In this article, I will be showing you how to use Binance Exchange. Binance is one of the earliest and biggest cryptocurrency exchanges. In fact, Binance has almost all the crypto-currency in its offering, therefore making it the best cryptocurrency exchange by volume.
If you are just starting out in cryptocurrency, and you are looking for a very detailed tutorial that will help you understand how to use Binance exchange, then this post is for you.
Now, let’s give you a quick rundown of what we will be covering in this post.
In this article, I will give you everything you need to know about how to use Binance, starting with how to sign up with Binance, how to secure your account on Binance, how to buy cryptocurrency on Binance, and a very detailed guide on how to trade on Binance.
One of the cool things about this is that once you learn how to use Binance, then using other exchange platforms would be easy for you because it has almost all the features you will see on other exchange platforms.
So now, let’s get started.
Table of Contents
How to sign up on Binance
In order to learn how to use Binance, the first thing you have to do is sign up with them. You can get to the sign-up page by clicking here.
Once you click on this link, it will take you to a page looking like this:
This is the official homepage of the Binance Exchange, and as you can see, it shows some crypto prices and its 24-hour price change.
If you keep scrolling down, you will see an option to download the app. You can install the Binance app on your window, phone, and so many of them.
To get started creating an account with them, you go to the top left corner of the home page and you will see the “register button”.
There, you have two options to register: you can either register with your mobile number or with your email address. But for this article, I am going to use my email address.
So you enter your email and password as shown in the picture above and complete the action.
If you would like to do that with your mobile, don’t worry, it’s the same thing. Just input the password and hit the register button and you are good to go.
3 Ways to Secure a Binance Account
Next, you’ll want to set up your security settings to make sure your account is safe.
To configure the security, hover over the profile button located at the top right corner and select security. This will take you to the security pages. Once you get there, you will see this different security option.
Here are the three basic ways to secure your account on Binance:
1. Download and install Google Authenticator.
Google Authenticator is a separate application that you can download from the playstore. Once you link your account with this app, it generates a security code that changes every minute, and this security code must be provided before any transaction can be done on your account.
2. Use phone number verification.
Using phone number verification is another option to strongly secure your account. When there is an attempt to login to your account or transact on your account, a verification code that expires within minutes is sent to the phone number you linked to it, and unless this code is provided, Binance will not allow any access to the account.
3. Use email verification.
Email verification works almost the same way as phone number verification, except that instead of sending the verification to your mobile phone, it is sent to your Gmail account.
You can go ahead and set all of them up to improve the security of your Binance account.
How to access your crypto balance on Binance
To access your crypto holdings on Binance, hover over the profile icon in the upper right corner and click on dashboard. Once you do that, it will take you to a page showing your balance.
Also, if you scroll down a bit, you will see the last activities on your account, like the last login time and the device that logged into your account.
Below, you will also see your open others. You can close these orders at any time, provided they have not been executed.
How To Earn From Binance Referral Program
If you are someone who has friends with a laser on cryptocurrency and/or has a growing website, channel, or social media pages grounded on cryptocurrency, you can earn big from the Binance referral program.
To get your referral link, all you need to do is hover over your profile button again and you will see a drop-down list of options. Click on the “referral button” and you will be taken to a page where you can copy your referral link.
Binance has a default referral setting and a referral link already generated. If that’s okay with you, you can copy your referral link and share it with your friends. Other than that, you can customize your referral link on the same page.
How to buy cryptocurrency on Binance.
Once you are done with the security settings, it is now safe to buy or deposit cryptocurrency on Binance. There are many options to buy cryptocurrency on Binance. You can buy with fiat currency, a credit card, or Binance P2P.
Let’s now look into this one-by-one.
1. Buying crypto with fiat currency
To buy cryptocurrency with fiat currency, you first need to deposit the fiat currency.
To do this, you first click on the “Buy Crypto” icon located at the top.
Once you click on that, you will see many options to choose from. You then click on the “Bank deposit” option. This will bring up a dropdown list of fiat currencies that you can deposit on binance.
You then select the fiat you want to deposit.
