Te late 2017, there are dozens of Bitcoin/cryptocurrency exchanges available to trade inbetween Bitcoin and altcoins. Each has their pros and cons. Going into 2018, Binance is becoming one of the most popular and respected crypto to crypto exchanges around, supporting a range of cryptocurrencies and languages.
This guide will go through how to begin on Binance spil a beginner, from creating an account and depositing your money to trading, withdrawing and securing your account.
How to I Create a Binance Account?
To begin on Binance you very first need to create an account. Click here to go to their registration pagina and do this (this is an affiliate listig, so wij’ll earn some money if you sign up via it).
An significant note here – make sure you’re on Binance’s webstek. There are many fake websites pretending to be Binance, which if you find yourself on – will steal your individual gegevens and funds. Ensure the domain you’re loading is www.binance.com (note that this verbinding is different to what you see, it linksaf to an affiliate registration pagina – many people will do this with fake domains to trick you).
After you pack ter the Register form and click ‘Register’, you’ll be send an email – you need to click the verbinding te this email to verify the emal account is real. After doing this you can then login!
Enable Two-Factor Authentication
Before you consider putting any money on Binance, you’ll want to secure it very first by enabling Two-factor authentication – te particular, what they call ‘Google Auth’. Two-factor authentication means that when you login or perform an significant act (like a withdrawal), spil well spil your password, you need to inject a 2nd code. This can either be sent via SMS to your phone, or generated using Google Authenticator.
Ter 2017, many users using SMS-based two-factor have had malicious people voeling their mobile phone provider, take control of their number, and take control of their two-factor codes. This is why you should use Google Authenticator, spil it’s linked to your physical phone rather than your phone number – and so it’s more difficult to bypass.
Very first you need to install the ‘Google Authenticator’ mobile app, which is available for Android & iOS. Then you need to ‘Enable’ two-factor on Binance. You’ll then see a barcode on your screen and a secret backup code. Before you do anything else, take a backup of this secret backup code – ideally on paper, or somewhere not connected to the internet. Then click the + icon te Google Authenticator, select ‘Scan barcode’ – and scan the barcode on screen. Note that there’s an option for ‘Manual entry’, if you everzwijn lose your phone – the secret backup code can be entered here to recover your two-factor access (it has the same effect te Google Authenticator spil scanning the barcode). This is why it’s significant to keep the secret backup code secret!
A few things to note here. Once you add an exchange to Google Authenticator, you’ll see a code has bot generated. This will reset every 30 seconds or so, and can then be used to verify logins/significant deeds on Binance. You can add spil many exchanges/websites spil you like on Google Authenticator, scanning a barcode doesn’t overwrite an existing webstek, only deleting it by hand would do that. Uninstalling Google Authenticator may also do this, so make sure you have that secret backup code somewhere!
When you next login, there will now be a 2nd step to the login process where you inject the two-factor code generated ter Google Authenticator. Wij’ve found sometimes this 2nd step doesn’t always stream, if you have problems, just reload the pagina a few times and disable your adblocker for Binance.
How to Deposit Money on Binance?
Lots of people get confused at this step. Not all exchanges support fiat (e.g. USD, EUR, GBP) deposits. Binance does not. So to get money onto Binance you need to very first deposit your fiat into a different exchange. See this guide for potential options.
This raises the question, if you have to use a different exchange to deposit your fiat – what’s the point te using Binance at all? The reason is that exchanges supporting fiat are regulated more strongly – and so they tend to only have the larger coins like Bitcoin, Ethereum and Litecoin. If you want to buy a coin that isn’t te the top Ten, you’ll have to use an exchange like Binance.
If you project to buy coins on Binance straight away, you’ll want to buy a coin you can transfer cheaply and prompt on the fiat exchange. Litecoin is a popular choice te late 2017, spil Bitcoin’s fees are very high. To make a deposit on Binance you need to send this coin to your Binance ‘Deposit Address’, which you can view by clicking on ‘Funds’ te the top spijskaart, then ‘Deposits Withdrawals’, and ultimately clicking ‘Deposit’ next to the coin you’re sending. There will be lots of coins on this pagina, so use the search opbergruimte te the top right to find the one you want (for example search ‘LTC’ for Litecoin).
Now that you have the deposit address, you need to send your coins from your fiat exchange to this deposit address (alternatively if you store coins on a wallet, you can send directly from a wallet). Don’t attempt typing this – copy it. If you make a mistake, miss a character, use the wrong address, you’ll lose any money you send. So dual, triple check, that the deposit address is onberispelijk – and when it is, send it! It may take up to an hour to voorstelling up on Binance, so don’t funk if you don’t see it instantly.
Before you commence trading on Binance, you need to deposit some money – see the above section for how to do this. Once you have money on Binance, click on ‘Exchange’ te the top menukaart, and then click ‘Basic’. This will fountain a beginner-friendly pagina for trading!
To embark, you need to be aware of what a trading pair is. So any coin on Binance can only be traded with specific coins. Te the top right of the trading pagina there are Four options for the primary coin, BTC, ETH, BNB and USDT. You’d select one of thesis, for example BTC by default, then search for the coin you want to trade with te the opbergruimte just below. Wij’ll use Cordano (ADA) te examples below spil it’s grown a lotsbestemming overheen the past month, but this principle applies to all coins. So if wij want to buy ADA, wij’d search for ‘ADA’ ter the search opbergruimte te the top right – and if you can trade it with the primary coin, you’d see an option similar to ‘ADA/BTC’. If you don’t see any results, attempt switching the primary coin.
