinGecko.
- Crypto forums and communities, which provide a space for discussion, questions and answers, and sharing experiences between crypto users, developers and traders. Some popular crypto forums and communities are Reddit, Telegram, Discord, and Binance Academy.
By following crypto market news and analysis, you can increase your knowledge, skills and confidence in trading on Binance. You can also discover new opportunities, strategies and ideas that you can apply in the crypto market.
These are some important tips for beginners who have just joined Binance. Hopefully this article is useful and helps you to be successful in the crypto world. If you have questions, comments, suggestions, or testimonials about your experience using Binance, please write them in the comments column below. Don't forget to share this article with your friends who are also interested in crypto. Thank you for reading and happy trading on Binance!
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