How much do i need to start trading on binance in nigeria
Welcome to Binance.com – the world’s leading crypto exchange.
Let’s get started in 5 quick and easy steps:
- Step 1: Register Account
- Step 2: Complete Verification
- Step 3: Deposit Crypto
- Step 4: Buy Crypto
- Step 5: Explore Binance Products
Step 1: Register Account
Step 2: Complete Verification
You can complete Identity Verification on your Binance account to unlock the fiat deposit and withdrawal limits. This process typically takes a few minutes to complete, which includes verifying your basic account information, providing ID documentation, and uploading a selfie/portrait.
Be sure to secure your Binance account – while we do everything to keep your account secure, you also have the power to increase the security of your Binance account. See our Security Tips for more information.
Step 3: Deposit Crypto
If you already hold crypto in another wallet, you can deposit them into your Binance Wallet. Please refer to the FAQ here for more information on how to deposit and withdraw crypto on your Binance account.
Tutorial Videonever share your Binance Account/Wallet passwords, private keys, or 2FA codes with anyone. Binance will never ask you to disclose sensitive information.
If you are not familiar with crypto wallets, please read this Academy article here to learn more. Please note that you shouldshare your Binance Account/Wallet passwords, private keys, or 2FA codes with anyone. Binance will never ask you to disclose sensitive information.
Step 4: Buy Crypto
Depending on your country, you can deposit up to 50+ fiat currencies, such as EUR, BRL, and AUD to your Binance account using bank transfer and bank cards. You can find these different fiat channels here . Once deposited, you can use them to buy crypto directly.
Buy Crypto Using Debit/Credit Card
You can also buy crypto directly using your credit/debit card on the Binance website or the Lite Mode on the Binance App easily.
Buy Crypto Using P2P (Peer-to-Peer)
You can buy crypto with P2P methods, too. This allows you to buy crypto from other crypto enthusiasts like you directly. Visit this page to learn more on how to buy crypto on P2P.
Step 5: Explore Binance Products
After getting your first crypto, you can start exploring our versatile trading products. In the Spot market , you can trade hundreds of crypto, including BNB
BNB powers the Binance ecosystem and is the native coin of the Binance Chain and the Binance Smart Chain . BNB has several use cases, such as paying for trading fees on the Binance Exchange and Binance DEX (Decentralized Exchange), and paying for goods and services online and in-store. Most importantly, you can get a special discount if you choose to pay for trading fees in BNB on the Binance Exchange.Tutorial video
If you’re new to crypto, be sure to visit Binance Academy – your one-stop guide to learn all about blockchain and crypto. Start learning here
Please note: Trading cryptocurrencies involves significant risks and can result in the loss of your capital. You should always do your own research (DYOR) to understand the risks involved before you trade.
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At a Glance: Logged-in Binance users can click “Basic” in the “Exchange” tab to trade within Binances UI.
Have you just come across Binance and want to start using it? Binance is one of the largest platforms for cryptocurrency trading, and it can offer you a great experience when making trades. But to make that possible, you must know how to trade Binance, which may be a bit challenging when it’s your first time using this app. To make things easier for you, keep on reading our guide on trading Binance.
How to Trade on Binance
In order to trade on Binance, there are several steps that you have to go through:
- Open Your Account
- Fund Your Account
- Start Trading
Read on to learn about each of these steps.
1) Open Your Account
As mentioned, you need to open an account if you want to trade with Binance. Go to the main page of the Binance platform and click on Register. Then, you will be sent to the proper registration page, where you will first have to give an email address and set up a password. The email address must be a valid one that you use regularly. As for the password, you should set up a secure one, like a combination of numbers, letters, and symbols.
Rates and Terms
You will have to prove that you are a human and not a robot. This will require completing a puzzle, which is not hard. After that, an email will be sent to your inbox. Click on “Verify Email” and your registration is complete. You have an account on Binance and can start trading. But there is one more thing you should do before actually trading, respectively ensuring your account is secure.
