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How do you have a basic background in exchange work? If yes, then Trading Binance should not be difficult for you. At this stage, we assume that you have already financed your Binance account and have already purchased the cryptocurrency of your choice as detailed in our previous discussion.
The first step is to click on Exchange in your upper right menu Binance Dashboard. You must choose between Basic or Advanced Trading View.
Next you must look to the right of your screen and choose a currency where you will find cryptocurrencies such as USDT, BNB, ETH, and BTC. A list of trading pairs will appear after you have chosen your preferred cryptocurrency. At this point where the list appears, you can choose to switch to another cryptocurrency or proceed with your initial selection.
A useful tip for all you have to do is log in and search each time just by clicking on the "star" icon next to them to create your own preferred list in cryptocurrency.
Now that you have selected your preferred cryptocurrency, you need to draw your attention to the column on the left side of your screen. This column shows the prices available for the currency of your choice for both buying and selling prices.
The prices shown at the top of the column are related to whether people are willing to sell your currency.
And the prices shown in green at the bottom of the column indicate what people are willing to pay for the currency. The middle part of the column shows the last sale price.
The next thing to do is place your buy order. Scroll directly to the section under the graph to see the Buy and Sell boxes.
You can input your purchase price in the "Buy Box". Most conservative traders simply click on an image in the left hand column.
By doing this you are given two choices, fill in the amount of money you want to buy or automatically fill in a sum based on your available funds.
If you can see your order in the Open Order section, your order has been successfully placed. Once done, it is made available for withdrawal to your desired Wallet via the Deposit / Withdrawal menu. Otherwise, it will remain in the "Open Orders" section until it is completed.
Binance launches its own currency through an initial currency offering (ICO) and this currency can be used to pay transaction fees on the Binance platform. It is convenient to buy this Binance currency when the currency Binance platform offers trading fees using cheaper than mainstream digital currencies.
It is said that Binance is planning to create a decentralized exchange where Binance tokens will be established as an important base currency which will definitely increase the value of Binance currency.
And during August 2018 Binance released a demo of the planned decentralized exchange.
Just this September, Binance CEO Champen Zhao revealed that Binance’s decentralized cryptocurrency exchange could be launched by Q1 2019.
Binance limits the amount of money that users can withdraw depending on your level of verification.
Level 2 daily withdrawal limit of 1BTC and daily withdrawal limit of 2BTC level 100. Verified users of Level XMXX are given the option to exceed the set daily withdrawal limit of 2BTC Binance Approval.
A common consensus among users is that Binance is a multi-level security framework although the company has not disclosed enough about the security measures of its trading platform.
It should be noted that two-factor authentication is present that can reduce users ’fear of losing their money to hackers and other cyber criminals.
To contact Binance Customer Support and file complaints, users need to fill out a support form on the website.
Feedback, however, is received via email only Binance does not support customer service phone calls or live chat.
However, a comprehensive Frequently Asked Questions section is available for Binance users to use the platform.
Unlike most of the existing exchanges, Binance supports a wide variety of digital currencies, so traders are not limited to major currencies like Bitcoin, Ethereum and Litecoin.
Which speeds up adding Binance tokens and coins to their initial currency offer (ICO). Through this, users can get the opportunity to buy quickly and at very low prices which can lead to maximum profit later.
Huge discounts on trading and other fees when using Binance Currency.
Supports a wide range of languages, including Chinese, Japanese, English and Korean.
Works on all modern devices like Windows, WeChat, Android and iOS.