Do you like cryptocurrencies so much that you are thinking about taking it a step further, going beyond just researching the topic? Maybe trading is an idea for you.
Yes, it is possible to do it on Binance. But have you thought about what it would be like? In this short article we will offer you a step by step and, at the end, some tips so that you can carry out transactions in the safest way, especially if you are starting out.
Oh, it's important to say: to illustrate the step by step, we will use what you will see in the iOS application, but the procedure is analogous for the Android application or for the website.
Step by step to trade on Binance
Open your account
The first and essential step to start your journey on Binance is to open your account. You can do it here. You can open your account with a direct email or by linking existing data from an Apple or Gmail email.
The link we provide allows you to open the account through any browser, but it is always important to remember that Binance also has an application, both for Android and iOS. Through both the application and the browser, you can open your account and use the services.
Verify your account
Once you have opened the account, you will be asked for identification information. This data forms the so-called verification, which serves both to comply with regulatory aspects and for Binance to allow you to carry out trading operations.
Verification is something that appears as soon as you log into your account, because it is a very important part of the process of unlocking the possibilities of Binance for users. The verification screen will ask you for your country and other identifying information; If you live in Brazil, you will see a screen like this after selecting the country.
It may be a requirement, but it is also useful in terms of security: from the moment you can carry out trading operations, a much broader field of functions opens up than if you were only using an account on an exchange like wallet.
Identity verification is done in the following stages: you select the country/region where you live, enter your ID number, and then make some registrations of your face as requested. Based on this information, Binance will seek to confirm this data through public information and then provide a response to the request.
This is precisely why, right after completing your account verification process, this screen appears (confirming that the next step will be taken by Binance):
Send funds to your account
Once the account opening process has been completed and your data has been entered for verification, it is time to open the gaming possibilities by entering the resources into it.
At this time, there are two possible paths: you can send some fiat currency (such as Pesos, Dollars or Euros) or send some cryptocurrency available in another broker or wallet.
The first transaction, in which you fund your account, is simply a change of wallets: the resources come from somewhere (from traditional markets or the crypto universe) and become available on Binance. It is similar to transferring funds from one bank to another, or from a bank to an equity broker.
The screen that appears with the possibility of introducing funds is the following, assuming that we are going to introduce Pesos to the portfolio:
Next, just follow the step by step (it's all very intuitive) and wait for the money to arrive in your wallet.
Choose a currency pair to trade - and you're done!
With the account open, verified and with funds available, finally comes the stage of trading - what you have been wondering how to do since the moment you read the title of this article.
At this stage, search the Binance trades tab for existing currency pairs to make the exchange. Do you remember the fund introduction stage? Well, it is these funds that are used to choose the other end of the pair - and carry out the trading below.
It is important to make clear that this currency pair can involve a fiat currency and another crypto currency, in addition to the scenario where only a trade is made between two digital currencies. Or, in more direct terms: you can exchange Reales for Bitcoin (fiat-crypto) or Bitcoin for BNB (crypto-crypto).
The screen you open to verify the possible pairs for trading using the Convert function is the following:
Have you selected a pair? Put the offer that you intend to exchange from one currency to another and execute the operation.
In the spot market, there are different types of orders that you can issue, such as market orders or limited orders, but that is a topic for another time...
Tips for beginners
With this article you discovered how you can start trading, but here are some useful tips for beginners:
Start with little money: no one is born being a professional in anything, or knowing all the operational details; with money, this care is even more necessary; Just put one foot in the water first to feel the temperature!
Research cryptocurrency projects: before making any trade, find out about the project you intend to exchange for your current funds on the exchange; After all, as obvious as it may seem, your current funds will "convert" into that other cryptocurrency;
Learn how to use stop loss (use it!): this tool sells your cryptos if they reach a certain drop price, limiting losses with the cryptocurrency you trade and reducing problems in case that project suffers any fluctuation of price down.
Be patient: it is very unlikely that you will make the move of your life in a single quick trade, and believing this is one of the most common mistakes of traders; the vast majority of profits in the markets, whether crypto or not, are long term!
Use the Convert feature: Binance Convert is a simple way to exchange your cryptocurrency for the currency or fiat currency of your choice. And the best: no commissions! After making the first conversion, you can also look at the possibilities of the spot market and other operations available in the application.
After this brief guide of steps and these tips, you can start your journey on Binance more safely. Have a good start on your journey!
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Image from fabrikasimf, available on Freepik
