The Ultimate Beginner’s Guide to the Binance Exchange: Buy/Sell Cryptocurrency

By Rusty Shackelford

So you’ve decided to step into the world of cryptocurrency. You’ve bought your first Bitcoin (BTC), Ethereum (ETH) or Litecoin (LTC) on Coinbase (Many people will refer to these as the Big Three), and now you have friends talking about XVG, NEO, OMG, WTC etc. Coins such as these are what we refer to as altcoins.

Unlike the big three most of these coins cannot be bought on Coinbase. They need to be bought on different exchanges. My personal favorite exchange is Binance. Binance is a secure exchange that many people use, I like that Binance fees are halved because they have their own currency Binance coin(BNB) which will when used to pay your transaction fee will cut your fee in half! The guide below will explain just that.

REGISTRATION

To register for Binance use the link below. My referral link is there and I would appreciate it, if you used it.

BinanceRef

If Binance Is Still Closed to New Member Registration, You Can Get VIP Access from our Contributor @AltcoinAdvisory and Register Now Here

** Update: The link to bypass the Registration block is no longer working, a good alternative to join is Kukoin**

KukoinQRCode

Invitation code: 28uxs

Screen Shot 2018-01-07 at 11.49.38 AM.png
Looking to earn passive income? Kukoin’s Bonus program is the best we’ve seen.

KukoinQRCode

Invitation code: 28uxs

Back to Binance (Once New Customer Registration is Re-Opened)

You will be taken to this page.

Screenshot 2018-01-06 14.03.02.png

Click on the “register” button and fill out all your information. Check the confirmation e-mail sent to you.

THIS NEXT PART IS IMPORTANT TO PROTECTING YOUR FUNDS AND INVESTMENTS

Screenshot 2018-01-06 14.04.58.png

*Do Not Skip This*

2FA or Two factor Authentification basically adds another level of security in addition to your password. So even if someone hacks your password unless they also have the Google Authenticator code from the app they cannot log in. In addition to being the more secure option, Google Authenticator is the only one available for those of us not in Mainland China.

Screenshot 2018-01-06 14.06.57.png

Back up this Key! Write it down, print and store in a Vault, but keep this in case of a lost password or login trouble. If you do print this out store it somewhere where no one can find it and leave instructions for your wife/kids in the event something happens to you. I recommend using a Trezor/Ledger Nano Wallet for offline storage and keeping your exchange (Binance password) and cold storage device (Trezor/Ledger Nano) seeds in a safe location such as a vault or bank (if you trust them)

Some like to use the box that the Nano/ledger comes in to keep passwords together.  You don’t want to be the guy that holds millions in cryptocurrencies with no way to access them, or worse lose them forever.

Open your Google Authenticator app and hit the + button below then scan the QR code on your screen and enter the 2FA code given to you from the app. Congratulations you’re now protected!

Transferring over coins from Coinbase

Now that you have Binance set up, you need to transfer your funds from Coinbase (I will be using Ethereum as an example).

  1. Log in to Coinbase and go to accounts as seen below:

1_b_84cZo1iAfjggyzkBTzYg.png

2. Click on Send. Now you will see this:

3. Go to your Binance account and go to Funds then Deposits and Withdrawals (This is also how you check your coin balances in the future).

Image screenshot from Binance Exchange

4. Search for the coin you are trying to deposit (Ethereum in our case) and click.

5. Copy and paste the ETH Deposit Address into the Recipient box in Coinbase and enter how much ETH/USD you want to send and click continue… Your Ethereum is now en-route to the Binance exchange (Depending on network congestion, this could take a while, although usually with Ethereum transaction times are shorter).

Trading

Once the incoming Ethereum 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 below. 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.

Image screenshot from Binance Exchange

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.

For our example I will be using the coin XVG.

Searching for the coin

  1. Click on the ETH tab on the right side (highlighted below and search for XVG)
  2. Click on the XVG/ETH link which will take you to the page below (You can also click the star next to the XVG/ETH pair which will add it to your favorites (This prioritizes it and puts it at the top whenever you open your exchange tab in the future). 
Image screenshot from Binance Exchange

Buying the coin

  1. Go to Market
  2. Set the desired amount (number of coins or total percentage of your ETH balance are your two options)
  3. Click Buy XVG
Image screenshot from Binance Exchange

CONGRATULATIONS! you now know how to purchase alt coins using ETH.

But what if the altcoin doesn’t take ETH as a pairing? We then need to exchange our ETH to BTC and then we can go about trading as usual again. In order to do this we need to this time click on the BTC tab which is right next to the ETH one we 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
Image screenshot from Binance Exchange

Selling your ETH for BTC

1. Click on Market.

2. Enter amount of ETH or percentage of your total ETH balance you wish to sell.

3. Click on Sell ETH.

4.  Now you can buy altcoins that don’t take the ETH pairing! (All altcoins can be bought with BTC to my knowledge). Welcome to the world of Crypto and as always, happy trading!

**If the author’s guide helped you at all and would like to top him for his work 🙂 feel free to leave a tip in Bitcoin, Bitcoin Cash, Ethereum and Litecoin. His addresses are below!

BTC: 1FBLDewswSZfsE7LVU9rUqRbyhu1DPJv1f

BCH: 1NYLhkjnvxYydZ9T9vRyGVKqyUEpEHX1J4

ETH: 0x2C4D91f52da6815451A9Aa40A49815354cF7c8d1

LTC: LbwLGjiwN1YP7YaEzmScT2RrYqwt6v8EPn


To register for Binance use the link below. My referral link is there and I would appreciate it, if you used it.

BinanceRef

If Binance Is Still Closed to New Member Registration, You Can Get VIP Access from our Contributor @AltcoinAdvisory and Register Now Here

Update: The link to bypass the Registration block is no longer working, a good alternative to join is Kukoin

Kukoin an excellent alternative

KukoinQRCode

Invitation code: 28uxs

Screen Shot 2018-01-07 at 11.49.38 AM.png
Looking to earn passive income? Kukoin’s Bonus program is the best we’ve seen.

KukoinQRCode

Invitation code: 28uxs


Disclaimer:
The information provided on this website does not constitute investment advice, financial advice, trading advice or any other sort of advice and you should not treat any of the website’s content as such. CryptoCurrencyClarified does not recommend that any cryptocurrency should be bought, sold or held by you and nothing on this website should be taken as an offer to buy, sell or hold a cryptocurrency. Do conduct your own due diligence and consult your financial advisory before making any investment decision.
Accuracy of Information
CryptoCurrency Clarified will strive to ensure accuracy of information listed on this website although it will not hold any responsibility for any missing or wrong information. You understand that you are using any and all information available here AT YOUR OWN RISK.
Price Risk
The price of Bitcoin and other cryptocurrencies are highly volatile. It is common for prices to increase or decrease by over 20-100% in some coins in a single day. Although this could mean potential huge profits, this also could mean potential huge losses. DO NOT INVEST ALL YOUR MONEY IN CRYPTOCURRENCIES. Only invest money which you are willing to lose.
Cryptocurrency trading may not be suitable for all users of this website. Anyone looking to invest in cryptocurrencies should consult a fully qualified independent professional financial advisor.

 

 

 

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