Pakistani Users Guide to Using Binance Exchange
Binance is often the first exchange that most beginners think of when they venture into the exciting world of cryptocurrency. If you’re a Pakistani who’s new to cryptocurrency, Binance can be a suitable exchange for you.
Plus, I’m guessing you have doubts in mind about how to register an account on Binance and trade cryptocurrencies. Don’t worry you are not alone; we have got you. In this 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 create an account. The registration process is pretty simple, but it can be slightly different depending on the medium you choose for registration, i.e., mobile or website.
In this step-by-step guide, we are going to explain how you can register via website as it is a commonly used method to register an account.
So, first of all, visit the official website of the Exchange and click on “Register” from the 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 Pakistani users to authenticate his/her identity by providing CNIC ID pictures along with their live images 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 & Buy Crypto
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.
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 (PKR for Pakistanis) then click on “Buy Crypto” and use any of the prominent methods to fund.
Fiat
Binance exchange supports tons of cryptocurrencies including USD, PKR, CAD, AUD, and more which you can easily deposit and exchange with cryptocurrencies using the methods listed below.
Debit / Credit Card
Binance Support both Debit and Credit Card. This means using any of these two methods users can directly deposit fiat funds into their Binance account. However, keep in mind that with this method a flat fee of 1% to 3% might apply on each transaction.
P2P
Peer-to-peer, also known as P2P, is one of the easiest ways for Pakistanis to buy crypto using fiat currencies on Binance. 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, whichever part of the world you are living in, you will never run out of choice to trade on Binance.
Step 4: Choose Trade
After successfully depositing some funds, it’s time to participate in trading. The platform offers multiple trading opportunities ranging from Spot and Margin Trading to Future and Options contracts trading.
There is no restriction for newbies to use any of these trading methods. However, when it comes to future 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 TUSD pair. Because Binance offers zero trading fees for BTC/TUSD pair.
Earn
Binance Earn or also known as just “Earn” is one of the most interesting features of the Exchange that allows Pakistani investors to earn passive income while staking their favorite cryptocurrencies.
Tons of staking options, ranging from from Flexible Terms to Lock with High APY, are available for each cryptocurrency in the Earn section. So, if you are looking for a way to earn passive income then don’t forget to explore the Binance Earn feature.
FAQs
How to Short on Binance
It’s quite easy to short on Binance. First of all, go to the Future trading section and select the pair you want to Short. Then set up the leverage and the amount you want to short then click on “Short” to place a limit or Market order.
How to Trade Binance Futures in Pakistan
In order to Trade Binance Futures in Pakistan, you have to register an account on Binance website and have some cryptocurrencies balance in your account. Navigate to the Futures section and select from hundreds of pairs.
How to Short on Binance without Leverage
In order to open short on Binance without leverage, set up your leverage to 1X and open short on any listed cryptocurrency.
