Binance started a revolution in the field of cryptocurrency and grew very fast to the hot picks of trading. Therefore, with such a great variety of currencies and ultra-low fees, together with strong trading tools, it is not surprising that many traders would flood onto the site.
With the recent development, Binance has registered with the FIU-IND, India. It means this is the perfect time to be investing in the crypto world if you are an Indian investor. We shall guide you through the whole process.
New to Binance and excited to get started? For any user, it is pretty difficult for the first time to operate it. Don't you worry; we have your back! Just keep reading our tutorial to find out how easily you can trade with Binance.
The Basics - Cryptocurrency Trading Explained
Any form of buying and selling, including but not limited to Bitcoin and Ethereum, with an intention for profitmaking over the process is cryptocurrency trading. It doesn't differ from traditional stock trading except in that it happens within a blockchain network.
Key points to remember before getting started:
Volatility: The prices of cryptocurrencies can change within seconds and therefore offer high-risk, high-reward opportunities.
24/7 Market: Crypto markets never sleep or rest, quite unlike traditional stock markets.
Leverage: Facilities like Binance allow traders to make leverages wherein the gain and loss get multiplied.
Technical Analysis: Technical indicators and chart patterns are studied to predict the movement of prices.
Fundamental Analysis: That means understanding what technology is used, who the team is, and the market trend.
Risk Management: Through some strategies, such as stop-loss orders, one protects their investment.
How to Start your trading journey with Binance?
If you are a total newbie to the crypto world, then Binance is an extremely easy and intuitive way to get you up and running with a lot of options for starting your trade journey. In detail, below you can see the step-by-step instructions on how one can create the Binance account, fund it, and make his first trade.
Image 1 - The process of trading crypto on Binance
If you want to trade on Binance, just follow these straightforward steps:
Sign up now, to open your Binance account.
Deposit via local currencies or cryptocurrencies.
Pre-decide the coins you want to buy or sell well in advance of any trading.
Sounds a bit complicated? Never mind. Let me make it simpler.
Step 1 - How to Open Your Account on Binance
Getting started with Binance is straightforward and easy. Here's a step-by-step instruction for setting up your account:
1. Log in to the Binance Platform - Open any browser and access the official website of Binance.
2. Click "Register" - On the website, tap the icon labeled "Register".
3. Enter Email - Fill in the field with a valid email address that you frequently use. This shall serve as your primary login credential.
4. Set A Secure Password - Set a secure password that should be hard to guess. For more security, include numbers, uppercase and lowercase letters, and symbols.
5. Agree to the Binance Terms of Use - Read the terms and check the box provided.
6. Click "Register" - Click on "Register" after filling in your details and accepting the terms.
7. Complete the Captcha - Further down below, you will also need to complete a quick captcha issue that confirms you are human.
8. Confirm Your Email - Check now in your email for the confirmation email coming from Binance. Open and confirm your registration via the "Verify Email" link.
9. Enable 2FA: Link your account with a mobile authentication application like Google Authenticator or get verification codes via SMS for added security.
10. Complete KYC: To begin your crypto trading journey on Binance India, you'll need to complete the KYC verification. Head to your account and verify your identity.
By following these steps, one will already be ready to go with Binance.
Step 2 - Step-by-Step Guide to Fund Your Binance Account
Before you can start trading on Binance, youâll need to deposit funds into your account. Hereâs how you can do it:
Open your device's Binance app and sign into your account.
Next, access your wallet.
Look for "Fiat and Spot" and click it. A "Deposit" option will then appear.
After you click it, select the Crypto tab.
Decide which kind of cryptocurrency you must deposit.
Then, because they have been released on several networks, you will have to choose from the several cryptocurrency varieties that are accessible.
Examine these networks and select one to continue the funding process.
Copy the the deposit address as crypto transfers transfers need these.
Choose the selected crypto in the other wallet to utilize them, and add the address youâve copied, then complete the sending process.
Once done, the funds will appear in your Binance account. Now the next step will be our favorite, trading on Binance. Letâs go.
Step 3 - Basic guide to start Crypto Trading on Binance
Image 2 - The BTC/USDT trading pair on Binance
1. Choose a Trading Pair: Determine with which cryptocurrencies, for instance BTC/USDT, you would like to trade.
2. Place an Order: Deciding whether you are going to buy or sell an asset and specifying the volume of your order.
3. Market Order or Limit Order: It provides the chance to choose from market orders-carrying out at once at the best possible price-and limit orders-which buy or sell at any predetermined price.
4. Manage Your Position: Observe your open positions, adjusting take-profits and stop-loss orders at times when your strategy dictates.
Once an order is executed, a pop-up will appear confirming that an "Limit Sell Order Created."
Next, look at the status of your order under the 'Open Orders' section. When this order is filled, that will constitute the completion of your trade.
Pro tip: "Never put all your eggs in one basket." Diversify a portfolio by researching and investing in many cryptos. Never go all in at one time. Invest gradually so that funds remain to buy dips.
Now, we are keen on entering into the world of crypto trading by elaborating some essential details: technical and fundamental analysis.
Understanding the basics of Technical and Fundamental Crypto Analysis
Technical Analysis predicts future price movements on the basis of studying charts and trends in prices. Besides learning about chart patterns, triangles, head and shoulders, flags, the training is really about the indicators: moving averages, RSI, volume, and MACD.
Fundamental Analysis entails the fundamental variables of price setting related to a cryptocurrency. It includes analyzing the use case, the team, tokenomics, market mood, and the regulatory environment.
Key Points to consider:
Combination: Technical combined with fundamental analysis can give one a fuller view of the market.
Research: Both technical and fundamental analysis are based on a lot of research.Â
Risk Management: When trading cryptocurrencies, one must always take into consideration methods of risk management.
Practice: Knowledge of both technical and basic analysis is developed through practice.
Stay Informed: Keep up with news and events taking place in the market. Give special attention to Bitcoin and International Markets.
Timing is everything: For most of the time, you'll need to find an opportune time to enter your crypto trade. This may help keep your head held high and ensure that losses are not incurred on the things you may have avoided.
Conclusion
Crypto trading can be so rewarding and frustrating at the same time. Master the basics, perfect your technical analysis, and learn how to manage your risk. Keep in mind how volatile the crypto market is, and always be informed so that if conditions change, you are ready to adjust your strategies. Time, discipline, and further study are required, but it will be well worth it-your crypto trading journey.
Final Verdict: Remember, my friend, it is your money for which you have struggled. Invest wisely, take your time, and believe in whatever decision you make. Invest, be relaxed, and be proud of the path you choose.
