In this in-depth guide provided by SinceCrypto.com you’re going to find how to open Binance account, how to setup Two-Factor Authentication and how to start trading. If you’re still not aware what Binance is, let me introduce it in a few words. It is a cryptocurrency trading platform introduced in 2017, September. Since then, it managed to achieve impressive results. And now it’s number 1 global cryptocurrency exchange. You may want to read its 1st-year review on the official blog which tells more about the goals Binance reached. Isn’t it amazing?
Opening Binance account
The title says it all – we have to register a new Binance account first.
Just visit an official Binance website. And click on the register on the top right corner.
If everything is fine, you should get into the page where you see that the verification email was sent to an email address provided. So just check your inbox for an email with verification link.
You have two options here – to click on the button “Verify Email”, or if you don’t see it or it isn’t active, just copy (or click) and paste the URL below, to the browser of course. You should be redirected to the page of Binance with a message that the account was successfully verified.
Now you should be able to login with an email and password used in the registration page. You will see Safety Risk Notice which introduces you with main dos and don’ts. You must check all the boxes, when all of them are yellow, just click on the button saying “I understand, continue”. Of course, we recommend reading them carefully. They can save your coins!
Enabling 2FA and Making First Deposit
Congratulations! Your account is created and ready to go. But before that, a popup shows up with recommendations of turning on 2FA (Two-Factor Authentication). This is a must if you’re planning to keep some cryptocurrency, not to mention if there are big numbers involved. We are planning to prepare an article/guide about 2FA in the nearest future. As for now, just try to setup it yourself, it isn’t that hard.
After the account is ready to use, it’s time to make a deposit. Find a link in the top menu called “Funds”, it should expand and give more options to select. We need to click on “Deposits”. Correspondingly, other links bring to other funds management pages. By the way, we marked another link which allows you to change the language of the website. Check it, maybe your native language is available.
Select a cryptocurrency you’re going to make a deposit with. Keep in mind that all trading pairs start from Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and Tether (USDT). So if you make a deposit with any other cryptocurrency, you will need to make a trade to one of these four coins before buying other cryptos. To be more clear, you cannot trade IOTA (IOTA) to Cardano (ADA) directly. You must use one of the key cryptocurrency. Anyway, as we’ve mentioned before, you can still make a deposit using any supported coin.
Sometimes the exchange suspends deposits or withdrawals of respective cryptocurrencies due to technical issues or updates. Then it says – suspended, but usually it doesn’t take long, you have to wait only.
After you’ve selected a cryptocurrency, an information with deposit address and required number of confirmations appear. It’s very important to make a deposit to the address provided, otherwise funds probably would be lost. Also, check the number of confirmations needed before crypto gets into your wallet. As in this example, only 2 verifications are required. But that depends on the cryptocurrency used.
Starting to trade
After the deposit is completed, you can start trading! First of all, find an exchange link in the top menu. Then a couple selections appear – Basic and Advanced. Depending on your previous trading experience, decide either you need the combination of trading tools, or the basic environment is enough.
In this example, we will show you the basic version since it’s more friendly for newbies and users who buy cryptocurrency for holding it for longer terms. You see the main window with fastly running prices, opened buy and sell positions, a few graphs. It may look confusing, but believe me, it’s not. Just walk around and explore this environment.
Now, select what cryptocurrency you want to buy or sell. As we have reviewed it before, if you have any other cryptocurrency than it’s showed here, you need to use one of the main currencies in the first place. Enter the name of a coin you’re going to trade and select the pair.
We’ve selected IOTA (in this example). The page changes a bit, now we see the graph of trading pair IOTA/BTC. Under it, you will see two small widgets/windows with titles “Buy IOTA” or “Sell IOTA”. Of course, it changes correspondingly to the cryptocurrency selected.
Enter the number of coins you want to buy or sell. It instantly calculates and shows the price. You only need to click the button and confirm your decision. Also, there are four small buttons (25%, 50%, 75%, and 100%). They automatically select the part of your available funds and enters it to the amount field. For example, if you have 0.1 BTC and click on the 50%, it automatically selects 0.05 BTC and shows how much of the desired crypto you can buy.
Confirming the first trade
That’s it. After the button is clicked, your order gets into the book and waits for being filled. Depending on your price offered, it can be done in the matter of a blink or stay unfilled for a while.
Congratulations! You have just started to use Binance. I bet it doesn’t look so hard now. You may want to check the Advanced version of the exchange as well. There are some great tools which help a lot when many trades need to be managed. Also, for tracking charts and price movements, putting Stop-Limit, or putting a limited price. As we already said that, make sure to turn on 2FA, just for your own safety.