Therefore, you need to consider Binance because is safe, has no liquidity issues, no withdrawal limits, has hundreds of altcoins and trading pairs, interest-earning opportunities, and offers crypto cards. Also, BINANCE is the first one to list most of the crypto gems and is the number #1 exchange in the world. So, in this article, we’ll show you the ultimate step-by-step Guide to setting up four important features of your Binance Account with some really useful PRO tips.
Moreover, I will walk you through how to set your Binance account in the safest possible manner, how to trade crypto using fiat, and some of the major Binance features. Also, I take you through an opportunity to earn an $800 bonus on Binance and 20% off on the Binance trading fee by following some simple steps.
How to Set Up Your Binance Account
Setting up your Binance account is easy but you must do it in the safest possible manner. You need to:
- Use your email or phone
- Create a login and password
- Send in your docs for KYC and
- Set up your 2FA to protect your account.
We wrote an article about this. So, why KYC? On Binance, the truth is that the limits without KYC are low. And if you are a verified Binance user, then you can participate in opportunities like this where you can share $50,000 BUSD in reward.
Setting Up Binance Spot Trading
The easiest, and one of the most valuable services on Binance is Spot Trading. That’s simply buying crypto on the exchange. How do you do it? Well, we are going to walk you through it, and here are the steps:
- Add funds to your SPOT Wallet. This is money available right away to purchase crypto. By far, the most popular trading pair is USDT. Bitcoin and BUSD and 2nd and 3rd.
If you have one of these there’s an excellent chance you can buy whatever you want that’s available on Binance and if you transferred Euros, Dollars, or some other crypto, you can do an easy transfer to trade from it to USDT. You have 2 options here:
- Click on Trade > Convert: Exchange your USDT for something or go to the charts at Trade > Spot and put your order in there. Both are easy to do.
Even though there are different kinds of orders, the easiest is the Market Order. With a market order, you are buying at the current market price. Do that and then you’re done.
Pro Tip: While USDT is the most popular choice for a trading pair, it might make sense to swap some for BUSD. BUSD is the Binance-supported stablecoin.
Some of the alts you want to buy could have a better price against BUSD. You should compare and move between stablecoins using the Convert feature for ease.
Setting Up Binance P2P Trading
Now if you are like most Binance users, and especially those from Emerging Market areas like Africa, Eastern Europe, or South America, then you can’t send funds to the exchange. You can only send crypto to Binance OR exchange your local currency for crypto using Binance’s p2p trading feature.
In this section, you are buying directly from another person via bank transfer or some other of Binance’s 150 approved payment methods. These payment methods depend on the country.
You can both buy or sell using the p2p feature. But you need to complete the KYC first and be sure that your name, phone number, email, or whatever identifying info you use matches the info on the account you list as a payment method. You can also buy or sell any of these 6 coins: USDT, BTC, BNB, DAI, ETH, or BUSD. Some combinations let you buy DOGE too.
#Binance P2P users with a quick and cost-effective platform for purchasing stablecoins such as
Learn about some of the other benefits of trading on Binance P2P in this blog.https://t.co/4UUd7RtozC
— Binance (@binance) August 18, 2022
Also, Binance provides the escrow so if you pay and the other person doesn’t release the coins, you can show your receipt to Binance and they will release them. It’s very good protection for you whether you are a buyer or a seller. In this short video, you see how to sell using the p2p feature.
First, we make sure the Funding Wallet has money in it as that is the wallet you use for p2p services. But don’t worry, internal transfers like this from your Spot Wallet to your Funding Wallet are instant and free.
Example of Binance P2P Trading
Next, we pick what we want to sell. In this case, I will use USDT to sell for Colombian Pesos. By the way, for you ex-pats or digital nomads out there, Binance is a great way to help manage your money and move it between different currencies and countries whenever you want. NO expensive bank fees or them censoring your transaction because they don’t like where you live.
So now that we know we are selling USDT for Colombian Pesos, we have to pick a vendor. We have a full deep dive on p2p trading coming up. But one thing we can tell you here is to look for a high completion % and a short enough payment window so you aren’t kept waiting too long.
Then, press Sell USDT and you’ve made your first p2p order to sell. The buyer will complete the order or they won’t. If they do, release the coins. If not, then try someone else.
Pro Tip: Don’t play around with this. If you get paid, release the coins. A delay and complaint to Binance can mean you can no longer use this important feature. Don’t let that happen to you.
Setting Up Binance Futures Trading
Binance also has the world’s largest futures market in crypto. Some of the trades we present from our Technical Analysis team to Altcoin Buzz members are trades where you have to use the futures market. Plus it’s good to know how to use it if you need it as a hedge on your investments.
Binance offers 2 types of USD and COIN futures. What’s the difference?
Settlement. With USD futures you put up USDT or BUSD as collateral for the contract. With COIN futures, you put up ETH or BTC for the collateral for the contract. On the other hand, with USD-settled futures, there are at least 7 contracts available including XRP and EOS. Then, within USD and COIN futures, we have 2 types each:
- Delivery: There is delivery date. Here on this screen, you can see this Bitcoin quarterly futures contract delivers in September in 48 days.
- Perpetual: There is no delivery date and you can hold that contract as long as you want. When a contract has a delivery date like this one in September, no matter how profitable it is, you must cash out in September. If you want to keep your position you have to sell September and buy the next contract for December.
Right now, this contract is selling at a slight premium of ~$150 versus the spot price of Bitcoin. That’s a less than 1% difference, too small for most traders to do what’s known as the carry trade. This is where you go long SPOT and short the futures market to try to lock in a gain. Moreover, the Bitcoin quarterly COIN futures that settle in Bitcoin is trading even narrower at less than $100.
Therefore, Binance makes you pass a short quiz to be sure you have at least some idea of what you are doing before you try trading in this market. And we don’t recommend it for beginners.
Pro Tip: Do more research before you start trading futures. The leverage can wipe you out fast.
Setting Up Binance Staking
Binance Earn, you have a few options for earning some extra money on your coins through staking, savings, or liquidity farming. So, the easiest plan of all is to stake the native BNB coin in their to earn interest. Rates are low under 1% but you do get paid in BNB.
Moreover, with Binance Earn, you have locked staking for some time or flexible staking. With flexible staking, you can remove your coins at any time. And you pay for that flexibility by earning less. There are some amazing rates here including:
- 10% on USDT in flexible savings
- 20% on Avalanche for 90 days locked
- 12.99% on BNB for 120 days locked
In addition, like for p2p trading, you have to move funds from your Spot Wallet to your Earn Wallet so you can invest in these programs. Again, that internal transfer is fast and free. There are lots of options within Earn but we think you should keep it simple:
- Stake coins you already intend to hold long term
- Move from SPOT to Earn Wallet
- Click Stake or Subscribe and get started staking
Pro Tip: Generally, in investing, simple solutions are best.
Conclusion
That’s our look at the Binance exchange. We took 4 of the most important services they offer:
- Spot Trading
- P2P Trading
- Futures Trading
- And Staking
And we showed you how to get started in each after setting up your new account at Binance.
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