Hey guys. Today’s post is on how to use Binance. This crypto exchange really should be one that you register with and get your account up and running. Even if you are not using it currently, there will be a time when you’ll need it and you don’t want to left out in the cold! This super simple guide will show you how to get started on this exchange (which is one of my favourites for the big coins/tokens).
What is Binance?
Binance one of best cryptocurrency trading platform and it was launched in July 2017.
Why is it growing so fast?
Binance is growing rapidly due to a number of reasons: a slick user interface, multiple languages and fast transactions. Many of the largest coins, after their ICOs, are being listed here.
How to get set up
Step 1: Go to Binance Website
Click here to go to Binance, the link will open in new window so you can still follow this guide.
I would bookmark the site and always navigate to Binance using the bookmark.
Hackers are well know for spoofing links so beware.
Step 2: Complete the Sign-Up Process
Click on the ‘Register’ button which is located in the right corner of the webpage and provide all the required information (remember to set a strong password – write it down and put it somewhere safe). Once you have registered you will need to confirm your email.
Step 3: Enable 2-Factor Authentication (2FA)
When you log in for the first time, a pop-up will show up and ask you to enable the 2FA. This will help increase your security. If you are new to 2FA, you’ll need to download Google Authenticator app. There’s also an option to use a SMS code sent to your mobile which will increase security albeit not as much as the authenticator app. It’s up to you which one you prefer.
You should now be set up ready to deposit funds!
Step 4: Deposit funds
Navigate to “Deposit Withdrawals” under Funds menu item.
On the top right corner of the main menu, you will find the tab named as ‘Funds.’ Under that, select the ‘Deposit’ button, and it will open up the deposit page:
Here you will be able to select the coin you wish to deposit.
Once pressing the deposit button, Binance will create a new dedicated wallet for you (this is a wallet belongs to your account on Binance).
Now, send your coins from your own wallet (or exchange) to the new generated address. I normally get the receiving address from the Binance wallet, and then head over to my Coinbase account, paste this in the sending address and send over to Binance my LTC or BTC. Currently it’s cheaper to send LTC so that’s what I normally work with.
Remember to send only the correct coin to the correct wallet don’t mix and match sending and recieiving coins or you will lose them. For example, don’t send Ether to a Bitcoin address, only Ether to Ether and BTC to BTC ect
Step 5: Extracting a Buy or Sell transaction
Select “Basic Exchange” under “Exchange” menu item.
Now select desired pair from the right pane.
For example, Let’s take IOTA to BTC:
In the basic exchange go to the search box on the right and search for ITOA (this is the quickest way to find a pair). If you have LTC then first exchange it for BTC under LTC/BTC
At the bottom you can now see ‘Buy IOTA’, ‘price’, ‘amount’, ‘percentages’, ‘Total’ and ‘Buy IOTA’.
If you want to use all your cryptocurrency to buy IOTA select 100%, if you only want to buy 25% select 25%
Click on ‘Buy IOTA’ and you will now see your balance under Funds > Deposits withdrawals .
As seen above, the left pane displays the orderbook. In the middle we see the last price and also the chart.
In order to buy (Limit): Set the desired price, select amount (IOTA units, or select percentage of your total Bitcoins). The total BTC (the cost) will then be calculated. Selling IOTA for BTC will be the same the same process reversed.
If you want to buy at market price then select Market from the top menu. Stop limit is more advanced and lets you set a stop loss or stop buy orders -something to play with when you are more experienced!
Step 6 Withdraw you coins
This part is easy. Go back to Funds > Deposits withdrawals on the homepage and sent your coins to your desired receiving address. Just remember the BTC to BTC receiving address, IOTA to IOTA receiving address and so on.
What is Binance Coin (BNB) and What is it Used For?
Binance has its own currency, called BNB. BNB allows you to pay for the different types of fees within Binance exchanges that includes:
Trading Fees (fees incurred from buying and selling coins)
By using BNB coins to pay for the above fees you will get a significant discount!
And that’s all there is to it… simples! So what are you waiting for head over to Binance and get yourself involved. Take care dudes! Live long and prosper !