Bitcoin, Ethereum – even Elon’s Dogecoin – it’s cryptocurrency, and it’s the scuttlebutt, the buzzword, on everyone’s lips when it comes to global money matters. But the crypto craze is also transcending the financial space. It’s not just about traders and big money players talking about the next ‘big thing’ in finance. Because of its accessibility, it’s also a topic now discussed in coffee shops, around braais, around the water cooler.

Why?

Well because cryptocurrency is money born from the global digital zeitgeist of right now. We’re a digitised global village – highly connected, and always on. It stands to reason then, that digital money has to become a deep fascination for us. Not to mention the fact of its volatility on the market, with some who’ve invested wise, having enjoyed big money windfalls, and some not so much – all controlled through central digital hubs like crypto-dashboards and applications on phones.

And as of 2017, cryptocurrency is a tradable exchange. And the practice of taking it to the market in the hopes of making big gains, is called Binance. If you’re interested in taking your digital wallet into the digi-scape and trading with your crypto, Binance offers a centralised exchange that’s easy to use, and perfect for beginners.

Let’s go through some features here, and some top tips on how to become a Binance investor.

Binance, simply put, is a cryptocurrency exchange that allows for the daily trading of cryptocurrency, worldwide. Users buy and trade cryptocurrency through a centralised platform, and via a cryptocurrency wallet.

Binance is the largest exchange in the world, in terms of the daily trading volume of cryptocurrency.

The biggest draw for enthusiasts when it comes to Binance is the ease at which users can trade, using the platform. What’s more Binance allows for trading in real-time, so transactions are agile, and buying and selling happens immediately.

Here’s how it works

After downloading and registering on the Binance app, users create an account. Once verified, the account will be open for digital deposits into a personalised crypto wallet. Users then input the type of cryptocurrency with which they’ll be trading, and the amount they’ll be trading. The trade is executed, and the fees are deducted as well.

For beginners, the easiest way to trade is through spot-trades at real-time pricing – Binance offers a number of these:

The market order

Here, you can buy and sell instantly and at the current market price (just a note: because you’re selling instantly, there’s always a small gap between selling and buying order prices. This means that because you’re trading at the best immediate offer, that gap may result in buying at a slightly higher price or selling at a slightly lower price).

The limit order

The limit order lets you set a trade at the price of your choice (higher for selling and lower for buying). So, for example, if Ethereum is worth $45,450 at a given time, you can set a buy order for Ethereum if the price drops to $40,000.

The stop-limit order

The stop-limit order protects you if the market makes a sudden and significant shift. Essentially, you can set a buy or sell order at above or below the current price on the market, depending on what you see the outcome as. For example, if Bitcoin is selling at $35,000, and things are looking good, marketwise, with the price going up, you can set a sell order at $40,000. If you reckon the markets about to take a down-turn, you can set a stop loss order at $30,000. The point here is to help users maximise profits or minimise losses.

So, that’s just a very top-level guide on some of the intricacies of Binance, and the relatively new crypto-trading space. Obviously, there’s so much more to cryptocurrency, and learning the subtle arts of reading market volatility, sell orders, stop orders, margins, bulls and bears.

Has the crypto-call reached you with its allure of possible big money, and the excitement of trading in an entirely digital space? We have the class for you.