Newbies Guide For Your Binance Exchange
Binance is one of the fastest growing cryptocurrency exchanges on the globe. This crypto marketplace is in the top 10 when you talk about coin support, trading volume and customer growth. It’s among the largest Bitcoin markets and it supports over a hundred altcoins, giving you a bigger trading option.
Although Coinbase (and its exchange GDAX) is the go-to place for people in the United State when it comes to cryptocurrencies it only offers support for a number of altcoins – Ethereum, Bitcoin Cash, and Litecoin.
If you are looking for an alternative or just want to trade more altcoins, you might consider having a look at Binance. And although Binance is based in China, it caters to people from the four corners of the earth.
Furthermore, Binance offers basic and advanced exchange interfaces. This makes it easy to use for beginners and the complex crypto tools are welcomed by professionals. And the Binance mobile app, which makes trading faster and easier, is available on Android and iOS platforms.
This article is divided into 3 major sections:
How to create an account on Binance
How to fund/withdraw from your Binance account
How to buy cryptocurrencies on Binance
It is free to create an account on Binance and you won’t be charged when you want to fund that account. However, withdrawal of funds may incur some fees which vary from coin to coin. Binance also charges an average of 0.1% on trades, which is low, especially when you consider how much other exchanges are charging. And things will be cheaper if you pay these fees with Binance’s coin, BNB.
How do you register on Binance?
Step 1: Go to https://www.binance.com and click on “Create Account” or “Register”. Make sure you spell the address correctly using the right characters. Also ensure that your connection is secure by using the “https” extension in your browser.
You’ll be directed to the registration page.
Step 2: Enter your details
Enter your email address. This address should be very secure. You can activate Google 2 factor authentication on your email address to improve its security.
Choose a case-sensitive password which must be longer than 8 characters and must also contain numbers and letters.
If you were referred toBinanceby someone, you can enter their referral ID and they’ll be rewarded because you registered.
If everything looks good, click “Register”
You may be asked to complete a puzzle or some sort of capcha to prove that you’re human.
Once that has been done, a confirmation mail will be sent to you.
Step 3: Go to your email address and open the new mail from Binance
Click on “Verify email”. You’ll be redirected to Binance’s website with this message displayed:
Step 4: Access your account.
On clicking “login” from the previous page you’ll be directed to Binance’s login page.
Enter your details and log in.
You may be asked to complete a puzzle to verify that you’re human.
Once you’re in, you’ll be greeted with a list of “Safety Risk Notices” which are geared to keep you safe when using Binance. Check all the boxes and proceed to the next page.
Step 5: Set up 2 Factor Authentication.
Once you’re in, you’ll be prompted to activate 2FA.
2FA adds a layer of security to your account. It prevents hackers from accessing your account. With 2FA, a code will be sent to you only whenever you try to access your account. This effectively blocks out hackers as they won’t have access to that code.
You can choose to receive 2FA codes via SMS or you can opt for Google Authentication, just like we will be doing in this guide. If you go with the former, you’ll be prompted to enter a phone number and a code will be sent to that number whenever you access your account.
i. Download the Google Authenticator app to your phone.
Ensure the app you’re downloading is offered by “Google LLC “ and make sure the icon is the same with the one displayed in Binance’s prompt. Once the download is complete click on “Next Step”.
ii. On your phone, open the Google Authenticator app to add your Binance account
Select “scan a barcode”, allow the app to have access to your camera, and then scan the barcode provided by Binance.
If you’re experiencing difficulties scanning the code, you can manually enter the code displayed on Binance in the app.
Once that is done, a code will be displayed on your phone and your account will be added.
iii. Save your backup key
A key will be displayed with which you will recover your Google Authenticator in case your phone gets lost. Write down this key on a paper.
Click “Next Step”
iv. Enable Google Authentication
Enter this key, your login password and the current code displayed on the Google Authenticator. Then click on “Enable Google Authentication”.
Congratulations! Your account registration is complete!
