So, you have thought of buying your first cryptocurrencies. The first thing you need to decide on is which exchange you are going to use to purchase and trade these virtual currencies on. This article will walk you through setting up an account to start buying and selling your own cryptocurrencies on one of the most popular cryptocurrency exchanges worldwide called Binance.
Binance is the world’s fastest growing exchange for trading cryptocurrencies, processing and completing orders at an extremely high speed compared to other exchanges. Binance is ranked as the number one leading cryptocurrency exchange in trading volume. Originating in China, later moving their headquarters to Malta, a crypto friendly island. Binance is popular for its decentralised crypto to crypto exchange services. Quickly building a strong community due to the low trading fees and impressive amount of Initial Coin Offerings Listed.
The following article will guide you through step by step on how to get started trading cryptocurrencies on the Binance cryptocurrency exchange.
Register an account on Binance
During step 1, our goal is to set you up with an account on the Binance exchange, the following sub steps need to be followed and registration will be done in no time:
- Simply head over to www.binance.com
- You will be presented with a page that looks similar to the following, depending on your area of residence:
At first this might look like too much going on, but once you get familiar with the site, you will quickly find yourself utilizing its every aspect.
Head over to the top right corner of the page and click on “Register”
- After selecting register, fill in your personal details in the pop-up provided.
After reading and agreeing to the terms, click on register again to finalise the registration.
- After clicking on register, an email will be sent to you as to verify your email address and device used to register the account with. Follow the links until all information is entered, confirmed and registered.
- After registration, you will be able to sign into your account. Go back to the Binance home screen, click on “Log in “on the top right-hand side of the page and fill in your details of the account that you have just registered. You will then be presented with a page that looks similar to the following:
You have now finished setting up your account to the point of being able to get onto the exchange, the next step will show you the prerequisite steps before you can make your first deposit to start buying cryptocurrencies on the exchange.
- To get to the trading, click the exchange command on the top left of the screen, for beginners, choose basic, and you will be redirected to a page which looks similar to the following:
We will now give you a short walkthrough on what each section of this page represents:
Neither the basic, nor the advanced versions are easy or simple to use for complete beginners. However, anyone with a background in digital currencies, trading or using exchanges should be able to use the fundamentals of the platform and the different services Binance offer. The main difference between the basic and the advanced version is that the advanced interface offers the ability for a more-in-depth technical analysis of cryptocurrencies. Currently the basic interface dashboard offers several graphs and charts for the different trading pairs, order books and trade history.
The basic interface is aesthetically pleasing and well laid out using a light theme, all the information a user needs is clearly presented. Prices and orders are on the left, graphs are in the centre, buy and sell options are positioned below the graph and the trade history is presented on the right, allowing the latest trade prices to be viewed quickly.
The advanced interface is also well laid out and uses the dark theme, all the information a user needs is clearly presented, and more advanced indicators can be added as well. Prices and orders are on the right, graphs are in the centre left, buy and sell options are also positioned to the right of the graph and the trade history is presented on the far right, also allowing the latest trade prices to be viewed quickly.
The light and dark colour theme are a matter of preference, we prefer the lighter coloured basic interface as it is much clearer and find the layout a little easier to use.
- Users don’t have to verify themselves for a level 1 account, which has a 2 BTC daily withdrawal limit. Users must verify themselves by uploading a photo ID and waiting for approvable to obtain a level 2 account, which allows up to 100 BTC per day withdrawal limit. There are even higher limit accounts, but Binance must be contacted directly to arrange these. Verification times can vary depending on how busy the Binance site and support staff are. We recommend that users plan ahead if they wish to withdraw large amounts and make sure a level 2 account is complete and operational before depositing and trading large sums on the exchange.
Once a user’s account is set up and verified, the next step is to fund the Binance account. A variety of multitude cryptocurrencies are available to deposit, however, it is recommended to use either BTC or ETH, direct deposits via debit or credit cards is also available. This will be discussed in step 2.
