How to Get Started with Binance – A Quick Tutorial

A lot of people who play online games using cryptocurrencies might have heard of ‘Binance’. But they may feel a bit apprehensive using it because the concept of a cryptocurrency exchange is still relatively new to a lot of people. That’s the reason we decided to dedicate this blog to explaining what Binance is all about and how to get started with it.

What is Binance all about?

Established in 2017, Binance is one of the top cryptocurrency exchanges in the world. The term ‘Binance’ is formed by combining ‘Bitcoin’ and ‘Finance’. At Binance’s platform, you can buy cryptocurrencies using fiat currencies. Then, you can exchange one cryptocurrency with another cryptocurrency.

Suppose you want to buy Bitcoins using Rs. 1,000 and then exchange those Bitcoins with tokens of Ethereum, you can do it in a hassle-free manner at Binance’s website.

Now that we have explained a bit about Binance, let’s talk about how to get started with it.

Getting started with Binance: Steps to follow

  1. Register at Binance: First things first. Register on Binance’s website, pretty much the way you’d register on any platform, which means you’ll have to fill in your email address and preferably use a strong password, which can’t be breached.
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  3. Login at Binance: After you’ve done the registration, the next step is to login at Binance’s platform. When you’ll try to login, the platform will give you the option of setting up a two-factor authentication (2FA). We’ll always advise you to go for this option because this makes your account so much more secure on Binance. With that done, all you’ve to do is start trading.
  1. Buy a cryptocurrency: You can trade in a cryptocurrency only when you have that currency. Therefore, the first step is to buy a cryptocurrency. This is because you cannot use a fiat currency like US Dollar or Indian Rupee to make transactions at Binance. If you want to exchange cryptocurrencies at Binance, you’ll have to buy them first. For that, you should go to Binance P2P platform (a peer-to-peer platform; website). This P2P platform allows you to buy a range of cryptocurrencies using fiat currencies and a variety of payment methods. In simple words, it puts buyers and sellers of cryptocurrencies in touch with each other. Suppose you want to buy Bitcoins worth Rs. 1,000. On Binance P2P platform, you’ll be able to find sellers who want to sell Bitcoins. Once you find the seller, just click on buy. With that done, you’ll get Bitcoins and the seller will get Rs. 1,000. While transferring funds, double-check the payment information because funds sent to a wrong payee can’t be retrieved. Also, ensure that you transfer the funds within the time-limit set by the seller.
  1. Exchange cryptocurrencies using Binance’s platform: Now that you’ve a cryptocurrency, you may like to exchange it with other cryptocurrencies. Reasons for exchange could be many. You may think that the other cryptocurrency has better prospects from an investment perspective. You may want to use the other cryptocurrency for gaming on a site like BTC365 or anything else. After buying a cryptocurrency, you’ve to transfer it to the crypto wallet at Binance. On Binance’s website, go to Funds—Deposits. Select the crypto you’d like to deposit. Binance’s website will show you a deposit address. Copy this address and transfer funds to Binance using it. That being done, you can start exchanging one cryptocurrency with another. On Binance’s website, you’ll see many pairings of cryptocurrencies. For example, Bitcoin (BTC) or Ethereum (ETH); Binance Coin (BNB) or Tether (USDT). Using these pairings, you can exchange one cryptocurrency for another.
  1. Choose a market order or a limit order: When exchanging cryptocurrencies, you can select a market order or a limit order. A market order allows you to exchange currencies at the prevailing price in the market. However, a limit order allows you to add a price limit beyond which you wouldn’t want to execute the transaction.

Why should you use Binance after all?

You must be wondering why you should use Binance’s exchange for cryptocurrencies. There are a number of benefits of doing so. First, you don’t have to pay any fee to send or receive crypto regardless of the amount of currency you’re exchanging. Second, you can choose from over 300 cryptocurrencies on Binance. In other words, you name a cryptocurrency, and they have it on their platform. Third, the payments are almost instant, which saves time and effort involved in traditional means of fund-transfer. Fourth, you can transfer crypto to anyone anywhere in the world using Binance. The geographical restrictions, which are so common in traditional banking, just don’t exist with Binance.

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