For someone to trade on binance and make money has to do with a lot of professionalism in this field. Binance is one of the largest cryptocurrency exchange platform that serves the purpose of which trading of various kind of cryptocurrencies is possible.
This platform was founded in 2017 by Changpeng Zhao, a developer who previously created high frequency trading software.
Read also: 5 Best Forex Trading Platforms You Need To Know As A Beginner
How To Trade On Binance For Beginners
Trading can be done using various platforms but if you desire to use binance as a means of performing your crypto transactions, it will require you to:
1. Open a Binance Account
A binance account acts as your access into the trading world of crypto. Before buying your first coin, you will need to open an account. To begin, you simply log on to binance homepage and click register, once you do this, you input your email address and choose your secure password and follow the instructions to verify and make your account active.
2. Secure your Account
While trading on the cryptocurrency market, security should be your major concern. It does not fully depend on the exchange platform but on you as a user. Securing your account from criminals and online fraudsters will need you to:
- Constantly login through the link binance.com
- Download an authenticator app and enable your two factor pin
- Never relate your password to anyone, even the binance help desk
- Never use ad to access binance
3. Deposit Funds
Before engaging in trading cryptocurrency, you will have to deposit some amount into your account. You will use this amount to buy the particular coin you desire to start trading with. Nowadays, payment is made through debit/credit card. you need to follow the following guidelines to deposit which are:
- Visit the binance and on the welcome screen, select buy crypto with debit/credit card
- Select the currency you intend to buy, along with the coin you wish to purchase and select buy.
4. Start Trading on Binance
In order for you to start trading, you must follow the steps below:
- You login to the official binance.com website
- On the binance website, you go to spot and click classic
- Select a coin of your choice
- Click on the coin when you have made your chouce
- You buy the coin
You either buy or sell at current market price where your order will be instantly executed or at limit order where you set the execution at your selected price.
6. Click buy to open your order
7. If you want to sell your coin, you put in the amount of a particular coin you want to sell and it will sell off.
What Is Day Trading?
Day trading is a trading strategy that involves entering and existing positions on the same trading day.
How To Day Trade On Binance
For a trader to effectively perform day trading, you need to have a deep understanding of the market and trading experience. Also, you need a hold of various technical tools to identify entry and exit points for trades.
To start, a clear guide to its process is needed, engaging in paper trading which serves as a test without risking your money and when you are strong enough, you simply go to binance and get started.
How To Earn Interest On Binance
Binance continues to be a dominating factor in the world of cryptocurrency trading, binance allows a trader to earn interest when he/she deposit cryptocurrency tokens into the platform. It is done on two major points – on a flexible basis or by locking your digital asset for a fixed period of time.
- Flexible Basis
This allows you to deposit funds into binance and you will earn interest for as long as your assets remain there. You can withdraw your cryptocurrency at any time, making the investment 100% liquid. This may be suitable for investors who want to earn interest and at the same time have access to their funds when the need arises.
- Locked Savings Account
This specifically focuses on you, locking your funds in form of crypto assets away for a fixed amount of time. It is available for 7, 14, 30, and 90 days. Once you choose your preferred investment duration, your investment will not come except until the term elapsed.
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