If you’ve done any research at all into the world of cryptocurrency trading, you’ve probably heard about Binance, the exchange I’ll be talking about today. Binance is a top cryptocurrency exchange due to its convenient app and extensive list of supported currencies. In this piece, we’ll show you how to use the Binance app to make trades.
It is crucial to remember that trading cryptocurrencies is inherently dangerous before diving into the intricacies of trading on Binance. Never put in more money than you can afford to lose without first doing your own investigation.
Making a Binance account is the first step.
Creating a Binance account is the initial step in trading on the platform. Creating an account is as easy as entering your email address and choosing a password. Following account creation, you’ll be asked to prove your identity by uploading a photo ID and answering a few security questions.
Second, put money in it.
You can start funding your Binance account as soon as your account is validated. You may use Binance to buy and sell a wide variety of cryptocurrencies, allowing you to find the digital currency that best meets your needs. To make a deposit, launch the app and tap the “Deposit” button.
Third, go to the trading page.
After you have money in your account, go to the trading page. Here you may browse and trade the various digital currencies supported by Binance. Choose “Trade” from the menu to enter the app’s trading interface.
Choose a Trading Pair (4th Step)
There is a list of available trade combinations on the trading page. To put it simply, a trading pair is made up of two different cryptocurrencies that may be exchanged for one another. If you see “BTC/ETH,” that indicates you can exchange Bitcoin for Ethereum, and vice versa. Choose a currency pair that interests you.
Step 5: Make Your Purchase
Once a currency pair has been chosen, an order can be placed. Market orders and limit orders are the two main forms of orders.
If you want to purchase or sell cryptocurrencies at the current market price, you should use a market order. Simply input the quantity you wish to trade and select the “Buy” or “Sell” option to submit a market order.
Putting in a limit order means you want to purchase or sell cryptocurrencies at a certain price. To create a limit order, provide the quantity and the price at which you would like to make a purchase or sale. After you’re done, select “Purchase” or “Sell” to finalise your transaction.
Check Your Trade Often Step 6:
You must check the status of your trade to determine if it was executed after placing an order. To do this, open the app and go to the “Open Orders” section. The “Order History” section will update once your order has been processed.
Seventh, get your money out.
After a successful trade on Binance and the accumulation of profits, you may request a withdrawal of your funds. To withdraw funds, launch the app and tap the “Withdraw” button.
Conclusion
The Binance app makes trading simple by requiring only an account setup, a deposit of funds, a visit to the trading page, the selection of a trading pair, the entry of an order, the monitoring of the trade, and the eventual withdrawal of funds. Never put in more money than you can afford to lose without first doing your own investigation. You may start trading cryptocurrencies on the Binance app with confidence after reading this guide.
