How to buy and sell coins on the Binance exchange for those who are new to the crypto market. This is a potential market that can help you x2 x3 assets, but there are also many risks always stalking you, causing you to lose your assets, if you do not have much experience and knowledge. In this article will guide you through the basics for beginners, please read this article.
1 – The necessary conditions to buy and sell coins
To be able to buy and sell coins, you first need to register for a binance account. If you do not know how to register, see this article.
Your account needs to have KYC identity verification and 2-layer security to ensure the transaction safety.
The final condition is that you need to have a bank account or visa / mastercard international debit card registered in your own name.
2 – Five tips for new crypto market entrants
When you are a newcomer to the crypto market you will be heavily influenced by greed, emotion and psychology of your decisions, which also determine a part of your losses or profits.
Most newcomers often dream that they will win, will x2 x3 assets quickly. If you win, you are just lucky, if you lose, you do not have control over your emotions and do not have much background knowledge. So to know how to buy and sell coins for profit on Binance, you need to know the tips below.
2.1 – Please understand that you are an investor
You need to understand you’re an “investor” rather than players like gambling luck. But do you understand the principles of investment or not?
Investing means you will only deduct 20-50% of the total money you have. This money you accept can lose and is your free money.
You should not borrow friends, borrow interest from the bank, mortgage assets to participate in crypto investment. Avoid the situation that when you lose money, you have to sell assets to pay debts or even stress you to death. Throw away your gambling mindset when it comes to investing.
2.2 – Be mindful of the value of Bitcoin (BTC)
At the present time (2021) bitcoin (BTC) is still at the top of its value. If BTC rises, then the effect of other altcoins will also increase.
Therefore, you should regularly monitor the price fluctuations of bitcoin to have a strategy to invest in other altcoins.
2.3 – Should not invest all the money into one type of crypto
Have you ever heard the saying “Don’t Put All your Eggs in One Basket”? This is the principle of risk-dispersing investment for the world’s billionaires.
If you use all the money to invest in one at the same crypto you will encounter case 1 is a profit you a lot, 2 is you lost all the money invested.
But if you use your invested money to buy 4 different cryptocurrencies, your risk has been divided into 4. There will be a crypto currency appreciation, there will be a discount in the 4 coins you buy. => your investment loss rate is low.
2.4 – Don’t be too greedy, know your profit target stop
Most of the new investments in crypto have unlimited greed.
For example, you buy BTC at $ 30,000 after 2 weeks BTC increases to $ 40,000 but you don’t want to take profit, 2 weeks later, BTC continues to increase to $ 50,000 you still don’t want to take profit. But in the next week BTC drops to $ 20,000 => now you have a loss of $ 10,000.
The lesson here for you is not to be too greedy but to know where to stop to take profits.
2.5 – Learn how to buy and sell coins on the binance floor with small amounts of money
If you are a novice then you certainly do not know the basic crypto trading operations. This is the basics that you need to prioritize learning before becoming a professional crypto investor.
You can spend a small amount of 100 $ 200 $ to learn how to buy and sell coin on the Binance exchange. Below Cryptocurrencyin4.com will guide you.
3 – How to buy and sell coins on the Binance floor step by step
3.1 – Step 1: How to recharge the trading Binance exchange
First you need to learn how to recharge binance. Please note that using a bank account or a visa / mastercard registered in your own name can be recharged.
How to top up, please see the article below:
3.2 – Step 2: How to buy and sell coins on the Binance exchange
To be able to buy and sell Crypto (coin) on Binance safely and effectively, you need to understand transaction terms and trading orders such as: Spot, Margin, limit, market, stop-limit, OCO.
For details, please see this tutorial:
3.3 – Step 3: How to withdraw money from Binance exchange to your bank account
Certainly, when you deposit money to invest in buying cryptocurrencies when these cryptocurrencies increase in price, you will sell them to make a profit. You will then withdraw the profits back to your bank account.
Read the article “How to withdraw money from Binance exchange to your bank account” for detailed instructions.
4 – Conclusion
Cryptocurrencyin4.com we have completed the guide you how to buy and sell coins on the Binance exchange. Hope newcomers like you will practice successfully and thrive in the crypto investment market.