What is Binance
Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. The company was founded in 2017 and is based in Malta. Binance is one of the largest cryptocurrency exchanges by trade volume, and offers a wide variety of digital assets for trading. The exchange also offers a variety of other services, including a lending platform, a wallet for storing and managing cryptocurrencies, and a blockchain-based marketplace for NFTs (non-fungible tokens).
How to Trade in Binance
Trading on Binance involves a few steps:
- Register for an account on Binance.com by providing your email address and creating a password.
- Complete the verification process, which typically involves providing a government-issued ID and a selfie.
- Deposit funds into your account by transferring cryptocurrency from your external wallet to the deposit address provided by Binance.
- Once your deposit is confirmed, you can navigate to the trading page and select the trading pair that you wish to trade, such as BTC/USDT (Bitcoin/Tether)
- In the trading page, you can place an order using the available options such as a market order, limit order or stop-limit order.
- Once your order is filled, the corresponding amount of the cryptocurrency will be credited to your account, and you can withdraw it to an external wallet or use it to place additional trades.
Keep in mind that the crypto market is extremely volatile and it’s important to understand the risks before placing any trade.
Additionally, it’s also important to be aware of the fees that you will incur when trading, as these can vary depending on the trading pair and the type of order.
