How to Use Binance Exchange | Deposit and Withdrawal Methods | Trading Methods
In this blog post, we will look at how to use the Binance exchange, deposit and withdrawal methods, and trading methods. If you are interested in cryptocurrency investment, you may have heard the name Binance. Binance, the world's largest cryptocurrency exchange, provides a platform for trading various coins and tokens. However, for those who are new to Binance, the complex interface and various functions may be somewhat difficult. In this article, we will provide a detailed, step-by-step explanation of the basic usage, safe deposit and withdrawal methods, and effective trading methods for those who are using the Binance exchange for the first time. By following this guide, anyone can easily utilize Binance.
Binance Exchange
Binance Exchange is a large exchange that has been ranked No. 1 in the world based on spot trading volume, including spot trading. It has many users worldwide, so the trading volume is also quite high. In particular, the transaction fees are lower than those of domestic exchanges, and it has been consistently ranked No. 1 because of the various coins listed.
In addition, the Binance exchange offers a 20% fee discount to those who sign up for the first time through excellent partners. Those who are just starting can refer to the link above to receive a fee discount.
How to Use Binance
When looking at how to use Binance, it can be divided into membership registration, mobile app download and login, KYC verification and security settings, withdrawals from Upbit, and futures trading. We will take a closer look at the Binance trading method through images for each step.
By clicking on the link above and accessing the homepage, you can easily register for membership via email and mobile phone. After entering your password and clicking 'NEXT', your Binance registration will be completed.
Once the registration is complete, download the mobile application by searching for 'Binance' or 'BINANCE' in the Google Play Store or Apple Store.
When the application download is complete, run the app and log in by clicking on the profile icon in the upper left corner.
To start trading on Binance in earnest, you need to set up a safe environment. First, click 'Unverified' in the profile menu to proceed with KYC verification. KYC verification is done through country settings and identity verification. After setting the country to South Korea, you can easily complete identity verification using your ID card, passport, driver's license, etc.
Security settings are possible through the 'Security' menu via email, mobile, and Google 2FA authentication. Google 2FA authentication can be easily authenticated by installing 'Google OTP'.
Binance Withdrawal Method
Once the secure environment settings are complete, you now need to obtain the assets needed to trade on Binance. Since overseas exchanges have difficulty with domestic payments, you must deposit and withdraw coins from Upbit and then exchange them into dollars such as USDT.
To withdraw from Binance, you must first check the coin address to deposit. To check the address, select 'deposit' from the 'asset' menu at the bottom and select the desired coin, then a screen will appear where you can copy the coin address. In addition, XRP (Ripple) and TRX (Tron) are the most used because they have the lowest fees and fast transfer speeds.
After copying the coin address, run the Upbit app, purchase the coin, and withdraw it. You can move to 'Withdraw' from 'Deposit/Withdrawal' at the bottom and enter the copied address, and the transfer will be completed in about 5 minutes.
Once the coin deposit is complete, you must now exchange it into dollars such as USDT to use it in trading. The exchange is possible through 'CONVERT' in the 'SERVICES' menu, and finally, you can start trading on Binance by moving assets to the futures account wallet through 'TRANSFER'.
Clicking 'FUTURES' at the bottom will take you to the window and interface where you can trade futures.
Binance Trading Method
There are terms you must know about the Binance trading method. Please refer to the detailed organization of the meaning and how to use each term.
Cross and Isolated are methods of using margin according to the amount. Cross uses all asset amounts as margin, while Isolated uses only some of the amounts as margin.
Binance leverage can be used up to 125 times, which is a way to maximize profits in a short period.
Limit and Market are methods of setting the trading volume. Limit sets the order, amount, and quantity and executes the trade when the desired amount is reached, while Market sets only the order and quantity and executes the trade at the current market price.
Profit and Loss are order reservation methods, and profit is a system for making investment reservations in the section where the amount is profitable, and loss is a system for making investment reservations in the section where the amount is loss.
Long and Short are methods of opening a position. Long is a position that invests in the section where the amount rises, and Short is a position that invests in the section where the amount falls.
Finally, the funding fee is a method of paying a certain funding fee based on the time price without being biased towards Long and Short when opening a position. Today, we have organized how to use Binance and explained from membership registration to get a fee discount to how to trade futures. I hope this information leads to successful investment.