Binance lite has been one of the greatest motivating force to crypto beginners.
This is because of how simplified it has made the use of the exchange.
It eliminates most of the tools that are too professional and retains features that are beginners friendly.
This gives beginners an easy learning curve before they move to the more professional part of binance.
In this guide, you will learn how to activate and use binance lite.
What Is Binance Lite
Binance lite is the simplified version of binance that is suitable for beginners.
With the use of binance, there are more than one version that is available for use.
This is not like other exchanges that have only one version.
Binance makes sure that it creates versions that suits the need of every type of user.
This led to the creation of the binance pro and the lite version too.
But the pro version of binance is really for professional users due to the enormous tools available.
The lite version is more simplified and suitable for beginners.
Requirements Before Using Binance Lite
Before you can make use of the lite version of binance, there are some requirements you must fulfill.
Some of these requirements are;
1) Have A Verified Binance Account
Before you can be able to make use of the lite version of binance effectively, you must have a binance account.
Not just having a binance but being verified will be an added advantage.
This is because without being verified on binance, you will not be able to use your account effectively.
So make sure that you have a verified binance account.
2) Have Your Correct Binance Account Log In Details
To access your binance account, you need the correct credentials that is linked to your account.
This comprises of your email address and password that is linked to your binance account.
This is what will give you access to your binance account when you want to login.
How To Activate Binance Lite On App And Website
To make use of the lite version of binance, follow the steps below.
Step 1: Sign In to Binance
The first step is to sign in to your binance app or website.
You can do this with the use of your email and password that is linked to your binance account.
Step 2: Access The User Account Section
Here, you are going to enter your binance user account.
From here, you will find the option to activate binance lite on your binance mobile or website.
So click on the user account.
Step 3: Click On The Binance Lite Button
Now that you have had access to your binance user account, you will be able to activate the lite version of your binance.
This can be done by clicking on the button.
Once activated, it will show the yellow color to signify that it has been successfully activated.
Benefits Of Using Binance Lite
1) Simple To Use
The lite version of binance is a very simple to use interface.
It is not as loaded as the pro version.
The large number of tools that exist on the pro version of binance sometimes make it complex for beginners to adapt fast.
But with the use of the lite version, it is easy for beginners to start using the exchange easily.
Where Can I Use Binance Lite
It can be used on the binance lite app when you make use of the binance mobile app.
This mobile app is available for android and also available for ios.
You can also use binance lite pc when you make use of the binance site on desktop.
How To Check If You Are Using Binance Lite
You can always check if you are using the lite app or lite desktop of biance.
This can be done by accessing your account profile.
On your account profile, you will see if you are using the lite version or the pro version of binance.
If you are using the lite version, the button on the binance lite will be activated.
If not, it will not show any color.
But if you discover that it is not the lite version that you are using, you can easily switch to the lite version.
This can be easily done by clicking on the binance lite button.
Binance Lite Fees
Making use of the lite version of binance is completely free.
You do not get charged any fee to use it.
Uses Of Binance Lite
1) To Buy Cryptocurrency
With the use of the lite version of binance, you can easily buy cryptocurrencies.
This gives new users and beginners the opportunity to buy crypto easily.
2) To Sell Cryptocurrency
Also if you want to sell your crypto, it is a very easy too.
This is because it is a straight forward process when you want to sell crypto with your lite account on binance.
3) To Convert Cryptocurrency
Binance also brought another great feature to help beginners in buying and selling cryptocurrency.
This is the binance convert function.
With this function, you can easily convert from one cryptocurrency to another.
What is also great about this feature is that you do not get to pay any fee for using it.
It is totally free.
Limitations Of Lite Version Of Binance
Irrespective of the ease of use that the lite app of binance offers, there are some limitations that it has.
Some of these limitations include;
1) Lack Of Locked Staking
Locked staking is one of the ways you can safely make passive income from your cryptocurrency.
It has a very low level of risk as compared to other methods of earning passive income.
But the thing is that this function is available in binance pro.
2) Lack Of Binance Auto Invest
Have you ever thought of investing your crypto in an automated way.
Binance auto invest has got you covered.
To make use of this function, you have to make use of the binance pro.
So if you are making use of the lite version of binance, you may not be able to use this function.
3) Lack Of Binance Launch Pool
The binance launch pool helps in making new crypto known to the binance users.
In the process, part of the crypto is being freely distributed to users.
This is only done if you join the launch pool of that crypto.
This helps users gain free crypto when they use binance.
With the use of binance lite, you cannot use this function for now.
4) Lack Of Professional Trading Interface
For any trader that is serious about the success of his or her trading, technical analysis is a must.
But to perform technical analysis well, you need a good crypto chart.
Such good chart is found in trading view and you can make use of binance chart too.
This will help you perform your technical analysis well.
When you make use of the binance lite, you cannot get this.
The chart there is very elementary and cannot serve the needs of a professional crypto trader.