How to create a Binance account and how to trade Bitcoin on a detailed exchange from a – z for beginners. If you’re new to learn about the market being crypto, the first thing is you need to have one account to start trading. So don’t miss this article.
1. About Binance
Binance is a famous exchange in the world, was founded in July 2017 by a Chinese Canadian named ChangPeng Zhao.
Previously, Binance cryptocurrency exchange was based in China, Japan, and Hong Kong, but due to the strict regulations of these countries on cryptocurrencies, the Binance office is currently located in Malta.
2. Advantages and disadvantages of Binance
Any crypto exchange has different advantages and disadvantages. Here Cryptocurrencyin4.com will outline some of the most prominent advantages and disadvantages:
2.1 – Advantages
There are many altcoin, more than 400 pairs of transactions.
Multi-language support interface.
There is a fund to protect the participant’s property.
Issuing its own cryptocurrency, BNB is used to reduce transaction costs.
2.2 – Disadvantages
Difficult to use interface for newbies. But don’t worry, as you read through this article you will know how to use the basic Binance exchange.
3. How to create a Binance account
Now, cryptocurrencyin4.com will guide you on how to sign up for a Binance account so you can start participating in crypto trading.
First, you need to visit the official Binance link below to avoid mistakenly accessing fake websites.
3.1 – Step 1: How to sign up for create a Binance account
You click to select the language to change the language and then click on the register.
Now, you use email or mobile phone number to sign up for an account. Cryptocurrencyin4.com recommended that you use your email account to register.
A popup appears asking you to verify that it is not a robot, you just need to drag the button to fit into the empty box.
Now, you open the mailbox in the email to check to get the verification code for the account you just registered.
Next you go back to the Binance page and fill in the code in the box to verify.
Congratulations, you have successfully created a Binance account. You will see the interface as shown below, now you click on “skip to dashboard”.
3.2 – Step 2: Secure your account with google authenticator app
When you first sign up, Binance requires you to set up two layers of security for your account. You click on “Verify Google”.
Now, you open up your phone to download the Google Authenticator app. For phones using IOS operating system, open Appstore; for phones using Android operating system, open Chplay to download App Google
Authenticator and install. Then you click “Next”.
You will see that Binance gives you a QR code like the one below.
Now, you open the Google Authenticator app on your phone and select the icon “+” => “Scan Barcode” or “Manual entry”.
You give your phone camera to scan the QR that Binance shows you. When scanning is complete on your App will show up the code, every 30 seconds this code will change 1 time.
Next to step 3, Binance shows you the code used to restore 2FA (Two-factor Authentication) in case you accidentally delete the google authenticator app or you lose your phone.
Note: write this code on paper or save it somewhere secret.
Now click “Next”.
Now, Binance will ask you to enter the following 2 information:
Verification code sent to your email.
The 6-digit code in the google authenticator app on your phone.
You click “Send Code”, Binance will start sending the code to your email, check your inbox to get the code entered into the box. Next, enter the 6-digit code in the google authenticator app and finally press the button “Submit” to complete.
Ok. You have successfully installed 2-layer security for your Binance account. The next login Binance will ask you to enter the 6-digit code in the google authenticator app.
3.3 – Step 3: Secure your account by SMS
You should further secure your account in the form of SMS to prevent the security case with the google authenticator app having problems.
You select the account icon -> “Security” -> navigate to “SMS authentication”, click “On”.
Now you do the following steps:
- Select the country area code.
- Fill in your phone number (leave 0 at the beginning)
- Press the button “send code”.
- Enter the code sent to the SMS.
- Press the button “send code”.
- Enter the code sent in the mail.
- Enter the 6-digit code in the google authenticator app.
- Press the “submit” button.
Ok. So you have completed the 2-layer security step for Binance account by SMS. You can now start trading deals. But you will be limited to the amount of BTC withdrawn per day.
In order to be able to withdraw up to 100 BTC per day and ensure your account is safe, you should verify your account’s KYC personal identity. Below Cryptocurrencyin4.com will guide you on how to authenticate.
4. How to KYC authentication after create a Binance account
To verify you need 1 of 3 identification documents as follows: Driver’s license, ID card, passport.
Now start the verification process by clicking on the account icon -> “verify”.
In the personal information section, click on the button “Verify”.
Next you choose your country -> “Start”.
Now enter personal information that matches your identification. The “zip” you search google “zip code” to find the correct code you live in cities.
Next you choose 3 out of 3 types of identification documents -> “continue”.
If you choose the ID verification form, you will have to take 2 fronts and then upload and press the “continue” button.
After uploading your identification is complete, Binance will ask you to take a new portrait photo for verification.
Finally, Binance will ask you to verify your face directly through your computer’s webcam, or you can download the Binance app to make the verification easier.
You will wait 24 hours to see if the verification is successful. If not, you can start over again. Note: check the exact information and take clear pictures for a quick review.
When the KYC validation results have been successfully reviewed, you will see the words “authenticated” as shown below.
5. How to secure email after create a Binance account by gmail
Your email used to register for a Binance account also needs 2 layers of security to increase the level of security.
Now you login to your email -> click on the button “account”.
You click on “Security” -> select “2-step verification” then follow the instructions of the email to complete.
6. Learn the terminology transactions
In order to start trading crypto buying and selling on a profitable exchange, the first thing you must do is learn about Binance’s trading terms.
6.1 – Trading order
Trading order means the manipulation of placing your crypto buy or sell order on an exchange.
