How to Trade on Binance

In this compelling guide, we will walk you through a step-by-step process of how to create an account on Binance and make your first trade.

Since 2021, Coin Labs have been assigned a fee discount code from Binance. Thus, if you sign up for Binance through Coin Labs, you can benefit from the fee discount and participate in the bonus event earning up to $500.

Step 1 . Register

As the name suggests, the first step to trade on exchange is to register an account on it. The registration process is pretty simple, but it can be slightly different depending on your registration method, whether you are registering through a mobile application or a website.

In this step-by-step guide, we are going to explain how you can register via the website, as it is a commonly used method to register an account. However, the steps will be similar in case if you are signing up via Mobile Application.

So, first of all, visit the official website of the exchange and click on Register from Navigation Menu, then fill up the registration form by providing your personal details. Below we have broken down the details you will be required to provide to register an account with Binance.

• Email or Phone Number
• Your Full Name
• The country you are living in
• Referral ID (Optional) 
• Setting up a Security Password

Step 2. Complete verification

After providing all details and setting up a password, you will successfully be able to register an account. But before you can utilize most features of Binance, it is mandatory to complete verification of your identity, known as the KYC Process. KYC requires users to authenticate his/her identity by providing National ID photos with live images of themselves as a part of the facial recognition process. Once you complete the KYC process, you will be able to enjoy all the features of Binance a regular user can enjoy.

Step 3. Deposit

Now, we assume that you have successfully created an account. It’s time to talk about how you can deposit funds into your Binance Account.

Step 4. Buy crypto

There are plenty of Ways to deposit on Binance. Users can directly deposit crypto using Binance ID or Wallet address. But if you already don’t own cryptocurrencies and want to fund your account using fiat currencies (Local currencies such as USD, GBP, EUR), then click on Buy Crypto and use any of the prominent methods to fund.

Fiat

The exchange supports tons of cryptocurrencies, including USD, EUR, CAD, AUD, and more which you can easily deposit and exchange with cryptocurrencies using the below-listed methods.

Debit/credit card

Binance supports both debit and credit cards. Using any of these two methods, users can directly deposit fiat funds into their Binance account.

Keep in mind that with this method, a flat fee of 1% to 3% might apply to each transaction. 

P2P

Peer-to-peer, also known as P2P, is one of the easiest ways to buy crypto using fiat currencies. The exchange has the highest trading volume of P2P trades in the market and offers zero trading fees. With high volume and zero trading fees, you can easily exchange your fiat currencies with crypto at the best price possible. There are more than 50 Supported currencies listed on P2P across the world. So, whatever part of the world you are living you will never run out of choice to trade on Binance.

Step 5. Choose trade

After successfully depositing some funds, it’s time to participate in trading. The platform offers multiple trading opportunities, from Spot and Margin Trading to Futures and Options Contracts Trading. There is no restriction for newbies to use any of these trading methods. However, when it comes to futures leverage trading the exchange only allows leverage of 25X for newbie traders for the first 60 days. Once the 60 days time period ends, then investors are free to take leverage as high as 125X.

Spot

If you are a newbie and just starting out with crypto trading, then spot trading will be the best option for you. When it comes to trading assets on Spot in Binance, it offers one of the lowest trading fees in the market. Even if you want to trade BTC, then we recommend you to trade it with the TUSD pair because Binance offers zero trading fees for BTC/TUSD pair.

Earn

Binance Earn, also known as just Earn, is one of the most interesting features of the exchange that allows investors to earn passive income while staking their favorite cryptocurrencies. Tons of staking options are available for each cryptocurrency in the Earn section, from Flexible Terms to Lock with High APY.

If you are looking for a way to earn passive income, then don’t forget to explore the Binance Earn feature.

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