How To Trade & Buy Cryptocurrency On Binance Exchangein Cryptocurrency, Investments, Newbie
Binance is a China-based cryptocurrency exchange that has been gaining momentum over the past few months. The platform gives users access to a robust set of trading tools, charts, and security features. The exchange was created by experienced professionals in the cryptocurrency space, and the most recognizable name behind this project is that of Changpeng Zhao, former CTO at OKCoin. Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project), and it began live trading in July 2017. Binance is known for its fast transaction processing as well as its low trading fees (0.1%). The Binance technology is capable of processing 1.4 million orders each second. This makes the platform a world leader in potential exchange volume.
Trading instruments (cryptocurrencies)
Minimum initial deposit
How to start trading
Step 1:Head over to Binance, Register or Log in, Deposit money.
Step 2:Enter to transaction page by clicking the cryptocurrency pair you are going to trade (for example, BNB/BTC, LTC/BTC etc.)
Step 3:You will see the display of the transaction of Binance.
- Sell Wall: This section shows the current offers for BNB. Sales are always marked in the RED. In trading, we also call a sale a “short” (i.e. shortening your position). You can click on any price in the “Sell Wall” to populate the Selling price in “6 Buy/Sell”
- Buy Wall: Similar to the “1 Sell Wall“, it shows the current requests for BNB. Buys are marked in GREEN. In trading, we also call a buy, a “long”.
- Coins: You can favorite the coins you are interested in here.
- Trading History: This shows you the recently executed orders.
- Open Orders: Your open orders.
- Buy / Sell: The forms to trade your coins. A market-trade will buy/sell at the current market price. A limit-trade will only fill your order if the price is met.
Step 4:Exchange! Here you can easily sell or buy the coins you want. Put in the number of coins you want, or click the percentage based on what is in your wallet.
ConclusionThe myriad of coins and low and competitive trading fees found on Binance are unmatched. The exchange is also known for its fast processing speeds and is capable of processing 1.4 million transactions per second. The platform has started to gain popularity in the blockchain community and currently sits at the number 17 spot in terms of 24-hour trading volume.
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