Wednesday, August 10, 2022

How To Exchange Crypto On Binance

Withdraw Buy And Sell Transaction

Binance Exchange Tutorial & Review: Beginners Guide to Trading Crypto

Once you deposit the coins, Its time to change them into BNB. Under the menu item select Basic, and pair it with your desire trade. Choose the basic option for your convenience. After that choose, BNB and start to proceed with the desired trade.

You have to calculate the percentage that how much money you want to change in BNB. You have to buy BNB because it is necessary for the transaction. For example, if you want to buy BTC using ETH, youll need to select the ETH market. Pair it with your desire trade and place your order. Here, you need to submit a transaction fee in the form of BNB. You can buy from Binance Exchange or Ether Delta.

There are three types of trade orders that Binance supports: limit, market, and stop-limit orders. To buy a Limit order, set your desire price or choose the percentage of your total currency. To buy a , select the market option from the top of the menu. That is available at the best market price. You will only able to buy a Stop-Limit order when it will reach a specific price.

Create A Crypto Exchange Account

The first step toward investing in cryptocurrency is to create an account with an exchange, like Binance.US. This will give you the ability to convert fiat currency into cryptocurrency.

Before choosing a trading platform, be sure they have features that work for you regardless of the crypto you choose to invest in.

Consider such features as:

  • Security

What Is The Safest Crypto Exchange

Kraken is the safest crypto exchange, according to third-party crypto cybersecurity evaluator CER. While CER provides a good place to start when evaluating crypto exchange safety, youll also want to consider if your crypto exchange stores most customer assets offline, if it has security measures like two-factor authentication and if it insures coins to protect their value in the event of a hack.

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Choose Your Investing Strategy

A variety of crypto investment strategies exist, including day trading, HODLing, range trading, and dollar-cost averaging, but most fall into one of two categories:

  • Long-term investing
  • Short-term investing

Start by identifying how long youre willing to commit to your investments e.g., days, weeks, months, or years, and then choose the long-term or short-term strategy that fits your goals.

Once youve settled on a strategy that works for you, youre ready to access the features on your trading platform and start investing.

How We Evaluated Binance Vs Coinbase

How To Trade Binance Coin With Leverage on Binance Futures

We examined Coinbase and Binance by looking at the fee structures, cost, and how easy it is to understand. Although we looked mainly at Binance, we also evaluated Binance.US features applicable to U.S. residents. We considered the website and mobile app functionality, availability of knowledge bases, and access to customer service. Our fee and feature charts give a side-by-side view of security, transaction types, fiat currencies accepted, payment methods, and cryptocurrencies.

Investing in cryptocurrencies and other Initial Coin Offerings is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein.

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How To Use Binance Exchange: Complete Step By Step Guide

Daniel Nyairo|

Binance is a crypto exchange with offices in Japan and Taiwan. The exchange was founded by Changpeng CZ Zhao, using his extensive experience in building trading systems and as a member of blockchain.infos wallet team. Binance created several innovative ideas that have since moved into the mainstream, such as using a native coin to pay for trades and building a desktop trading interface.

Since its ICO in July 2017, Binance has grown to become one of the largest crypto exchanges in the world, with a market cap of over $1bn on its own BNB coin. This guide walks you through every important aspect of the site step by step, from setting up to signing in, depositing and withdrawing, trading, security, customer support and using the BNB coin.

Looking for other safe options to trade crypto? Try these brokers:

AvaTrade

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

Plus500

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

eToro

eToro is a multi-asset platform which offers CFD and non CFD products. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

1. Click the Register menu option.

3. Complete a captcha and verify your email address.

How To Verify Your Binance Account

centralized exchangeidentity verificationnational and global anti-money laundering and combating-terrorism-financing regulationsKnow-Your-Customer ID verification processBinance fiat deposit and withdrawal limitslarge customer support teamsimply login to your account, click on “get verified” and complete the basic, intermediate, and advanced verification levels with each of them having their respective fiat limits.fill in your nationality, first name, last name, date of birth, street address, postal code, and city

You can use an ID, a passport, or a driver’s license, depending on the country. After this, you’ll be required to take a selfie or upload a picture to complete face verification. Advanced verification will require you to upload proof of address either from your bank statement or a recent utility bill.

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Verifying Your Email Address

Once you have registered with your ID and password, you need to verify your email ID by logging in to your email and clicking on the verification link that Binance sends you. This will verify your email with Binance.

Once you complete these three steps, your Binance registration gets complete. You then need to setup 2 Factor Authentication for additional security measures – and confirm your identity details to verify your account – we will address each of these topics over the coming chapters.

