Binance is considered the largest cryptocurrency exchange providing a global platform for trading more than 100 cryptocurrencies. It is not only well-known but also respected. Trading bitcoins, as well as altcoins, on this platform, can be a successful way to earn some extra money. Read on to find out how to earn money on Binance.
Create your Binance account
Before you start trading on Binance, you need to set up your account. Go on their registration page (make sure you’re on the real Binance’s website; there any many fake sites on the web), and fill out the registration form. This is as easy as registering on any website or social network. You’ll be asked to verify your email address, and once you’ve done, you’ll be registered to Binance and will be able to start depositing funds and making your investments.
How to deposit cash?
This is where a lot of people get confused.
Binance.com doesn’t support fiat (USD, EUR…) deposits. Instead US residents will want to use the Binance.US exchange instead. Use Binance promo code 53810502 for a discount on your Binance trading fees.
Once you have your cryptocurrency ready for trade. You can deposit that crypto on Binance.com using a VPN connection. To make a deposit, you need to send your crypto coin from your Binance.US cryptowallet to your Binance Deposit address. You can find it by clicking on “Funds” and then “Deposit.”
How to trade on Binance?
Once you’ve deposited money on Binance, you can click on “Exchange” in the top menu to start trading your cryptocoins. Using the new Binance Lite function located under settings. Your Binance site will be configured for a more beginner-friendly page for investing and trading in crypto.
To start trading, you need to choose a trading pair. Trading pairs are coins that Binance offers an exchange rate for.
For example, Bitcoin can be traded with 143 different coins. So, if you deposited Bitcoin on your Binance account, select BTC on the top right corner and select the coin that you want to exchange Bitcoin for.
The next step is to choose the type of trade you want to make. Three kinds of trade are offered:
- Limit orders: You are allowed to set the maximum price they are willing to pay for coins or the minimum price they’re willing to sell them for. Then you’d need to wait until a buyer or seller accepts your price. (Selling bitcoins at a higher price than the one you paid for them is the key for earning money with this method.)
- Market orders: You are allowed to trade coins at the current market price. This is a faster and simpler method (make sure, for example, not to sell your bitcoins at a lower price than what you paid when you purchased them).
- Stop-limit orders: With this method, you could buy or sell coins when they have reached a certain price. This is a method only pro-traders should opt for.
If you’re new to cryptocurrency trading, you should opt for limit orders: click on “limit”, choose the amount you want to trade, how much you want to pay per coin and if you’re happy with the current price, enter the amount of Bitcoin you want to sell and click on “sell.”
Give the order time to go through, and once completed. You are now a Binance crypto trader.
If you’re selling your Bitcoin at a higher price than what you paid for it, you are also making money on Binance. Repeat the process of buying and selling coins to keep earning money on Binance through your trading activities.
For more tips on how to make a profit through your online activity, join our free online entrepreneur course.