How to Buy and Sell on Binance
Binance has steadily grown over the past few months to become one of the largest cryptocurrency exchanges in the world. Just last Wednesday, Binance added 240,000 users in just one hour.
It’s no secret that Binance is the place to buy and sell cryptocurrency right now, so we thought we would help out newcomers by creating a helpful guide for signing up and exchanging coins.
Why Should I Use Binance?
For one, Binance supports multiple languages (Chinese, English, Japanese, Korean, and more), and multiple devices (Web, Mobile, Desktop). This means Binance has more international support than its competitors, leading to larger volumes and greater transactions.
Second, Binance is fast. Orders are transacted in seconds, and the Binance system supports 1.4 million orders a second.
And finally, Binance supports several popular coins. Tron (TRX), Ripple (XRP), and VeChain (VEN) are just a few of the most traded coins that can be easily purchased on the exchange.
How Do I Sign Up For Binance?
The registration process is simple and only takes a few steps. You will need:
1. A valid email address
2. A computer or mobile device to access the website
3. Bitcoin or Ethereum for trading
Step One: Register on the website.
Head over to the Binance registration page and enter an email address and password. Make sure your password is secure and is between 6-20 characters long with uppercase and lowercase letters.
Step Two: Verify your account.
Check the inbox of the email address you entered. If you don’t receive an email from Binance, make sure to check your spam folder.
Inside the email, there should be a verification link. Click on it, and it will take you to a page confirming your signup!
We highly recommend that you set up 2FA or 2-Factor Authentication. This adds another layer of security in case someone hacks your account. Even if they have your password, they’ll only be able to access it with a linked Google Authenticator app.
IMPORTANT: If you live in the United States or another country with similar exchange regulations, you may be required to provide some form of ID. You may use a passport, driver’s license, or a government-issued ID.
Step Three: Deposit funds into your account.
Once you’ve confirmed and signed into your new Binance account, click under “Funds” in the top navigation bar, then “Deposits Withdrawals”. You should see a list of cryptocurrencies that you can deposit into your account. These include:
Click “Deposit” on whichever coin you want to deposit into your account. An address will pop up, and you can copy paste this into the “Withdraw” section of whichever exchange or wallet you want to take funds from.
For example, if you want to pull from your Coinbase account, select “Withdraw” in your Coinbase account and input the Binance address of the wallet you want to deposit to.
IMPORTANT: Make sure that you only deposit a coin into its specific wallet. For example, only use a Litecoin address to deposit Litecoins into. Depositing any other currency might result in the loss of funds. Be careful!
Once you deposit into your Binance account, you can then use that coin to purchase other coins on the exchange! You should be able to check all deposits and withdrawals under Funds > History.
How To Buy And Sell On Binance
Now that you have your account set up, it’s time to start purchasing and selling some coins.
1. While signed into Binance, click on Exchange, and then either Basic or Advanced.
As the name suggests, one is for beginner traders who just need the essential tools, while Advanced is for more seasoned investors, who are comfortable with chart tools such as trend lines and parallel rays.
For simplicity, we’ll cover how to exchange coins using the Basic view.
2. On the top right, enter the ticker symbol for the coin you want to purchase. You can look up symbols on CoinMarketCap if you’re not sure what they are.
3. Select the currency you want to use to purchase that coin. For example, if you want to buy Ripple with Bitcoin, select the box that reads BTC, and then the line that says XRP/BTC.
4. In the bottom box, select a limit order (a specific value that the coin reaches) or market order (the current value of the coin). Then input the amount you want to purchase. Again, if you’re not sure, use Currencio to figure out how much each coin is worth in your local currency. You can also click on the percentage boxes (25%, 50%) to take out that amount from your available funds.
5. Click Buy. You should now have those coins deposited into a wallet in your Binance account! Some coins may need you to specifically use BTC or ETH, so you can use this same method for buying those coins first, and then purchasing the altcoin of your choice.
You’ve bought a coin and seen some profit or loss, and you’re ready to sell. The process is just as easy as buying.
1. While signed into your account, input the coin you want to sell in the same entry field as if you were to buy it. Then select the coin you want to receive in exchange (BTC, ETH etc).
2. On the “Sell” box at the bottom, choose a Market or Limit order. Similar to buying, you can use percentages to decide how much you want to sell.
3. Hit Sell! Your transaction should take place in a matter of seconds, at the value you specified.
That’s it! It doesn’t take an investment genius or complicated software, just a few steps and you’re on your way to investing in crypto.
It’s important to stay aware of current trends in the industry. Remember, cryptocurrency investment can be volatile. Only invest as much money as you are willing to lose, and always do your own research beforehand.
At Crypto Learning Academy, we train and educate users on how to invest in cryptocurrency, and reward you for completing courses. If you’re interested, check out our Learning Center for more information.