How to start trading on binance in 2023..? Beginners guide to day trade..
In this article, we will elaborate the complete process of how to start trading on Binance.
Introduction:
Binance is a centralized exchange that was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software. Binance was initially based in China, then moved its headquarters out of China shortly before the Chinese government imposed regulations on cryptocurrency trading.How to register on Binance?
You can register an account on Binance either on their website or on their application from the Play Store or the iOS Store.Install the application, and after opening the application, sign up for a personal account with your email or phone number. You will receive a six-digit code for confirmation. Copy the code, and then click submit. Now create a password. Make sure to create a strong password with digits, symbols, and letters. Click on Next; your account has been successfully created.
Binance login:
How to do the KYC of Binance?
KYC is a prerequisite for trading on Binance. Login to your account and click on Start Verification. Follow these steps to do your KYC:Country of residence:
Choose your country of residence.
Personal information:
The following information is required in personal details:
Nationality, full name, and date of birth
Home address :
Use the address on your government-issued card or any other document you want to use for KYC. Write your home address, city name, and ZIP code.
Document verification:
Select the document for KYC that you have, i.e., a national identity card, passport, or driver's license.
Binance will ask you to upload the front and back pictures of your documents for verification. Upload clear pictures of your documents to avoid any delay or rejection of the KYC process.
After submitting the front and back pictures of your documents, put your information according to your documents for verification, i.e., name, identity number, date of birth, etc.
After giving the required information, Binanace will ask for a selfie. Make sure to use natural light when taking a selfie for verification.
When you submit your KYC, you will be notified via email or phone number regarding your KYC approval or rejection.
How do I start trading on Binance?
After completing all the prerequisite steps, i.e., registration and KYC, you can start trading now on Binance.First of all, you have to buy USDT or USDB to trade on Binance. You can buy USDT or USDB from P2P, where different traders are buying and selling USDT and USDB. To start buying and selling in P2P, open the app, click on trades on the lower home page of Binanace, and after that, look at the upper right corner of the Binanace home page. You will see P2P; click on P2P. Select your payment methods, i.e., bank account, etc. Put your account number and your full name; don't use third-party accounts. Now everything is ready to buy the USDT or USDB.
So don't try to cancel the order too many times.
The buyer will ask for payment confirmation and send a screenshot to him within 30 days of receiving the payment receipt.
After confirmation, he will release your crypto. You will receive your USDT or USDB in your funding account.
How do I deposit crypto on Binance?
First of all, click on wallets in the Binance homepage. Now, click on deposit and search for the crypto you want to deposit. Choose the network and copy your wallet address. Send this wallet address to the person who is sending you the crypto.
How do I buy different tokens or coins with USDT and USDB?
After buying USDT or USDB from P2P, transfer your USDT or USDB into your spot account from the funding account. Transferring your USDT or USDB from the funding account to the spot account is very simple. On the home page, click on the wallet in the right corner of the bottom, click on funding account at the top, and select the currency you want to transfer (USDT or USDB), search that, and select the amount you want to transfer. After that, click on confirm.Now you can buy different tokens or coins with your USDT or USDB.
How to start spot trading on Binance?
Spot trading involves the buying of cryptocurrency coins or tokens with your USDT or USDB. In spot trading, you buy the crypto and wait for it. When its value goes up and you feel that it's now making a profit, you may sell or hold it for the long term.To start spot trading, click on trades at the bottom of the home page. Now click on spot trading at the top of the Binance app. It will show the preface of buy and sell. Search for the coin you want to buy. For example, if you want to buy Bitcoin or BNB, select the coin 🪙. You have the option of investment i.e how much percentage you want to invest from your USDT or USDB. You have the option to invest 25%, 50%,75%,% and 100%.
How to start future trading on Binance?
Future trading is very risky. If you are new to Binance, we would recommend only doing spot trading. In future trading, your capital may be at risk; you may lose all of your capital invested.To start future trading on Binance, first of all, transfer your assets, i.e., USDB or USDT, to your future account.
After transferring your assets to the future account, you can select either the cross or isolated option in future trading. Cross means if your position gets liquidated, your remaining balance in the future account will also be liquidated. Isolated means that your remaining account balance will not be affected if your trade or position gets liquidated.
So, we recommend you deal only with isolated futures trading if you are a beginner.
You can take two types of positions in future trading:
short or long. A short position means that if you buy a coin, if its value decreases after you buy it, it will give you a profit, but if its value starts to increase, you will face a loss.
A long position means if you buy a coin and its value increases after you buy it, it will give you a profit, but it will give you a loss if its value starts to decrease, and you may liquidate your position if you don't close the trade.
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