Monday, 14 May 2018
HOW TO TRADE ON BINANCE
I’ve talked before about my favourite longterm holds and right now, my favourite coins for 2018 are Bitcoin, Ethereum, Monero, Ripple, Icon, OmiseGO, Neo, Siacoin, Verge and Hempcoin.
My favourite short term coins change weekly and sometimes even daily based on how the market is moving and the recommendations from a cryptocurrency paid mastermind group I am in.
Do your own research before deciding which coins you want to invest in. I recommend looking at Coinmarketcap to get a breakdown of different coins that are available and to check out recent developments, news and price action for coins that interest you.
Now that we are set up, let’s take a look at the back end of Binance. I’ll explain how to navigate the site, and most importantly, how to trade on Binance.
The backend of Binance is fairly straightforward. To start trading, you need to navigate to the top left and click on “Exchange”…
Never fear – it’s much simpler than it looks
Now I know you might be thinking “WTF!”, but don’t stress!
I understand that these charts might look like something from the Wolf on Wall Street, but once you get the hang of it you’ll realise Binance is actually very easy to use and the charts are simple to read, if you choose to get into reading them anyway – you don’t have to if you want to simply buy and hold, which is what I recommend.
Let’s focus our attention to the two most important parts of the screen…
First you have to identify the coins you want to trade. Typically for a newbie, this will mean you are taking your newly deposited Bitcoin, and diversifying your crypto portfolio by investing into new coins (you are a smart person!).
Let’s say you want to take some of that Bitcoin and buy the best performing Cryptocurrency of 2017 – Ripple. Type in XRP (Ripple’s three letter code) into the box under ‘favorites’ in the top right hand corner.
Binance coin exchange is super easy
As of writing this, one XRP costs .00014580 Bitcoins. Click on it.
One thing to note is that I’ve got a couple of different Binance accounts. In this particular account, I have a Bitcoin balance of 0.01238370 Bitcoins. So let’s see what happens when I play around with the different options in the Binance interface.
Binance offers a quick and easy way to trade, by clicking on 25%, 50%, 75% or 100%.
For example, let’s say I’m really into Ripple (XRP) and want to use ALL of my Bitcoin to buy as much Ripple as I can. I click 100%…
This means that at the time of writing, I can use the .01225392 Bitcoin in this account to buy a maximum of 84 Ripple. Let’s see what happens when I only want to do 25%…
binance coin exchange made simple
As of writing this, 25% of my .01225392 Bitcoin gets me 21 Ripple coins. Simples!
This is just one feature that I like about Binance as a cryptocurrency trading platform, and one of the reasons why it’s my number one recommendation. It’s logical. It’s easy. Case closed.
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