Binance enables many different cryptocurrency transactions. Here’s how to get started on the platform by making your first purchase and sale.
Nowadays, Binance is considered the best platform for buying, selling and trading crypto-currencies. Thinking about trading on Binance? Read this guide to find out how to make your first purchase and sale of cryptos on this platform.
There are several ways to buy and sell cryptocurrencies on Binance. Take a look at the "Buy Cryptos" menu, which also enables sales. It is located at the top of your page and provides a list of options.
Note that this list varies by country. In Europe in particular, the purchase of crypto-currencies by SEPA transfer is not possible. Also note that to sell cryptos, you must have some on your account. The "Portfolio" tab allows you to check your stocks.
You can buy and sell cryptos using your account balance. Click on "Cash Balance" in the "Buy Cryptos" menu. A window will appear. You must select "Sell", unless you want to buy tokens, in which case you need to select the other button.
You will be presented with two boxes: the one for the fiat currency and one for the cryptocurrency. You must then fill in the correct currency. Then you just have to enter the amount in the first or second box, depending on your choice. The other one is filled in automatically according to the current parity. Moreover, the pair changes constantly according to the evolution of the exchange rate in real time. You must then click on "Continue" and follow the different steps proposed.
Buying and selling directly by card is an easy and user-friendly process. You have to click on the "Credit/Debit Card" button, still in the "Buy Cryptos" menu. A window equivalent to the one we saw before appears. You must then follow exactly the same steps to complete your transaction. Only this time, you will be asked to enter your credit card information.
Binance's peer-to-peer network allows people to sell crypto-currencies securely. The advantage of this process is multiple:
To make a P2P trade, go to the "Buy Cryptos" tab, then click on the "P2P Trading" link. Then make sure you are in the "Buy" or "Sell" section depending on your purpose. Choose your crypto currency, the trading currency, and then the payment methods. If you're buying, a list of offers will appear on your page, including the price the seller is offering and the upper and lower limits they've set. And if you're selling, it's up to you to set these different options.
The buyer who is going to choose your offer will have to make the payment as per your requirements. Once paid, you can release the crypto currency and the amount should appear on the buyer's balance.
Apart from the buying and selling functions, the Binance platform mainly allows you to trade crypto-currencies. This means you can buy and sell according to your preferences, and make some profits or losses in the process.
The trade function also allows you to automate buying and selling at a certain price. For example, you can specify a maximum price of 50,000 euros for a Bitcoin using the "Limit" function and set an amount in the same way. As soon as the Bitcoin price crosses this threshold, you are notified by the system to validate the transaction.
Binance was founded in 2017 by CZ or Zhao Changpeng. Its founder is from Hong Kong, but the company has no headquarters and is not officially registered in any country - CZ refers to the concept as “archaic”. But due to regulatory issues, Binance is expected to establish a registered office soon, according to its CEO.
The Binance platform allows you to buy and sell crypto-currencies, along with traditional currencies like the dollar and the euro. The latter also allows you to exchange them for other cryptos.
The biggest advantage of the platform is the possibility to make transactions at a lower cost. The site is also very easy to use and transactions are reliable and secure.
Be careful not to confuse the Binance platform with the cryptocurrency BNB or Binance Coin. BNB was created at the same time as the platform, but only as a speculative currency. 200 million BNB tokens have been premined.
The purpose of creating the currency was to facilitate trading on the platform. However, it has become a virtual currency in its own right. The BNB currently has a market capitalization of over $70 billion.
Binance has over 500 crypto-currencies. The list is updated regularly, with arrivals, but also sometimes departures. Of course, established currencies such as BTC, ETH or XRP are well present. You will also find the list of the most promising crypto-currencies.
In order not to get lost in the different cryptos, Binance regularly publishes the top 100 most profitable tokens. These are the currencies with the highest transaction volume on its site.
Selling cryptocurrencies on Binance implies that you are already registered and have a few currencies in stock. However, if not, you can sign up in a matter of minutes. To do this, go to the site and click directly on the "Register" button at the top of your page. If the site is presented in a language other than your own, you can switch it using the requisite button.
Click on the registration button and follow the required steps. You will be asked to find an activation code in your mailbox. The site will also ask you to activate two-factor verification with Google Authenticator or with your phone.
Once you have completed your registration, you can start investing in the crypto-currencies of your choice. But before you can start, you need to make a deposit. The button that allows you to do this is located at the top right of the "Balance Detail" box. However, you can also make a purchase directly without going through this step.
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