The use of cryptocurrencies continues to grow day by day. Even for a beginner, it’s easy to get started. virtual currency trading thanks in particular to the exchange platforms. One of the best known in the market is Binance. This broker provides the opportunity for countless people around the world to make cryptocurrency transactions easily and with the greatest security.
What is Binance?
Binance is one of many trading platforms of virtual currency. It was born in Hong Kong in 2017 thanks to a fundraiser started by founder Changpeng Zhao. The broker has experienced spectacular growth that today allows it to operate with more than 150 virtual coins. The trading platform allows more than 400 trading pairs. Binance is available in several countries and has an interface translated into thirty languages, including French.
the Binance Developers they have also created a mobile application that offers users the possibility to exchange cryptocurrencies anywhere in the world.
How Binance works
Binance offers a very complete offer including a host of secondary platforms including a variety of functions and trading options. The platform offers you pvarious types of wallets. Nope :
The spot wallet
allows thepurchase or sale of virtual currency in an easy and instant way. Here you can also store your funds, withdraw them and move them to another wallet. It’s a kind of your main account. It is most often used by those who are new to the platform. Various features are available there. The most important are:
- the limit function,
- the market function
- the Stop-Limit function.
The margin portfolio
With this wallet you can catch up trading margin. Thanks to the leverage effects, limited to 3x, you can increase your profits. To purchase the underlying assets, you must borrow funds from third parties. To use this feature, you will be required to verify your account and activate 2FA. Thereafter, you will need store assets in your wallet Spot to transfer them to the Margin wallet. The advantage with Binance is that to them transfers are free.
Binance has established a secondary platform, Binance Future, which allows trading with virtual currency derivatives. Unlike Margin or Spot, futures trading is done with CFDs and not crypto. This allows one to speculate on increasing or decreasing trends. This flexibility, provided by Futures, allows you to place long or short positions. It also incorporates leverage effects that can reach x 125. It is a platform suitable for experienced traders.
Register on Binance
To start trading on the platform, you need to follow some basic steps for a complete registration:
Signing up for Binance is free and very quick, you just need to provide your email address and a password. A security code will be sent to your mailbox for confirmation of your registration.
Before proceeding, it is imperative to secure your account and protect you against possible hacking attacks. The platform has 2FA, that is, two-factor authentication. You will be prompted to validate your email address and phone number, as well as install theBinance app Or Google Authenticator. You can also choose to use a hardware security key.
Even better, Binance provides you with an anti-phishing code that allows you to set up a list of addresses that you can withdraw from.
To gain access to unlimited and capped transactions, you must verify your account. By doing this, you will be able to access all the basic functionalities of the binance exchange platform. To benefit from more advantages and more flexibilitymust have the status “verified plus”.
The verification process takes place after:
- have provided the requested information,
- have provided identity document and proof of address,
- have gone through facial recognition,
- have answered the questionnaire.
After a few days of waiting, you will be able to enjoy all the Binance Features.