How to Use Binance Full Tutorial
For last weeks Extra Crypto Friday video, we showed you a full tutorial on how to use the website Coinbase. For today’s video we are going to be focusing on a How to Use Binance Full Tutorial. Many people are very scared to make the jump from Coinbase to Binance or another exchange. If this is a place where you are then you should be commending yourself. Many people stay stuck at the previous step… which is making an actionable step and buying crypto even on Coinbase. Binance can be quite a bit more intimidating than Coinbase, though.
The thing that separates Binance from Coinbase in terms of an intimidation factor is the Markets page. For people who handle their own stock investments, learning to use a crypto exchange is pretty easy because there are a lot of similarities. However, many people interested in investing in cryptocurrency are not well versed in how to read an exchange, charts, volume, etc. For this reason, many people take one look at Binance or another exchange (such as Kucoin) and decide it is too daunting for them to begin. I know personally, when I went to Binance the first time even I was a little intimidated.
But here is my advice to you: Do not be intimidated. Easier said than done, right? Binance is a very easy platform that really only has a few different functions most people ever use. Here are the things you need to know to do on Binance to be able to trade there. Simply learn how to trade, how to deposit, & how to withdraw.
That’s pretty much all you need.
How to Trade on Binance
Trading on Binance is pretty easy. The first thing you need to understand when trading is what a trading pair is. A trading pair is a combination of two coins that you can exchange for one another. The three trading pairs partners you need to know on Binance are Bitcoin (BTC), Ethereum (ETH), & Binance Coin (BNB). To make your initial purchase for BNB, you already need to have BTC or ETH in your account. The reason you need to trade for BNB once you get on the site is because if you keep a few BNB coins in your account then the fees you are charged on exchanges will come out of your BNB coins. Why is this important? The reason this is great is because when you use BNB instead of other coins your fees are cut in half.
The exchange platform for Binance is very straight forward. The most important factor when trading is to make sure you choose Limit or Market. When you make a trade on Limit, then you are working on a bidding system and your trades will not go into effect immediately. When working a trade on the Market setting, your trades will go through immediately. If you are planning on day trading then this is very important to understand.
Thanks for reading. To learn more about exactly how to trade on Binance, watch our video, “How to Use Binance Full Tutorial.”