Next, click on the ‘Pair’ (e.g. ‘ADA/BTC’ part) to blast the relevant trading pagina. Here you’ll see lots of numbers and charts. On the left is the order book, which has all current sell orders at the top ter crimson, and all current buy orders at the bottom ter green. The number te the middle is the current price.
To buy/sell you ADA, there are Trio approaches, Limit, Market and Stop-Limit. For information on Limit and Stop-Limit orders, see this guide. For now click on ‘Market’, just below the chart, to fountain the interface for a market order – which permits you to buy/sell instantly at whatever the current price of ADA is. To buy some ADA, you’d waterput ter the amount you want to buy on the left ‘Amount’ input, then click ‘Buy ADA’. To sell it, use the ‘Sell ADA’ options on the right. Your current balance of the primary coin, e.g. BTC, and ADA, is displayed above the ‘Amount’ input.
Each time you buy/sell coins, a puny toverfee is charged by Binance. A way to decrease thesis fees is to click on the icon of a person te the top right of the header spijskaart, then click ‘Account’, and tick the option just below your email address for ‘Using BNB to pay for fees’. This will give you a 50% discount on fees! If you don’t have any BNB this may not give you the discount, so go buy a petite amount of BNB if you don’t have any!
To see a history of all your trades, click on ‘Orders’ ter the top menukaart, then click ‘Order History’.
How to keep track of coins?
Unlike fiat-based exchanges like GDAX and Losbreken, which offerande less than 20 coins to trade with, Binance offers hundreds – 267 at the time of writing this. This is good spil it gives you the option to trade a broad range of coins, but it also causes problems for many people.
With so many coins available, you might find yourself with petite amounts of 50+ coins unaware of why you bought them te the very first place or how much they’re now worth ter fiat (USD). Wij experienced this punt ourselves, having accumulated a few dollars worth of dozens of coins while testing. This is where wij cork something wij made to solve this problem! Wij’ve bot working on a Crypto Portfolio Tracker here on this webstek, where through Binance’s API wij can track the fiat value of a Binance account te real-time, and provide gegevens like your profit/loss. If you’ve experienced this punt, where you’re not truly sure what you own or if you’ve profited from it, then give our tracker a attempt. If you have any terugkoppeling on it tell us here! 🙂
What are the lines and caf on the Trading Pagina Chart?
When you very first see the trading charts on Binance it can look scary, but it’s not spil ingewikkeld spil it looks! There are Three charts displayed, one large one, and Two very brief ones below. If you hover your mouse overheen each chart you should see a key ter the top left demonstrating what each line is. Generally:
- The one at the top displays the current price of the coin you’re trading (generally this is the most curvy one), and the average price (the straighter line). Looking at this pagina logged out there seems to be Two lines, one for the price and one for the average. When logged te the average seems to be displayed spil Trio lines (called moving averages – each taking into account a different number of days, and so slightly different shapes), and the price spil caf.
- The middle chart is the total volume traded.
- The bottom chart is an MACD (a popular technical indicator). Spil a beginner trader you should concentrate on the top Two charts, and observe a tutorial on MACD’s when you feel more certain.
How to Withdraw Money from Binance?
Withdrawing is very similar to depositing, where you just send a coin to a ‘Withdrawal Address’ provided by another exchange, or the address of your own wallet. Be aware that there is normally a toverfee for withdrawing coins, which will vary ter amount for each coin. Generally attempt not to withdraw puny amounts – instead send larger amounts less frequently.
By default you’re limited to withdrawing a maximum of Two BTC ter value vanaf day. If you want to increase this, click on the icon of a person te the top right of the header menukaart, then click ‘Account’. At the top of this pagina, there’s an option to ‘Submit Verification Documents’ to increase your daily withdrawal limit.
If you want to support us, use our affiliate listig when signing up on Binance by clicking here!
DISCLAIMER: This webpagina cannot substitute for professional investment or financial advice, or independent factual verification. This guide is provided for general informational purposes only. Anything Crypto is UK-based and not regulated by the FCA (Financial Conduct Authority). The group of individuals writing thesis guides are cryptocurrency enthusiasts and investors, not financial advisors. The ideas introduced are our analysis, learning & opinions on a range of cryptocurrency topics. Trading or mining any form of cryptocurrency is very high risk, so never invest money you can’t afford to lose – you should be ready to sustain a total loss of all invested money.
This webstek is monetised through affiliate linksaf. Where used, wij will disclose this and make no attempt to hide it. Wij don’t endorse any affiliate services wij use – and will not be liable for any harm, expense or other loss you may suffer from using any of thesis. Don’t rush into anything, do your own research. Spil wij write fresh content, wij will update this disclaimer to encompass it.
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Written by the Anything Crypto team
Wij very first discovered Bitcoin te late 2016, and desired to get everyone around us involved. But no one seemed to know what it wasgoed! Wij made this webstek to attempt and fix this, to get everyone up-to-speed!