The cryptocurrency exchange Binance is quite simple and easy to use, but it imposes a number of requirements on users – for example, verification KYC mandatory was introduced to minimize criminal transactions.
In this article, our editors have taken a detailed look at how to start trading on Binance, what is required for this, and what first steps a trader needs to take. We will study the processes of creating and confirming an account, the broker's trading capabilities, and also give a life hack on how to reduce fees and get bonuses (only for new users, so read this information before registering).
Official website: https://binance.com/
✅ Quick Tips to Get Started on Binance:
- Register on the official website of the Binance cryptocurrency exchange. To do this, enter your email address and password, confirm the registration by clicking on the link in the letter that will be sent to the specified address.
- Set up security by enabling two-factor authentication and payment password.
- Pass in the verification Account – provide a photo of your passport or other identification document and also go through real-time facial verification.
- Recharge your spot wallet using a bank card, p2p or cryptocurrency.
- You can move on to cryptocurrency trading. You can trade various types of cryptocurrencies on Binance, including Binance Coin (BNB) . Select a pair, such as BNB/USDT, and enter the amount you want to buy or sell. You can also trade cryptocurrency futures on Binance.
- For better convenience, you can decrease and use the Binance app on your smartphone. It offers all the same features as the web version.
All listed actions and functions are also available in application mobile . You can download it from link .
Responsible Trading Rules
To get started, we suggest that you familiarize yourself with some useful tips from Binance broker experts – they will help minimize risks.
- Secure your account. Enable two-factor authentication and set a strong password. Also pay attention to securing external blockchain wallets, namely, the reliable storage of cryptocurrency keys.
- Form a trading strategy and stick to it. The strategy includes leverage size, trading volumes, selection of specific cryptocurrencies, diversification, maximum losses, and other parameters.
- Don't forget stop loss orders – an excellent tool for controlling risk and protecting against volatility.
- Don't stop learning. Study different information, read experts, check each project you are going to invest in.
- Diversify your portfolio. One of the main rules of an investor. You can’t invest in just one cryptocurrency in the hope that it will increase. The portfolio should include several assets with different degrees of risk, so that you don’t go broke – while one asset falls, another grows.
- Avoid the “lost profit syndrome”. To do this, simply learn to follow your work strategy to the letter and it will bear fruit.
- Don't go overboard with leverage. There is always risk of liquidation and loss of capital.
- Binance Futures has a very convenient feature: voluntary locking. Lock your account for the required period to avoid the temptation of exceeding the planned trading volume.
This is what every beginner trader should know. Now it's time to put your knowledge into practice.
Creating a trading account on Binance exchange
Click the “Register” button on the page initial from Binance or in the website header.
How to Start Trading on Binance – Registration
Please indicate the country where you currently reside. This determines what information will be requested in the future. Please provide accurate information.
How to Start Trading on Binance – Selecting a Country
Read the exchange's terms of use. If everything suits you, click “Create a personal account”.
How to Start Trading on Binance – Creating an Account
Please provide a valid email address. Create a strong password – at least 8 characters long, with at least 1 number and different upper and lower case letters. You can also enter your referral ID at this time or, if you followed a referral link, it will already be entered. Do not neglect this step. When entering the referral ID ” 27695002 ” (or simply follow o link ), you will receive a lifetime discount on trading fees. This code gives the maximum discount possible: 20%. We will tell you more in the fees section.
If necessary, subscribe to the newsletter here. You can agree to share your data for marketing purposes (optional).
How to Start Trading on Binance – Personal Information
Click “Get Code” in the next window. Go to your email and look for the verification code there. Enter it in the confirmation field.
How to Start Trading on Binance – Email Confirmation
Next, you need to do the same with your phone – enter the number and indicate the code sent via SMS.
You have successfully registered on Binance. We recommend that you immediately access your security settings and enable two-factor authentication to protect your account.
Identity Verification
KYC (Know Your Customer) – verification of the user’s personal data. This process is also called verification. On Binance, without verification, you can only create an account and view markets/other functions, but you cannot deposit funds into your account, trade, invest, or withdraw funds.
To pass verification, go to the “Verification” section of your profile or home page. Make sure your country of residence (top right corner) is correct.
There are two levels of verification, which are completed in order:
- Initial. You are required to provide identification and undergo a facial scan.
- More. You must confirm your actual residential address.
Only the first step is required. The second step is required to expand the fiat withdrawal limits from $50,000 per day to $200,000 per day. In both cases, cryptocurrency is withdrawn up to the equivalent of 8,000,000 BUSD.
How to Start Trading on Binance – Verification
Check the procedure:
- Click the “Start” button. Enter basic information: first name, last name, middle name and date of birth.
- Select what type of document you will provide to verify your identity: passport, driver's license, or ID card.
- Upload a clear photo of the required pages/sides of the ID document.
- Take a selfie or upload a finished photo.
- Perform a dynamic facial scan. To do this, you need to take off your glasses and hat.
According to regulations, verification can take up to 10 days. In reality, they check in within 1-2 days.
