Using Binance is actually quite easy. Follow these short and quick steps to open an account and begin using the Binance platform. Keep in mind that to complete the opening of your account, you will need to provide some personal information, take a photo of your identification item of choice, and submit a recent bill that shows both your full name and current address. We recommend going through the verification process via the platform’s mobile app, but their desktop application works well, too.
Step 1
Start by registering your account on the Binance app, website, or desktop software. You’ll need your email or phone number to get started.
Account Opening on Binance
Step 2
From here, you’ll have to complete your identity verification. This is tedious, but it is done to keep your account safe from fraud. You will need to submit a copy of your identification, which can be a passport, driver’s license, or other verified material. From there, you will need to upload a selfie and a PDF file containing a bill that has your full name and address on it. The longest this process will take is about ten days, but most people are verified in a day or two.
Verification on Binance
Step 3
Secure your account. Navigate to the Security section of your profile and enable Google Two-Factor Authentication. This will take a while to complete, but it will add an additional layer of protection that will keep your funds safe.
Account Security on Binance
Step 4
Educate yourself. Before you make a deposit or start trading, it’s very important to learn as much as you can about cryptocurrency, trading, and the nature of the market. We recommend using Binance’s excellent education materials via Binance Academy. Here, you’ll be able to access tutorials, articles, and videos for free that will help you learn how to boost your income and find success with bitcoin.
Step 5
Start small. When you first begin trading, don’t use a ton of capital. This is going to be a learning period. In fact, we recommend looking into demo accounts that can help you get a feel for the market without actually risking any of your money. Unfortunately, Binance does not offer demo accounts or paper trading to their clients, but there are plenty of brokers who offer free demo accounts to try.
Trading Platform on Binance
How To Trade on Binance?
Trading on Binance is incredibly easy. Follow these steps to start the process of opening a trade.
Step 1
Deposit some money into your account. If you have cryptocurrency in a different wallet, you can deposit them easily into Binance Wallet. Navigate to Deposit on your homepage dashboard. You can choose from a wide range of sources, from US dollars to Bitcoin cash and more.
It’s worth noting that you should not share your Binance Wallet private keys with anyone, and Binance will not expect you to provide sensitive information.
How to Deposit Money on Binance
Step 2
Get a feel for your VIP level. Since you’ve only just started, you will be at level zero. On the bottom right side of your dashboard, you can see what you need to do in order to reach a higher VIP level and thus save on spot trading fees. This section will show you what to do to reach the next level, as well as your current standing. This will change the more your trade.
Step 3
Purchase cryptocurrency. Depending on the country you live in, you can deposit a wide range of fiat currencies such as USD or EUR via bank transfer or a card. Once you have deposited your funds, you can purchase crypto. If this isn’t ideal, you can also use a debit or credit card via Lite mode in the Binance app. Just as well, you can buy cryptocurrency through P2P (or Peer to Peer) methods. This process makes it possible to purchase cryptocurrency from other crypto owners directly.
P2P Trading on Binance
Step 4
Play around with other Binance products. Once you’ve purchased your crypto, you can look into the other trading products available. The spot market is a great spot to trade crypto, including the platform’s own coin.
If you don’t necessarily want to trade but want to boost your cryptocurrency holding, you can give Binance Earn a shot. This suite of products and services is designed to help you boost your passive income. A few products in this suite include Flexible Savings, Launchpool, the Binance liquid swap, Locked Staking, and many more.
Step 5
Continue trading while learning about the nature of the crypto market via educational materials, YouTube videos, paper trading, and more. The best way to become a successful trader on Binance is to continue learning once you start trading. Research is key.
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