6.2 – Trading pair
Pair trading means you use this crypto to transactions with other crypto eg transaction pair BTC / USDT as shown below. This is the operation of using USDT to buy 1 BTC.
With the BTC / USDT trading pair you can sell BTC to get USDT as shown below.
6.3 – Limit Order
Limit orders mean price limit to buy or sell 1 crypto you desire.
The current price of 1 BTC (3/2021) is 47,155 USDT.
You predict the price of 1 BTC will increase and want to sell at the price of 50,000 USDT, you will place a Limit order and wait until the BTC rises to 50,000 USDT, your order will be matched and you sell successfully.
6.4 – Market orders
Market orders which means you will buy or sell 1 crypto for the price of market regulation. At what price the market is, you buy / sell at that much price that you cannot change.
Market orders will execute orders immediately when you place buy or sell orders
6.5 – Stop-Limit orders
Stop-limit order is an order combining limit order and market order. This order is also known as the stop loss.
This order is often used by traders for the purpose of taking profit or cutting loss.
For example in the case of profit taking:
The current BTC price is 47,155 USDT (3/2021) you predict it will increase to 51,000 USDT.
Now you will place a Stop-limit order with the condition:
If BTC rises 51,000 USDT (Stop).
Then automatically open sell order for 50,900 BTC USDT (Limit).
When BTC increased to 51,000 USDT then your command will match and manipulate your profit selling success.
For example in the case of stop loss:
The current BTC price is 47,155 USDT (3/2021) you predict it will drop to 40,000 USDT in the future.
Now you will place a Stop-limit order with the condition:
If BTC drops 40,000 USDT (Stop).
Then automatically open a sell order for BTC at the price of 39,900 USDT (Limit).
When BTC drops to 40,000 USDT your order will be matched and your stop loss is successful.
6.6 – OCO orders
This is an order that combines limit and stop-limit orders. This means that when 1 of 2 orders is activated, the other will self-cancel.
Buy order example:
The current BTC price is 47,155 USDT (3/2021), you expect BTC to decrease you place a buy limit order if the BTC drops to 40,000 USDT.
At the same time you predict if BTC continues to rise to 48,000 USDT (stop) and goes up, you will buy at 48,050 USDT.
Sell order example:
Current BTC price is 47,155 USDT (3/2021), you predict BTC will increase you put a limit sell order if BTC increases 48,000 USDT.
At the same time you predict BTC will drop to 46,000 USDT (Stop) and will fall further, then you will sell at 45,9000 USDT.
7. How to buy Bitcoin after create a Binance account
7.1 – Conditions you need to buy crypto
You need to meet the following conditions to be able to buy crypto:
The Binance account has KYC identity authenticated and has 2-layer security with google authenticator app and SMS.
Have a visa / mastercard.
7.2 – Note before recharge Binance
Before you deposit money into the Binance exchange you should take note of the Binance maintenance notice. This message will appear as soon as you log into the exchange.
You click on the notification to view details about the maintenance information to know exactly how long Binance will suspend the transaction.
During this time you should not make a deposit or withdrawal to avoid risk.
7.3 – Buy Bitcoin with 2 ways
7.3.1 – Option 1: Buy Bitcoin P2P
P2P is a form of trading crypto among users through a secure intermediary Binance exchange.
Note when trading P2P:
When transferring money, do not write in the contents related to the names of cryptocurrencies such as: BTC, USDT, … because you will be frozen by the bank.
Do not cancel your transaction 3 times a day because you will be banned from trading for 24 hours.
When you receive a message to receive money from the buyer, you should log into your bank account to check whether you have received the money correctly, to avoid fake messages. After verifying that the money is received correctly, you agree to confirm the transfer of the crypto to the buyer.
Now to buy bitcoins in the form of P2P you click on “buy crypto” -> “P2P tranding”.
You will be redirected to the list of crypto sellers interface. To buy crypto, you do the following:
1. Select the type of crypto USDT, BTC, BUSD,… that you want to buy.
2. See the limits of vendors to choose from that best suits your needs.
3.Press the buy button to proceed with the purchase.
Next steps you perform the transfer according to Binance’s instructions to complete.
7.3.2 – Option 2.1: Buy bitcoin with visa / mastercard
This is quite simple to buy, you can use Visa / MasterCard to buy Bitcoin.
You log into binance choose “Buy Crypto” -> “credit / debit card”.
Enter the amount of money in the box to buy BTC, then click “Buy BTC”.
The next steps you just need to follow Binance’s instructions fill out the visa / mastercard information and 3DS verification to complete the payment.
7.3.2 – Option 2.2: Buy Altcoin with visa / mastercard
In case if you do not want to buy bitcoin but want to buy other altcoins, then you choose to buy USDT in this step.
After you have USDT in your wallet now if you want to buy the altcoin then click on “Trade” -> “Advanced”.
Click on the down arrow icon to the left and enter the altcoin you want to buy (for example: DOGE Coin) -> select the DOGE / USDT trading pair -> enter the amount of DOGE -> Buy DOGE.
8. Instructions for loading crypto from other wallets into the Binance exchange
If you have cryptocurrencies from another wallet but you want to load it into the Binance exchange, do the following:
Log in to your Binance account and choose “wallet” -> “Fiat and Spot”.
You press the button “Deposit”.
Now you choose the right crypto that you want to load, then you choose the right network BTC or BEP2, … suit. You use scan the QR code or copy the character range to load crypto from another wallet into Binance.
Ok, so cryptocurrencyin4.com has completed how to create a Binance account and how to buy crypto on the exchange. Hope you are succesful.