Each newbie is automatically placed in level 1 where withdrawal per day is capped at 2 Bitcoins. You’ll have to submit a few verification documents to withdraw more than that.
To view your balance summary hover the cursor on your profile. For a comprehensive overview of your account balances, go to “Funds” and select “Balances” from the dropdown.
How to Deposit / Withdraw from your Binance Account
Part 1: How to Fund your Binance account
Note that Binance doesn’t deal with fiat (such as dollar, pounds, euros and so on). You can only credit your account with a cryptocurrency like Bitcoin and Ethereum. So, funding your account means sending cryptocurrencies to it.
Here’s how to fund your Binance account.
Step 1: From your account page, hover on “Funds” and click “Deposits” from the dropdown menu.
Step 2: From the dropdown menu, type in the keyword of the coin you want to deposit. This is the three-lettered code used to represent the cryptocurrency.
Once your coin of choice pops up, select it.
In this case we want to fund our account with Bitcoin, so we type “BTC”.
Note: Binance withdraws support for altcoins from time to time so their deposit at times could be suspended.
Once the coin is selected, an address will be generated for you to make the deposit.
Use the address displayed for the deposit. Copy and paste it in the wallet from which you are sending the coins. Then input the amount you want to deposit and click send. You can scan the QR code supplied by Binance too, if you want.
For example, if you are transferring the coins from Coinbase, paste the address in the “Recipient” box and select how much you want to send.
Then click “continue” and complete the remaining steps to finish the transaction.
Wait for some minutes for the transaction to be confirmed. As soon as it’s confirmed, it will be reflected in your account.
Part 2: How to withdraw from your Binance account
To make withdrawals, do the following:
Step 1: From the top menu click “Funds” and select “Withdrawals” from the dropdown.
Step 2: Select the coin you intend to withdraw just like you did when funding your account. Input the address you are withdrawing to and how much you want to withdraw. Then click submit.
Once Binance gets your withdrawal request, a confirmation link will be sent to your email address. Your withdrawal will be executed as soon as you click that confirmation link.
Note that you cannot withdraw fiat from Binance since it only deals with cryptocurrencies. A practice among crypto traders/investors is to send the coins to their Coinbase account and then change it into fiat from there. Most people use Ethereum for this process since using Bitcoin is more expensive and takes longer.
How to buy Cryptocurrencies on Binance
Here’s how to purchase cryptocurrencies on Binance.
Step 1: From the top menu, click on the “Exchange” tab and select “Basic”.
This displays a simple trading layout for crypto newbies. It supplies the basic tools needed to purchase cryptocoins and also displays just about the right amount of information a newbie can easily assimilate without getting overwhelmed. The “Advanced” interface is for crypto experts.
Step 2: Select the trading pair you’re interested in.
Just like stock exchanges, Binance offers trading in pairs. Most coins are traded against BTC, ETH, BNB (Binance coin) and USDT (tether, a cryptocurrency worth roughly 1 dollar per unit). So you’re going to see something like XRP/BTC, XRP/ETH, IOTA/BTC, IOTA/ETH, IOTA/BNB and so on.
i. From the top right section of the page, click on the coin you wish to trade in pair
ii. Scroll down and select the altcoin you wish to exchange it with. Luckily, all coins are listed alphabetically so it shouldn’t take long before you find your coin.
iii. You can search for the coin you want to trade.
On clicking your desired trading pair, you’ll be taken to the appropriate page.
We’re interested in an ETH/BTC pair.
Step 3: Scroll down a bit to the section below the graph. Select the “Market” tab.
Type in how much coin you want to buy and hit the “Buy” button. Take note of the fee you’ll be charged for the trade.
You can also sell the coin from this page, as long as you’ve got some in your balance. The only thing you need is to find the pair.
Once you click “Buy” your account will be credited.
That’s it! You can now use Binance to trade cryptocoins.
Note: If you choose to Join Binance through the links provided I will earn a referral commission. This is not investing advice, only spend what you can afford to loose.
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