How to Trade Cryptocurrency on Binance for Beginners in Nigeria 2021 - Binance Tutorial

Binance is an online exchange where users can trade cryptocurrencies. It supports most commonly traded cryptocurrencies.

To start trading, users have to complete the necessary KYC requirements. Upon successful trading account creation, users can add cryptocurrency funds to their public wallet address, provided by Binance, to start trading.

The Binance exchange supports three types of trade orders: limit, market, and stop-limit orders. Limit orders are executed only at the limit price set by the trader. Market orders are executed immediately at the best available market price. Stop limit orders become valid orders only when the price reaches a specified level.

Binance provides a crypto wallet for traders to store their electronic funds.
The exchange also has supporting services for users to earn interest or transact using cryptocurrencies. It also offers programs for miners and to help traders make investment decisions.
Binance has its own blockchain-based token, Binance Coin (BNB).

Primarily known for crypto-to-crypto trading—trading between two cryptocurrency pairs —the Binance exchange has among the lowest transaction fees for cryptocurrency exchanges. It has high liquidity and offers discounts to users who pay in the native BNB cryptocurrency tokens.


The name "Binance" is a combination of the words "bitcoin" and "finance." It claims high standards of safety and security, with multi-tier and multi-clustered architecture, and delivers high processing throughput—it claims it has the capacity to process around 1.4 million orders per second. It supports trading in more than 500 coins, including bitcoin, ethereum, litecoin, and its own native BNB tokens.

Binance offers an additional five types of orders for crypto derivatives, specifically futures contracts. These trade orders include:

Limit order
Market order
Stop limit order
Stop market order
Trailing stop order
Post only order
Limit TP/SL order
There is no fee charged for cryptocurrency or fund deposits. However, withdrawals do come with a transaction fee that varies depending upon the cryptocurrency and amount.

What Is the Binance Exchange?
The Binance Exchange is a leading cryptocurrency exchange founded in 2017 in Hong Kong. It features a strong focus on altcoin trading. Binance offers crypto-to-crypto trading in more than 500 cryptocurrencies and virtual tokens, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Dogecoin (DOGE), and its own token Binance Coin (BNB).

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