Getting Your Binance Wallet Address

Section 4 – How to Trade & Buy Crypto

This is a step where you need to be careful as cryptocurrency transactions are irreversible and any mistake here could be quite costly! To transfer Ethereum from Coinbase to Binance, you need to find your Binance Ethereum Wallet address and provide it on the Coinbase screen.

To get your Binance Ethereum Wallet address – log on to Binance and head to the section called Funds on the top bar. In that section, select Deposits from the Drop Down list. On the next screen, you would see a new drop-down menu with Select Deposit Coin written on it. Open that menu and choose Ethereum.

On the next page, you would see your Ethereum Deposit Address in a box written in bold font. Copy this address.

Also Read: Best Cryptocurrency Wallets

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What Makes Binance Different From Other Cryptocurrency Exchanges

Binance is one of the earliest entrants in the crypto exchange race. It got the first-mover advantage by all means. But before getting into the ascension of Binance, we need to talk about its founder, the legendary Changpeng ZH Zhao.

Zhao was already a software developer in China, long before Binance came into existence. He developed Fusion Systems in 2005, which was a huge success in the stock market. After that, Zhao joined Blockchain.info. He was the third founding member of this popular cryptocurrency wallet. He was also the CTO of OKCoin for a short time.

As we can see from here, CZ was always looking for ways to have a meaningful impact in the world of fintech. His contributions had already earned him a name, but he did not wish to stop there. This drive differentiates Changpeng CZ Zhao from other founders, and consequently, other cryptocurrency exchanges.

When we explore the growth of Binance, we also need to explore the growth of its founder. Changpeng Zhao remains one of the most enigmatic characters in the crypto space a space where there are many enigmatic characters already.

How We Make Money

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Binance Vs Coinbase: Which Is Better

Binance and Coinbase are both among the most significant cryptocurrency exchanges in the world and users of both these platforms claim that their platform is the best. Many traders use both these platforms. Let us take a closer look at each of these platforms and try to understand the difference between Binance and Coinbase.

Coinbase is a platform which allows you to buy and sell cryptocurrencies in exchange for fiat money. Coinbase also owns a cryptocurrency exchange GDAX where it is possible to trade cryptocurrencies as well. However, Coinbases primary purpose is to allow users to get an easy platform where they can purchase cryptocurrencies using fiat money. Coinbase supports a very limited set of currencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

Binance, on the other hand, has an entirely different purpose. While Coinbase is the entry point for traders to get hold of their cryptocurrencies, Binance is the place where they can trade their cryptocurrencies for other cryptocurrencies. Binance offers a much bigger arsenal of cryptocurrencies to choose from than compared to Coinbase – as Binance offers over 300 cryptocurrencies compared to the 4 that Coinbase has to offer. To sum up, Binance is a platform for cryptocurrency trading while Coinbase is one used for purchasing cryptos against fiat.

Trading Crypto On Binance

Why Binance Is Popular Among Crypto Exchange Platforms?

Binance offers two different types of trading: Advanced and Basic. If you are a beginner, it is recommended that you start by choosing the Basic trading option.

The primary trading option is simple to use and easy to understand, and it only displays information required by the user to perform trading.

Advanced options, however, allow users to access market price and price charts for complex trades.

For simplicity, we will be covering only the Basic option

Basic Trades

The steps to perform Basic Trades are simple. All you need to do is:

  • Login to the Binance account.
  • Select Basic on the exchange tab.
  • Select the cryptocurrency you wish to exchange with and the cryptocurrency that you have.
  • Choose the type of trade: Stop-limit orders, market orders, and Limit orders.
  • Enter the amount you wish to trade.
  • Now, all you have to do is to click on the buy. Thats it!

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Buying Cryptocurrencies In Binance

Click on XVG/BTC and you will be redirected to the page where you can buy the currency in exchange for Bitcoins. On the page that opens, there is a graph – below the graph, you can find three options – Limit, Market and Stop-Limit. SelectMarket.

You would then find a box where you could enter the amount of Verge that you wish to purchase. For example, we are purchasing 30 Verge cryptocurrencies. After you enter the amount of Verge that you want to buy, press Buy XVG.

Congratulations! Once you press Buy XVG, the transaction gets complete and your Bitcoins are spent to buy Verge. To see your balances – as to how many XVG and BTC you own – go to funds in the top menu and from the drop-down menu that appears, choose balances. Over there you can see a list of cryptocurrencies where you will be shown how much of each you own.

Binance Now Blocked In China

On July 8, many Binance users found out that the website had been banned in China.

The exchanges mobile app is also inaccessible due to backend API calls being blocked, according to cryptocurrency blogger Colin Wu.

The countrys great firewall now prevents users from accessing the cryptocurrency exchange, meaning that it can only be visited with the help of a virtual private network service.

