If you’re new to cryptocurrency, you probably bought your first Ethereum or Bitcoin. However, you want to obtain altcoins such as Cardano, Ripple, EOS, etc. In this tutorial, we’ll help you create a Binance account so that you can buy altcoins immediately!
What is Binance?
Binance is a fast-growing crypto exchange that’s reached rank 1 trading volume within the past 5 months. Binance’s popularity is due to a multitude of factors, from having multilingual support, an extremely fast data processing speed, and a clean user interface.
It’s also important to note that Binance is a crypto-only exchange, and doesn’t facilitate fiat deposits. This means that you can only trade cryptocurrency pairs within its network. Before signing up, here are a few guidelines that you should follow.
How To Sign Up?
You can sign up here: https://binance.com/?ref=10323629
It’s important to familiarize yourself with Binance’s services and what they have to offer.
Learn About the Fees and Finer Details
There’s a multitude of minor details you have to take into consideration. For instance, think about the taxes you might be subjected to pay and the fees the exchange charges for using their platform.
When it comes to fees, Binance charges a 0.1% flat fee for each trade. The fee is automatically applied once a buy or sell transaction occurs and is deducted from the initial cryptocurrency’s value.
Understand Why You’re Opening an Account
Binance is growing at a fast rate. If this pattern continues, it could be one of the largest crypto exchanges based on its trading volume alone. Plus, new tokens are always listed on its exchanges.
This means that any ICO that you’ve missed out on has a higher chance of being placed on Binance than any other major crypto exchanges. Binance is a good option because of its trading volume, versatile currency listings and the increased chance of fulfilling your buy/sell orders.
Now that you’ve gotten through the easy part, we’ll now teach you how to make your own account on Binance.
Step 1: Enter Binance’s Website
Once you’ve found Binance’s website make sure that you bookmark the page. There is a multitude of phishing sites out there that scams users by making fake exchanges. To ensure that you’re on the right page, check the URL and see if it has a “secure” certificate behind it.
On TheTechInsider we will always have the real Binance website link located on this page, however always check the SSL signature and URL.
Here is the link to sign up if you require it: https://binance.com/?ref=10323629
Step 2: Register For an Account
To finish the sign-up process, click the register tab that’s placed on the upper right hand of the screen. Make sure that you enter the necessary information that’s required so that you can start trading!
We suggest that you have a long password when creating an account. This keeps your password safe from hackers and third parties attempting to steal your information. Verify your account and press the “Register” button to proceed and you’ll receive a confirmation email.
Step 3: Google Authenticator
After that, you should enable the two-factor authentication to remain secure while on Binance’s platform. It adds another layer of security besides your password. For example, if someone attempts to hack your password, they can’t log into your account unless they have Google Authenticator Code listed on it.
How To Deposit Bitcoin
Once you’ve gotten familiar with Binance’s interface and decided to start crypto trading, you’ll have to use either BTC or ETH into the exchange so you can start buying and selling altcoins.
Making Bitcoin deposits on Binance is easier than ever. To start, you will need to have your cryptocurrency bought from a popular exchange (i.e.: Coinbase). Here are three quick steps to help you deposit funds into your Binance’s exchange wallet.
- Log on to Coinbase and click “Accounts.”
- Click Send.
- Enter Binance account and then press “Funds” then “Withdrawals and Deposit.” This is how you can check your balance for future trades.
- Look for the altcoin that you plan to deposit into BTC/ETH into.
- Copy & Place into the Recipient Box to start buying tokens. Type in the amount of ETH/USD that you want to deposit and press SEND.
How To Trade Against Altcoins
Now that your Ethereum/Bitcoin deposits have reached your Binance account, you can start buying Altcoins (Litecoin, Bitcoin Cash, Cardano, Ripple, Etc.).
- Press the ETH tab located on the right section of the page. That can be turned to an ETH pair that will take you to the page. You can add it to your favorites to find it faster.
- Press the XVG/ETH link.
How to Buy A Coin
- Press Market
- Select the amount of ETH/BTC you want to spend (Amount of coins or % of ETH in your balance).
- Press buy XVG(used for example purposes here)
Now you’ve successfully made your first altcoin purchase.
But, what if the altcoin doesn’t accept ETH?
Then we will have to trade it back to BTC so that we can trade other options. Here’s how you can Exchange with BTC.
- Press the BTC that’s right next to your ETH tab that we’ve created in the last step.
- Search for the ETH/BTC pairing
- Click on the ETH/BTC pairing.
How to Sell/Trade ETH for BTC
- Press Market
- Press how much ETH percentage is in your total balance that you want to sell.
- Press SELL on ETH
Now you can buy additional altcoins that don’t take ETH pairings and can receive them at an alt pairing.
Using Binance Coins For Lower Fees
Binance coins (BNB) is used to do the following things:
- Withdrawal Fees
- Listing Fees
- Trading Fees
Through using Binance Coins, you can receive a 50% discount on the first year that you are on its exchange. This table shows the schedule of the discount that you’ll get when using BNB coins.