In recent years, cryptocurrency has become one of the important ways to earn money for people from different countries and walks of life. Literally everyone can now mine and live off the blockchain. Of course, there are nuances and pitfalls, but the first step can be taken right now.
Made a guide for beginners from Binance – the largest cryptocurrency exchange in the world. You can start trading cryptocurrencies here just a few minutes after registration. There will be no in-depth training in this article, we do not have such knowledge, but we will help you register, protect your account, buy the first cryptocurrency and start trading.
What is Binance
Binance — the leading international blockchain ecosystem and the largest cryptocurrency exchange in the world. The year of its creation is considered to be 2017, and the founder is Changpeng Zhao. Prior to founding the company, he developed software for futures trading on Wall Street. A year after its launch, Binance has become the largest cryptocurrency exchange in the world. There are four types of trading: spot, margin, futures and P2P. Many people use the service to store or mine cryptocurrency. Read more about this in the manual on the company’s website.
On April 26, Binance released its Binance Refugee Card. It is intended for all current and new Binance users from Ukraine who are forced to move to the EU due to the war with Russia. The goal is to allow displaced Ukrainians to make or receive cryptocurrency payments, as well as to shop in retail stores in the European Economic Area.
Account registration, creation and protection
To register, go to the official website Binance and press the yellow button of the same name in the upper right corner. Then we fill in our data, confirm registration by e-mail and phone number.
Next, the account needs to be verified. Otherwise, the purchase of cryptocurrency and bidding is not allowed. To do this, you need to fill in detailed personal data, attach a scan of the document and take a photo of the person. If you do not have a webcam, you can do so through the Binance app on your smartphone (Android, iOS).
Binance recommends creating a strong password with uppercase and lowercase letters, as well as numbers. At the same time it needs to be changed regularly. For added protection and new features, you can strengthen your account even more.
For example, enable two-factor authentication in the settings (2FA) (instructions here), as well as anti-phishing code for the Binance account (instructions).
You can buy cryptocurrency in the Binance service with a credit card, by transferring fiat currency from your bank account, as well as directly from other users through the Binance service (P2P).
It is always better for beginners to buy cryptocurrency with a credit card. To do this, click the “Buy in the upper left corner” and in the drop-down box, select “Credit / Debit Card”. Next, choose the cryptocurrency you need to buy and the method of our payment. Fill in these credit cards, confirm the transaction and you’re done. Please note that the card must be issued to you, otherwise no operations will be possible.
We will not tell you how to trade cryptocurrency correctly and successfully, but we will explain how to start doing it literally. Beginners should click on the “Trade” section on the top panel and select “Conversion” in the drop-down menu.
Here is the simplest interface where you can choose the cryptocurrency pair that the user decides to trade. In the upper field, select the desired coin and its quantity. Below is the target cryptocurrency or fiat currency. After confirming the choice, you should click the “Preview” button, and after the details of the transaction.
The default setting for this auction is “Market” (on the left side of the screen). This means that after concluding the agreement, the user will receive cryptocurrency at the current market (spot) price. A commission is also included in the transaction.
There is also the creation of limit orders. To do this, select the Limit item on the left side of the screen next to the Market item. Read more about limit orders here, but in a nutshell, they allow you to sell or buy an asset at a specific, user-set price, which may be above or below market.
Binance — large and sophisticated cryptocurrency platform for making money. At the same time it is made as simple and accessible as possible with a convenient menu and many different options for users.
Cryptocurrency trading requires a significant body of knowledge, experience and practice. Therefore, our leadership helps only in the first steps towards the world of cryptocurrencies. Next, you will have to understand yourself, watch videos on YouTube, read useful materials on Binance itself and be sure to study at Binance Academy. Here are collected 280 materials on cryptocurrencies and blockchain technology. If you are interested in the topic, we will try to find an expert and make a more advanced guide. Or write your wishes on the topic in the comments.