Binance: How to buy Cryptocurrencies/Altcoins
Binance
Binance is a cryptocurrency-to-cryptocurrency exchange where you can use Bitcoin (BTC) or Ethereum (ETH) to purchase the many cryptocurrencies they have on offer. For this example we will be buying Cardano (ADA) using Etheruem (ETH).
To buy cryptocurrencies from Binance you simply need to create an account, then transfer some Bitcoin or Ethereum to your Binance account.
You can find your Bitcoin or Ethereum wallet by going to “Funds” then “Balances”, this will show you how much of each cryptocurrency you own, it will also show you the deposit and withdrawal options, click on “deposit” to see the deposit addresses which you can send BTC or ETH to.
Now you simply go to your exchange or wallet where you hold your BTC or ETH (for this example I am using BitPanda) and then navigate to the “send” section, now you simply copy and paste the address from Binance, lets say you wanted to deposit Ethereum since it is faster, you would copy the Ethereum “deposit” address from Binance and paste into your wallet or exchange when sending. You simply go to “send” and then paste the address into the receiving/payout address.
Once the transfer has completed you simply go back to Binance and click on exchange, then click on “basic”, the default trading pair is BTC but if you desposited ETH you should click on the ETH trading pair.
Next you simply search for the cryptocurrency you want by typing its name in the search bar or you can search for it using its ticker symbol, for example if you wanted to buy Cardano, you will search for its ticker symbol which is ADA, on the exchange it will appear as ADA/ETH (or ADA/BTC if you are using Bitcoin to buy it).
Now you simply go to the “Buy ADA” section and input the amount you want to buy (Binance automatically estimates the maximum for you depending on your ETH/BTC balance and your asking price), if you want you can even change the price that you want to pay, for a good reference look at the buy and sell orders on the left.
Once you input the amount you need, you simply click on “buy” and you are done!
If you do not have any Bitcoin or Ethereum, you can use CEX, BitPanda (if you live in Europe only for now), or Coinmama to buy some (this guide goes into greater detail regarding the purchase of Bitcoin or Ethereum worlwide).
There you have it! That’s how you can buy Cardano (ADA) plus hundreds of other cryptocurrencies using Binance, if you do not have an account you can sign up using the link below:
