Binance is currently the no. 1 exchange house in the Bitcoin ecosystem and cryptocurrencies. With a daily volume above $3 trillion and nearly 600 different markets to trade, liquidity is guaranteed. For these reasons it is our favorite broker and platform to trade cryptocurrencies like Ethereum, Dash, Monero, etc; in addition to Bitcoin. In this article we tell you how to learn how to manage Binance, from opening an account to setting up stop-loss for your trades.
Opening an account in Binance is extremely simple. You will only need your personal data and an official document to verify your account. Using this link you will also get a 5 discount on commissions on all the trades you make in Binance,forever.
The first thing you need to do after opening your account is to fund it. For this you can transfer cryptocurrencies from a wallet that you already have or buy directly in Binance. It is a very simple process and can be done by credit/debit card. We recommend that you deposit or purchase USDT (Tether), a stable currency, whose value is related to the US dollar, always being 1 USDT x 1 USD. It is the easiest way to operate the alerts we send against USD from RicaMarkets (BTC/USD for example).
Once you have a balance in your account you can start trading. To do this, you will need to click > Advanced Spot, in the main menu of the web, to open the graphic sale. Once here, the website will take a short tour of the main sections.
In the upper left corner you will find the coin finder. This is where you’ll have to look for the assets we send for our alerts. If you click where it says BTC/USDT the search engine will open with the cryptocurrencies grouped according to their pair, that is, against USDT (inside the FIAT tab) or against BTC.
Once you have found the pair to be operated you will need to enter the order in the right pane. We will select the buy button and enter the amount of coins and the price at which we want to buy, in the case of a limit order, or only the quantity in the case of a market order (here you can find an article about the different types of orders that exist). Check the data entered very well before pressing the buy button.
After the order is executed you have to manually enter the stop-loss order. To do this you will have to click on the button that says ‘Stop-limit’. This will modify the sale of order entry and show a new parameter called ‘Stop’, that will be the price level at which your stop-loss order will be triggered to finally be executed at the price you enter in the limit box. Let’s say you want to set your stop-loss at $9700. To do this you should enter 9702$ in the ‘Stop’ box. This will cause that if the price drops to $9702, the system will automatically place a sell order at $9700 and will only close your trade if the price reaches that level.
Binance also has a very complete and easy-to-use mobile app. It’s available for Android and iOS and is essential to track your operations from anywhere.
With this data you can now start trading cryptocurrencies in Binance. All you need is to have the best cryptocurrency alerts to know when is the best time to trade. For that you only have to subscribe to our alert service, if you have not already done so by clicking on this link.
And remember that if you don’t already have a Binance account, clicking here will allow you to open one and get a 5 discount on commissions on all the trades you make.
Start your career as a trader in the world of cryptocurrencies and don’t miss the opportunity to trade one of the most powerful assets in the world of finance.