10 Ways to Make Money From Binance for Beginners

Binance is one of the fastest growing cryptocurrency exchanges in the world, and it’s no surprise why: It has an incredibly easy to use interface that makes it simple for even the most inexperienced traders to get started trading quickly and easily. But what many beginners don’t realize about Binance is that it actually has multiple ways you can earn money from it. Here are ten ways you can make money from Binance today!

How to Buy Bitcoins on Binance

If you’re looking for an easy way to purchase your first Bitcoin, look no further than Coinbase. While they are based in San Francisco, their services are available in 32 countries. To get started all you need is a bank account or debit card (Visa/MasterCard). The verification process can take as little as 30 minutes and will have you well on your way to purchasing your first digital currency. You can fund your account with fiat currencies like USD and EUR or with cryptocurrencies like Bitcoin, Ethereum and Litecoin. There are some limits on bank account purchases so be sure to check those before making your deposit.

How to Buy Altcoins on Binance

Altcoins—or alternative coins—are cryptocurrencies other than Bitcoin. Most people purchase Bitcoin and trade it for altcoins on exchanges like Binance, so you’ll likely need a wallet and an exchange account before you get started. For details on how to set up these accounts, check out our guide here. The advantage of buying altcoins with your BTC is that most altcoin exchanges only accept cryptocurrency deposits, so they don’t have bank accounts tied to them (and thus can’t be shut down by governments). This means you can store your coins in wallets on exchanges without having to worry about losing money in potential government-led seizures. Also, many altcoins aren’t available through popular fiat-to-crypto exchanges like Gemini, which means it may not be easy to sell off when you want cash. By using Binance instead, you avoid all of these issues.

Sell Bitcoin for Cash on Binance

Bitcoin is king when it comes to cryptocurrencies, and for good reason. It's only lost about 6% of its value since January. Bitcoin is popular with traders because of its volatility, which means prices are always going up and down. That's why so many people make money from buying and selling bitcoin: it can be traded with ease on online exchanges like Binance. So far in 2019, bitcoin has been trending upwards at a steady pace of more than $400 per month. If you want a little more stability with your investment strategy, consider investing in ethereum or ripple. They've both surged above $100 each in 2019 and boast much less volatile trading options than bitcoin or other cryptocurrencies like litecoin or dogecoin.

Do Not Over-Trade

Trading and investing can be addictive. You may find yourself spending an inordinate amount of time looking at charts and researching new coins, but remember: Your time is much better spent on productive things like networking with other investors, planning a strategy for your investments or perfecting an existing trade. The more you over-trade, the more likely you are to make impulsive decisions based on emotions rather than logic. Making impulsive trades will almost always lead to bad decisions—and bad results.

Have a Trading Strategy

Don’t just buy a bunch of coins and hope for success—you need a strategy if you want to make money from crypto. Figure out how much risk you can afford, then see which of these strategies might be best for you. 

1. Day Trading 

2. Swing Trading 

3. Long-Term Investing 

4. ICO / Altcoin Investment 

5. Pump-and-Dump Scheme 

6. Arbitrage 

7 . Scalping 

8 . Hodling 

9 . Get Paid in Crypto 

10 . Mining & Staking

Only Invest What You Can Afford To Lose

Trading on margin can be very risky and highly volatile. Any trader who’s survived a downturn will tell you that it is not fun—at all. You need to remember that investing in cryptocurrency is extremely risky; you should only invest money you are willing and able to lose. If your portfolio starts dropping, don’t rush out and buy more of your favorite coin or tokens! This could actually exacerbate losses (and there’s nothing worse than losing a fortune). Instead, remember one of Warren Buffett’s most memorable sayings: Be fearful when others are greedy and greedy when others are fearful.

Use Stop Losses When Trading Altcoins On Binance

Using a stop loss order can help you avoid dumping loads of money into bad trades. The crypto market is rife with pump and dump groups who may try to unfairly influence prices, so setting a stop loss order could keep your trading on track. In some cases, you might also want to consider using a trailing stop-loss in order to maximize gains after cryptocurrency price surges. (Related reading: Why Does Stop Losses Fail?) Be Aware Of Your Capital Gains Tax Liability When Trading Altcoins On Binance: Many people forget that cryptocurrencies are subject to capital gains taxes when they trade them for other assets.

Day-Trading Is A Risky Game

There’s no denying it—day-trading is a risky game. The biggest challenge that most amateur traders face is allowing themselves to make a few mistakes along the way. That’s part of growing as an investor, but day-trading can be especially nerve-wracking because you’re using your own capital instead of gambling with other people’s money. Understandably, people aren’t keen on losing money, so how do you know whether or not day trading is right for you? To figure out if day trading is safe and realistic for you, ask yourself these questions

Learn Technical Analysis On The Go

The cryptocurrency market is moving quickly, and new trends are developing all of the time. As a trader, keeping up with technical analysis is not only important but can be crucial for making informed trading decisions. But if you’re an active trader who travels frequently, you don’t want to be stuck relying on web-based charting services when your away from home. Instead, try learning how to use cryptocurrencies like Bitcoin, Ethereum and Litecoin for technical analysis on your mobile device! It’s one of best ways (and most convenient) ways to stay on top of price action as it unfolds in real-time.

Don’t Get Greedy With Profit Taking

If you want to make money on cryptocurrency and blockchain investments, it’s important that you don’t over-extend yourself. Sometimes a great investment can send your profits soaring overnight—but then it could plunge just as quickly. Don’t let your greed blind you into making impulsive trades or risky decisions. The best investments are those that have steady growth and can be used in more than one way; keep things simple and focus on how much you can make with each investment instead of how fast it will grow. Your portfolio is likely to see steady gains over time, as long as you don’t let emotions get in the way—and stay disciplined!