Endless tokens and coins, numerous trading platforms and exchanges, non-transparent fees can discourage you from crypto world. Don’t be afraid. Let’s talk about how to start trading crypto in a few easy steps.
Don’t worry if you are about to enter crypto trading in 2022. It is not too late.
Now you can even have more opportunities to trade than people who started doing this a few years ago.
One of the main things to know is that there is a variety of ways to purchase crypto.
While any of them might bring the seemingly same result – i.e. some crypto on your account – the actual sum of money you send might vary.
Simply put, you can spend different amounts of US dollars to buy the same amount of BTC, ETH or whatever currency you are buying.
That might sound strange and even scary to a crypto market rookie.
But there is a simple solution to this problem. And getting to know this solution is a very simple way to start trading crypto.
We will use Binance, the most popular crypto exchange in the world, as a test field to show you how it works.
How to start trading crypto on Binance?
Obviously, you should start by registering your account. If you know what is crypto and decided to start trading you won’t face any problems with this.
The second step is verifying your account. That’s a KYC (‘know your customer’) procedure. You have to send some of your documents and photos.
Verifying can take up to several days but typically it takes just a couple of hours.
So now you are in.
Next step is even easier. You can buy some crypto.
Let’s start with stablecoins as they are the most transparent kind of crypto. A rookie might have troubles at first with understading all those 0,00053593 in ETH or BTC. But one digital dollar that equals one real dollar is something that doesn’t require explanations, right?
The most common way to buy stablecoins is p2p-transactions.
At the Binance top control bar, you can find the ‘Buy Crypto’ option and then go to p2p-trading.
p2p means a direct transaction with the other Binance users. Here you can ‘buy’ or ‘sell’ option, choose your currency and the token to trade.
Now there are available USDT (Tether stablecoin), BTC (Bitcoin), BUSD (Binance stablecoin), BNB (Binance coin), ETH (Ethereum), and SHIB (Shiba Inu) to trade p2p.
Then you can choose your payment method, find your bank and send the money directly to the seller’s account.
After confirming the number of tokens you will get the seller’s requisites. You have to pay for your purchase and then get the tokens on your account. Usually, it takes less than a minute too but crypto this way.
The tokens will appear on your p2p Funding wallet and you can transfer them to the Spot wallet to start trading.
Other ways to start trading crypto
You also can always buy any crypto token directly by paying with your card.
For this, you should go to ‘Buy Crypto’ at the top control bar, then go to ‘Card Deposit’ or ‘Credit/Debit’ card.
Remember that fees are depending on your country. For instance, using SettlePay or GEO Pay system for Visa and Mastercard you can face fees of around 1.5%.
And using Advcash Account Balance gives you a 0.5% fee.
There are also fees following the tariffs of your bank.
What is a Fiat wallet?
Binance exchange also has Fiat or simply Cash wallet for trading. You can top up this wallet with your card and then buy tokens with any currency in your account.
It’s also possible to buy crypto p2p with your Fiat savings.
Just don’t forget to choose the right amount of buying/selling tokens and use the appropriate rate for you.
Also, remember that there is a minimum purchase amount of around $10-$20.
So now you can trade and do your best!