Crypto
Updated on December 22, 2023
Written by
Frank Gogol
Written by
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
See all posts Frank Gogol
Reviewed by
Rohit Mittal
Reviewed by
Rohit Mittal
Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.
See all posts Rohit Mittal
At a Glance:
Have you just come across Binance and want to start using it? Binance is one of the largest platforms for cryptocurrency trading, and it can offer you a great experience when making trades. But to make that possible, you must know how to trade Binance, ****which may be a bit challenging when it’s your first time using this app. To make things easier for you, keep on reading our guide on trading Binance.
In This Article
Can Binance Be Traded?
As you’ve seen, you can trade with Binance using your cryptocurrencies or tokens. When you first join Binance and start using it, you will have to buy your first bitcoin or BNB. Binance can be traded, especially if you make sure to buy Binance Coin. But in order to do so, you will have to go through the steps listed above.
How to Trade on Binance
In order to trade on Binance, there are several steps that you have to go through:
- Open Your Account
- Fund Your Account
- Start Trading
Read on to learn about each of these steps.
1. Open Your Account on Binance
Getting started on Binance requires setting up an account.
- Visit Binance Platform: Go to the Binance main page.
- Click on “Register”.
- Enter a valid email address.
- Set up a secure password (use a mix of numbers, letters, and symbols).
- Review and agree to the Binance Terms of Use.
- Click on “Register”.
- Complete the captcha puzzle to prove you’re not a robot.
- Check your email inbox.
- Click on “Verify Email”.
- Set up 2-Factor Authentication (2FA) for added security.
2. Fund Your Account
Before you can trade, you’ll need to deposit funds into your Binance account.
- Log into your Binance account.
- Click on “Accounts”.
- Choose “Send” on ETF Wallet.
- Enter the recipient’s details (this should be your Ethereum address on Binance).
- Click on “Funds” and then “Deposits”.
- Enter the cryptocurrency you’re depositing (e.g., Ethereum).
- Binance will generate an ETH Deposit Address.
- Copy this address and paste it into the recipient box of your Coinbase account (or whichever platform you’re sending from).
- Enter the amount you wish to deposit.
- Click on “Send”.
- Wait for the Ethereum network to process the transaction. Once done, the funds will appear in your Binance account.
3. Start Trading
With funds in your account, you’re now ready to dive into the world of trading on Binance.
- Hover over “Trade”.
- Click on either “Basic” or “Advanced” based on your preference.
- To sell BNB for BTC, select BTC in the right panel.
- Click on “BNB/BTC” to access the trading page.
- Scroll down to find the “Buy BNB” and “Sell BNB” options.
- Use the “Sell Coin” option to sell BNB.
- Enter the amount of BNB you wish to sell.
- Click on the “Sell BNB” bar.
- A pop-up will appear confirming a “Limit Sell Order Created”.
- Scroll down to the “Open Orders” section to view your order.
- Wait for the order to be completed. Once done, your trade is finalized.
How to Use Binance for Any Basic Trade
Here is how to use Binance for any basic trade:
- Log into your Binance account.
- Click on Exchange and pick Basic on the taskbar.
- Pick a trading pair, as there is a lot to choose from. If you only see Ethereum in the funds, then Ethereum is the only one you can deal with.
- Choose the type of trade you want to make, like Limit Orders, Stop-Limit orders, or Market Orders.
- Choose the amount you want to trade.
Binance Trading Fees
You will have to deal with fees if you want to trade on Binance. Luckily, they are some of the lowest on the market. No deposit fees apply. Meanwhile, there are some withdrawal fees. Ethereum withdrawals will cost 0.01 ETH in fees, for instance. The fees will depend on the currency.
Why Currencies Can Be Traded on Binance?
Binance stands out in the cryptocurrency exchange landscape due to its extensive selection of digital assets. For those considering trading or investing in cryptocurrencies, here’s a breakdown of the offerings available on Binance.
Primary Cryptocurrencies
- Bitcoin (BTC): The original cryptocurrency, often referred to as digital gold.
- Ethereum (ETH): Known for its smart contract capabilities, it’s the foundation for many decentralized applications.
- Ripple (XRP): A digital payment protocol more than just a cryptocurrency.
Prominent Altcoins
- Litecoin (LTC): Created as the “silver” to Bitcoin’s gold, it offers faster transaction times.
- Bitcoin Cash (BCH): A fork of Bitcoin, focusing on larger block sizes.
- EOS: A platform for decentralized applications, similar to Ethereum but with a different consensus mechanism.
- Stellar Lumens (XLM): Focuses on easing cross-border transactions.
- TRON (TRX): Aims to build a decentralized internet.
- Cardano (ADA): A research-driven approach to blockchain, focusing on sustainability and scalability.
- NEO: Often referred to as “Ethereum of China,” it supports smart contracts and digital identities.
Privacy and Specialty Coins
- Monero (XMR): Prioritizes anonymity and privacy in transactions.
- Zcash (ZEC): Offers the option of shielded transactions for enhanced privacy.