Receiving bonuses for trading
How to Start Trading on Binance – Bonuses
Bonus Page: https://www.binance.com/en/event/affiliate_bonus_campaign
On Binance, you can get a total of $100 in trading bonuses. This money cannot be withdrawn, but can be used to receive cashback on fees or for trading. Three types of bonuses are available:
- $5 bonus coupon for first fiat deposit of $50 or more.
- $50 cashback on your first cryptocurrency deposit of $50 or more.
- $45 cashback for the first spot trade with a volume of $100 or more.
The bonus coupon is distributed to the account balance immediately after its activation in the form of an airdrop. It can be used in any market (spot, p2p, futures). Cashback can be activated to cover trading fees.
Deposit
Before you start trading on Binance, you need to financial your account with fiat or cryptocurrency. There are several different ways to do this. All of them are available in the “Wallet” -> “Fiat and Spot” section. Find the cryptocurrency or fiat currency you need (there is a search field for this) and press Enter. Binance supports over 60 global currencies and over 360 cryptocurrencies.
In cryptocurrency
How to Start Trading on Binance – Cryptocurrency Deposit
Tips:
- Select a network if the required cryptocurrency is issued on multiple blockchains. For example, the token BNB is issued in the Binance Chain, Binance Smart Chain (BSC), Ethereum . If you have BNB BEP-2 (Binance Chain) tokens in your wallet, select the BEP-2 address and do the same with the rest. You need to pay close attention to this point: if you specify the wrong blockchain, you will lose your crypto assets.
- For some cryptocurrencies, in addition to the address, you will also need of a memorandum . It needs to be copied from the exchange and pasted into the wallet at the time of sending. Otherwise, the coins may also disappear. Memo is an individual identifier associated with a specific account. The Deposit address is the same for all users. Therefore, you need to enter a memo so that the exchange knows exactly who to credit the deposit to.
- Go to your wallet and send cryptocurrency by entering the address and memo (for some coins). You can use the QR code by scanning it using the mobile wallet app.
Once you have sent the funds, you can follow the transaction using any blockchain browser that supports the currency being sent. To do this, you will need to look for the transaction ID ( txid ).
In decree
How to start trading on Binance – deposit in BRL
Tips:
- Select a payment method. Methods vary for different currencies. It can be a card, e-wallets, bank transfers, etc.
- Click Continue. Follow the Tips to access the website to pay.
- Be sure to check the details several times.
Fiat money can be deposited with a commission, which is indicated when creating a deposit. However, Binance does not charge a commission for depositing cryptocurrencies. However, you will need to pay a network fee, which does not depend on the exchange in any way, but serves to pay for the work of miners to confirm the transaction.
From the map
On Binance, you can also use a bank card to buy cryptocurrencies instantly and have them deposited into your account without any extra fees.
How to start trading on Binance – buy with card
Tips:
- Go to the Buy Cryptocurrency -> Credit/Debit Card page.
- Select the currency to give and receive. Please note that not all exchange tokens can be purchased this way.
- Enter the amount in fiat currency or cryptocurrency. There are certain limits. For example, you can make a purchase for at least 1,000 reais and no more than 600,000 at a time.
- Click “Continue” and pay for your purchase with your card.
As a rule, transactions are completed very quickly and the selected coins will arrive on the account shortly.
Fast conversion
Before we start working with the trading terminal, let’s consider such an opportunity as quick asset conversion to Binance. This is a convenient option when you need to make a purchase or sale quickly, bypassing the trading terminal and its complications. This option has great advantages when making large transactions, as it is OTC trading and there are no fees for over-the-counter transactions.
Result page: https://www.binance.com/ronvert
How to start trading on Binance – conversion
All prices are taken from the main platform. Trades are not placed on the order book. The minimum order value is usually equivalent to 10 USDT.
While there are no fees, a spread does apply (meaning that if you buy, the prices will be above market, and if you sell, the prices will be below market). Trades are settled into your Binance account's spot wallet immediately after the transaction is confirmed.
How to Trade on Binance Spot Market
Go to the “Trading” -> “Classic” or “Advanced” section (the second one contains an expanded set of functions for professionals).
Spot Trading Page: https://www.binance.com/trade/BTC_USDT
How to start trading on Binance – spot
Select the cryptocurrency pair you want to trade. For example, BTC/USDT means that Bitcoin is sold or bought with Tether stablecoins. The screen displays a graph with historical data that can be customized. Thanks to the integration with the system TradingView , a wide range of analytical tools are available.
In the order creation sector you can create orders of the following types:
- Market. Simply specify the value of the asset being bought/sold, and the order will be executed instantly at the best price offered.
- Limit. Enter the desired amount and price. A limit order will be created, which will be placed in the order book and executed when a counter order arises under these conditions.
- Stop limit. Set the price conditions under which a limit order will be created automatically.
The order book displays all open limit orders to buy and sell an asset. When you place a market order, the most suitable price order is filled first, and if its volume is not sufficient, the next one is taken, and so on.
