Introduction
Feeling overwhelmed about getting started with cryptocurrency trading? Don’t worry – you’re not the only one! Binance, one of the world’s largest and most trusted crypto exchanges is here to help you navigate through the crypto jungle. We will go through everything that you need to get started in this guide, from making a sign-up to placing your initial trade. Also, we will add some humor just to make it more interesting for you. Spoiler alert: No, being a tech genius is not required in order to trade in crypto!
Now let’s see how we can start trading on Binance exchange according to the guidelines given.
What is Binance?
Imagine a digital marketplace where people all over the globe are buying and selling cryptocurrencies such as Bitcoin, Ethereum and Dogecoin (the one with Shiba Inu dog). That’s Binance! Already in 2017, Binance became popular because of its user-friendly interface plus cheaper rates and many digital currencies available on its platform. Amazon of cryptos is what best describes it minus those nocturnal shopping binges.
What Makes Binance Stand Out?
Binance is special since it’s user-friendly, even for beginners. Moreover, it provides advanced tools if you opt for some sophistication later in your trading life. This is why beginners adore Binance:
- ✅ User-Friendly Interface: You’ll be alright even if you can only do one thing with tech like resetting your WiFi router.
- 💸 Low Fees: More money in the account implies more coins to trade.
- 📱 Mobile App: Trade anytime and anywhere. Do not trade and drive at the same time! Seriously.
- 🔒 Secure: Trade with confidence as Binance takes your safety seriously.
How Do I Sign Up on Binance?
It is as simple as signing up for social media without going through endless scrolling. Here are the steps:
- Go to Binance.com or download Binance app from the App Store or Google Play (Input my Referral Code CPA_00QVF6XLKB for Sign-Up reward)
- Click “Sign Up” and put in your email address or phone number together with a strong password (and no, “password123” is not gonna cut it!). Alternatively, one can register via Google Gmail, Apple ID or Telegram account.
- Then verify your email/phone number:
- Email: Open your email inbox and click on the activation link that has been sent there.
- Phone: Enter 6 digit verification code sent via SMS.
- Complete Identity Verification: Take a photo of your ID and take a selfie. (Yes, you finally have a reason to take a selfie)
- Set Up Two-Factor Authentication (2FA): This adds an extra layer of security, like having a digital guard dog for your account.
Congratulations! You are now officially a Binance member. Welcome to the crypto club!
Funding Your Binance Account
Before you can start trading, you need to deposit some funds. Think of it like loading your arcade card before playing games – except the prizes here are digital assets.
- Deposit via Bank Transfer: Transfer money from your bank account directly into Binance.
- Deposit with a Credit/Debit Card: Quick and easy, but watch out for higher fees.
- Deposit Cryptocurrency: Already have crypto? Transfer it from another wallet to your Binance account.
If you’d like me to do an in-depth beginner’s guide on how to fund your Binance account just let me know by leaving a comment below!
Making Your First Trade
It’s time to trade! Don’t fret, it’s easier than ordering a pizza online! Here’s a simple guide:
- Tab Over To The “Trade” Section: Select “Spot” to trade for the most basic option
- Select a Trading Pair: Choose A Trading Pair: For instance, BTC/USDT translates to buying Bitcoin with USDT, which is a stablecoin tied to the US dollar.
- Pick “Buy” or “Sell”: Click on
Buy, if you are looking to purchase cryptocurrency andSell, if you wish to cash out - Decide The Amount: Figure out the quantity you wish to trade.
- Click “Buy” or “Sell”: Congratulations! You’ve just made your first trade and now it’s time for you to give yourself a well deserved high-five.
Understanding Trading Fees
While no one enjoys contemplating fees, they are unfortunately a reality of the trade. Binance, for example, provides varied rates depending on your trading volume and BNB balance. Fees decrease as trading volume increases. Below, you will find all levels with standard and discounted rates for payments made with Binance Coin (BNB) or USDC.