Note: You can easily use the search button to locate your fiat currency.
There are thousands of fiat currencies that you can deposit. In fact, as of date, Binance is one of the crypto exchanges that offers the highest number of fiat currencies with which you can buy crypto.
One thing I like about Binance is that some of these deposit methods are at a zero fee.
Once you have selected your fiat currency, choose a payment option you prefer and complete the transaction depending on your payment method.
Please note that not all fiat currency is allowed to be used to buy cryptocurrency. If you can’t see your country’s currency, then you should opt for another option.
2. Using a debit card to purchase cryptocurrency
If you find that your local currency is not listed, then buying with a debit card is another great option for you.
To do this, follow the following steps:
Step 1: Click on the “Buy Crypto” button again and select the debit card option.
Step 2: Input the amount. Select the coin you want to buy and the amount you want.
Step 3: Give them your credit card information and you’re done.
That is all if you want to deposit fiat or buy crypto with a credit card.
How to Transfer Crypto to Binance.
Apart from buying crypto on Binance using a debit card, you can also transfer crypto to your Binance wallet.
To do that, you have to hover over the “wallet button” located at the top. This will expand a drop-down list of options and you will see something called “fiat” and “spot”. Click on it.
Next, click the deposit button and you will be taken to the deposit page to select the coin you want to deposit. You then select the coin and the network type.
Once you do that, it will generate a wallet address that you will use to receive the coin from another exchange or wallet. You then copy it and take it to the exchange you are transferring from.
Note that not all the cryptocurrencie that is accepted on Binance is accepted on Binance, so make sure you are careful with that. Cryptocurrency transactions are not refundable, and you don’t want to lose your hard-earned money on that.
Also, please note that there are some fees for transferring crypto between different exchanges, and it is an industry standard, though it is very small. They are usually called “gas fees.” Just be aware of that.
How to trade on Binance
To get started, you just scroll up and hover over the “trader button” located at the top left corner. Once you do this, you will see a drop-down list of options like “convert,” “classic,” “advanced,” and others, but for this post, we will be using “classic.”
So you select the “classic button” and this will take you to the trading interface looking like the one in the picture below:
I know this trading interface may be intimidating, but don’t panic. I will make everything simple for you.
In order to explain the trading interface, we will look at it in sections.
The section in the left-hand corner is the order book. The columns that are up are the orders of people that want to sell cryptocurrency.
While the columns down are orders of people who want to buy cryptocurrency. All those orders are made at different prices.
The column on the left is the prices that people are willing to sell at.
The one in the middle is the amount of crypto available at the respective price, while the column at the right hand corner is the total amount of crypto available in dollars at the respective price.
At the center of the interface is the price graph, which shows the price variation of the cryptocurrency at different times. This chart can be filtered by using the timeframe at the top.
In the top right corner of the trading panel, we have all the different types of trading pairs available. You can use the search bar to find the trading pair you want to bid on.
In the bottom right corner, you have the market trades, which show the most recent trades that have been executed.
Types of Order in Binance
Now, let’s take a look at the order menu located at the center.
Here, we have three major types of orders.
1. limit order.
This is the type of order that allows you to schedule a future order. This means that if you are not comfortable with the current price, you can place an order to buy the asset at a future price. Once you schedule an order and click the “Buy” button, the order will be added to the order book and be executed once the price reaches your schedule.
Please note that you can close this order at any point in time; so far it has not been executed. You can do this either for a sell order or not.
2. Market orders:
A market order is a purchase request for cryptocurrency at the best current market price.To do this, you simply enter the amount of cryptocurrency you want to buy and hit the “Buy button” to initiate the transaction.
3. Stop-Limit Order
A stop-limit order is an order to buy or sell a stock that combines the features of a stop order and a limit order.
Conclusion
Learning How to use Binance is very easy, but if you don’t put some effort into it, you might find it very hard, and this will slow down your activities and may also deprive you of some opportunities you can leverage.
If there’s any part of this post that’s confusing to you, you can go through it again. Once you put everything we’ve covered here into action, believe me, you’ll have mastered the fundamentals.