In this article lets look at How to use Binance to Buy and sell Bitcoins and other cryptocurrency.
Step 1: Click HERE and open the Binance website on your browser.
Step 2: At the top right you will find the link Login or Register. Click on the text Register and a new page will open up.
Note: Click HERE for the Binance Mobile App guide.
Step 3: On the registration page fill in your email id and password. Reconfirm the password and agree to Binance’s terms and conditions by ticking the checkbox. Once you do that, the register button get enabled. Click on that.
Step 4: You will be getting a verification mail to the email id you provided. Once you verify your email id, the website can be accessed.
Step 5: Upon login, You will be asked to complete the 2F Authentication. You will be required to download Google Authenticator on your Mobile phone for this. Follow the instructions given by the Authenticator app after installation.
Note: You will be given a backup code for Google Authenticator. Keep it safe ( if you ever loose your Mobile phone, you will need this code to re-gain access to your Binance account )
Step 6: Binance lets you start trading right away. But to withdraw more than 2 BTC per day, you would need to submit documents for verification. The verification process is easy and straight forward:
- Tap on the profile icon on the top right > Select your Account > A page opens > Tap on the link that reads: Submit Verification Documents.
- On the page: If you are from China, keep the option as China or else select the International option.
- Fill in your name, Gender, Country etc.
- Then you will be asked to give a copy of either your passport, national identity card or driving license. Three types of Photograph needs to be given using any one of your identity cards and submitted for verification.
The verification usually takes 3 – 7 days to get complete. Once done you can withdraw upto 100 BTC per day.
How to deposit from other exchanges to Binance?
To make a deposit from other exchanges to Binance, you have to go to the Funds section at the top of the homepage as seen in the picture below.
When you mouse-over on the funds section, you will be presented with two options:
- Deposits Withdrawals
Click on the Deposits Withdrawals option and you will be directed to a page as seen in the picture below:
FAQ: What are the different columns present in the Deposits & Withdrawals page? ( Scroll to the FAQ section for Answer )
If you have any cryptocurrency in any other exchange (eg. CEX.io, Zebpay, Coinbase etc.), you can easily deposit those coins from that exchange to Binance. Lets look at how to do that.
- You see a Deposit button against each coin. Click on the respective Deposit button for the cryptocurrency you want to deposit from your other exchange to Binance. You can also use the search bar and type in the Cryptocurrency name and Binance will filter the table to show you only that particular alt-coin.
- For explanation purpose we will have typed in XRP (Ripple coin). The page displays the following:
- Important: Do read the instructions and warnings displayed.
- XRP deposit Address: This is the address to which you will need to send your Ripple coins to from the exchange of your choice. You can also click on the QR code and scan it from your other exchange ( Ex: Zebpay has the option for you to scan and transfer )
- XRP deposits Tag: Unlike Bitcoins, Ripple also needs the Deposit tag to be filled to facilitate a successful transaction.
- Important: Be double sure that the deposit addresses & Tags provided in Binance is the same you have entered in the other exchange before initiating the transfer. Any mistake can result in your Ripple coin being lost forever.
- Once you make the deposit from your other exchange, the transaction will show up in In order column.
- Ripple requires one network confirmation for it to be deposited in your Binance account ( FAQ: What is network confirmation? explained in the FAQ section below )
- Note: The exchange from which you are transferring might deduct some transaction fees.
How to transfer cryptocurrency coins from Binance to other exchanges?
To withdraw/ transfer coins that you have in Binance to another exchange > tap on the link at the top that reads Funds > Select the Deposits Withdrawals option in the dropdown. Leads you to the same page with the same table where you had did the deposits in the earlier section. Against each cryptocurrency you will see the button that reads: Withdrawal. Search for the alt-coin you want to transfer and Click on the withdrawal button. You will be presented with options as seen in the picture below.
- Important: Do read the instructions and warnings.
- As in the previous step, here we have again choosen to transfer Ripple coins for Demo purpose. You will see that Binance requires a XRP withdrawal Address and XRP withdrawals Tag to facilitate the transaction.
