Setting Up Your Binance Account: A Beginners’ Guide

Binance is one of the largest cryptocurrency exchanges in the world. This is because it has very high liquidity and provides access to a huge number of altcoins.

But while it has a high daily trading volume, it is not that well known outside of the cryptocurrency world.

If you search online for “Binance”, you’ll find a lot of results that talk about the cryptocurrency exchange, but not a whole lot of information for new users.

That’s because Binance is a little bit different than your average cryptocurrency exchange.

For example, most exchanges only support Bitcoin, Ethereum, and a few other popular altcoins.

Binance, on the other hand, supports a wide variety of altcoins, as well as Bitcoin and Ethereum.

But the reason why this article is titled “A Beginners’ Guide to Binance” is not because it is a difficult cryptocurrency exchange to use.

It is because this article will introduce you to everything you need to know about Binance in order to begin using it.

So if you are interested in knowing what Binance is and how to set up your account, keep reading.

What Is Binance?

Binance is a cryptocurrency exchange that was founded in 2017 and currently operates out of China.

It is one of the largest exchanges in the world by trading volume and offers more than 2000 different cryptocurrencies to trade.

The exchange is known for its quick processing of trades and its high liquidity.

So what makes Binance so special? Let’s take a look.

How to Set Up Binance Account

If you have heard of Binance before, you have probably heard about its unique trading mechanism.

If not, then here’s a quick refresher.

Binance uses the “one-touch” trading mechanism.

Basically, you only need to hit “trade” once to make your purchase.

Then, when you are done trading, you can just hit “stop” to finalize the transaction.

It’s really that simple.

Before you can start trading on Binance, you’ll need to set up an account.

This process is easy and can be done via the Binance website or Android app.

When setting up your account, you’ll need to provide some personal information such as:

  • Email address
  • Password
  • Date of birth
  • Country/region of residence
  • Phone number

You’ll also need to provide some information about the coins you are interested in trading:

  • Exchanges you have used in the past
  • Coins you own
  • Wallets you use to store your coins

Sign Up for Binance API Key

Launching a new cryptocurrency trading platform requires access to a variety of different APIs.

This is why the first step in setting up your Binance account is to sign up for an API key.

An API key is a secret number that allows you to access some of the features on Binance.

The first feature that requires an API key is margin trading.

You can’t perform a margin trade unless you are logged into your account and have enabled the margin trading feature.

You can enable or disable the margin trading feature at any time via the “Settings” menu on the Binance website.

If you are interested in trading on a smaller scale, you can also use the “Demo” account.

This account doesn’t require any real money investments and can be used to test out the platform.

Which Altcoins Are Supported by Binance?

There are currently more than 2000 altcoins available for trading on Binance.

This is a much larger selection of cryptocurrencies than what’s available on most other exchanges.

And the good news is that most of these altcoins are very beginner-friendly.

Most of them have relatively low trading volumes, meaning that the price of a single coin may be very low in comparison to other cryptocurrencies.

This means that you have an opportunity to buy a lot of different cryptocurrencies for a low price.

The only bad news is that some of these altcoins may have very low liquidity and could be difficult to sell.

That being said, you can still use Binance to trade these relatively low-volume coins if you want to get some practice trading on a low-liquidity exchange.

If you want to see which coins Binance currently supports, check out the full list here.

Binance Registration Bonus

For new users who register with a valid email address, Binance will send you a $15 worth of Binance tokens as a welcome gift.

The welcome gift is a great way for Binance to introduce new users to the platform and give you a little extra incentive to sign up.

As we mentioned above, the only bad news is that some of these altcoins may have very low liquidity and could be difficult to sell.

That being said, you can still use Binance to trade these relatively low-volume coins if you want to get some practice trading on a low-liquidity exchange.

If you want to see which coins Binance currently supports, check out the full list here.

Binance Trading Guide

Now that you have a basic understanding of what Binance is, how to set up your account, and which altcoins are supported by Binance, it is time to start trading.

This section will walk you through some of the basic trading techniques that you’ll need to know in order to start trading on Binance.

Before you begin trading, it is advisable to do some research on the different coins available on Binance.

This will allow you to identify the best investments and will also help you to avoid any potential scams.

As you begin to trade, you may find that some coins are relatively difficult to buy into.

If you want to buy a large amount of a coin, try buying a small amount first to test the waters.

As you become more familiar with the trading mechanisms and market behavior, you can always upgrade to a trading account that provides better trading tools and facilitates larger trades.

Binance Review

Binance is a great cryptocurrency exchange with a lot of potential.

It has a wide range of features, including advanced trading mechanisms and a highly reliable platform.

However, due to its newness, it is lacking a lot of liquidity and has a relatively low trading volume.

It also does not support many of the more popular altcoins.

Despite these minor setbacks, Binance is still a great exchange and we definitely think that you should give it a try.

You can sign up for a free account here to get started.

Bottom line

Overall, we’d rate Binance 4.5 out of 5.

It is a great exchange with a lot of potential, but it is still in the process of growing and developing.

We believe that it has a bright future and will only get better with time.

Binance is definitely a cryptocurrency exchange to keep an eye on in the coming months and years.

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