If you're interested in making money through trading virtual currencies, chances are you've heard of Binance. Binance is a popular Bitcoin and altcoin broker, and is probably most well known for its ability to let its clients take advantage of leverage when trading. But did you know that you can trade Ethereum on margin as well? Let's find out how.
How to use Binance
When you want to know how to use Binance to trade Ethereum or other altcoins, there are two primary ways to go about it. Either you can learn how to trade via an online demo trading platform, or you can open a live trading account and try your hand at trading with real money. Both approaches work great, but only one lets you fully test your trading skills, especially if you're just starting out.
The best way to get into the market and test your abilities is through the Binance trading platform. Once you've got a firm grasp of how the market works, you can move onto the real money trading method. Did you know that Binance has a lot more trading products to offer than Coinbase, as you can learn on https://themargin.io/alternatives-to-coinbase/?
What is Ethereum and why is it so valuable?
Well, the value of Ethereum has risen almost tenfold in recent weeks, climbing into the top five of this year's top markets. This surge comes despite the fact that the cryptocoin is not yet accepted by any major exchanges, like the NYSE, NASDAQ, or AMEX.
However, the cryptocoin is rapidly gaining popularity due to the rise of decentralized autonomous organizations (DAOs), like the Maidoken and Bitshares platform. In these cases, there is no central agency that dictates which currencies can or cannot be traded. Instead, users create their own trading platform, choose which currencies they wish to trade, and invest in those.
How do you make money with Binance?
To start off, there are many ways to make money with this new crypto trading platform. One way is to trade in only a couple of top cryptocurrencies – that is, currencies whose prices are highly volatile. These currencies include the eCommerce tokens like Ethereum, Litecoin, and Doge, as well as the more conservatively priced stable coins like USDT.
Once you've chosen a pair that you'd like to trade, the next step is to set up your trading account. To do this, you will need to create a free account at Binance, confirm your account, and then follow the instructions outlined on the homepage. You'll also be given the option to install two-factor authentication – an extra measure of protection against fraudulent transactions.
On Binance, a new user will have to verify his identity before being allowed to enter a trade. With the two-factor verification system, if a user is unable to verify his identity, he will be unable to place a trade and thus will lose his investment. Both features work together to ensure a safer environment for traders to make reliable trades by reducing the risk of exchange errors and manual intervention.
To help you get started with your trading ventures, the trading platform offers a number of tools that will help you become successful. First, there's the Binance Trade Setting feature, which allows traders to customize their trading fee structures, allowing them to reduce transaction fees and maximize profit potential. This works by using BNB as base currency, for instance. Another useful tool is the Binance Workstation, which features an integrated workbench that lets you monitor your trades in real time.
Binance Academy – Beginner Tutorials
As a beginner, it's important that you find an effective strategy for getting into the right currency pairs at the right time. Binance has a number of excellent tutorials for beginners that show you how to use binance with the most basic trades, as well as advanced training for those who are ready to take on even more risk. With so many tools that make your life easier, including a low trading fee and a number of free training sessions, it's no wonder binance is fast rising in popularity.
Which Are the Best Crypto Trading Brokers besides Binance?
What will the best currency trading platforms be like by 2021? What are the top platforms other than Coinbase? First let's review some of the major currencies being traded on major exchanges by the top investors, which are currently active traders:
Best Bitcoin Trading Brokers Of All Time
FTX Currency Trading Platform
This is the best platform that has been launched to date to trade in the largest and most liquid Cryptocurrency marketplace. It is an open source project that is free to use, secure, and feature-rich, all while at the same time offering the most cost-effective and reliable outlay possible.
BitSeven – Best Litecoin Trading Platform
The best Litecoin trading platforms are run by highly experienced and successful traders who know what they are doing. They have built in industry knowledge of the gaps between profitable markets and high price opportunities, as well as a stellar reputation for security. This is the platform you want to utilize if you are looking to trade in digital currency exchange.
Primebit – Best CFD Trading Brokers Of All Time
The best CFD trading brokers of all time are also the best brokers to use when looking to trade in the digital currency market. Many of the best CFD brokers offer multiple interfaces to trade on, so if you choose one that does not offer this functionality you will be greatly disappointed. That's why Primebit not only works with its own trading platform but also with Metatrader 5 and with 200x leverage.
Kraken – Best Fiat Currencies Broker
There are many fantastic free to join virtual assistants out there to help you trade bitcoins and other crypto against real fiat currency. Unfortunately, very few of these types of service provide you with enough depth to actually make a substantial profit in the long run. Therefore, it is very important that you work with only the most expert and experienced brokers when you are looking to trade precious metals or any other digital assets like fiat currencies. There are far too many outsourced brokers out there that have no real experience or understanding of the commodities market.
iQ Option Trading Platform
When it comes to choosing the best broker for your portfolio, the leading uk based brokers, like iQ Option, Chainalysis, Fap Turbo and eToro, are the best. These are the only three of the top 10 best trading platforms out there today. The top two will all offer you some form of privacy options, but iQ and eToro are the only two that offer you the whole picture. If you want to learn how to trade bitcoins and other cryptos without giving up any valuable asset when you trade, these three are the top two brokers available today.
There are a few top notch and high quality platforms out there that are both incredibly user friendly and incredibly secure. These are typically run by industry veterans who understand the challenges and rewards of working in the world of digital currencies. The two most popular and successful teams behind the most popular and top notch platforms are bullishness and megadroid. If you are serious about learning how to trade bitcoins and other cryptos, these are the people you should be looking to work with.
Most Popular Brokers. The two teams above are not the only ones offering stellar performances and cutting-edge trading platforms. There are literally dozens of other excellent choices when it comes to looking for an excellent broker for your precious metals or other digital assets. When selecting your uk based brokers, however, you must do your due diligence. You need to make sure that they are offering the best services and options for your investment portfolio.
Learn more about Bitcoin trading as a beginner here.