The largest cryptocurrency exchange in the world is FINANCE. Let’s get acquainted with the basics of working on this exchange, paying special attention to the protection of your credentials and the protection of your interests when working with money via the Internet.
1. If you do not have a Google account (perhaps if you have an Android system on your smartphone, you are already registered in Google Play. You can use this account or create a new one) create it on the website https://www.google.com / . Click the button with 9 dots on the top right and select “Account”. In the next window, select “Create Account”. Enter your or fictitious data and enter a strong password, which do not be lazy to write down on a piece of paper. We recommend setting a password of at least 25 characters. Click “Next”.
Fig.9. Entering registration data for Google.
2. Enter your mobile phone number to use two-factor authorization, i.e. in order to log in, you will need to receive and enter a code from an SMS message. Enter any date of birth, gender, and click next.
3. Confirm the phone number by clicking Send. Enter the code from the SMS in the field, for example 133681, click confirm.
4. In the “Use a phone number in Google Services” window, click Skip.
6. Set up additional security for your Google account. On the left, select Security. Scroll to the line “Two-step authentication” and click on “>”. Then click the “Start” button. You will be thrown to the password entry page, enter, click “Next”. Check the phone number, select SMS and click “Next”. Enter the code from the SMS, for example, G-348700. Click “Next”. Click enable.
7. Click “Account” on the top left. Log in to “Security” again. In the “Two-step authentication” line, click “>”. Enter the password. Click “Next”. Scroll down and find the line “Authenticator Application” and click “>”. Click “Configure the authentication application”. A QR code will appear on the monitor screen.
8. Take your smartphone, log in to Google Play and install the Google Authenticator app. After installation, open the application. Click “Start”. Click “Scan QR Code”. Allow the app to take photos. Point your smartphone camera closer to the screen image of the QR code on your monitor. Your Google account will be added to Google Authenticator and six-digit codes will be generated for it, which we will then need to work with the Binance exchange.
9. Back to the monitor, click “Next”. Enter the code from the smartphone, for example, 798144 and click “Confirm”. All Google Authenticator is activated and linked to a Google account.
10. Click on the top right of the Google Mail App. Here we will see further messages from BINANCE.
11. Launch the browser and type in the address bar https://www.binance.com/ru /.
12. Click “Register”. Select a region, then select create a personal account. Enter a Google email, for example, previously created mailto:firstname.lastname@example.org . Enter a complex password of 25 characters. This is the password for the BINANCE website. Write it down on a piece of paper. Uncheck the box “I agree to provide my data for marketing purposes”. Click Next.
13. Go to Google mail and copy the verification code, for example, 979348. Go back to the BINANCE website and enter the verification code, click “Submit”.
14. Enter the phone number. Click “Next”. Enter the code from the SMS, click “Send”. You will log in to your BINANCE personal account. Next, to remove the restrictions, go through the Verification on BINANCE on the page https://www.binance.com/ru/my/dashboard click “Verification”. Wait for verification confirmation (1-2 days). On the page https://www.binance.com/ru/my/settings/profile the word completed in green letters should appear in the “Verification” field.
15. After successful verification, return to the Toolbar https://www.binance.com/ru/my/dashboard . Select Security. Enable Verification by phone number, then Confirmation by email, Anti-phishing code. Last of all, connect Finance/Google Authenticator. Done.
16. In the menu of the black top panel on the page https://www.binance.com/ru/my/dashboard Choose Derivatives - USD-M Futures. A cryptocurrency futures trading window will open (see Figure 10).
Fig.10. The futures trading window of the Finance exchange.
17. When you first enter this page, take an easy test that you are aware of the risk of losing money while working in the futures market. It repeats, and you can write down the correct answers before the next attempt.
18. Add money to your account. To do this, go to the top of the window on the right to the “Wallet” à “USD-M Futures”. Select Deposits. Find the line with the name of the cryptocurrency USDT (analog of the dollar) and in this line to the right, select Buy. In the Important Information window, click OK. Under the green “Buy” button slightly to the right and below in the “Fiat” drop-down list, select “RUB”. In the “Risk Notification” window, click the “I have read and agree” checkbox, click “Confirm”. Next to the “Fiat” drop-down list in the “Payment” drop-down list, select your option, for example, Tinkoff Bank. The operation will be performed between Tinkoff Bank customers from card to card. Flipping through the list of offers, select the option with the lowest dollar price, the maximum number of orders (at least 1000) and the highest percentage of execution (at least 96%). Click the green “Buy USDT” button. In the I want to pay field, enter the amount in rubles for which you want to buy dollars, which will be credited to your Binance account and available in the wallet under the “Deposits” section. You can also enter the exact number of dollars in the “I will receive” field, then the volume in rubles will be calculated automatically. Click “Buy USDT”.
After pressing the button, it may happen that by this moment the Seller has already sold all the dollars and his wallet is empty. The deal will be canceled. Then choose another seller, paying attention to his conditions (from what number of rubles he works) and the cash he has in dollars.