- On the exchange ( Eg: CEX.io ) you wish to transfer Ripple coins to: You will need to select Recieve option > You will be presented with the destination address and Tag.
- Copy the addresses in the designated spaces and check if they are correct. Incorrect addresses may result in losing out your money which can never be gotten back.
- Type in the amount of coins to be withdrawn from Binance. Upon hitting submit, the respective amount of coins will be transferred to your other exchange > from where you can transfer to your bank account.
- A small transaction fee maybe charged by Binance for this transaction.
How to trade or convert cryptocurrency in Binance?
One of the most beautiful features of Binance is the ease of converting any cryptocurrency to another cryptocurrency ie. Bitcoin to Ripple, Ripple to Neo, Ether to Litecoin etc.
Goto the Home page > Tap on any one of he 4 boxes below the banner ( ie. BNB/BTC, TRX/BTC etc. ) > A new page opens. On this page, Scroll down to see a section like seen in the below picture:
– This the page which you can use to convert any Alt coin ( Ex: Ripple ) -to- any other Alt coin ( Ex: TRX ).
– But you will need to open the right version of the page to achieve this. You will need to check out what is mentioned on the top left corner of the page. For example: If it is mentioned as BNB/BTC, it means you can buy Binance coins using the Bitcoins in your account. If it reads XRP/BTC, it means you can buy Ripple coins using the Bitcoins in your account.
– The best way to be on the right page is: Find the text that reads FUNDS on the top of the website ( in the header ) > Mouse over on it and select option that reads “Deposits Withdrawals“> On the resulting page, use the search bar and search for the cryptocurrency of your choice > Tap on the TRADE button present in that row > choose the conversion option you want to do. In the screenshot below, we have searched for Ripple & the options present are Ripple to Bitcoin, Ripple to Ether.
On the resulting page, scroll down to the box that looks like this:
Here is where, you will be Buying / Selling / Trading -or- converting your coins to other coins or USD.
First we’ll learn to do it in the Limit tab.
- In the limit tab the price of XRP can be fixed in regard to BTC.
- Then you can enter the amount of XRP you want to buy.
- You can also click the tabs of 25%, 50%, 75%, 100% to take that percentage of BTC and sell them to acquire as many XRP as possible.
- The blank on the price can be entered a certain rate for BTC. This will ask the website to execute the action of selling and buying only when it reaches that amount.
- The total amount of BTC spent will be shown in the total. Click on Buy XRP and you will get designated number of coins in XRP.
- A small transaction fee of 0.050% will be charged.
- The same method is required to sell the XRP to acquire coins in BTC.
Now, the method is slightly different in the market tab.
- In this tab you do not have an option of setting a certain amount for your coins.
- You buy and sell the coins at whatever the current market rate is.
- Rest of the steps are similar to Limit tab.
Now we must look at the stop-limit tab
- In this tab a higher and a lower limit can be set for buying or selling of coins.
- If the rate reaches a certain point then the coins can be exchanged but if the rate drops below a certain point then the whole coins can be sold.
- Rest of the steps are same as limit tabs.
What are the different columns present in the Deposits & Withdrawals page?
The table shows all the cryptocurrencies listed by Binance. The columns denote the following:
- Coin: It shows the list of all the coins listed by Binance ( each name in a short form ).
- Name: It shows the corresponding full forms of the abbreviated coin name ( Ex: XRP = Ripple coin )
- Total Balance: It shows the total balance you have transferred in your Binance account for the respective coin.
- Available balance: It shows the balance available for the respective coin ( for trading in Binance ).
- In Order: Shows the amount of coins that are ordered but haven’t been transferred yet.
- BTC value: Gives the BTC value of the available balance of the corresponding coin.
What is network confirmation?
