Binance is considered the biggest 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 doesn’t support fiat (USD, EUR…) deposits, so how can you deposit funds on the platform? You’ll need to purchase a coin you’ll be able to deposit on Binance through another platform (Coinbase, for example).
Once you have your amount of cryptocurrencies, you can deposit a sum on Binance. To make a deposit, you need to send your cryptocoin from your cryptowallet (you could use Coinbase itself) 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. Clicking on Basic, you’ll be on the beginner-friendly page for investing.
To start trading, you need to choose a trading pair—pairs of coins that Binance offers an exchange rate for. For example, Bitcoins can be traded with 143 different coins. So, if you deposited Bitcoins 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 market orders: choose the amount you want to trade, and click on “Market.” If you’re happy with the current market price, enter the amount of Bitcoin you want to sell and click on “sell.”
You’re now a Binance crypto trader, and if you’re selling your Bitcoins at a higher price than what you paid for them, you are also making a profit. Repeat the process of buying and selling coins to keep earning money on Binance.
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