Ultimate Beginner’s Guide to Binance Exchange: Buy/Sell Cryptocurrency In 2018
If you’ve decided to enter into the marvelous world of cryptocurrency and you’ve bought your first Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC) on Coinbase (Many people will refer to these as the Big Three). You also have friends talking about XVG, NEO, OMG, WTC etc. Coins such as these are what we refer to as altcoins. Unlike the big three many of these coins cannot be purchased on Coinbase, hence, they need to be bought on different exchanges. My personal favorite exchange is Binance. If you don’t have an account there, I suggest you an account so we can go through the steps together.
Binance is a secure exchange that many people use whereby the fees are halved. This is because they have their own currency Binance coin(BNB) which will when used to pay your transaction fee will cut your fee in half.
1.) REGISTRATION
To register for Binance use the link below. My referral link is there and I would appreciate it, if you used it.
https://www.binance.com
After clicking on this link, you will be taken to this page below.
Click on the register button and fill out all your information. Click register button and check click on the confirmation e-mail sent to you.
2.) PROTECTING YOUR FUNDS AND INVESTMENT
To protect your funds and investment, 2FA is recommended. 2FA or Two factor Authentification basically adds another level of security; apart from your password. So even if someone hacks your password, they cannot log in unless they also have the Google Authenticator code from the app which is on your smartphone.
Open your Google Authenticator app and hit the red + button below then scan the QR code on your screen and enter the 2FA code given to you from the app. That is how easy it is to get protected.
Don’t skip this step. It is easy to lose all your funds online if your last line of defense is just a password and username. Enabling 2FA is very KEY.
3. TRANSFERRING OVER COINS FROM COINBASE
NB: If Coinbase is not enabled for your country yet, you can use any of the local platforms to purchase your crypto and then transfer it to Binance following the steps here.
After setting up your Binance account, you may need to transfer your funds from Coinbase. You could follow these easy steps.
1. Log in to Coinbase and go to accounts as seen below
2. Click on Send. You should see this dialogue box after that.
3. Go to your Binance account and select Funds then Deposits and Withdrawals.
4. Search for the coin you are trying to deposit, we will maintain Ethereum in our case. You can also take these steps on your smartphone
5. Then click the currency to reveal the Deposit and Withdrawal tab for Ethereum. Copy and paste the bitcoin type Deposit Address into the Receiver box in Coinbase and enter how much bitcoin type/USD you want to send.
7. Click continue.
Your bitcoin is now en-route to the Binance exchange. This could take a while, it all depends on various factors. Once it gets there, you will be able to buy your cryptocurrency.
4.) TRADING
Once the incoming bitcoin hits your Binance account, you are now ready to start trading. Go to the Exchange tab and click Basic and you should see the screen.
Like FOREX trading Cryptocurrency is traded in pairs. It will always be ETH/BTC, BTC/XVG, BTC/WTC, etc. Most coins are traded against BTC although some also support ETH and LTC.
5. SEARCHING FOR THE COIN
Using Ethereum as our reference, follow these easy steps.
a.) Click on the ETH tab on the right side
b.) Click on the XVG/ETH link which will take you to a new page.
6. BUYING THE COIN
a.) Go to Market
b.) Set the desired amount (number of coins or total percentage of your ETH balance are your two options.) This option allows you to buy at what quantity or price you feel comfortable in. Use it wisely at all times.
c.) Click Buy XVG
Welcome to the Exclusive Crypto Club of Global Traders. You just learned how to purchase altcoins using ETH.
If the altcoin doesn’t take ETH as a pairing, you would need to exchange your ETH to BTC and then go about trading as usual again. In order to do this, click on the BTC tab which is right next to the ETH one that was clicked earlier.
Exchanging alt coins to BTC
1. Click the BTC tab next to the ETH tab we used earlier.
2. Search for ETH
3. Click on ETH/BTC pairing
Selling your ETH for BTC
1. Click on Market.
2. Enter the amount of ETH or percentage of your total ETH balance you wish to sell.
3. Click on Sell ETH.
4. *drum roll* Let the money roll in :)
Now you can also buy altcoins that are different from the ETH pairing. Welcome to the world of Crypto. There is no better time to be here. Enjoy.
To register for Binance today, use the link below to get started before registration closes.
https://www.binance.com
THE END
**If my guide helped you at all and you want to tip me, I’d really appreciate it :) feel free to do so in Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
My addresses are below!
BTC: 1M53twrcf75wdHh1ejjBXV1eEteDycBWjm
BNB: 0x7565e5276088f6e744cbdface366ea63fbf9b3ae
ETH: 0x7565e5276088f6e744cbdface366ea63fbf9b3ae
LTC: Li7AAkCxpgxFGRY1pACBaEvB3SP8sBFJCP
Thanks for reading!