This is a bit technical stuff. Let me try explaining though 🙂 Cryptocurrencies are considered one of the most secure stuff online and the transctions done using them are the most un-traceable till date. All these are possible because of the underlying technology called Block chains. Whenever you transfer Bitcoins or any Alt-coins from one exchange to another, it passes through a series of networks and blockchains to reach the destination. Each alt-coin is architected in a way to acknowledge the participating exchanges of the successful transfer ( as it travels from one node to another ). As of date, Bitcoins require atleast 2 network confirmations for the transaction to be fulfilled ( The reason Bitcoin transfer takes longer time ). Ripple coins take much lesser time as the it requires only one network confirmation.
What does everything on the website mean?
Let us first try to understand the homepage first of all.
We ignore the black band in which pictures keep shifting. Below the black band we see five boxes as given below.
Now we have to know what does the boxes mean.
- Let’s take for example the first box. The first box shows BNB/BTC. This means that the box shows what is the current rate of Binance Alt coins with respect to Bitcoins.
- Below that you can see a number. In this box you see it is written 0.0015375. This means that to buy one Binance coin you need 0.0015375 Bitcoins.
- Beside the number there is another figure. This is the rate of a Binance coin in dollars. In this picture it is given that to buy a single BNB you need $21.51.
- At the bottom of that you will find volume written. This denotes the number of Bitcoins available to buy the BNB. In this box it is written 9893.09 BTC which means that this many Bitcoins are available to buy Binance Alt coins.
- At the top right corner the percentage written denotes the change in the rate of the Alt coin in percentage at the current point of time. In this picture you see that it is written -1.92%. This means that the price of BNB has gone down from the time it was last updated by 1.92%.
- Similarly all the other boxes give the current rate for other Alt coins. The numbers change every second.
Now we shift our focus to the bottom of these boxes. You can see a table given with a lot of information. It is quite easy to understand once we know what we are dealing with:
Tabs: On top of the table you can see some tabs namely Favorites, BNB Markets, BTC Markets, ETH Markets, USTD Markets. We’ll leave the favorites for now. We’ll look at it at the end. The different tabs will open up a table for all the registered Alt coins with respect to the Currency coin clicked on the tab. For example if we click BTC then the table will open for all the Alt coin against BTC. You can open the table for whichever standard Alt coin you want.
The columns of the table are as follows:
- Pairs: This column denotes the the alt coin which is being compared to the tab you have opened. For example we see at the fifth row that it is written LTC/BNB. It simply means that Litcoins are being compared in the entire row with respect to Binance coins. You can see the tab opened right now is BNB markets. Hence you see Alt coins being compared to BNB only.
- Last price: This denotes the last updated price of the alt coin. The price is always shown in terms of the tab opened and US dollars. For example we see at the LTC/ BNB row only. The figure denotes the number of that Alt coin required to buy one coin of the tab opened. For easier understanding, in this case, you require 11 LTC to buy one BNB and the price in dollars denotes that you need $241.76 to buy one LTC.
- 24h change: This column denotes the change in prices of the Alt coin in percentage with respect to the Alt coin opened in the tab in the last 24 hours. In this case the price of LTC has gone up by 7.74%.
- 24h high: This denotes the highest percentage change that occurred in the last 24 hours.
- 24h low: This denotes the lowest percentage change that occurred in the last 24 hours.
- 24h volume: This denotes the amount of alt coins exchanged in the last 24 hours for the Alt coin opened in the tab. For example in the LTC/BNB row we see that the figure given is the amount of LTC exchanged for BNB in the last 24 hours.
Favorites: Beside every row in the table there is star mark. If you click on the star it’ll brighten and will be recorded as your favorite. That specific pair will always be shown whenever you click Favorites. For example if you click on the LTC/BNB star, whenever next you click on the favorites the LTC/BNB pair and the whole whole row will always show.
How do we keep a track of the market in Binance?
This page will give you the information that is required by you to make an informed choice about the exchanges that you are going to do in this website. Let’s move one by one. This page is that of BNB/BTC which gives you the information on everything that is related to changes in rate and volume of BNB with respect to BTC.