Fee Structure by VIP Level
| Level | 30-Day Trade Volume (USD) | BNB Balance | Maker / Taker Fees | With BNB Discount | USDC Maker / Taker | With BNB Discount (USDC) |
|---|---|---|---|---|---|---|
| Regular User | Less than $1,000,000 | No BNB required | 0.1000% / 0.1000% | 0.0750% / 0.0750% | Standard / 0.0950% | Standard / 0.07125% |
| VIP 1 | ≥ $1,000,000 | ≥ 25 BNB | 0.0900% / 0.1000% | 0.0675% / 0.0750% | Standard / 0.0950% | Standard / 0.07125% |
| VIP 2 | ≥ $5,000,000 | ≥ 100 BNB | 0.0800% / 0.1000% | 0.0600% / 0.0750% | Standard / 0.0950% | Standard / 0.07125% |
| VIP 3 | ≥ $20,000,000 | ≥ 250 BNB | 0.0400% / 0.0600% | 0.0300% / 0.0450% | Standard / 0.0550% | Standard / 0.04125% |
| VIP 4 | ≥ $75,000,000 | ≥ 500 BNB | 0.0400% / 0.0520% | 0.0300% / 0.0390% | Standard / 0.0470% | Standard / 0.03525% |
| VIP 5 | ≥ $150,000,000 | ≥ 1,000 BNB | 0.0250% / 0.0310% | 0.01875% / 0.02325% | Standard / 0.0260% | Standard / 0.01950% |
| VIP 6 | ≥ $400,000,000 | ≥ 1,750 BNB | 0.0200% / 0.0290% | 0.0150% / 0.02175% | Standard / 0.0240% | Standard / 0.01800% |
| VIP 7 | ≥ $800,000,000 | ≥ 3,000 BNB | 0.0190% / 0.0280% | 0.01425% / 0.02100% | Standard / 0.0230% | Standard / 0.01725% |
| VIP 8 | ≥ $2,000,000,000 | ≥ 4,500 BNB | 0.0160% / 0.0250% | 0.0120% / 0.01875% | Standard / 0.0200% | Standard / 0.01500% |
| VIP 9 | ≥ $4,000,000,000 | ≥ 5,500 BNB | 0.0110% / 0.0230% | 0.00825% / 0.01725% | Standard / 0.0180% | Standard / 0.01350% |
Summary:
- Maker Fees: Charged when you add liquidity to the order book. Lower fees apply as you level up.
- Taker Fees: Charged when you remove liquidity from the order book.
- BNB Discount: Payment of trading fees using Binance Coin will yield a discount of 25%.
- USDC Discount: Special lowered rates for trades with USDC enabled.
💡 Pro Tip: Even for a beginner trader, if you hold some BNB in your account, it helps reduce your trading costs. It’s just like having a loyalty card from a store that offers discounts every time you shop!
Important Advice for Safeguarding Your Crypto Assets
While enjoying the numerous benefits that come with cryptocurrency, exercising caution is essential. Here are a few ways to help keep your funds safe:
- 🔒 Enabling Two-Factor Authentication (2FA): Wherever possible, you should protect your account using 2FA.
- 🧩 Choosing a Password: Your password should be neither your birthday nor your pet’s name, but something long, unique, and complicated.
- 📵 Be Wary of Phishing Scams: Avoid sharing your credentials or clicking any links provided to you.
- 💾 Utilizing a Hardware Wallet for Large Holdings: For heightened protection, it is advisable to transfer your cryptocurrency into a hardware wallet.
Features That Are Also Worth A Look
As you become more adept, make sure you use these features:
- Binance Futures: Exchange cryptos with margin (restricted to advanced users only).
- Binance Earn: Put your crypto to work by staking or lending for passive income.
- Binance Launchpad: Take part in pre-sales of innovative crypto coins before they are launched.
Closing Thoughts
And there it is! Everything a beginner needs to start using Binance is right here. You now know how to register, deposit money, and do your first trade. As with all things in life, crypto trading has its risks. As such, always proceed with caution and allocate funds wisely. Still, with a customer-friendly platform, low charges, and Binance, you are at the right place to set off toward becoming a crypto specialist.
You may proceed with trading as you desire; Just do not squander all your profits on pizza.
For any questions or clarification, please leave a message in the comment box below, and I’ll respond to you shortly.