- Chainlink (LINK): Provides tamper-proof data for complex smart contracts.
- Cosmos (ATOM): Aims to solve interoperability issues between various blockchains.
Emerging and Trending Tokens
- DeFi Tokens: Represent assets in the decentralized finance space, which aims to recreate traditional financial systems without intermediaries.
- Polkadot (DOT): Enables different blockchains to transfer messages and value in a trust-free fashion.
- Solana (SOL): A high-performance blockchain supporting decentralized apps and crypto projects.
- Theta: A decentralized video streaming platform.
- Shiba Coin: A meme token, similar to Dogecoin, that has gained significant attention.
Stablecoins and Additional Offerings
- Tether (USDT): A stablecoin pegged to the US Dollar, offering price stability in the volatile crypto market.
- MIOTA: Represents the Internet of Things’ applications in the crypto space.
- Ethereum Classic (ETC): The original Ethereum blockchain that remained after the DAO hack split.
- XEM: The native cryptocurrency of the NEM platform.
- Ontology (ONT): Focuses on identity verification and data exchange.
- Dogecoin (DOGE): Originally started as a meme, it has become a popular choice for online tipping and donations.
Advantages of Trading Binance
Trading Binance comes with many benefits, such as:
- It has a touchscreen interface that looks very nice.
- It is very safe and secure.
- Supports 1,500 cryptocurrencies
- It can be set up very quickly
- Can be accessed on mobile
- Has a lot of protection against physical damage
What Is Binance?
Binance, founded in 2017 by Changpeng Zhao (often referred to as “CZ”), has rapidly risen to become one of the world’s most prominent cryptocurrency exchanges. Its meteoric rise can be attributed to its user-friendly interface, a vast array of available cryptocurrencies, and its commitment to security.
The platform is a crypto-to-crypto exchange one, so this means it can only be used in order to trade cryptocurrencies and virtual tokens. More than 500 of them are available, with some of the trading options being Litecoin, Ether, Dogecoin and, of course, Bitcoin.
Key Features of Binance
- Global Reach – Binance serves users from over 180 countries, making it a truly global platform.
- User Experience – With its intuitive design, Binance ensures that both beginners and experienced traders can navigate the platform with ease.
- Security – Binance employs a multi-tier and multi-cluster system architecture, offering the highest level of security to its users.
What is Binance Coin?
Binance has its own token too, known as Binance Coin, or BNB. The first coin offering of the BNB in the exchange managed to raise funds of about $15 million in 2017. Individuals that use BNB in order to pay their trading fees could get discounts as well.
Many companies use the ICO, aka initial coin offering in order to raise money. This is because this method is very easy and it allows crypto businesses to raise funds without having to go through very difficult processes or methods such as bonds or stocks.
Read More
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
Final Thoughts
Trading on Binance can be a wonderful experience if you know how to use the platform. Before you start trading, you need to create an account and then make a fund deposit, after which you can start trading. The good news is that fees are very low for withdrawals so you can withdraw your amounts with no issues.
Trading on Binance FAQ
Below, you will find some common questions about trading on Binance and their answers.
How do I create an account on Binance?
Go to the Binance website or download the mobile app, click on “Register,” and follow the instructions. Ensure you set up two-factor authentication for added security.
How do I deposit funds into my Binance account?
After logging in, navigate to “Wallet” and then “Deposit.” Choose the cryptocurrency you want to deposit, and Binance will provide you with a deposit address.
How do I withdraw funds from my Binance account?
Navigate to “Wallet” and then “Withdraw.” Select the cryptocurrency you wish to withdraw, input the withdrawal address, and confirm the transaction.
Is Binance safe to use?
Binance employs multiple security measures, including two-factor authentication, cold storage, and encryption. However, it’s essential to use strong, unique passwords and be cautious of phishing attempts.
What is the Binance Launchpad?
Binance Launchpad is a platform for introducing new cryptocurrencies and conducting Initial Exchange Offerings (IEOs).
How can I get the Binance mobile app?
The Binance mobile app is available for both Android and iOS. You can download it from the respective app stores.
What is Binance Coin (BNB)?
BNB is Binance’s native cryptocurrency. It can be used to pay for trading fees on the platform at a discounted rate and has various other use cases.
Does Binance offer any educational resources?
Yes, Binance Academy offers a wide range of articles, videos, and tutorials about blockchain and cryptocurrency.
Can I stake my cryptocurrencies on Binance?
Binance offers staking services for several cryptocurrencies, allowing users to earn rewards by holding and staking their coins on the platform.
What are the customer support options for Binance?
Binance offers a comprehensive Help Center, live chat support, and a ticketing system for customer inquiries.
Does Binance have a referral program?
Yes, users can earn commissions by referring new users to the platform.
What are Binance Futures?
Binance Futures allows users to trade cryptocurrency contracts rather than the actual cryptocurrencies. This enables traders to profit from both rising and falling markets.
Frank Gogol
I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.
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