That means you should set up a 2FA. This adds an extra layer of security to your account by ensuring nobody else will get to access your funds and spend them for their personal fulfillment.
2) Fund Your Account
Now that your account is opened and secured, you can fund it. Let’s use Ethereum as an example of the funding process.
Log into your account and click on Accounts. Then, choose the option Send on ETF Wallet. Enter a Recipient after that, as it will be the individual getting the Ethereum amount. You must have an Ethereum address on your Binance account since you send the amount to Binance.
Then, log into your Binance account and click on Funds, then Deposits. Enter the cryptocurrency you need the address for. If Ethereum is the option you choose, Binance will make sure an address is generated in order to transfer the amount. Your Ethereum funds will then be sent to the ETH Deposit Address. This means that it should be copied and pasted into the recipient box of the Coinbase account in order to make the money deposit possible.
Next, select the amount you want to send to your account in Binance, after which you can click on Send. As soon as the Ethereum network is done processing the funds, they will appear in your Binance account.
3) Start Trading
Now it’s time to actually start trading. Move the cursor over Trade and then click on Basic or Advanced. This will show you all the current market details. In order to sell BNB for BTC at the present Bitcoin price, you have to pick BTC in the right panel.
Then, click BNB/BTC and you will see the corresponding trading page. Keep scrolling down until you see a Buy BNB and Sell BNB option. You use the Sell Coin option to sell BNB. Enter the amount you want to sell. Click the “Sell BNB” bar afterward. You will see a “Limit Sell Order Created” pop-up immediately.
Scroll down to the Open Orders section afterward to see the limit sell order. Wait for the open order to complete, and once it happens, your trade will be completed.
Advantages of Trading Binance
Trading Binance comes with many benefits, such as:
- It has a touchscreen interface that looks very nice.
- It is very safe and secure.
- Supports 1,500 cryptocurrencies
- It can be set up very quickly
- Can be accessed on mobile
- Has a lot of protection against physical damage
How to Use Binance for Any Basic Trade
Here is how to use Binance for any basic trade:
- Log into your Binance account.
- Click on Exchange and pick Basic on the taskbar.
- Pick a trading pair, as there is a lot to choose from. If you only see Ethereum in the funds, then Ethereum is the only one you can deal with.
- Choose the type of trade you want to make, like Limit Orders, Stop-Limit orders, or Market Orders.
- Choose the amount you want to trade.
Binance Trading Fees
You will have to deal with fees if you want to trade on Binance. Luckily, they are some of the lowest on the market. No deposit fees apply. Meanwhile, there are some withdrawal fees. Ethereum withdrawals will cost 0.01 ETH in fees, for instance. The fees will depend on the currency.
What Is Binance?
Binance was founded by Changpeng Zhao and Yi He in China in 2017. Both of the creators were working at the OKCoin exchange for a while, and then they thought it would be better to build their own exchange platform.
The platform is a crypto-to-crypto exchange one, so this means it can only be used in order to trade cryptocurrencies and virtual tokens. More than 500 of them are available, with some of the trading options being Litecoin, Ether, Dogecoin and, of course, Bitcoin.
Binance Coin Explained
Binance has its own token too, known as Binance Coin, or BNB. The first coin offering of the BNB in the exchange managed to raise funds of about $15 million in 2017. Individuals that use BNB in order to pay their trading fees could get discounts as well.
Many companies use the ICO, aka initial coin offering in order to raise money. This is because this method is very easy and it allows crypto businesses to raise funds without having to go through very difficult processes or methods such as bonds or stocks.
Can Binance Be Traded?
As you’ve seen, you can trade with Binance using your cryptocurrencies or tokens. When you first join Binance and start using it, you will have to buy your first bitcoin or BNB. Binance can be traded, especially if you make sure to buy Binance Coin. But in order to do so, you will have to go through the steps listed above.
Trading on Binance can be a wonderful experience if you know how to use the platform. Before you start trading, you need to create an account and then make a fund deposit, after which you can start trading. The good news is that fees are very low for withdrawals so you can withdraw your amounts with no issues.
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