Fund your Binance account
Before you can start buying cryptocurrencies, you need to fund your account, either with fiat currency or cryptocurrencies. You do this by linking your bank account to your Binance account and depositing the amount of fiat currency (“regular” money) that you would like to spend, onto the exchange or in the same manner, cryptocurrency.
- Look at the top of the page and click on the “Funds” option, you can choose deposit in the drop down, but to get a clear list of all the coins, click balances:
You will be presented with a page that looks similar to the above.
- Crypto deposits: When on this page find the desired currency you wish to deposit, click the “Deposit” button next to the currency. This will then show the wallet address, which can be used to fund the account using the address with the desired cryptocurrency. The time will vary depending on which cryptocurrency deposited, as this is reliant on that currencies blockchain. Some currencies like Ethereum are faster than Bitcoin which can take a while.
- Fiat deposits: Fiat deposit is a new feature added to Binance, simply click on Funds and the Deposits. You will see an option as follow:
Click on “Buy Now”, follow the prompts and link your bank account.
Once an account is funded, it is ready to start trading, exchanging and investing in various digital currency pairs. Binance offers and supports a large variety of major digital currencies, numerous ICO listings and their respective tokens.
Currently, the platform can only be used to generate limit and market orders. Limit order is an order to buy or sell a cryptocurrency or asset at a specific price or better. A market order is a buy or sell order to be executed immediately at current market prices. Many considered this is a disadvantage as traditional exchanges have more advanced trading options. After placement of an order, simply wait for the according set terms to be fulfilled.
After all these steps have been completed, you are now able to start buying and trading cryptocurrencies on Binance. The next step will guide you through buying your first Cryptocurrency or a portion of one.
Trading your first Cryptocurrencies on Binance
The following steps can be followed to purchase and start trading your first cryptocurrency after you have completed all the previous steps.
We will be covering trading and not investing during this step.
Trading on Binance is designed to be efficient and easy to use. To get started, make sure you have funds deposited – there are options for trading pairs in BTC, Alts, BNB and USDT.
- Once you have your funds, at the top right menu, select “Exchange” > “Basic” or “Advanced” to load the trading screen. For this representation, will be using the Basic view.
On the right-hand side, of the screen select a tab from BTC, Alts, BNB or USDT this is what you will be trading in. Then choose your desired currency from the list. You can also create a favourites list by clicking the star next to any currencies.
- Once your desired currency has loaded, let’s take Bitcoin against Litecoin for this example, take note of the left-hand column which shows prices that people are willing to sell at (A)in the top half in red and prices people are willing to buy at (C) in green in the bottom half. The number in the middle shows the last sale price (B).
- Now to place a buy order, use the centre box underneath the graphs and you will see the buy box is in green on the left. You can manually enter a price you wish to purchase at, but a better way is to click a number on the left-hand column. You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will fill it with an amount based on how much of the buying currency you have (in this case BTC).
- Once your order is placed it will be shown underneath in the “Open Orders” section until it is filled. At that point, your new currency will be available under the “Deposits / Withdrawals” menu where you can withdraw it to the wallet of your choice.
Binance has often been praised for its wide variety of support coins. Traders can use the platform for multiple digital currencies, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. With this in mind, traders can use the platform to trade these tokens for a profit as well.
Binance is currently very quick to add new coins and tokens after their ICO which usually means you can purchase them cheaply which allows for greater profit down the road.
Binance ICO and BNB Coin
Another thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralised Exchange where it will form one of the key base currencies. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders.
Binance Fees and Limits
At the time of writing, Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time.
Binance is one of the best cryptocurrency exchanges for trading a wide variety of cryptocurrencies. All of the information provided above is accurate until date, the exchange may be updated and some tabs can move around, but this will not have a big impact due to the site being quite basic. Binance offers a reliable service and a great user interface.
Good Luck and Safe Trading.
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