Beginner’s Guide to Binance
With all the recent news regarding cryptos, NFTs and DeFi, you might be wondering what you’ve been missing out on. Fortunately, Binance makes it extremely easy to get started and you can be making your first crypto trade in minutes. It’s also one of the largest cryptocurrency trading platforms out there at the moment, so you’ll find everything you need in one place.
Without further ado, let’s get started.
Step 1 — Binance Account
The first thing you’ll want to do is register an account with Binance. On the Binance website, look for the “Register” button on the top right hand corner of the page.
It’s a fairly straightforward process, just fill in your email and password. You can also use a referral code if you’ve been given one, or feel free to use mine — 10232605
Once you’ve registered, Binance should send over a verification code to your email. You might have to wait a minute or two so don’t fret. Once you’ve verified your email, you’re done with Step 1!
Step 2 — Know Your Customer (KYC)
KYC is a legal verification process that Binance has to carry out for all of it’s customers. There are 3 levels of KYC ranging from Basic to Advanced, with each successive level unlocking more features.
Before you go any further, decide for yourself what you want to use your Binance account for? If its just a place to buy, sell and transfer cryptocurrencies, then just the basic KYC will do. If you want to be transferring fiat money into and out of your bank account, then you’ll need at least the Intermediate or Advanced KYC.
On the top right hand corner of the page, look for the human shaped icon and click on the “Identification” tab.
Select the level of KYC you’d like to use and just follow the instructions. For example, the Basic level only requires your name, nationality, date of birth and address.
Step 3 — Make your first crypto trade
At this point you can either:
- Buy crypto directly with a credit/debit card.
- Fund your Binance account via bank transfer, then use that money to trade on Binance.
For a first timer, the easiest way is to just go with Option 1. This time, look for the “Buy Crypto” tab on the top left corner of the screen.
Just fill in how much you’re willing to invest and hit Continue. You’ve just completed your first trade!
To trade between different cryptocurrencies, head on over to the Trade tab on the top left hand corner of your screen. Again, Binance has made it very simple for a first timer to trade cryptocurrencies via the “Convert” functionality.
Simply pick the two cryptocurrencies you’d like to switch between, fill in the amount and click convert. Voila! As simple as that.
Step 4 — Make your first sale!
So you’ve bought your first cryptocurrency and after holding it for some time, the prices have gone up and you’d like to cash in your profits. Once again, Binance has made this extremely simple to do. You can continue to use the “Trade” functionality to convert your cryptocurrency back into fiat like so:
For a little more advanced functionality, you could also choose to use the ‘Classic’ trade option to set a limit order. This allows you to specify a price at which you’d like your BTC to be sold at instead of just accepting the current market price.
To do so, head on over to the “Trade” tab on the top left hand corner of the screen and select “Classic”.
Don’t be worried when you’re presented with a new screen filled with complex looking charts and moving numbers. What you’ll want to look for are areas 1 and 2 highlighted in red in the picture down below:
Section 1 — Choose your pairings
Here you’ll select the two currencies you’d like to trade. You have various different options but if you’re looking to cash out, then you’ll want to select an option that has a FIAT pairing. You can see I’ve currently got GBP highlighted, but choose whichever one your bank will accept.
Once you’ve done that, you’ll notice the list updates itself to show only currency pairings that allow you to trade for GBP. Simply pick the one you’d like to trade and move on to section 2.
Section 2 — Place a Limit Order
In the example above, I’ve chosen to sell BTC for USDT. Here I can specify the amount of BTC I’d like to sell, and what price I’d like to sell the BTC at. If you’re in no hurry to cash in, you’re free to set a slightly higher price in hopes that the market will move upwards which will net you more profits.
Once you’ve filled in the amount and price at which you’d like to sell, just hit the big red button that says “Sell BTC” and you’re done! Kick back, relax and just wait for someone to be match your offer.
Bonus Section — How to deposit or receive cryptocurrencies directly into your Binance wallet
If during Step 3 you didn’t want to fund your account using fiat, or if you’re planning on only using Binance as a wallet to store your cryptocurrencies, here’s where you’d get your wallet addresses.
Pop on over to the “Wallet” section on the top right hand corner of your screen and select “Fiat and Spot”.
In this screen you’ll see a list of all cryptocurrencies available to you, along with a bright yellow “Deposit” button.
In this screen, simply select the cryptocurrency you’d like to deposit (or receive from a friend) and the network via which it’ll be sent. In this example I’ve selected BNB and the BEP 20 network.
Copy your wallet address (red arrow) very carefully and double check that anyone sending you any cryptocurrency uses the exact address or you’ll risk losing the funds you were meant to receive. As the warnings below suggest, ensure that you only send the correct type of cryptocurrency to the address. If you’re expecting multiple different cryptocurrencies then make sure you change the selection in the “Select coin” and “Deposit to” sections to the appropriate cryptocurrency.
Closing Thoughts
That was a simple guide to all things Binance. You’ve now learnt everything you need to get set up and making your first cryptocurrency trades on Binance!
