Hello, and welcome to this tutorial dedicated to Binance, one of the most widely used and diversified exchanges (platform for buying and exchanging cryptocurrency) on the market. I will explain to you step by step how to register on this platform? How to buy your first cryptocurrency with dollars? How to trade cryptos? But also how to trade on Binance with their different interfaces? It is a site that you can’t miss because several hundred cryptos are available for exchange. The volume is also important, thus easier to find a buyer and/or a seller.
FrenchRandomGuy’s Grade
Binance (5/5)
Launched in September 2017 by the charismatic Changpeng Zhao, aka CZ, Binance quickly established itself as the world’s leading exchange. The reasons are simple: a streamlined, fluid, easy-to-use interface. The team at the helm is highly professional and this is reflected in their branding. It’s not acoincidence if Binance is the number 1 platform, users have confidence in this exchange.
💡 If you’re a novice, I suggest you start by reading the article How to buy Bitcoins. It will help you to better understand the world of cryptocurrencies and to choose the most suitable platforms for your needs.
Binance, the leader in exchanges
Founded in July 2017 by Changpeng Zhao, the platform quickly established itself as one of the world’s best cryptos buying and trading platforms during the famous 2017 bullrun.
Attracting many new traders in the midst of the cryptocurrency industry explosion, Binance moved to the number 1 position within a few months and continues to thrive today.
Binance is a full-featured exchange that enables crypto-to-crypto and crypto-fiat exchange. Therefore, you will be able to buy your first cryptocurrency with dollars (or any other fiat currency), and they will be directly usable for your trades.
The exchange integrates pairs with dollars and allows the purchase of cryptocurrencies with, among others, the euro, the pound sterling, or the Russian ruble. Thus, you can quickly exchange some of the most important cryptocurrency directly with the fiat currency of your choice.
There are no deposit limits, and there are no fees when you deposit with a SEPA transfer. The amount you can withdraw each day depends on your verification level. You can read the Verify your account section for more information.
This platform has all the criteria you would expect to see on a top exchange: a streamlined and functional interface, an extremely fluid site that can manage up to 1,400,000 buy and sell orders per second, a professional and dynamic team that is constantly innovating, responsive and efficient support, and meager transaction fees.
Basic fees are set at 0.1% per transaction, which is low compared to the competition. Better still, if you own BNB, the platform’s utility token, your fees can be paid with it and will be 0.075% per transaction.
Binance is growing rapidly in many areas. The company is investing heavily in the development of blockchain technology and is pushing for the adoption of cryptography worldwide.
Besides, Binance is more than just a trading platform. The company has a wide range of other products:
- Binance Academy: Learn more about cryptosystems and blockchain technology
- Binance Charity: the philanthropic arm of Binance that raises funds and helps people in need.
- Binance Research: provides an in-depth analysis of blockchain and cryptosystems.
- Binance Launchpad: a platform dedicated to Initial Exchange Offerings (IEOs)
- Binance Cloud: All-in-one infrastructure that allows partners to create their own exchanges
- Trustwallet: a mobile application to manage your cryptocurrencies while giving you full control over your private keys
Register on Binance
Let’s start by creating an account on Binance by clicking on the button below :
Registration is quite simple, Binance invites you to enter an e-mail address and a complex password. To ensure the security of your account, it is recommended to have an e-mail address dedicated to Binance only.
The “Referral ID” line has been pre-filled and allows you to support us. You will be granted a 10% discount on your trading fees. Confirm that you are over 18 years old and click on “Create an account“:
A window opens with a test to verify that you are not a bot. Drag the button below the image to the right to move the puzzle piece to the place provided for this purpose:
Once this step has been validated, a window opens and asks you for a verification code. Consult the e-mail you have just received and fill in the code:
Congratulations 🎉 Your account is now validated and you can access the Binance exchange platform. However, before going any further, Binance recommends that you secure your account with the two-factor authentication method.
⚠ This step is essential and I strongly recommend you to add this security layer. For practical reasons, I will only show you the activation of Google authentication. The latter is much more interesting to use than SMS authentication.
Secure your account (2FA)
What is two-factor authentication (2FA)? The principle of two-factor authentication is simple: instead of logging in to your account using only the password, the connection is based on two factors: the password first, then a unique and temporary code generated by an application on your smartphone.
