In the Binance Beginners Guide you will find a description of the admin panel and instructions for use of the Binance cryptocurrency exchange.
At the international Binance exchange you are able to buy over one hundred different cryptocurrencies. This is a remarkable platform and it is definitely worth having an account here. The binance beginners guide consists of three parts. We described the whole procedure of placing buy and sell orders, deposits and withdrawals. Of course, we’ve also described the binance user panel in this binance exchange guide.
Creating an account is free and does not require verification. E-mail confirmation is enough for you to use all functions of the Binance exchange.
Binance User Guide
The binance exchange guide is intended for beginners. Therefore, in addition to the functions that allow you to buy and sell cryptocurrencies, I will also discuss the user panel and additional tabs in the menu (at the end of the article). If you’ve come here because you’re looking for a platform for yourself, read the opinions of experts on Binance.
As a platform user, you have two areas to choose from to manage your trading account:
- Stock exchange panel – buying, selling, charts, tools
- User panel – settings, height of balances, security
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Binance Exchange panel
To buy and sell cryptocurrencies on Binance, select any option from the Exchange tab in the upper left corner.
The exchange panel is available in two options: Basic and Advanced. The latter is definitely more affordable to the eye. After selecting Advanced, you will see a screen that allows trading.
In the central part a graph showing the behavior of the course is visible. We have several tools to choose from to facilitate technical analysis. Below the chart are your open orders, history and available funds.
On the right side you can see the order sheet and real-time transactions. At the top, you can select currency pairs and go to your user account. Below is the form used for transactions.
- 1. Course chart
- 2. Time interval
- 3. Tools & indicators
- 4. Indicator chart
- 5. Volume
- 6. Orders selection
- 7. Open orders
- 8. User panel
- 9. Recent transactions
- 10. Purchase form
- 11. Sales form
- 12. Graph zooming
The Binance Exchange provides four currency pairs. In each of these markets prices are slightly different. Participants behave differently, which translates into the conditions and thus the earnings from trading.
- BTC (Bitcoin) – the largest market
- ETH (Ethereum)
- USDT (Tether) – cryptocurrency holding the price of the US dollar
- BNB (BinanceCoin) – the cryptocurrency of the Binance exchange
Binance Beginners Guide on how to buy cryptocurrencies
First select the currency pair you want from the top menu. Then fill out the form. You can choose from three types of orders: Limit, Market and Stop Limit. Complete all data and confirm by clicking buy or sale.
For instance, each form has a percentage calculator. Instead of manually filling in the quantity field you can convert what percentage of your coins to be used for purchase or sale transactions. There is no need to count on the external calculator. It’s a lot easier and it saves time.
Limit – Order with price selection
You set the price for which you want to buy or sell coin. You choose the amount of coins. After accepting the order is visible and available to other players. After that, if any of them use your offer, the transaction will be closed.
Market – Immediate order
Automatic execution of transactions at the currently valid price. You only set the amount of coins you want to buy or sell and approve. The transaction is executed immediately. The current market price is set in the form by default – Market price. In other words, the approved transaction can not be canceled. Therefore, before using this option, check everything twice.
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Stop Limit – Conditional order
The order is not visible to others. It will be activated and added to the visible list only when the rate reaches the level set by you (stop). Then it will be carried out at the price set in the limit field.
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When to set a stop loss order?
Suppose you bought ETH Coin at 1 BTC per unit. The acceptable level of loss is 10%, or 0.9. In order for the order to be made on such conditions, the stop loss must be set. How to do it? This binance exchange guide will explain You.
Choose stop limit and fill in the fields in the sales form as follows:
When the price level goes down to 0.92 (stop), the order will be added to the list with the execution rate 0.9 (limit). If it is complete, you will receive 1 ETH (quantity) with a value of 0.9 BTC (total).
In this way, you will avoid major losses if the course continued to fall. You do not have to watch the stock market. The order will enter automatically.
Order is ready, only when the price reaches ceiling (stop). In case of use the normal order limit ➙ cryptocurrencies would be sold immediately at a price worse than the current market price.
Is it worth setting a stop loss on Binance?
In most binance giude they write that You should set a stop loss always and there is a lot of truth in it. However, each stick has two ends. The same case is on binance exchange. Cryptocurrency rates on the Binance Stock Exchange (and any other) are fluctuating. These are natural fluctuations or caused by the activity of speculative groups.
When the price of a cryptocurrency temporarily drops and you have set a stop loss, the order activates and the coins will be sold. The price drop can be short-lived and accidental. Therefore, after a while the exchange rate begins to grow.
However, your stop loss is “broke” and you sold your coins “on the hole”, at the worst possible time.
Stop loss is a tool to minimize losses and protect capital.
In the situation described above, it may work against us.
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Get rid of residual amounts of cryptocurrencies on the Binance exchange?
On some coins there is a “dust” after the transaction. The rest (dust) is hard to get rid of. This applies to the small amount of coins available on the Binance exchange platform. The phenomenon of dust also applies to other cryptocurrency exchanges.
In this case, You can be solve the problem by replacing a rest on the BNB (BinanceCoin). So, You can be easily exchange your rest of crypto coins or buy it directly for BNB coins.
To get rid of leftovers, click -> funds -> balances -> change to. A list of coins will be displayed. Select the ones you want to replace on the bottom right corner and click the yellow button change to BNB.
You can exchange cryptocurrencies with a value less than 0.001 BTC once every 24 hours. Such exchange takes a commission of 2%.
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In this binance exchange guide you could certainly find basic information about the binance exchange service.
If you are considering buying a specific cryptocurrency or ERC20 token based on the ethereum platform, we would like to encourage you to read the Guide On How To Buy EOS.