Binance for Dummies

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    When it comes to using crypto exchanges they all have a more or less similar structure. As such being familiar with any of them will make it a lot easier and faster for you to get used to the new one, in this case, Binance. However,

    if Binance is the first cryptocurrency exchange you are using, then you might need some guidance. After setting up your account, you are highly advised to set up 2FA to make your account more secure. Then you might want to verify your account by submitting the required document copies.

    The latter is not necessary if you don’t plan to trade larger amounts. As per the basics, there are two main sections – your wallets and exchange itself. Your wallets represent coins that are in your possession stored with Binance. This is also the place where you get to check individual address specific to each coin which you need to make a deposit or should we say to transfer your coins from elsewhere. You also go to your wallet when you want to withdraw or transfer coins elsewhere.

    The exchange section is the one where you will be buying or selling your coins. There are many different trading pairs available. However, BNB, ETH, and BTC are the basic coins on Binance, which are used to be traded for other altcoins. Of course, as BNB is their own coin and BTC being the most widely used, they are the ones that you can use to purchase the majority of all other coins available on their exchange.

    If you decide to add BNB to your portfolio, you will be able to use it to pay the trading fees. You should know that crypto space is highly unpredictable and anything can happen at this point. As such, you must be cautious and always double check before you click on any button.

    Make sure to memorize your password and store 2FA backup key.

    Answered on July 29, 2019.
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