Please note that the first time you use it, you need to register your Tinkoff card, specifying its number and the name of the owner. Unnamed cards will not be applied. Thus, Binance will know where to deposit money when returning or selling. After clicking the “Buy USDT” button, you will be redirected to the payment page. The algorithm is like this. In the chat on the right, write an invitation to the seller, for example, “Are you ready?”. A normal seller will answer immediately without mockery “Ready”. On the left are his Tinkoff card number and full name. Use the Tinkoff application to transfer money to the specified card number, check the full name of the person to whom you are going to transfer the money, transfer the money. Next, in the Binance window, click the button confirming the payment. Binance gives you and the seller 15 minutes for the entire operation. Within 2-3 minutes, the seller will transfer the required amount to your account and you will receive an SMS from Binance. The money will fall into the Replenishment Wallet. Let’s check it out. In the black top menu, select “Derivatives” à “USDT-M Futures”, then “Wallet” à “USD-M Futures”, “Deposits”. In the USDT line, we will see the transferred amount in the total balance of Deposits. Example in Fig.11.
19. In the Wallet on the left, we will log into the Futures Account to transfer funds from Deposits to the Futures Wallet account. At the top, click the yellow transfer button. Set the window parameters as in Fig. 12, using the button with two golden up-and-down arrows to cast the fields. The amount for beginners is highly recommended no more than $ 10. This with 10x leverage will give you $100 to perform operations. This will be discussed below. Click “Confirm”. Funds will be credited to a wallet called “Fiat and Spot”. Click the “Transfer” button again and transfer $10 from the Fiat and Spot wallet to the USD-M Futures wallet. The balance of the Futures wallet will be replenished by $ 10. In the menu at the top, select “Derivatives” à “USDT-M Futures” (Fig.13).
Fig.11. Verification of USDT crediting.
Fig.12. The input given to replenish the Futures wallet.
That is, the algorithm is such that it is impossible to immediately transfer USDT-M Futures from deposits to the wallet. First, we transfer to Fiat and Spot and then to USDT-M Futures. It is important. After the actions are completed, check the balance of the USDT-M Futures wallet. When withdrawing funds back to Deposits, also remember this nuance.
Fig.13. The funds available to you for trading operations.
20. We will make our first transaction on Finance. Let’s buy the ETH cryptocurrency (Ethereum, a very popular coin) for about $ 10. Let’s go to the page https://www.binance.com/ru/futures , select “USDT-M Futures” à “Trade”, On the left select the desired ETHUSDT instrument by entering its name or selecting from the drop-down list as in Fig. 14.
Fig.14. Choosing the right futures for the ETHUSDT cryptocurrency.
Fig.15. Trading situation for ETHUSDT cryptocurrency futures.
21. Let’s take a look (Fig.15). The current price is $2948.16. We wish to buy at a price of $ 2700 in the amount of $ 10, we will determine the number of lots further (each futures has its own minimum requirements for the volume of purchase. Usually it is 5-10$).
Fig.16. Entering application parameters.
Let’s enter the following parameters of the application (Fig.16): the type of margin is Cross, the margin size is 10x, the type of application (in the line Limit Market Stop limit) Stop limit, the first price is $ 2703 (this is the price of activation of the application. It is put with some backlash in this case at $ 3), The second price is $ 2700 (purchase price), the amount is $ 10 (pre-set the calculation in USDT, not in cryptocurrency, by hovering the mouse over the black triangle to the right of USDT, see Fig. 17, Binance will immediately show with a hint how much ETH you can buy, i.e. 0.003 ETH). Click Buy/Long. Your order will appear in the “Open Orders” section, which you can see if you scroll down the page below (see Figure 18). If you need to delete an application, click the trash icon in the appropriate line on the right. The application will be deleted immediately. When a purchase occurs, you can close the position that has arisen at any time in the Positions tab by clicking the Market button in the appropriate line. The position will be closed at the market price (see Fig.19). Note that the order will be made not for $ 10, but for $ 8.1, because this is 0.003ETH.
Fig.17. The choice of the calculation currency.
Fig.18. Your application has been accepted for execution.
Fig.19. Open positions.
22. In Fig.19, you can see a lot of useful information. This is actually an analogue of the Portfolio in TRANSAQ Software. Here we see all open positions, amounts for each position, Wallet Balance, Unrealized PNL (Profit (+)/Loss (-)). You can instantly get rid of any position (by clicking the Market) or from all by clicking “Close all positions”. All in one place, nothing superfluous, shine.
We also recommend that you familiarize yourself with a very useful video at the link https://www.youtube.com/watch?v=LHgrtFBtpno “Binance FUTURES for BEGINNERS (Limit, Stop Limit, Trailing Stop, Hedging)”. In an hour and a half, you will learn everything you need to trade on FINANCE, as well as master all types of applications using examples.