How to trade futures
After registration and verification, go to “Derivatives” -> “USDT-M Futures” or “COIN-M Futures” (margined in USDT or the underlying cryptocurrency). Then open (activate) a futures account.
Futures Trading Page: https://www.binance.com/futures
How to Start Trading on Binance – Futures
If you want to test the platform first without risking your funds, we recommend you try trading on test network .
The main steps of derivatives trading (may vary depending on the specific instrument):
- Setting up leverage. Leverage allows you to place an order with a larger volume than what is actually in your portfolio. The maximum leverage is 20x. The larger the position, the smaller the amount of leverage available and vice versa. Keep in mind that higher leverage increases the risk of position liquidation. Beginners are advised to use this tool with caution.
- Order creation. There are also market, limit, and stop limit orders, much like take profit orders. If you use limit orders, you will have posting only and time in effect (TIF) options available to you. Posting only means that the order will be added to the order book first and will not be executed against someone else's already created order. TIF allows you to specify the length of time that orders will remain active before being executed or canceled.
- Margin balance monitoring. Liquidation occurs if the margin balance is below the required maintenance margin. The required amount depends on the transaction size. Current liquidation risks can be monitored in the trading terminal, where open positions are listed (bottom of the chart).
Investing in cryptocurrency futures opens up more opportunities for capital growth. Leverage, or leveraging, can increase a portfolio several times in one trade. However, we cannot forget settlement risks either.
Automated Trading (Bots) on Binance
Binance supports interaction with third-party programs via API and also has its own trading bot for automated trading in the spot and futures markets.
Examples of third-party programs:
- cryptohopper
- Bitsgap
- 3commas
They connect to the exchange via API keys and have no entry to withdraw funds; They can only create buy and sell orders according to a pre-determined project.
Binance recently launched its own alternative to other bots – a tool for automated grid trading. We talked about it in detail in article .
How to save on trading fees
The broker's basic commission is 0.1%.
It can be reduced in several ways:
- Register using the reference code 27695002 or using the link reference. Discount – 20% for lifetime spot market. For futures: use the code binance10back and or follow the link : 10% discount for one month.
- Hold BNB in your account and pay up to 25% commission with these tokens.
- Increase business volumes. The discount increases with turnover of 1,000,000 BUSD per month.
There are 9 VIP levels. The higher the level, the more loyal the conditions.
How to start trading on Binance – fees
Frequently asked questions
How to create an account on Binance?
You will need to provide and confirm your email and phone number. Also include the referral code PJZZACFT to save on future fees.
Need verification?
Yes, definitely.
How to trade on Binance without verification?
This is impossible. For p2p exchange, you also need to confirm your identity.
What bonuses does Binance offer?
There is one trading bonus and two cashbacks to pay fees. To receive them, within 7 days after registration, fund your account in fiat currency and cryptocurrency with amounts of $50 or more, and also complete a spot trade worth $100 or more. There is no no deposit bonus.
How can I top up my account?
In fiat currency (over 60 currencies, Deposit from cards and e-wallets), in cryptocurrency or by purchasing cryptocurrency directly from the card.
What types of trading are available on Binance?
Main: spot, futures, p2p. There is also over-the-counter conversion.
Supported order types?
Market, limit, stop limit, etc.
How to trade instead of Binance?
Trading involves placing orders to buy or sell currencies. First, you need to select a trading pair, then the type of order (market or limit, in the second case you can also specify the desired price) and click “Buy” or “Sell”. The order will then be filled instantly if it is a market order or will wait for execution in the order book if it is a limit order.
How to trade Binance futures?
The principle of creating orders is the same, but here trading is not carried out with the cryptocurrency itself, but with derivative contracts for it. Calculations are made every 8 hours, after which the user receives a profit or loss.
Can trading bots be used?
Yes, you can use the built-in Spot Grid or Futures Grid for automated trading, much like third-party trading bots.
Is it possible for a beginner to trade on Binance?
It is recommended that a beginner get comfortable first – do not invest large sums, do not use high leverage and practice on a demo account before starting futures trading.
How to trade on Binance with leverage?
First, you need to transfer funds to your margin account. In the trading terminal, before creating an order, you can specify the leverage – how much money must be borrowed from the broker to transfix a position. The available volume depends on the “margin” – the initial funds on the account.
How to Trade Profitably on Binance?
You need a clear and well-developed trading strategy; only in this case you can count on stable profits in the long term.
What cryptocurrencies are traded on Binance?
All the major ones (Bitcoin, Ethereum, Ripple, etc.), their own native token BNB, stablecoins, many other coins and tokens – about 350 in total.
Conclusion
It is not difficult to start trading on the Binance exchange, but it is more difficult to succeed. Remember the rules of responsible trading that we described at the beginning, exercise due caution and do not take more risks than you can afford. Strict adherence to the strategy and combination of trading instruments will help you make a profit and make it solid. Even if you use automated trading, you do not lose control of the market. A bot is not a guarantee of profit, but only an aid in certain situations.