Notably, Binances rivals, such as Huobi and OKEx, are still available in China.

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How Much Time It Usually Takes To Transfer

It depends on the cryptocurrency you are sending to Crypto.com. Different coins need a different number of confirmations. According to Crypto.com, this is how it goes:

  • 1 confirmation for XRP, XLM, ATOM, BNB, EOS, ALGO
  • 5 confirmations for NEO
  • 6 confirmations for BTC, BCH
  • 12 confirmations for LTC, VET
  • 15 confirmations for ADA
  • 30 confirmations for XTZ, ETH, and ERC-20 tokens

Bitcoin, for example, needs 6 confirmations, and it can take between 2 and 4 hours to get transferred to Crypto.com.

Select To Deposit Crypto

Beginner’s guide to trading on Binance Spot

Figure 3: Select to deposit cryptocurrency into the exchange account.

For the sake of this guide, lets assume we already own cryptocurrency that can be deposited into the exchange. In that case, we can select the option for Deposit Crypto.

If this was our first time purchasing cryptocurrency, we would need to use the Deposit Cash option. This would take us through the process of sending money to the exchange. With the money we deposit, Binance would allow us to trade from fiat currencies into cryptocurrencies. Binance currently offers a wide range of fiat funding options including credit card, debit card, and wire transfer.

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How To Check If Binance Exchange Is Down

There are a number of ways in which you can know if Binance cryptocurrency exchange is down. Going down means that the exchange is inaccessible over the internet. The biggest sign would be that you wouldnt be able to access the page. However, sometimes it might be a network-specific problem so you might also take help of tools such as DownDetector.com or IsItDownRightNow.com or DownForEveryoneOrJustMe.com which would help you find out if the exchange is down.

Early Life And Education

Zhao was born on September 10, 1977 in Chinas province. In the late 1980s, he moved with his family to Canada when he was 12 years of age, settling in . His parents were both teachers in China. His father worked as a university instructor before he was branded a “pro- intellect” and to rural areas shortly after Zhao’s birth. In his teenage years, Zhao helped to support his family by working a number of jobs, including at a .

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How To Use Binance For Any Basic Trade

Here is how to use Binance for any basic trade:

  • Log into your Binance account.
  • Pick a trading pair, as there is a lot to choose from. If you only see Ethereum in the funds, then Ethereum is the only one you can deal with.
  • Choose the type of trade you want to make, like Limit Orders, Stop-Limit orders, or Market Orders.
  • Choose the amount you want to trade.

How To Create An Account On Binance Exchange

How to signup on Binance Exchange

Registering an account on cryptocurrency exchange platforms can be quite a task because they usually take a long time to verify or sometimes dont accept registrations at all! However, that is not a problem with Binance registration. Registering on Binance is straightforward.

Heres a three-step process which would help you set up an account on the Binance cryptocurrency exchange:

Read Also: How To Purchase Crypto On Binance

Binance Vs Kraken: Supported Cryptocurrencies

In terms of the number of coins available to trade on each exchange, Kraken has the advantage here, with more than 175 coins available as of June 2022, compared to more than 100 at Binance. But you shouldnt have trouble finding the most popular coins at either exchange.

If youre really looking to trade a bunch of different coins, you may be better off going with Kraken or another exchange such as Coinbase, which offers access to 158 coins. But if youre just looking to trade the largest cryptocurrencies like Bitcoin and Ethereum, you should be fine with Binance or Kraken.

Advantage: Kraken

What Is Binance Coin And How To Buy It

ranks third in the list of top cryptocurrencies according to utility token to offer discounts on trading fees on the exchangeBinance Launchpad to avail free tokens of new projectspayment method for travel bookings, entertainment services, and financial services.transaction fees on Binance Smart Chain. Binance, KuCoin, FTX, Gate.io, Bithumb, and Poloniex, among others.

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How To Trade Cryptocurrency On Binance

Binance is widely regarded as the most popular cryptocurrency exchange in the world. With 24-hour trading volume that has been known to top $10 billion dollars, its no wonder that Binance has attracted international attention.

The smooth interface, fast order execution engine, and abundant selection of assets make it an appealing trading platform for every crypto trader.

If you are one of the many traders that have been convinced to join Binance, but dont know where to begin, this article will help you get started. We will dig into the weeds of how to deposit funds into Binance, execute your first trade, and withdraw cryptocurrency from the exchange.

Dont forget to to maximize the potential of your portfolio.

Binance Review

Its tempting to say that Binance needs no introduction, but then again, it wouldnt hurt to refresh yourself

Those readers who already trade with Binance, sign up for a Shrimpy accountto begin automating your trading strategy. It only takes 5 minutes to set up and can boost returns over a simple buy and hold strategy by over 305%!

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