How does Binance trading work?
If you're new to this platform or new to the world of crypto, Binance trading can be a little daunting at first. However, fortunately, it is fairly easy to learn the ropes and the entry level is fortunately not too high.
Many people jump into cryptocurrency trading typically on hearing positive news that sounds almost unbelievable, hoping that tomorrow they too will be in possession of a huge fortune after a few lucky trades.
But the reality is that although there are people who are making fabulous fortunes in a short time from cryptocurrency trading, they are in a tiny minority. Expecting to get rich quickly in the crypto world without investing any energy is like expecting to win the lottery.
Conversely, if someone is willing to put in the time and energy to learn the market, they can make significant profits by taking advantage of the fluctuations in the exchange rate. In our blog we have written about some tricks in cryptocurrency trading.
What is Binance?
Founded in 2017 by Changpeng Zhao and Yi He, Binance is a cryptocurrency exchange that is currently the largest in the world in terms of trading volume. The founders had both previously worked at the exchange company OKCoin before they decided that they could do it too, only better.
Trading on Binance is currently crypto to crypto only, which means that only cryptocurrencies and NFTs can be bought at the moment. You cannot directly convert Binance crypto to FIAT currencies.
The company created cryptocurrencies in 2017 and 2020, first Binance Coin (BNB) and then Binance Smart Chain (BSC), which have since become an integral part of the crypto world. Binance Coin can also be used to settle fees generated by trading on Binance.
How does Binance trading work?
In order to trade on the Binance exchange, you must first open an account. You can do this by downloading the Binance app on the Binance main site or on your smart device. After completing the registration questionnaire, you will also have to go through a so-called 'Know Your Customer' identification, which has been introduced on all crypto exchanges to prevent abuse.
After registration, you can transfer cryptocurrency from other crypto wallets to your wallet at Binance or buy cryptocurrency by transferring FIAT currency or by paying by credit card. There are currently more than 500 cryptocurrencies available on Binance, ranging from basic currencies such as Bitcon or Ethereum to small alt-currencies. Several of these currencies have been reported on our blog, so it's worth taking a look.
The benefits of trading on Binance
The user interface itself, both on mobile and in a browser, is easy to get to know after a little familiarisation. In the app, you can choose between Basic or Advanced interface, depending on your experience.
To start with, it's worth getting familiar with the platform and trying the simple trading option under the 'Spot' tab. Binance only makes trading opportunities where huge price movements are possible in a short period of time available if the user has completed a quiz to make sure they are aware of what they are doing.
If you have any questions about either cryptocurrencies or how to trade them, don't hesitate to contact us!
