Binance Tutorial for Beginners 2018
So you've finally decided to step into the world of cryptocurrency, and you've bought your first Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC) on Coinbase. If you haven't, make sure you check out our Coinbase tutorial for beginners on how to get started.
You are now looking to buy some of the other smaller coins, also known as Altcoins. Unlike BTC, ETH and LTC these cannot be bought on Coinbase, and need to be bought on different exchanges.
This is where Binance comes in handy. Binance is a cryptocurrency trading platform that was launched in July 2017. It has already become one of the most popular cryptocurrency exchanges, used and trusted by millions of crypto enthusiasts all over the world.
Binance is a "crypto-only-exchange", meaning you can not directly exchange cryptocurrency with FIAT (USD, EUR, GBP etc.). It requires that you deposit Bitcoin or any other cryptocurrency available on Binance, and then exchange it for other currencies.
It might sound a bit overwhelming at first, but in reality it is rather simple. Let's dive right into it!
Register on Binance
Head over to Binance and click the register button in the top right corner. Fill out the required fields and submit by clicking register.
You should now have received a verification mail from Coinbase, it might take a couple of minutes to arrive. Click the link in the mail to verify your account.
Login to Binance
After verifying your email you are able to sign in to Binance. Always make sure you are on the legitimate website (https://www.binance.com/) before logging in.
Enable Two Factor Authentication (2FA)
We strongly recommend that you enable 2FA on your Binance account. 2FA basically adds another level of security in addition to your password. So even if someone hacks your password they cannot log in. You can choose between using Google Authenticator or SMS Authentication. If you decide to go for Google Authenticator you can check out Binance's own tutorial on how to setup Google Authenticator on your Binance Account.
Deposit cryptocurrencies to Binance
Now that we have successfully setup our account we are ready to transfer funds to our Binance account. As we stated earlier in this tutorial, Binance is a "crypto-only-exchange", meaning you can only buy cryptocurrencies on Binance with other cryptocurrencies.
You can send funds to Binance from any wallet or exchange as long as Binance supports that currency. In this tutorial we are going to send funds from our Coinbase account. If you don't have any cryptocurrencies yet, and want to buy with "real money", head over to our Coinbase Beginner Tutorial to get started.
- Go to the Funds > Deposit tab in top right menu.
- Select the cryptocurrency you would like to deposit from the dropdown list, in this example we have chosen Bitcoin (BTC)
- Copy your Deposit Address
Transfer funds from Coinbase (or other wallet/exchange)
- Sign in to Coinbase
- Head over to the Accounts section
- Click the send button on the cryptocurrency you would like to transfer to Binance
- Paste the Binance Deposit Address of your selected cryptocurrency in the "Recipient" field
- Fill in the amount you would like to send
- Click the complete button and finish the required steps to send your funds
After you have sent funds to your Binance account you will have to wait until it arrives, which can take anywhere from 1 minute to 2 hours depending on the currency. You can see all incoming and previous deposits in the Funds > Transaction History tab. When you successfully have the funds on your Binance account we are ready to start trading/buying cryptocurrencies.
Head over to the Exchange > Basic tab located in the top left corner.
Don’t worry about all those numbers and figures! They may seem very over whelming but for the purposes of this guide we will be ignoring them.
Find the currency
Just like trading stocks, cryptocurrency is traded in pairs. Most coins are traded against BTC, ETH and LTC, and in this tutorial we will trade our Bitcoin (BTC) into Stellar (XLM). The trading process is the same for all coins, so you can follow these exact steps for whichever coin you would like to trade.
- Click on the BTC tab on the right side
- Search for the cryptocurrency you would like to trade, in our case XLM
- Click on the XLM/BTC link, which will take you to the trading page for that pair (shown below)
There are primarily 3 different order methods to buy and sell currencies on a trading platform like Binance: Limit, Market and Stop-Limit. In this tutorial we will be using Market, which is the simplest type. If you want to learn more about the different market types you can read more here.
- Select "Market" in the Buy/Sell section located below the graph
- Set the desired amount (number of coins or total percentage of your Bitcoin balance)
- Click "Buy XLM"
Congratulations, now you know how to buy cryptocurrencies on Binance!
If you want to trade back to Bitcoin or Ethereum you follow the exact same steps and fill in the amount in the sell box for whichever currency you have!
Hopefully you found this guide helpful, and feel free to spread the word about CryptoCatalog.net!