Binance is one of the largest cryptocurrency exchanges in the world, with $1.3 billion in daily trading volume. It’s also one of the newest exchanges — it only launched in July 2017.
If you’re looking to get started with trading cryptocurrency, then Binance is a great option. It’s one of the only exchanges where you can buy Binance Coins, which can be used for trading on the Binance exchange.
In this article, we’ll explain how to use Binance to buy and sell Solana tokens. We’ll also show you how to use those Binance Coins to purchase other cryptocurrencies or exchange them for other coins on the Binance exchange.
How to Buy Solana with Binance
To buy Solana on Binance you’ll first need to set up an account with the Binance exchange.
When you sign up for an account, you’ll need to supply a secure email address and create a password. You’ll also need to verify your account by supplying a phone number.
From there, you can fund your account by bank transfer or credit card. You can also use the Binance decentralized exchange to trade Bitcoin (BTC) and Ethereum (ETH) for other cryptocurrencies.
Once you have funds in your account, you can begin trading.
To buy Solana, you’ll need to navigate to the “Exchange” tab in the navigation bar at the top of the page and select “Basic” from the dropdown menu. From there, search for “SOL” and click on the top entry to buy Solana.
How to Trade Solana on Binance
Before you trade your first coin on Binance, it’s important to understand how the Binance exchange works.
Binance employs the use of an ecosystem of tokens to give users access to additional services on the platform. The two most important tokens for traders on the Binance exchange are Binance Coin (BNB) and Bitcoin (BTC).
For now, we’ll just focus on BNB, since it’s the token you’ll use to actually purchase Solana.
Binance uses an order-book-based trading system, just like Coinbase and Kraken. You buy and sell tokens by placing buy and sell orders at the appropriate prices, just as you would with stocks on any other exchange.
There are a few key differences, though. On Binance, the order books for both the buy and sell orders are public. This means that anyone can view the latest orders and place comparable orders. This can be a good thing if you’re trying to hedge a trade or launch an insider trading attack.
Another key difference is that Binance’s order books don’t reflect the best price available. Instead, the order books show you what trades other traders are currently executing at the Binance platform.
This can be a good thing or a bad thing, depending on your trading strategy. If you’re looking to buy low and sell high, this information can be helpful. But if you’re trying to execute trades at exactly the best price, the order books are useless.
Binance Review: The Good & The Bad
Like any other cryptocurrency exchange, Binance has its pros and cons. Let’s take a look at the good and the bad of trading on Binance.
Large trading volume : One of the largest trading volumes in the world
: One of the largest trading volumes in the world Wide range of trading options : Binance offers trading of more than 50 different cryptocurrencies
: Binance offers trading of more than 50 different cryptocurrencies Great for investors : Accepts funding from almost any source, including PayPal and credit cards
: Accepts funding from almost any source, including PayPal and credit cards Great for day traders: Can execute trades very quickly due to order-book-based system
Not a beginner-friendly platform : Trading options are complex and there’s a lot to learn
: Trading options are complex and there’s a lot to learn Limited coins supported: Can’t trade many coins due to limited trading options
Binance Review: Final Words
Although Binance is a newer exchange, it’s quickly growing in popularity. It’s also one of the only exchanges where you can buy Binance Coins, which can be used for trading on the Binance exchange.
If you’re interested in trading cryptocurrencies, then Binance is a great place to start. It has one of the largest trading volumes and offers a wide range of trading options.
There are some downsides to using Binance, however. Because the order books are made public, the platform is not beginner-friendly. There’s also the risk of getting scammed, since many people are choosing this platform to trade Ether.
If you choose to trade on Binance, you should be careful. Make sure you fully understand the risks and rewards of using this exchange.