By relying on something you know (the password) plus something you own (the smartphone), you drastically reduce the possibility of having your account stolen. If someone retrieves your credentials, they will also need your smartphone to log in to your account.
Google Authenticator is the most used application on mobile to manage your codes. It is available on iOS and Android and works the same way on both platforms. Start by installing the Google Authenticator application on your smartphone.
Google Authenticator Logo
Click on one of the buttons below to download Google Authenticator on Android or iOS :
Is the application installed on your smartphone? Great, let’s go to the next step. Go back to Binance and click on “Google Authentication“.
The new page that appears is composed of a QR code and a more classic code :
⚠ Warning, this code is your recovery key (2FA backup key). Write this code down somewhere and keep it in a safe place. You will need this secret code to access your account if you lose your smartphone and thus your access to Google Authenticator. Feel free to make several physical and digital copies.
By clicking on next, Binance reminds you that keeping this code is an absolute necessity.
Once you have taken the necessary precautions to converse this code, click next.
You must now enter your password and the code that appears in the Google Authenticator application to validate the connection between Binance and your phone. To validate, click on “Enable now“:
Congratulations! 🎉 Your account is now secured with dual authentication. The code generated by the application will be requested each time you log into your Binance account. We can now proceed to the next step: the verification of your account.
Verify your Binance Account
Why verify your account? This will allow you to increase your daily withdrawal limit. At level 1 (the basic level), you can withdraw 2 BTC every 24 hours. By verifying your account, you will move to level 2 and you will be able to withdraw up to 100 BTC every 24 hours. This step is optional, you can use Binance without verifying your identity.
To begin, go back to the “Security” tab and click on “Verify“.
A new page opens. Then click on “Personal“.
On this new page, you will have to fill in your personal information: first name, last name, date of birth, address, postal code, city and country of residence. Once this is done, click on “Start verification”. Once this step is validated, click on “Verify ID & Face“.
Then you need to follow Binance’s instructions in order to be verified.
Buy Cryptocurrencies on Binance
Unlike many other platforms, Binance allows you to purchase cryptocurrencies via credit card or wire transfer directly.
There are many cryptocurrencies available for purchase: BTC, BNB, BUSD, ETH, XRP, BCH, BAT, ZEC, DASH, EOS, LTC, NANO, TRX, USDT, XTZ, ETC.
To do so, click on Buy Crypto at the top left corner of the site.
You will be able to choose between Pay with:
- Bank Deposit: Deposit your fiat currencies with 0% fees
- Credit/Debit Card: Purchase crypto via Visa or Mastercards
- P2P Trading: Make Bank Transfers with other sellers
- Cash Balance: Buy Crypto with your fiat deposits
- Third-party Payment: Use an alternative payment channel
Make a deposit/withdrawal on Binance
If you already have cryptocurrencies, you can deposit them directly on Binance. To do so, click on “Wallet” in the upper right corner of the interface and then on “Fiat and Spot Wallet“:
Deposit Cryptocurrencies
On the new page, simply click on the “Deposit” button on the left.
To choose the cryptocurrency to deposit, fill its name in the blank space.
If “Suspended” appears, deposits or withdrawals of this cryptocurrency are not possible for any reason, often temporary.
Once you have selected your cryptocurrency, the next step is on the right side of the page.
Be careful, as Binance specifies, sending a cryptocurrency to this address other than the one previously selected may result in the loss of your deposit.
In some cases, deposits can take a few hours. If your deposit has not arrived after a short period of time, it may be due to a saturated blockchain or an incomplete transaction.
If your funds have still not been credited after a certain period of time, please contact the exchange support to find a solution. You can also ask your question to an Admin on the Telegram channel of Binance. Admins are part of the Binance company.
Withdraw Cryptocurrencies
To make a withdrawal on Binance, click on the “Withdrawal” button on the page’s left side.
As with the deposit, withdrawing out of Binance is quite simple. In this example, I will simulate the withdrawal of 100 XTZ tokens.
Simply choose the cryptocurrency to send and fill in the address where to send these funds. The amount should also be filled in.
