How to Trade Bitcoin on Binance.com Exchange
In late 2017, there are dozens of Bitcoin/cryptocurrency exchanges available to trade between 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 start on Binance as 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 start on Binance you first need to create an account. Click here to go to their registration page and do this (this is an affiliate link, so we'll earn some money if you sign up via it).
An important note here - make sure you're on Binance's website. There are many fake websites pretending to be Binance, which if you find yourself on - will steal your personal data and funds. Ensure the domain you're loading is www.binance.com (note that this link is different to what you see, it links to an affiliate registration page - many people will do this with fake domains to trick you).
After you fill in the Register form and click 'Register', you'll be send an email - you need to click the link in 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 first by enabling Two-factor authentication - in particular, what they call 'Google Auth'. Two-factor authentication means that when you login or perform an important action (like a withdrawal), as well as your password, you need to enter a second code. This can either be sent via SMS to your phone, or generated using Google Authenticator.
In 2017, many users using SMS-based two-factor have had malicious people contact 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, as it's linked to your physical phone rather than your phone number - and so it's more difficult to bypass.
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 in Google Authenticator, select 'Scan barcode' - and scan the barcode on screen. Note that there's an option for 'Manual entry'; if you ever lose your phone - the secret backup code can be entered here to recover your two-factor access (it has the same effect in Google Authenticator as scanning the barcode). This is why it's important 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 been generated. This will reset every 30 seconds or so, and can then be used to verify logins/important actions on Binance. You can add as many exchanges/websites as you like on Google Authenticator, scanning a barcode doesn't overwrite an existing website, only deleting it manually 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 second step to the login process where you enter the two-factor code generated in Google Authenticator. We've found sometimes this second step doesn't always load; if you have problems, just reload the page 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 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 in using Binance at all? The reason is that exchanges supporting fiat are regulated more heavily - 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 in the top 10, you'll have to use an exchange like Binance.
If you plan to buy coins on Binance straight away, you'll want to buy a coin you can transfer cheaply and fast on the fiat exchange. Litecoin is a popular choice in late 2017, as 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' in the top menu, then 'Deposits Withdrawals', and finally clicking 'Deposit' next to the coin you're sending. There will be lots of coins on this page, so use the search box in 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 try typing this - copy it. If you make a mistake, miss a character, use the wrong address, you'll lose any money you send. So double, triple check, that the deposit address is correct - and when it is, send it! It may take up to an hour to show up on Binance, so don't panic if you don't see it immediately.
How to Trade on Binance?
Before you start 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' in the top menu, and then click 'Basic'. This will load a beginner-friendly page for trading!
To start, you need to be aware of what a trading pair is. So any coin on Binance can only be traded with specific coins. In the top right of the trading page there are 4 options for the primary coin; BTC, ETH, BNB and USDT. You'd select one of these, for example BTC by default, then search for the coin you want to trade with in the box just below. We'll use Cordano (ADA) in examples below as it's grown a lot over the past month, but this principle applies to all coins. So if we want to buy ADA, we'd search for 'ADA' in the search box in 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, try changing the primary coin.
Next, click on the 'Pair' (e.g. 'ADA/BTC' part) to load the relevant trading page. 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 in red, and all current buy orders at the bottom in green. The number in the middle is the current price.
To buy/sell you ADA, there are 3 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 load the interface for a market order - which allows you to buy/sell instantly at whatever the current price of ADA is. To buy some ADA, you'd put in 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 small fee is charged by Binance. A way to decrease these fees is to click on the icon of a person in the top right of the header menu, 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 small amount of BNB if you don't have any!
To see a history of all your trades, click on 'Orders' in the top menu, then click 'Order History'.
What are the lines and bars on the Trading Page Chart?
When you first see the trading charts on Binance it can look scary, but it's not as complex as it looks! There are 3 charts displayed, one large one, and 2 very short ones below. If you hover your mouse over each chart you should see a key in the top left showing 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 page logged out there seems to be 2 lines, one for the price and one for the average. When logged in the average seems to be displayed as 3 lines (called moving averages - each taking into account a different number of days, and so slightly different shapes), and the price as bars.
- The middle chart is the total volume traded.
- The bottom chart is an MACD (a popular technical indicator). As a beginner trader you should focus on the top 2 charts, and watch a tutorial on MACD's when you feel more confident.
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 fee for withdrawing coins, which will vary in amount for each coin. Generally try not to withdraw small amounts - instead send larger amounts less frequently.
By default you're limited to withdrawing a maximum of 2 BTC in value per day. If you want to increase this, click on the icon of a person in the top right of the header menu, then click 'Account'. At the top of this page, there's an option to 'Submit Verification Documents' to increase your daily withdrawal limit.
If you want to support us, use our affiliate link when signing up on Binance by clicking here!
DISCLAIMER: This site 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 these guides are cryptocurrency enthusiasts and investors, not financial advisors. The ideas presented 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 prepared to sustain a total loss of all invested money.
This website is monetised through affiliate links. Where used, we will disclose this and make no attempt to hide it. We don't endorse any affiliate services we use - and will not be liable for any damage, expense or other loss you may suffer from using any of these. Don't rush into anything, do your own research. As we write new content, we will update this disclaimer to encompass it.
January 22nd, 2018
How to Trade Bitcoin on eToro
January 21st, 2018
What is Crypto Copy Trading?
Written by the Anything Crypto team
We first discovered Bitcoin in late 2016, and wanted to get everyone around us involved. But no one seemed to know what it was! We made this website to try and fix this, to get everyone up-to-speed!
Never invest money you can't afford to lose.
All information on this website is for general informational purposes only, it is not intended to provide legal or financial advice. We encourage you to consult your own legal & financial advisors before making any cryptocurrency-related purchase.