Guide for beginners about Binance exchange markets5 min read

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New to Binance and want to start trading using Binance?

Binance is one of the largest platforms for crypto trading. Binance offers a great experience while trading, this factor has made the Binance clone script so popular among startups and entrepreneurs to develop an exchange website like Binance. But to have this great experience, you must know how to trade on Binance that might be a little challenging when it’s your first time using Binance for trading.  To handle these challenges stay with us until the end of this article we have tried to provide a useful guide for beginners

Binance is designed to be used by many users as it is possible. The exchange is simple enough for newbies to use, and it offers enough coins and features to keep the traders satisfied and pleased all the time.

Binance exchange

Binance is a cryptocurrency exchange platform that is a place where you go and trade cryptos, Buy/sell them with fiat money with credit, debit cards, or wire transfers. Binance can be regarded as one of the biggest crypto exchanges in this industry.

Binance has become successful because of the advanced trading features that provide for its clients. The P2P section is one of these features.

The p2p (peer-to-peer) is a type of crypto trading that removes the middle man, and it enables individuals to trade directly with each other.

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How to stay safe on Binance exchange

2-factor authentication

2fa is two-factor authentication. It’s a security feature that gives users an extra form of password. When using 2FA, users enter their normal password and the additional code will be sent to their phone number or their email address usually made by google authenticator.

Do not pay attention to people outside the Binance

None of the Binance member team will ask for your password or your 2fa codes. They will never ask you to send coins to a “safe account” or anywhere else!

Trade on the official Binance app or website

Be careful of the websites that are fake to be the official Binance website. Check the official Binance URL and bookmark it.

Do not trade outside the platform, always keep your transaction in the platform because in case of any problems the Binance can help and provide support for the problems that may occur during the transaction.

Use strong and updated anti-virus software

The security of your Binance account depends on the device you are using to access your account. Make sure all the devices you use to access it from your Binance account are free from bugs and viruses.

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Terms that you must know about Binance exchange

Different markers are available in the Binance and crypto world, let’s get familiar with the Binance markets here together.

What is the spot market?

The spot market is where the valuable assets are called “immediate delivery”.  Spot market can be regarded as a place where trades are made “on the spot”.

Since trades are happening immediately, the current market price of an asset is often referred to as the spot price.

What is margin trading?

Margin trading is a method for trading using borrowed funds from a brokerage. As a result, trading with a margin boosts the results in a positive way and a negative way. A margin account enables traders to access capital and eliminates some counterparty risk.

The higher leverage you use, the closer the liquidation price is to your entry. If you get liquidated, you’ll risk losing your entire margin.

What is the derivatives market?

Derivatives are financial assets that base their value on something else. This can be an underlying asset or a basket of assets. The most common types are stocks, bonds, commodities, market indexes, or cryptocurrencies.

The derivative product itself is essentially a contract between multiple parties. It gets its price from underlying assets that are used as the benchmark. Whatever asset is used as this reference point, the core concept is that the derivatives products are futures contracts, options contracts, and swaps. Based on the researches derivatives market is one of the biggest markets out there in the market.

What are forward and futures contracts?

A futures contract is a type of derivatives product that allows traders to speculate on the future price of an asset.

What are perpetual futures contracts?

Future products are a great way for traders to speculate on the price of an asset. However, what if they want to remain in their position even after the expiry date?

The most important difference between them and a regular futures contract is that they never expire. Traders can speculate on the price of the underlying asset without worrying about expiration.

What are options contracts?

An option contract is a type of derivatives product that gives traders the right, but not the obligation they are free to buy or sell an asset in the future at a specific price. The obvious difference between a futures contract and an options contract is that traders are not forced to set options contracts.

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Why open a Binance Account?

Binance is a growing industry and it has developed since the day it was launched in the cryptocurrency ecosystem.

Highest real volume:

While most exchanges report fake volume amounts, Binance had always been reliable in reporting the exchange’s volume. As of writing these lines, Binance is safely leading in measures of the real-adjusted trading volume.

Trading pairs and liquidity:

Binance offers a variety of trading pairs. While most cryptocurrencies on Binance trade against Bitcoin. Also, Binance offers many trading pairs against Ethereum, Ripple, and Tron.

Always in progress:

Binance is continuously developing its features, functionalities, and user experience. Binance has launched its own decentralized exchange.

Enhanced security:

Like other important exchanges, Binance is a hot target for hackers. But in the long history, Binance has proved its security level, even when a little hack took place the Binance insurance covered all the users’ funds.

Great Support:

Binance provides good support for its clients, and good support is critical for beginners.

Advantage of trading on Binance exchange

Trading Binance comes with various advantages listed below:

  • It has a user-friendly interface that looks very nice
  • It is safe and secure
  • Supports various cryptocurrencies
  • It can be set up very quickly
  • Can be accessed on mobile
  • Has a lot of protection against physical damage

also if you are thinking of developing your exchange website check out our cryptocurrency exchange software development company to collect information on this field.

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2 Responses

  1. Hi thanks for the information you shared about these markets. I’m completely new to this crypto world.
    I’m so happy that i found this blog.

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