Binance is an Asian platform that is distinguished by the amount of crypto coins it offers to trade, it is one of the most complete and widely used platforms.
First steps at Binance
If you want to operate on this website, the first thing you need to do is to register. To do this, go to https://www.binance.com and click on “Register”, located at the top right.
Insert your email and a preferred password (tip: use at least eight characters, upper and lower cases, numbers and special characters. The longer, the better. And try to use a different password than your usual ones). If you enter this code: 19711989 as the Referral ID you’ll help us to keep working on more guides and the blog, but it’s up to you.
Once you complete the form, you must accept the terms and then an email will be sent to verify your address. Click on the link you receive (or copy and paste it on your web browser if it doesn’t appear as clickable) and you are done with your basic account.
When you log in to your account, you will be advised to increase security by enabling 2FA. What does it mean? That you not only need your email and the set password but also another (a second) factor. This is very recomendable, so let’s figure out how to do it.
We recommend you to use Google Authentication: download the Google Authenticator app (Android or iOS). Once installed, press the red “+” button to add a new account. You can insert the code Binance gives you or directly scan the QR code with the mobile phone’s camera.
Once done, go back to Binance and fill in the Key fields (next to the QR code), your Binance password and the 6-digits code Google Authenticator (called 2FA) is showing:
This is very important: save your key and or QR code! This way, if you lose your phone or change it for a new one, you will be able to add this same account again. Otherwise, you won’t be able to access your account and you’ll need to open a support ticket and follow an account recovery process that will take some time.
That’ll get you registered and set up at Binance. Now you can take out up to 2 bitcoins per 24 hours. If you verify your account you can withdraw up to 50 bitcoins per 24 hours.
Once in your account configuration make sure the option “Using BNB to pay for fees” is selected (it is by default), as it will give you discounts on the fees you pay.
The discounts are as follows:
- 50% during the first year
- 25% during the second year
- 12.5% during the third year
- 6.75% during the fourth year
- No discounts from the fifth year on
How to deposit at Binance?
Once fully registered, it’s time to deposit funds so you can start trading.
Click the upper right corner -> Funds -> Deposits Withdrawals -> Deposit and select the coin you want to deposit (usually BTC, but you can deposit whatever coin is accepted at Binance).
There you can find the deposit address, copy and paste it on your wallet or exchange you want to transfer from. Once you make the transfer it will take some time until you see your balance updated at Binance, don’t panic. Remember: transferring from an exchange usually takes longer than directly from your own wallet (considering you add the same fee).
How to trade at Binance?
Once you have transferred your bitcoins or any crypto currency you can exchange them for other cryptocurrencies. It may seem complicated but it is not. There are two options for trading: basic and advanced. Select Basic: it has all we need to start.
There you’ll find a lot of hard to understand numbers, but it’s easy to understand once you know what the different sections are:
On top of all the sections you can find the header, where you can log in / log out, contact support, change language… Below the header there are 10 useful sections to trade:
2-Current trading pair behaviour during the last 24 hours
5-K Line and Market Depth
6-Type of order
9-Switch area of other trading markets / trading pairs
10-Latest completed transactions price
Go to section 9 and look for the coin you are interested in. You can type the name or ticker of the coin in the search box so it shows up. Remember to first select, on the top right of the section, what coin you are using to buy it. You can buy altcoins with Bitcoins (BTC), Ethereum (ETH), Binance coin (BNB) or Tether (USDT), though you have more trading pairs (more options to buy) with BTC.
I recommend to buy some BNB first, remember you will have a 50% discount on fees (during first year) if you use your BNB to pay them, so you need to have some. How many BNB to buy? BNB acts like another cryptocurrency, so buying when it dips would be the most efficient way of using them. But consider this: Binance will use quarterly 20% of profits to buy back BNB from the open market and destroy them, so it’s a deflationary coin and it’s price should go up (providing demand remains the same or higher).
Now imagine you want to buy some Ripple currency with your deposited bitcoins: click on BTC to get the BTC pairs and type XRP (the Ripple ticker) in the space below “Favorites”, XRP/BTC should show up.
Then click on XRP to access to the XRP trading chart. You can set a trading pair (XRP/BTC in this example) as favorite for easier access later on by clicking on the star next to it.
After studying the chart and deciding you do want to buy some XRP, click on the type of order you want to fill: Limit, Market or Stop-Limit. What are the differences:
-Limit order: you enter the amount you want to buy and the Price you want to buy at. Order will only fill when another trader picks it. If you think XRP Price will fall a 10%, you can set a buy order at a price 10% cheaper than the actual one, so when it falls your order will get filled. But if the price doesn’t fall so much or goes higher you will be left with no XRP
-Market: here you only insert the number of coins you want to buy and the system will start filling the cheapest sale orders until it buys your coins. This is the oposite case as the previous one: you take the limit sell orders already introduced in the market by other participants.
-Stop-Limit: here you set two different prices: the first one (stop) will trigger the buy or sell order and the second one (limit) sets the maximum price your coins will be bought or sold at. You are telling the system: if this specific (stop) price is reached, sell the coins at this maximum (limit) price.
Unfortunately, Binance doesn’t allow to set a market and a stop-limit order at the same time.
This website is simple and easy to use, and offers you some shortcuts to how much of your available BTC you want to use for the purchase. If we want to buy as much as we can on Ripple, select the 100% option. Remember: this percentages refer to the available BTC, not to your funds. Funds invested on other coins or Bitcoins used on open orders don’t count (if you have 3 BTC and set a Limit order to buy ETH for a total of 1 BTC, this BTC is not available and only 2 BTC will be taken in consideration in this shortcuts).
You also have the option to manually enter the coins you want to buy. If you don’t know how many XRP you can buy, you can select 100%, so you see the maximum coins you can buy. Then you can manually insert a smaller desired amount.
The Total Box shows how much of your available BTC you are using to buy those coins at the given price.
And that’s all there is to it. This is why Binance is one of the most widely used platforms. It is simple and has no major complications. Remember you can register here: www.binance.com