The amount you will receive after the fee is applied will also be displayed. Here the fee is 0.5%. To validate the sending, click on Send.
You now know how to make deposits and withdrawals on Binance. We will see together how to use the platform.
Using Binance like a pro
Now that you have funds on Binance, you will be able to start investing using the exchange. Hover the mouse over Trade in the menu at the top of your screen. You will then have the choice between Basic, Classic, and Advanced.
The other options will not be reviewed in this tutorial but you can learn here how to learn margin trading.
I strongly advise you to use the advanced mode, which is more pleasant and intuitive to use. We will use this mode for the rest of this tutorial. To view Binance’s trading interface, click on “Advanced“:
You now have access to your complete trading interface. In the menu on the top left, you will have access to the different pairs of cryptocurrencies available on Binance as well as the main information of the selected pair over the last 24 hours: price in BTC, price variation in %, highest and lowest price as well as its volume.
In this tab, you can search for the cryptocurrencies available on Binance and add them to your list of favorites by clicking on the star.
By clicking on “Change” or “Volume“, you can also sort the cryptocurrencies according to the increases and decreases of their price over the last 24 hours or on the lowest or highest volumes.
On the main part of the screen, you will find the chart of the selected pair’s evolution. You can change the unit of time (minutes, hours, days, weeks) and use several drawing tools for technical analysis: trend lines and support/resistances.
Binance also offers some technical indicators such as RSI, MACD, Volume, and Bollinger bands.
If you wish to trade on an even more advanced interface, Binance also integrates the TradingView platform’s tools. To do so, click on “TradingView“. Personally, I highly recommend using this view for greater clarity.
On the lower left-hand side of the interface, you will find an insert with four headings: your open buy/sell orders, the history of your orders, the history of your exchanges (other details) as well as your funds.
The right part of the interface is dedicated to your orders. For traditional trading, simply use the “Spot” tab, the “Cross” and “Isolated” tabs being more reserved for confirmed traders.
This part of the interface is for placing your orders, so understanding how it works is vital:
Let’s say you want to buy 1 Bitcoin at $15,000. On the above capture, I open the Limit tab and place a buy order on the BTC/USDT pair at 15000 USDT. If the price of Bitcoin is 14980 USDT, then your order will be placed immediately. On the other hand, if it is 15020 USDT, then hopefully the price will go down to reach your order.
The Price line corresponds to the amount at which you wish to buy a certain amount of a cryptocurrency. The Amount line simply corresponds to the amount of this cryptocurrency that you wish to buy. The total of your order will be displayed in the Total row.
To place your order, a simple click on Buy BTC is enough. So be careful and always check the values you enter in this tab. To place a sell order, the process is exactly the same.
If you want to place your order without waiting, you can use the Market tab.
The tab on the right side of the chart references the real time orders on the selected pair. You will have access to the real time order book with :
- In the top left corner, the sell orders closest to the market price
- Bottom left, the buy orders closest to the market price
- The last orders of purchases (in green) and sales (in red) made
Binance: Mobile Application
Binance also offers a mobile application available on iOS and Android.
You can download the application by clicking on one of the links below:
Binance: Desktop Application
Binance also has a desktop client allowing the exchange to be used directly on Windows and macOS (as an application). To download this application, click on the following link and select the button that corresponds to your machine.
Once the client is downloaded, you can double click on it to install it.
💡 If Windows blocks the installation, right-click the installation file and then click Run as administrator.
After opening the application, you will need to log in to your account, in the same way as on the Binance website. Here is an overview of the client for Windows:
Binance Referral Program
Binance’s referral program allows you to recoup a portion of the trading fees of the people you refer to.
To get your invitation link, click on the button on your profile then on the Referral button.
On your right is the tool to generate your link. You have the choice of offering a lifetime discount on the fee the guest will pay. Choose your guest’s fee discount, 0, 5, or 10%, then click Generate Your Link. You can also add a note that will be visible when someone clicks on your link:
On your left, your referral link and your code have now appeared:
It is possible to generate a maximum of 20 referral links, but you can use the same one for all your invitations. The advantage of creating more links, however, allows you to choose different commission rates for you and the people you invite, depending on your desires.
Article imported and translated from Cryptoast.fr