A Beginners Guide to the Binance Exchange: How to Buy and Sell Cryptocurrencies

Binance is the largest and most well-established exchange in the cryptomarket. Learn how to use the platform in this article.

Screenshot from the front-page of Binance.com mid-2019

Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Monero (XMR) and more, Binance has it all.

Binance is currently the largest and most well-established cryptocurrency exchange on the market. With the vast majority of coins on their platform and the ability to buy directly with your credit-card, the prime-time of Coinbase and Kraken seem to be over.

Now everyone can sign-up and buy their first crypto just using a credit-card.

Sign-up

If you’re not already registered on Binance, you can use my referral link: https://www.binance.com/?ref=10989518 and you’ll will be taken to the following page:

Then simply click the register button and follow the instruction. Lastly make sure to check your email for your confirmation email (it could be in your spam folder!).

Securing your account and funds

Setting up your 2FA (2-Factor-Authentication) is vital to the security of your account. This effectively makes it impossible for you to be the victim of a hacking or phishing attempt as long as your 2FA is secured.

After logging in you’ll be prompted with the following message, I highly recommend you follow the setup and secure your account!

Unless you’re living in mainland China simply download the Google Authenticator app on your smartphone and follow the on-screen directions.

Buying your first crypto

Not too long ago Binance made this part incredibly easy by allowing consumers to simply buy crypto using their credit-card:

Simply navigate to this menu by clicking “Funds” in the top banner and then simply click “Buy with Credit Card”.

Next you’ll be sent to this screen, here you can either choose to enter the amount of crypto you want, with the choice of Bitcoin (BTC), Ripple (XRP), Binance Coin (BNB), Ethereum (ETH) and Litecoin (LTC) or you can choose to enter the exact amount of USD or EUR you want to spend on your purchase.

In this example I simply entered an order of 1000 USD which equals a bit more than a tenth of a Bitcoin

Once you’ve entered your order simply click “Buy now” and you’ll then be presented with instruction for the KYC-program of Simplex (Binance’s partner) which is shorthand for Know-Your-Customer. This is a necessary part of being allowed buy crypto through established exchanges and the same thing is required by other exchanges such as Coinbase and Kraken.

After placing your order you’ll receive your crypto in a matter of minutes! Last time I made a purchase it took about 15 minutes for it to show up, but your experience may vary depending on the load of the network! So don’t worry if yours doesn’t show up immediately.

Trading

Once your order hits on your Binance account, you are ready to start trading!

Finding your coin

Let’s say I wanted to buy some ChainLink (LINK), I would click “Exchange” in to upper left-hand corner, then “BTC Markets” since I bought Bitcoin using my credit-card, and then click “ChainLink” because that’s what I want!

Exchange → BTC Markets → ChainLink

Now there’s a metric ton of coins on Binance, so if you cannot find the one you want simply use the search function on the right-hand side of the screen to search for whatever you want!

Buying the coin

  1. Click on “Market” underneath the big price-graph
  2. Set the desired amount you want to buy or click simply click the “100%” button if you want to spend all your BTC.
  3. Click “Buy

That’s it, now you’ve successfully completed a transaction between — in this case — Bitcoin and ChainLink. This process is 100% identical for all other pairs of coins!

Conclusion

Thanks for reading. Hopefully, you found this useful! If you enjoyed this article and want to see more, be sure to follow my profile!

A Beginners Guide to the Binance Exchange: How to Buy and Sell Cryptocurrencies was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.

Publication date: 
06/18/2019 - 18:12
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