#Binance is one of the largest crypto trading platforms in the world, offering a variety of products and services, such as spot trading, margin trading, futures trading, savings, staking, lending, and more. However, for beginners who just joined Binance, they might feel confused and scared to start trading. What are the things that you need to do before starting your adventure in the crypto world? Check out these tips!
Create an Account on Binance
The first step that you need to do 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 choose the option "Register" and follow the instructions given. You will be asked to enter your email, phone number, password, and referral code (if any). After that, you have to verify your email and phone number.
Next, you have to verify your identity to increase your withdrawal limit and account security. You can choose the option "Verify" on your profile page and upload your identity documents, such as ID card, driver's license, or passport. You also have to take a selfie of yourself holding your identity document and a paper with "Binance" and the date of that day. The 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 that you need to do is to choose a suitable payment method according to your needs and convenience. Binance offers various payment options, such as bank transfer, credit card, or crypto wallet. You can choose the option "Buy Crypto" on the main page of Binance and see the list of payment methods available. You can also choose the fiat currency that you want to use, such as IDR, USD, EUR, or others.
If you want to use bank transfer, you have to enter your bank account number and follow the instructions given. You will be asked to transfer the amount of money that you want to the Binance bank account. After the transfer is successful, you will receive the crypto asset that you bought in your Binance account.
If you want to use credit card, you have to enter your credit card number and follow the instructions given. You will be asked to enter the CVV code and the OTP code that is sent to your phone number. After the payment is successful, you will receive the crypto asset that you bought in your Binance account.
If you want to use crypto wallet, you have to enter your crypto wallet address and follow the instructions given. You will be asked to send the crypto asset that you have to the Binance crypto wallet address. After the transaction is successful, you will receive the crypto asset that you bought in your Binance account.
Understand the Basics of Crypto Trading
The third step that you need to do is to understand the basics of crypto trading, such as currency pairs, order book, limit order, market order, stop-limit order, and others. This is important to help you make the right decisions and avoid losses.
Currency pairs are combinations of two crypto assets that are traded with each other, such as BTC/USDT, ETH/BTC, BNB/USDT, and others. You can see the list of currency pairs available on Binance by choosing the option "Markets" on the main page of Binance. You can also choose the category of currency pairs, such as BTC, ALTS, FIAT, or BNB.
Order book is a list of buy and sell orders that are made by the traders in the market. You can see the order book by choosing the option "Trade" on the main page of Binance and choosing the currency pair that you want. You will see two columns with red and green colors, which represent the sell and buy orders. You will also see the last price, percentage change, volume, and market depth.
Limit order is an order to buy or sell a crypto asset at a specific price or better. You can create a limit order by entering the amount and price of the crypto asset that you want. Limit order will be executed if the market price reaches or exceeds the price that you specify. Limit order can help you get a better price, but it does not guarantee execution.
Market order is an order to buy or sell a crypto asset at the market price at that time. You can create a market order by entering the amount of the crypto asset that you want. Market order will be executed immediately with the best price available in the market. Market order can help you get a fast execution, but it does not guarantee the price.
Stop-limit order is an order to buy or sell a crypto asset at a specific price after the market price reaches the 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 that you want. Stop-limit order will turn into a limit order if the market price reaches or exceeds the trigger price that you specify. Stop-limit order can help you protect your profit or limit your loss, but it does not guarantee execution.
Choose the Crypto Asset that You Want to Trade
The fourth step that you need to do is to choose the crypto asset that you want to trade, such as Bitcoin, Ethereum, Binance Coin, or others. You can see the list of crypto assets available on Binance by choosing the option "Wallet" on the main page of Binance. You will see the balance and value of the crypto assets that you have in your Binance account. You can also add or remove the crypto assets that you want by choosing the option "Manage" on the top right corner.
To choose the crypto asset that you want to trade, you have to consider some factors, such as:
- Popularity: You can see the popularity of the crypto asset by looking at the volume, market capitalization, and ranking on websites such as CoinMarketCap or CoinGecko. Popular crypto assets usually have high liquidity, which means they are easy to buy and sell in 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 the crypto asset by looking at the vision, mission, goal, and roadmap on its official website or whitepaper. Crypto assets that have potential usually have added value, innovation, or solution that they offer to the problems or needs that exist in the real world. Crypto assets that have potential also tend to have a strong, active, and loyal community, which contributes to their growth and development.
- Risk: You also have to be aware of the risks associated with the crypto asset that you choose, such as volatility, regulation, security, and competition. Crypto assets that have high risk usually have large price fluctuations, which means they can give you big profits or losses in a short time. Crypto assets that have high risk can also be affected negatively by changes in regulation, hacker attacks, or competition from other crypto assets.
## Follow the News and Analysis of the Crypto Market
The fifth step that you need to do is to follow the news and analysis of the crypto market, both from official sources and communities. This is important to help you know the developments, trends, and current issues that affect the crypto market. You can also get insights, tips, and advice from experts, analysts, or experienced crypto traders.
You can follow the news and analysis of the crypto market 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 the social media accounts of Binance, such as Twitter, Facebook, Instagram, or YouTube.
- The crypto news websites, which provide the latest news, articles, opinions, and analysis about the crypto market from various perspectives. Some of the popular crypto news websites are CoinDesk, Cointelegraph, CryptoSlate, and CoinGecko.
- The forums and communities of crypto, which provide a space for discussion, question and answer, and sharing experiences among the users, developers, and traders of crypto. Some of the popular forums and communities of crypto are Reddit, Telegram, Discord, and Binance Academy.
By following the news and analysis of the crypto market, you can improve your knowledge, skills, and confidence in trading on Binance. You can also find opportunities, strategies, and new ideas that you can apply in the crypto market.
Those are some important tips for beginners who just joined Binance. Hopefully, this article is useful and helps you to succeed in the crypto world. If you have any questions, comments, suggestions, or testimonials about your experience using Binance, please write them in the comment section 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!
#Hashtags: #binance #crypto #trading #beginners
