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Beginners Guide To Binance. How to Exchange Cryptocurrency
Beginners Guide to Binance. How to Exchange Cryptocurrency.
Binance is currently one of the largest cryptocurrency exchange in existence. Its appeal stems from its functionality, ease-of-use, and ability to trade and exchange hundreds of different altcoins. It certainly does look intimidating at first, but by the end of this guide, you’ll know how to: properly set up a Binance account, secure your Binance account, make cryptocurrency purchases through Binance, and use the basic exchange functionality.
Can you directly fund your Binance account?
No, and this is a common mistake made by newcomers in the space which is why I’m starting the guide off on this note. Binance doesn’t yet have the capability to convert fiat (your national currency) to crypto. In order to use Binance you need to purchase cryptocurrency from a separate exchange that allows you to do so (such as Coinbase), transfer the money to Binance, then make your altcoin purchase. I know that this seems a bit overbearing with all these steps involved but remember that we’re still in the early adoption phase of this industry and this is what is required to participate. This guide will show you the step-by-step process in how this is done to eliminate any confusion.
Creating a Binance Account
Creating a Binance account is extremely easy and requires very little in the way of identification.
Step 1: Visit Binance.com and click the “register” button. Make sure you are on the actual Binance website. There are many fakes out there in an attempt to phish for information, so be careful. I recommend bookmarking the correct Binance and keeping it in a folder along with other crypto related sites.
Step 2: Open the verification email Binance sends you to activate your account. At level 1, your account is technically “unverified”. However, all this means is that you are limited to the amount of BTC you can transfer off of the exchange per day. The limit for unverified accounts is 2BTC per day. Pro Tip: If you’re planning on purchasing large amounts, it pays to buy a little bit of Binance’s native token (BNB). Currently, you get a 50% discount on transaction fees when paying in BNB. More on how to do this later.
Step 3: Enable 2 factor authentication (2FA) Although not required, it is highly recommended you enable 2 factor authentication. 2-factor authentication requires you to input a unique numeric code in addition to your password. The most common method is Google Authenticator and you can easily download it from the App store or Google Play. You can easily enable 2FA in “Security” settings.
Once downloaded, and 2FA is enacted on your Binance account, Binance will have you scan, or enter a unique barcode into your Google Authenticator app. This will link the two accounts together. Also be sure to write down the secret key provided along with the QR code. If the device you have 2FA enabled on gets lost or damaged, the only way you’ll be able to gain access to your account is through that secret key. Disclaimer: If you choose to change phones at some point, it is very important that you transfer over this information. Google Authenticator is device specific, and not properly transferring information will result in you losing access to your Binance account! Alternatively, you can use text messaging as your 2FA but it isn’t nearly as safe. Phone porting is a very common attack in the crypto space. This is a social engineering attack in which the perpetrator will call up your phone carrier impersonating you, in attempt to gain access to your SIM card. Once the attacker has access to your SIM card, your phone will get deactivated and the attacker will be forwarded your 2FA authentication text messages. This is why Google Authenticator is the preferred method for 2FA.
Funding Your Binance Account
Binance does not yet have the capabilities to convert your national currency to cryptocurrency. If you haven’t already, I recommend creating a Coinbase account as it is one of the exchanges that will allow you to do this. To fund your Binance account, you need to purchase crypto via Coinbase then send it to Binance. For more information, I have an extensive tutorial on how to use Coinbase here.
Making Cryptocurrency Purchases With Binance
I’m going to walk you through how to make a cryptocurrency purchase with Binance. In this example we’re going to purchase the altcoin Ripple (XRP) but the same process will work for any other altcoin that’s available through on Binance.
Step 1: Purchase Ethereum on Coinbase. I’m purchasing Ethereum instead of Bitcoin because Ethereum has much lower transaction fees than Bitcoin. Ethereum’s block time is also smaller than Bitcoin’s (~15 seconds as apposed to Bitcoin’s ~10 minutes) which means transactions on the Ethereum blockchain on average will be faster than Bitcoins.
Step 2: Find your Ethereum wallet address in Binance. In the menu, go to: Funds > Deposits. Shown here. Search ETH to bring up your Ethereum wallet address. What should appear is a long string of random numbers and letters. Click Copy Address. See photo.
Optional Step: Depending on your location, you may or may not have to pay a Coinbase transfer fee. If you see that you do and would rather not, you can mitigate this fee by sending your crypto to Coinbase Pro or GDAX then to Binance.
Step 3: Send your Ethereum from Coinbase to Binance In the Coinbase menu go to Accounts, find Ethereum then click Send. A prompt that looks like this should come up. Paste your Ethereum address and enter the amount your planning to send. Make sure you double check everything before you officially confirm the transaction.
If you’re hesitant to send a large amount of crypto right away, you can always send small amount as a test to make sure it goes through properly.
Step 4: Wait. It’ll take a bit of time for the transaction to occur. The amount of time it’ll take will depend on how congested the network is. Just be patient and it should all go through assuming you did everything correctly. During this process you’ll get two e-mails. One from Coinbase alerting that you sent Ethereum, and one from Binance alerting of a successful deposit.
Step 5: Set Ethereum as baseline currency. In the Binance menu go to: Exchange > Basic. We’ll be making the purchase with Ethereum so we need to set Ethereum as our baseline currency. Under the menu in the top right corner, you should see Favorites, BTC, ETH, BNB, and USDT. Click ETH to set Ethereum as the baseline. See the photo below: https://i.imgur.com/xPLGsem.png
Step 6: Select the cryptocurrency you want to purchase. We now have Ethereum as the baseline currency. Now we just need to tell Binance which cryptocurrency we’d like to purchase. In this example, we’re purchasing Ripple. Using the search bar shown here, type in the cryptocurrencies ticker. The ticker for Ripple is XRP. The results will be filtered down as such. If you don’t know the ticker for the cryptocurrency you’re trying to purchase, Coin Market Cap has that information available.
Step 7: Making the purchase. Go to the Market tab. As shown here. We’ll be focusing on the Buy XRP side. Market is the easiest method to make purchases as it is an agreement pay at what the current market price is. Notice how there’s options of 25%, 50%, 75%, 100%. By selecting 100%, you’re essentially saying you’d like to use 100% of your Ethereum funds to purchase XRP. 75% would be 75% of your Ethereum funds and so on. You’d click Buy to officially place your order. And there you go. That’s how you’d go about making a cryptocurrency purchase through Binance. You should be able to see your crypto by going to Funds > Balances. If it’s not there try Orders > Open Orders. It may still be trying to execute. The other order functions are Limit and Stop-Limit. Those work as follows: Limit: You can choose the amount you would like to pay per coin/token and the order will fill once the market reaches that designated price. Stop-Limit: A limit order will be executed once the price reaches the stop limit.
There’s a 0.01% trading fee using Binance. You can temporarily reduce this fee if you purchase Binance Coin (BNB) and enable BNB to pay for fee’s in your account settings. You see a full breakdown of the fee structure here.
And that’s how to use Binance! I know this process of purchasing altcoins can seem a bit tedious. Just remember that we’re sill in the early adoption phase of crypto, and this process over time will get more simple. As for now, this is what we must go through in order to partake in this industry. I’ll conclude this post by stating you should move your cryptocurrency off the Binance exchange and into a hardware wallet if possible. If a hardware wallet option is not available, then go the software wallet route. It is generally recommended NOT to leave cryptocurrency on exchanges, as there’s always the potential for an exchange to get hacked and your crypto, gone. Thanks for reading!
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