How To Make A LOT of Money In Cryptocurrency Trading (BINANCE)? – Explained In Layman’s Term

 

Beginners Guide In Cryptocurrency Trading

It’s been 5 years since I started Cryptocurrency trading, I mean since it was introduced to me by a friend. I’m very skeptical just hearing the word Crypto – I really thought it's another part of the PONZI scheme or another form of an Internet scam or whatsoever.

To cut the story short, I made thorough market research since it was introduced to me in 2016, but I never actually invested that much until the later part of 2020. Since the pandemic hit, the Crypto world is making a Buzz again but this year is quite different, public is now becoming more aware than ever of how much profit they are getting from Cryptocurrency trading and mining alike. Like there’s even a shortage of Mining GPUs all over the world right now as I write.

If you are to ask me right now, is it worth gambling your savings to Crypto?  It’s a YES for me! But be very careful as the stake is so high so is the RISK!

There are actually two ways to earn Crypto, through Cryptocurrency trading and Mining – if it’s not mentioned then it's maybe a scam, so BEWARE. However, let’s just focus on how to make a lot of money in Cryptocurrency trading, I will release a separate article for Crypto Mining.

Actually, there’s a lot of articles out there explaining you all about this, but one thing is common they are missing a very important and crucial part, they failed to explain in layman’s term all the JARGONS and technical terms used in Crypto world.

 

Definition In Layman’s Term – Cryptocurrency Trading

Cryptocurrency – or people call it “Crypto” in short. It’s a digital asset or digital money with no actual cash; however, you can exchange it for goods & services.  Still, confused?

Just like when you are playing arcade in malls or playing cards in casinos, arcade uses tokens while casino uses chips. You’ll need to exchange real money for tokens or chips to play arcade or in the casino, same thing goes with Crypto it's an online medium to access the good or services on the internet. In short, cryptocurrency is the most popular currency used on the internet.

But how to get hold of Crypto? You’ll either exchange your real money for crypto OR through crypto mining.  

Cryptocurrency Trading – I bet a lot of newbies are not familiar of this term, even when I start hearing this word way back in 2016 I already taught it’s a SCAM. A very organized scam on the internet. Well, you can’t blame me because PONZI scheme is very popular even today.

Cryptocurrency trading is more like you are trading stocks but this time you will use Crypto to trade. Trade means it’s a basic economic concept involving the buying and selling of goods and services or the exchange of goods or services between parties. In short, you just need to buy LOW and SELL high as simple as that.

Trading Platform – the place where you can trade your Crypto. There are a lot of trading platforms you can choose from, each with its advantages and drawbacks. Coinbase for example, as we all know one of the best Crypto trading platforms and Binance which I’m currently using right now to trade Crypto. As I said, they're a lot of trading platforms out there but these two proves to be the BEST and most convenient so far.

I guess we are all set, we will now start trading and make a lot of money with Binance.

 

Getting Started With Cryptocurrency Trading – Newbies Guide

Of course, we need to create an account to start trading, and we’ll choose Binance as our trading platform which by the way one of the best Cryptocurrency Trading platforms.  

Step 1

     – Register an account with Binance. Click here.

Step 2

-      Fill in the necessary information and check the verification code sent through email or your registered phone number.

Step 3

-      You’ll be asked to verify your phone number for account security which you should.

Step 4

-      Identity verification – you’ll need to submit ID documents to verify your identity. Go to settings – Click Basic Info – under Identity verification click VERIFY.

Step 5

-      Congratulations! you’re done verifying your account and you can now start trading.

Step 6

-      Please download Binance APP for a more convenient way to trade. Click here.

Now, all we need to do is deposit money or add crypto to your account. Based on experience the best way to add crypto to your account is by using P2P Trading feature.

What is P2P Trading? It is one of the best features of Binance wherein crypto Traders meet in a very organized platform, where they can buy and sell crypto with a ZERO transaction fee. However, crypto traders may add a very minimal interest on top of the current market value.  

One of the advantages of P2P Trading which I personally like, it offers wide range of payment methods available in your country.

Step 7

-      Choose the LOWEST price in the market, I prefer to buy USDT because it’s the most stable coin and you can barely feel its movement. You may exchange it later with other coins anyway.

Note: Please check on the right side of their Ads the lists of available payment methods they are accepting. Also, please take note that the minimum and maximum orders may vary depending on the merchant. Please check the attached images below.

Step 8

-      Assuming that you have chosen the right merchant to buy your first crypto, you’ll need to pay the merchant first before clicking on the “Transferred NEXT” button based on Binance terms & conditions.  Don’t worry it's totally safe in P2P trading, so far I never encountered a scam in P2P trading because everything here is verified.  If you have hesitation, you may contact the merchant first using the CHAT option on the upper right corner of the APP which I always do every time I use P2P trading.

Step 9

-      After you successfully bought the crypto, you need to transfer your crypto or assets from P2P wallet to SPOT wallet so you can start trading.  Please refer to the image below.

Step 10

-      Congratulations you are now officially a Cryptocurrency Trader! You may now start trading.

 

For the continuation of this STEP by STEP guide in Making A Lot of Money with Cryptocurrency trading please check this article: