Scattered Coins

Binance - How to invest in crypto for beginners

The number of requests to provide awareness on how to invest in cryptocurrency keeps growing by the day. 

Why I choose Binance?

  • The Best Overall Crypto Exchange of April 2022 according to Forbes

  • Currently the largest cryptocurrency exchange in the world.

  • Low costs for spot and general trading.

  • Wide range of cryptocurrencies available for trading.

  • High Cybersecurity ranking and user reviews.

  • Highly reputable cryptocurrency exchange to perform everything in regards to crypto trading.

 

What does it take?

  • You need to register an account with Binance, which is simple.

  • Knowing how to buy & sell (trade) cryptocurrencies profitably is the challenging part.

What is your goal?

  • If your goal here today is to understand how to take basic trades on Binance as a beginner and make profit? 

  • You have come to the right place.

  • If you carefully read this post to the end, you’ll understand how to trade crypto assets on Binance.

  • By the time you complete reading this, and you follow every step in the instructions, you will definitely be no longer a crypto enthusiast but become a crypto trader. 

What is your current status and the way forward?

  • Have you registered

  • Do you have a Binance functional, verified trading account?

  • More importantly get ready to know how to trade profitably on Binance plus how to cut off unnecessary trading fees and much more.

What is Binance?

  • Binance is a leading crypto exchange for digital currencies, founded in 2017 in Hong Kong with a strong focus on trading altcoins (alternative coins) and has all the paperwork and licenses to operate.

  • This platform offers crypto-to-crypto trading in more than 500 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token Binance Coin (BNB).

  • Binance provides its users with a diverse range of coins as well as market data unavailable on most other exchanges.

  • This exchange is currently the largest cryptocurrency spot exchange in the world in terms of daily trading volume of over $20 billion according to CoinMarketCap.com.

  • Binance is a crypto-to-crypto exchange widely popular among both the beginner and experienced traders.

Step #1: Create An Account

Click here to Register

  • By clicking the link above, you will be directed to their registration page to enter your valid email address and password.

  • Use a working and regular email address.

  • When creating your password, I recommend a mix of numbers, symbols, upper and lower-case letters for security reasons.  

  • Read and agree to their Terms of service and click on Create Account.

 

 

 

  • On the next page is an easy puzzle for you to solve just to prove that you’re not a robot and for security verification.

  • Upon solving the puzzle you will receive a 6-digit verification code in your email (valid for 30 minutes) to verify your email address.

  • Upon successful verification, your account will be activated and you are good to go for the next step. 

 

Binance Security Measures:
When it comes to cryptocurrency trading, security of your account is of outmost importance. 

  • Binance Exchange offers robust security for their users but it is a 2 way street.

    • Binance is doing their part and you should do yours as well by protecting your account.

Tips to help you Secure your Account:

  • Never login to your account through an ad from any search engine.

  • Always log in through the Binance official website https://www.binance.com

  • Make use of Authenticator App and enable 2-step verification.

  • Do NOT share your password with anyone, not even the Binance admin or support for any reason.

  • Do NOT use the same password twice for any of your accounts online.

Binance Account Verification:
This is optional:

  • If you wish to increase your limits and unlock more account features, you need to perform KYC to fully verify your account.

  • You will need to provide valid documents like your ID with your proof of address including a selfie. 

  • You will find instructions to do this in the verification / security page after login.

Step #2: How to Fund your Account

Before you start trading, you need to fund your account with any of these of popular cryptocurrencies – either Bitcoin (BTC) or Ethereum (ETH) or Binance Coin (BNB) or a stablecoin like Binance USD (BUSD) or Tether (USDT) that can be used to swap or trade almost any cryptocurrencies. 

 

There are many options to deposit crypto into your account but since my audience are total beginners, I will only show you the only most commonly used method to fund your account through the Binance exchange by using your VISA Credit or Debit Card. 

  • Buy Crypto > Credit/Debit Card.

I will use Binance Coin (BNB) as an example of a cryptocurrency you can use to fund your Binance account with USD$100.

  • Add your card details and make payment.

My aim is to teach you how to crawl then walk before you start running on your own in the crypto space.

 

Therefore, I will postpone teaching you Step #3: Reading Price Charts and Step #4: Trading Crypto on Binance towards the end of the exercise since it is somehow complicated for beginners.

 

But I will teach you how to earn some interest using Binance Earn, which will be my next presentation on:

 

* Savings

* Staking

* Farming

* Dual Investment

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