Amount of Altcoins bought or sold
The first thing we look into is the left side of the page and the box in which we can see the amount of bitcoin or BNB being sold or bought. Let us look into it in detail. For better understanding we’ll look at the box in isolation as the picture given below:
- Red section and the green section is differentiated according to BNB sold or BNB bought respectively in exchange for BTC.
- Lets us look at the columns first. The first column is written as price(BTC). Since the page is opened for Binance it is very easily understood that the price of one BNB is equal to that many BTC. If we see the first row the we know that in that transaction one BNB was sold for 0.0016570 BTC.
- The second column denotes the amount of BNB that was sold in that transaction. In this case the first row shows that 20.91 BNB were sold.
- The third column denote the amount BTC that was retrieved from that transaction. In this case the first row of this column shows that 0.03464787 BTC was collected after selling the designated amount BNB.
- The whole transaction in the first row hence gives you information that 20.91 BNB were sold in exchange for 0.03464787 BTC at the rate of 0.0016570 BTC per BNB.
- The green section also works in the same manner except that it shows the number of BNB bought in exchange for BTC.
Next we shift our focus to the graph in the middle of the screen.
This graph is a graphical representation of the change of rate of one Alt coin to the other. In this case it is the representation of BNB with respect to BTC. The horizontal axis represents time whereas the vertical axis represents the number of BTC available for one BNB. At the top you can see that there are are small tabs beside Time denoted as minute, hour, 1D, 1W. These are the different time intervals in which the graph will change the horizontal axis in terms of time and as a result the plotting on the graph in terms of vertical axis will also change.
Next we shift our focus to the Box at the right of the screen
The current market rate
This box is very similar to the one we had seen before in the homepage where we would get the current market rate in the table we had encountered. Still let us take a look at it with the help of the picture below.
- The first column denotes the pair which is taken into consideration. The cryptocurrency with which all the Alt coins are compared with is BTC. The comparison Alt coin can also change by just clicking on the tabs at the top of the screen.
- The second column denotes the current price of one alt coin with respect to the second in the pair. In this case the sixth row shows that one Ripple coin can be exchanged for 0.00013450 Bitcoin.
- The third column shows the change in percentage from the last updated price to the currently updated price.
- The third column can changed by clicking on the small circle denoting volume. In that case that column will show the number of coins getting transacted at that rate of the coins.
Now we get used to the bottom right box in the page
This box shows the trade history of the market or your own personal one. Let us take the picture below for example:
This is very simple to understand. A row will show you the rate in terms of BTC and the number of altcoins bought at a certain point of time. If we take the first row as an example then we will see that at 13:03:25 the rate of one BNB was 0.00013433 and 17 coins were bought.
If you change the tab at the top then it will show your trade history.
How important is the address given during deposits or withdrawals ?
Probably the most important thing in Cryptocurrency. If the address put in is wrong or goes to the wrong coin tab then there is a high possibility that the money might never come back. Once a transaction is done, it cannot be traced back in cryptocurrency.
Can an Alt coin be converted into another Alt coin in Binance?
No. Binance offers you to convert most of the Alt coins from BTC or vice-versa. But to convert an Alt coin to another Alt coin, it is generally advisable to convert the coins into BTC and then convert it to the desired other Alt coin. BTC as an intermediate always works because all Alt coins can be converted to BTC.
What is Binance?
Binance is a website developed to handle the cryptocurrency market around the world. It keeps tab of the current rate of all the Alt coins (cryptocurrency other than Bitcoins) in cryptocurrency with respect to each other. The website also tracks the current rate of every Alt coins in the cryptocurrency world with respect to the Nation designated currency as well. But the main purpose of the website is to enable users to buy/sell and mostly trade in cryptocurrency. The thing with cryptocurrency is that its rate keeps fluctuating just like the nation designated currency of the whole world. It can be also looked at with the perspective of the stock market shares where the shares keep on fluctuating second by second. Trading in cryptocurrency coins is similar to that of the stock market shares. Binance is a website which enables users to trade and it has its own Alt coin known as the Binance coin or BNB.