Binance is the fastest growing exchange for trading cryptocurrencies. In the short duration of 5 months, it has reached the 10th position among the top volume cryptocurrency\exchanges. Binance has become so popular due to some of the factors such as availability in multiple languages, very neat user interface, and it also enables processing the orders at an extremely high speed. They have their own currency Binance coin (BNB) which will when used to pay your transaction fee will cut your fee in half! The guide below will explain just that.
Step 1: Registration
To register for Binance use the link below. My referral link is there and I would appreciate it, if you used it.
After clicking the link you will be taken to the website. Click on the register button and fill out all your information.
Click register button and check click on the confirmation e-mail sent to you.
Step 2: Get Deposit Address
Go to “Deposit Withdrawals” under Funds menu item. On the top right corner of the main menu, you will find the tab named as ‘Funds.’ Under that, select the ‘Deposit Withdrawals’ button, and it will open up the following deposit page:
Now select the coin you wish to deposit
You will find the list of all traded coins on that page. Search for your coin which you want to deposit and then press the corresponding button named ‘deposit’ which is present on the same raw. Once pressing, a new dedicated wallet will be created (this is a wallet belongs to your account on Binance). The wallet address for each coin is different, make sure you do deposit only the specific coin to its wallet, otherwise it can result in complete loss of the funds.
Now, send your coins from your own wallet (or exchange) to the new generated address.
Step 3: Transferring coins from Coinbase
- You can deposit coins from Coinbase (Crete a Coinbase Account).
- Log in to Coinbase and go to Accounts
- Click on Send on which Coin you want to deposit
- Copy and paste the Deposit Address into the Recipient box in Coinbase and enter how much ETH/USD you want to send and click continue…
Step 4: Start Trading
Once the incoming coin hits your Binance account, you are now ready to start trading! Go to the Exchange tab and click Basic and you should see the screen below. Don’t worry about all those numbers and figures! They may seem very over whelming but for the purposes of this guide we will be ignoring them.
Like FOREX trading Cryptocurrency is traded in pairs. It will always be ETH/BTC, BTC/XVG, BTC/WTC, etc. Most coins are traded against BTC although some also support ETH and LTC.
For our example I will be using the coin XVG.
Step 5: Searching for the coin
- Click on the ETH tab on the right side (highlighted below and search for XVG)
- Click on the XVG/ETH link which will take you to the page below (You can also click the star next to the XVG/ETH pair which will add it to your favorites (This prioritizes it and puts it at the top whenever you open your exchange tab in the future).
Step 6: Buying the coin
- Go to Market
- Set the desired amount (number of coins or total percentage of your ETH balance are your two options)
- Click Buy XVG
CONGRATULATIONS you now know how to purchase alt coins using ETH. But what if the altcoin doesn’t take ETH as a pairing? We then need to exchange our ETH to BTC and then we can go about trading as usual again. In order to do this we need to this time click on the BTC tab which is right next to the ETH one we clicked earlier.
Step 7: Exchanging alt coins to BTC
- Click the BTC tab next to the ETH tab we used earlier.
- Search for ETH
- Click on ETH/BTC pairing
Step 8: Selling your ETH for BTC
- Click on Market.
- Enter amount of ETH or percentage of your total ETH balance you wish to sell.
- Click on Sell ETH.
Step 9: Success
Now you can buy altcoins that don’t take the ETH pairing! (All altcoins can be bought with BTC to my knowledge). Welcome to the world of Crypto and as always, happy trading!
Step 10: Donation
If my guide helped you at all and you want to tip me 🙂 feel free to in Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
My addresses are below!
- BTC: 32bZ79JSuPtrBNueFUQPxxP8LRN7TwbiRc
- BCH: qq2ufn25cyev9c8mys2tant8grxwugmc8vhke2ycru
- ETH: 0x2060a940BD79428640a7F8C2f21641c073b60d2D
- LTC: LQXJp5nnQQZgXpHwZDRDXN556EVk29uypW
Thanks for reading!
N:B: This content is Education Purpose Only.