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How to Use Binance: Step-by-Step Instructions for Newbies

© by decrypt.co

Want to try the services of Binance but do not know where to start from? For such cases, we have created the guide below. There, you will find a short overview of the broker and easy-to-follow guidelines on how to create an account, verify it, try your trading skills without risks, and avoid unbearable losses in the beginning.

In short, Binance is a huge online exchange that allows investing in the overwhelming majority of coins available on the global market ― all in all, more than 400 diversified cryptos. In addition, it offers investments in stocks and a good selection of passive learning tools.

Let us mention the key benefits this platform provides:

  •   over 400 coins;
  •   the highest trading volume on the market (in terms of key pairs);
  •   extremely low trading fees (cheaper than on most other online services, including Coinbase);
  •   user-friendly passive investment tools;
  •   Binance Pool and other extra opportunities.

So, if you decide that this exchange is exactly what you need, the next step is registration. Follow these instructions on how to use Binance:

  1. Go to its website and start the registration or download the mobile or desktop app. You can also use an existing Binance referral code to get a small percentage off of fees.
  2. Type your email or phone number to make an account.
  3. Now, you must pass verification. So, you need to take a photo of your passport, driver’s license, or another ID. Besides, you will be asked to send a selfie and a copy of any bill containing your full name and address in a PDF format. As for the terms, in most cases, these verification procedures take 1–2 days. But the maximum limit is 10 days.
  4. Turn on two-factor authentication. It may create certain inconveniences, but it will also add to the security of your money.
  5. Explore the educational content. Even if you are not new to crypto trading, extra knowledge will not hurt.
  6. Before putting real money at risk, try your hand via a demo account. For that, you can use a demo account on any other online broker service. As of now, this website does not offer such an opportunity.
  7. When you feel ready to invest for real, deposit your Binance balance ― click on “Deposit” on the homepage. Start from a minimum sum as you need to make sure this platform suits your needs before you start trading in a big way.
  8. In case you are a beginner, again, stick to small investments to get the feel of the market first.
  9. Have a close look at its VIP level system. The higher your level, the lower fees you are charged.
  10. Explore all the products and instruments available and make your portfolio diversified.

In sum, Binance is a safe and beneficial choice for any trader, regardless of his experience. So, if you are interested in crypto, be sure to give it a try.