How to play Binance effectively for newbies

How to play Binance effectively for newbies. Binance is the largest crypto exchange in the world with large trading volumes from many different countries around the globe. If you are looking to learn about binance, please read through this article.

How to play Binance

1 – Learn about the history of Binance

Binance is a crypto exchange founded in 2017 by a Chinese-Canadian named ChangPeng Zhao. With a prestigious profile before, ChangPeng Zhao easily raised capital and raised $ 15 million through the form of ICO in July 2017.

changpeng zhao

For more detailed information about Binance, see this article:

>> Binance Research: Overview of exchanges Binance

2 – How to play Binance in full

Below is a step-by-step process for you to get started trading on Binance exchange.

2.1 – Bank account and visa / mastercard registration

To be able to participate in transactions on Binance, you first need to have a bank account or visa / mastercard with your own name.

Cryptocurrencyin4.com recommends you to register for a bank account and also for international payment visa / mastercard cards.

Visa / mastercard has 2 types of debit and credit. You only need to register for a visa / mastercard debit card and you can use it to transact on Binance.

2.2 – Sign up for a binance account

2.2.1 – Step 1: Sign up for a Binance account

First you need to access Binance to sign up for an account. If you do not know how to sign up for an account, see this article.

>> How to create a Binance account and how to trade Bitcoin

2.2.2 – Step 2: Verify KYC account

After registering for an account, you will need to verify your KYC identity with your identification documents. You need to have 1 of the following 3 types of documents: identity card or citizenship card, passport, driver’s license.

Note that your identification documents must be clear in letters and numbers without blurring. If your identity document is too old, the probability of verification denied is very high, you should have a new identification document again.

In addition to the ID verification you will have to verify your face directly via webcame or camera on your phone, you need to stand in a well-lit place for your face verification to be successful.

See the tutorial below:

>> How to verify a successful Binance account

2.2.3 – Step 3: Account security

After the verification step will be the account security step, this step is also extremely important to secure your account to limit the risk of others accessing to steal your money.

Security consists of 2 parts, securing the mail account that you use for Binance registration and Binance account security. A lot of people only secure their Binance account but bypass mail security.

See the tutorial below:

>> How to set up 2FA on Binance safely to trade crypto

2.3 – Deposit, withdraw money, buy and sell transactions on binance

2.3.1 – Step 1: Deposit money into the binance exchange

There are many different ways to top up, but the simplest way to top up is you use your visa / mastercard to buy USDT, then you use USDT to buy other cryptocurrencies.

USDT is a stable coin that stabilizes its price according to the real value of the US dollar, with not as high price volatility as bitcoin or altcoins. So, when depositing, you should use binance USDT or BUSD to reduce transaction costs.

How to play Binance

See the tutorial below:

>> How to add money to Binance wallet using visa/mastercard and how to buy crypto

2.3.2 – Step 2: Crypto trading

Once you know how to top up binance, you can now use USDT or BUSD to start buying bitcoin or altcoins.

Now you need to find out which cryptocurrencies have the potential to increase in price and high liquidity to buy.

You set up your own crypto investment plan goals to make a profit, in this market you should not be too greedy. Buy when the price goes down and sell when the price goes up.

See the tutorial below:

>> How to buy and sell crypto on Binance for Beginners

2.3.3 – Step 3: Withdraw money from Binance to your bank account

Certainly, when you deposit money into crypto investment Binance, you will also find ways to withdraw money to the bank when you want to withdraw funds or withdraw profits for your other purposes.

How to play Binance

See the tutorial below:

>> How to withdraw money from Binance to bank account

3 – Learn some basic trading terms

As a novice, you need to learn the basic terms of trading such as: trading orders, trading pairs, Limit, Stop-limit, Market, OCO, Spot, Margin, futures.

These terms have been explained in the articles that cryptocurrencyin4.com suggested above. Therefore, in this article Cryptocurrencyin4.com will not explain further.

4 – Conclusion

Thank you for reading here, if you have read through all the articles suggested in this tutorial how to play Binance, you have understood the basic process to be able to start investing in crypto on the exchange. Binance’s gone. Good luck!

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