How to set up Crypto Exchange as a Beginner
The times are changing; hence you need to pay attention to the trends. From the internet to crypto and now to the metaverse. The best thing to do is to start learning how these innovations work. How do you start your crypto journey?
This tutorial is a guide on how to set up a secure exchange account.
What is a Crypto Exchange?
What makes an economy is buying and selling of goods and services. The place you buy, sell and exchange goods and services is called the marketplace.
In the same vein, there is a place where you can buy, sell, and trade crypto assets in the crypto space. That place is called a crypto exchange. Some of the leading crypto exchanges are Binance, FXT, Gemini, Kucoin, Houbi and others.
Exchange is very important because it makes your crypto asset a liquid asset. What I mean in plain language is that you can easily convert your coin or token into fiat currencies.
Also, it makes it very easy for you to use your cash to buy coins or tokens either for trading purposes or holding purposes.
Hence, the exchange makes it possible to convert fiat into crypto assets and crypto assets into fiat currencies. In the next section, I shall explain how crypto exchange work.
How Does Crypto Exchange Work?
Crypto exchanges are one of the innovations in the crypto industry that is speeding up the adoption of cryptocurrency. It works this way;
Buying of Crypto Assets:
When you want to buy crypto, the place to buy it is an exchange. It means that an exchange has some coins and tokens listed on it.
For example, if you want to buy SOL, you will fund your exchange account with USDT using your national currency and use USDT to buy SOL.
Selling of Crypto Assets
When you want to sell your token or coin, exchange handles that. What you need is to have the token or coin you want to sell. Then, use the sell option on the trading tab to sell it.
Trading of Crypto Assets:
Exchanges allow people to buy tokens or coins at a low price then sell them to make a profit. There are functions on exchanges that allow you to automate buying and selling of tokens and coins.
Therefore, exchange helps one to buy, sell and trade coins and tokens in a secure way. How do you set up an exchange? In the next section, I shall be explaining the steps by step guide to setting up Binance exchange.
Steps by step Guide to setting up Binance Exchange?
At Trenndify, we use Binance because it has many coins and tokens listed. It helps our members to be able to buy and sell various crypto assets. Here is how to set a Binance exchange account
Step 1: Download and install the Binance exchange app.
If you are using an android phone, go to the google play store and install the Binance Exchange app. If you are using an iOS phone, go to the app store and install the Binance exchange app. Here is the link
The app has the yellow logo of Binance. Ensure the phone you use has the capacity and storage for crypto operations.
Step 2: Go to Register and fill in your email and password.
The next step is to open the Binance application and go to register. You will input information such as your phone or email address and your password there.
Ensure to use an eight letters password consisting of letters, symbols and digits. When you are done, you will need to match the puzzle to the image displayed.
Step 3: Verification code sent to your email
When you are done with step 2, you will be sent a verification code to either your email or phone number. You will be given 60 seconds to input the codes in the space provided.
When you do this properly, you will succeed in registering the Binance account.
Does it mean that you can now buy, sell and trade crypto assets? Yes, but you need to do the next thing.
Step 4: Verify your account by filling in personal information.
You will have to verify your account to have access to advanced features and win some bonuses. So, you will be required to supply your legal name, your address, upload your ID, and enter your zip codes. Also, you will take a selfie of yourself.
Step 5: Await approval or disapproval.
When you are done with the above stage, you will await approval or disapproval of your supplied documents and information. When it is approved, it means your Binance account is now verified.
On the other hand, when you are not verified, you will need to start step 4 all over until you are successful. Now that you have your exchange account set up, what is the next thing to do? It is to know how to secure it.
How to Secure Your Binance Account
Every valuable thing will have security threats. The same is true with Crypto Assets. Imagine having 10BTC on your exchange. Do you think internet scammers won’t look for a means to get the assets? Here are three easy ways to secure your exchange account
Two-factor authentication helps you to add another password layer to the account for more security. Normally, when you login into your account, you need just an email and password.
With 2FA, you will need another code to access your account. You will receive this code as SMS, email or google authenticator codes.
However, google authenticator is the most secure. The video below explains how to set 2FA using google authenticator.
Avoid Clicking Unverified Links
You need to avoid clicking links that Trenndify or other reputable brands do not verify to be genuine. It is simply because of what is called a ‘phishing attack’.
It is a situation where hackers use fake links to gain access to your exchanges and wallet. Some airdrops links fall into this category.
Don’t Disclose Your Password.
Your password is one of the most important codes. You need to keep it away from other people. Ensure nobody knows it else; they may access your account without your awareness. However, your spouse can know in case of any unforeseen event occur.
The above is what you need to do to set up a secure crypto exchange. You can start trading, buying and selling crypto. Remember to join the Trenndify community for other guides on how to make money securely in crypto.