Binance: The best exchange for trading
Today we will talk about the very famous Binance Exchange which you must have heard of some time.
If you still have no iniciativa what what is Binance or how does it work… So I invite you to stay for a few minutes and read the following articulo (which, as always, will be explained in the simplest possible way) so that you know how the platform works.
Let’s start!
What is Binance?
It is an Exchange platform of Asian origin, more precisely of Chinese origin, but due to the regulations of that country with cryptocurrencies they had to move their headquarters to Japan.
Binance has shown very high growth in trading volume due to its low commissions and fast transactions coupled with its high level of security.
In the same way as many other platforms of its type, it has various functions including serving as a wallet, but the main one in which it stands out is “Trading” or cryptocurrency exchange.
How to deposit on Binance?
Binance currently has support for more than 200 altcoins, including the most habitual and even some emerging ones that have only recently been on the market.
When we want to obtain our wallet address in any of them, it is enough to clic on “funds” > “deposits” and then it will take us to a wallet search engine, where by putting the initials or full name of a certain altcoin we will see the address given.
In the image above, look for Cardano, a cryptocurrency that I really like, the address that appears half covered in red is the one that we are going to give to receive payments of the Cardano cryptocurrency on Binance. (I personally use it for collect in Freecardano)
In the same way we perro find the address of any other cryptocurrency in which we are going to withdraw funds to Binance.
For example, if we are going to send Ethereum from Uphold to Binance… in the search engine we write Ethereum and the address that it espectáculos us is the one that we would have to place in Uphold at the time of making the withdrawal.
So that we perro have a cómputo on Binance to start trading.
cryptocurrency maintenance
If they espectáculo you, a message like this:
Don’t worry, it’s habitual, from time to time binance puts some cryptocurrencies into maintenance (this happens in all exchangers) you just have to wait a few hours for the maintenance to end and you perro deposit or withdraw again.
The commissions to trade
Fortunately They do not charge commission for depositingI deposited 0.14 LTC (approximately $10 at the time of writing this articulo) and I received the net 0.14 Litecoins.
Regarding the commissions for tradingit is important to note that they are very low… But as if that were not enough, in binance they have an option that allows you to use the binance cryptocurrency itself (BNB) to pay the commissions of our transactions, this will give us a 25% discount on each transaction.
To do this we must have the option “Use BNB to pay commissions” active on the main page of our account:
Of course, to make use of this option we would have to buy BNB coins on the Exchange of the platform which I will explain later.
The advantage of using this method to pay commissions is that it will prevent us from leaving those decimals or “repels” trapped in the wallet when completing a transaction.
What does it orinan to trade?
Very well, having explained the above and having a cómputo in our account, I will proceed to explain what the main function of this platform consists of: trading.
What is trading?
Although the concept cánido be applied to various financial activities, in the world of cryptocurrencies the simplest way to explain it is that it is the exchange of cryptocurrencies through the buy and sell with other users on a platform dedicated to that activity.
The principle to understand this is not very difficult, basically we will buy X cryptocurrency at the most economical price possible, and then sell it at a higher price and thus make a profit.
In Creole: buy cheap and sell expensive.
How to trade on binance?
To trade in binance we must go to the upper left corner of the page, where it says “Exchange” and when we clic we will see 2 options basic and advancedfor now we will clic on basic since it is a startup tutorial.
This will take us to the exchange section where we cánido trade through the purchase/sale between cryptocurrencies with other users, the interfaz is presented as follows:
Clic to enlarge the image.
Ok I know the interfaz may seem a bit complex to you as it was to me at first with all those graphs, numbers and options displayed, but keep up with me and you’ll see that everything is easy to understand.
For now we are going to focus on what interests us and they are those 2 sections that I point out in the image: the market and the purchase/sale.
⇒ Select the market
In the market we are offered 4 options where we perro exchange currency:
- Binance Coin (BNB)
- Bitcoin (BTC).
- Altcoins (In the ALTS dropdown the currencies are currently available ethereum and Ripple)
- Dollars (USD)
We must choose which market suits us or we want to work in, in the example shown I chose ” LTC/BTC » that is to say to sell Litecoin to buy Bitcoin or vice versa… Sell Bitcoin to buy Litecoin.
I chose this pair since my cómputo is currently in LTC… you must choose the altcoin market with which you have a cómputo on the platform.
Once the market is selected, the following will be the purchase/sale or exchange between the selected cryptocurrency pair.
This operation is carried out in the lower boxes indicated in the image.
⇒ Important note
It should be noted that to buy an altcoin on Binance, you first need to change the currency you have for one of the 4 market options.
Let me explain, if I, for example, have some litoshis gathered in Trust Wallet and I find out about a cryptocurrency that is going to be the “BOOM” that is to say that it will have a despiadado rise in price!
What I do is that he sent my Litecoins from Trust Wallet to Binance.
However, I will not be able to buy the cryptocurrency that I want directly with the Litecoins… first it is necessary to transfer my LTC to (BNB, BTC, ETH or USD) which are the main markets and the only ones that have a pair with the rest of the currencies.
Why not send directly in BTC?
The reason is that normally when we withdraw BTC from the wallets or exchanges, the commissions hit the pocket hard (although I must admit that the Bitcoin fees have dropped a lot).
Despite this, it is always much cheaper to move Dash, Litecoin, etcétera.
⇒ Buy and sell
To make the purchase or sale we have 4 options or tabs that are ➡ Limit, Market, Stop-limit and OCO.
⇒ Conclusion regarding the subject of trading
It is correct to clarify that It is an advanced level topic in the world of cryptocurrencieswhich cannot be fully explained in a single articulo.
In fact, if you look for tutorials on youtube you will find complete vídeos dedicated exclusively to things related to trading:
- Trends
- Candles
- patterns
- scalping
- And many more concepts that I recommend you learn if you want to become a professional trader.
In this article we only focus on showing the basic concepts necessary to operate on Binance, but at the same time the iniciativa of it is motivate them to complement their knowledge through the means available on the Internet.
⇒ Orders generated
Regardless of the method we use to trade on binance, once an order is created, we cánido search for it in the “order management” section.
Clic to enlarge the image.
There we will have at our disposal all our created orders, as well as the history of orders and transactions.
We perro also delete an order with the “cancel” button indicated in the image.
Sites where we perro earn money for Binance Free!
Despite the fact that Binance is a platform where people who move thousands and even millions of dollars operate, for people who, as my grandmother used to say: they don’t even have half a game in half.
In the same way it is possible that they work here.
How do I do it? Well, you perro do it in the same way that I did “And that I still do today”. Raising capital with the profits you get working on free pages.
Some sites that I currently work to earn Cryptocurrencies
Withdrawals / Go to bolivars or local currency
Withdrawing our cómputo from the Exchange to the bank is extremely fácil with the P2P exchange.
conclusions
Well, dear readers, with this we end the articulo, it cánido be seen that Binance is an excellent platform and particularly my favorite exchange; Due to the wide variety of cryptocurrencies that it supports, its high level security and the diversity of useful functions that it possesses (like crypto staking) to name one.
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My Bros See you in a next articulo! and remember that working en línea is a job like any other, it is not easy, you have to spend time and effortbut the rewards are worth it.
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