Lets start buying crypto on Binance
So you want to know how to trade on a crypto exchange like Binance. In this article I will show you all the steps, from the moment you are logged in. I’m not going to cover on how to create an account. Click here to open a Binance account
Step 1: Deposit money into your Binance Account
Remember, Binance is a trading platform only, and to be able to trade cryptocurrencies on Binance, you need to have Bitcoin in your account. Once you own Bitcoin, sending it to your Binance Account is a piece of cake. Within the homepage of Binance, just navigate to the top right hand corner. In the menu click on ‘Funds’ and then click ‘Deposits’
Once you clicked on BTC you will see a BTC Deposit Address. This is your personal Bitcoin address on Binance. Transfer your Bitcoins from where ever you bought them to this address. Once the Blockchain has accepted the transfer the funds will be available on Binance and you are ready for step 2.
Step 2: Select the crypto you want to buy or sell
I suggest you go straight with the advanced trading view, instead of the basic. The advanced view looks nicer and is easier to use. Both views show the same information though, so whatever works for you. So from the menu click ‘Exchange’ and then click ‘Advanced’
Then you can Buy / Sell it in the lower right corner. On the overview page you can see the current Ask and Bid price. Use these if you want to exchange immediately. Or choose any price you think it will reach at some point and youre order will either be fulfilled at some point, or it will stay there untill you cancel it.
If all went well, you should see a message that the order is accepted and you can check the open orders from the main menu. Just click ‘Orders’ and then ‘Open Orders’.
Things to keep in mind:
- the Binance exchange fees are really very reasonable and Binance charges just 0.1% on the value of a trade which is less than many of the other popular cryptocurrency trading exchange platforms. It’s free to deposit coins into Binance and you can even cut the trading fees in half if you pay with Binance’s very own coin – The Binance coin. This is probably only worth doing if you are trading tens of thousands of dollars worth of crypto at a time.
- Any amount of BTC which is in an open order cannot be spend on another order. As long as the order is open, the amount is reserved by binance. You will need to cancel an open order to use the funds elsewhere.
- Use Multi Factor Authentication on your Binance account and choose a long and difficult password.
- Don’t click on any mails claiming to be from Binance. If there is a change or whatever, just open your browser and go there manually(or a bookmark) and check for the changes.
- Trade safe and responsible.