Binance is one of the biggest cryptocurrency exchanges in the world, in terms of trading volume. Binance has its native Binance Coin (BNB) which can be used to pay exchange fees at a discounted rate. Since Binance supports trading in pairs with various cryptocurrencies and fiat currencies, it makes for a great starting point for Indian crypto traders. If you’re new to the cryptocurrency market, it’s best to learn how to deposit INR in Binance.
1. Verifying your Account on Binance
The first step is to verify your account on Binance. This is a quick and simple process that only takes a few minutes. Click on the “Account” tab and then select “Verification” to get started. You will need to provide your name, email address, and country of residence. Binance will also ask you to upload a copy of your passport or driver’s license. Once your account is verified, you can deposit INR in Binance.
2. How to Fund your Binance Account
After creating your Binance account, the next step is to deposit INR into your account. To do this, navigate to the “Funds” section and select “Deposits.” This will bring up a list of all the cryptocurrencies that Binance supports. Scroll down to find “INR” and click on the “Deposit” button. You will then be given a deposit address. Copy this address and head over to your INR wallet. Send your INR to this address and wait for it to be credited to your account. The process usually takes around 2-3 hours.
3. How to buy a cryptocurrency on Binance
To buy a cryptocurrency on Binance, you will need to create an account and deposit some funds. Here are the steps: 1. Visit Binance and create an account. 2. Click on “Funds” and then “Deposits” on the top menu. 3. Select the currency you want to deposit. 4. Copy the deposit address. 5. Paste the deposit address into your wallet and send the funds. 6. Once the funds have been deposited, you can buy the cryptocurrency you want.
4. How to trade cryptocurrncies on Binance
After creating an account and verifying it, you can log in and click on Funds at the top right corner of the screen. Then select Deposit Withdrawals. You’ll then see a list of coins on the right hand side of the page. Click on the deposit button next to the coin you want to deposit. You’ll be given an address to send your coins to. Copy the address and paste it into your wallet. Then hit send. Your coins will be transferred to Binance and show up in your balance. To trade, click on the Exchange tab at the top of the screen. Select the coin you want to trade and the pair you want to trade it with. Enter the amount you want to trade and hit buy.
5. How to make a withdrawal from your Binance Account
Withdrawing money from your Binance account is a very simple process. First, login to your account and click on the “Funds” tab. You will then see a list of all the available options for withdrawing your money. Select the currency you wish to withdraw and enter the desired amount. You will then be asked to provide a destination for your withdrawal. This is where you will need to input the wallet address for the currency you are withdrawing. Once you have entered all the necessary information, click on the “Withdraw” button and your money will be on its way.
The process of trading on Binance is very simple, but it requires your full attention. You should follow the steps carefully to avoid mistakes that may lead to the loss of your funds or tokens. The whole trading process can be completed in a few minutes: you simply need to choose a cryptocurrency and put an order using the buy/sell tab.