Buying and selling cryptocurrency can be both stressful and confusing, and we don’t want any of these to happen to you. After reading this, you will learn how to buy-sell cryptocurrency on Binance exchange (the world’s best cryptocurrency exchange and the biggest too in terms of volume) without any confusion and stress.
Binance is a crypto-to-crypto exchange which means that users can only use it to trade cryptocurrencies. If you don’t already own some cryptocurrency, you can buy some using an exchange that offers fiat currency.
But if you own some, let’s head directly to Binance exchange and create an account first.
How to open an account on Binance Exchange
1) On the Homepage, click on register.
2) Fill out the form by entering the email and creating a new password.
3) An email will be sent to the respective email address.
4) Just click on Verify Email to complete registration.
And congrats! You have successfully registered.
How to Fund a Binance Account
Funding an account means moving cryptocurrency into it. This can be done by sending cryptocurrency from a crypto wallet or another exchange – like Coinbase – to your Binance account. We will use Ethereum (ETH) as an example of a cryptocurrency to fund your Binance account.
1) First, login to your Coinbase account and click on Account. Then, click on Send, where it says ETH Wallet.
You’ll be asked to enter a Recipient as Ethereum will be sent to this recipient only. As you’re sending it to Binance, you need to get an Ethereum address from your Binance account.
2) Log in to the Binance account. On the top, click on Funds then Deposits.
3) Now, enter the cryptocurrency for which you need the address. Here, we’ll be using Ethereum. Now, Binance will create an Ethereum address for you to send funds to.
4) The ETH Deposit Address is where you will be sending your Ethereum funds, so copy and paste it into the Recipient box in your Coinbase account.
Now, decide how much Ethereum you want to send and click on Send. The sent funds will appear in your Binance account as soon as they are processed by the Ethereum network.
How to Trade (buy-sell) on Binance
There are two Binance trading settings: Basic and Advanced. As this is a beginner’s trade tutorial, we’ll only be showing you how to buy on Binance under Basic settings.
How to do Basic trade
1. Login to your Binance account as explained above.
2. On the top, click on exchange and select Basic.
3.Trading Pair chart will open up.
4. Binance lists hundreds of trading pairs which includes pairs of coins that Binance offers an exchange rate for. For instance, Bitcoin can be traded with 143 different coins, which means that Bitcoin has 143 trading pairs on Binance.
As we have used Ethereum in this article, we will find out which cryptocurrencies are offered for trading with Ethereum by selecting ETH in the top right corner.
As you can see that Ethereum has 140 different trading pairs on Binance, which means it can be traded with 140 different coins. Now, select the coin that you want to exchange Ethereum for.
5. Binance offers three kinds of exchange trades:
Limit Orders: It allows users to set the maximum price they can pay for the coins or the minimum price for which they are willing to sell their coins.
Market orders: It allows users to buy or sell coins at their current market price. Market orders trade is the most simple and fastest among the three.
Stop-limit orders: It allows traders to buy or sell a coin once it has reached a certain price.
6. Trade at your own choice. Click on the Market tab if you are happy with the current market price and enter the amount of your chosen coin you want to buy. You can also enter the amount as a percentage of the Ethereum in your account.
Now, the easy bit! Click on Buy XRP, and that’s it. You’re now a Binance crypto trader!