Hi, welcome to this ultimate guide on how to use Binance.com to trade (buy/sell), deposit, withdraw cryptocurrencies like Bitcoin, Ripple or any other. Everything is step-by-step and as simple as possible. Just go through this ultimate guide and you are ready to do your first trade on Binance. That makes this very good for Binance for beginners.
What is Binance? A brief Guide
Binance exchange is a platform to buy cryptocurrencies like Bitcoin, Litecoin, Ripple, Ethereum, Stellar and 150+ other cryptocurrencies. It is one of the most used cryptocurrency exchanges in the whole world. It is so popular because of its easy to use interface and have a good support team to back you up. For more details on what Binance offers read this article.
How to Register on Binance?
To use Binance you need to get registered to this exchange. If you want, you can register with this link to get 10% cashback in trade fees every time you buy or sell. So, once you go to their register page you be asked for your email id, mobile number, and a strong password. They will send a confirmation on the email. Once you click on the link you are registered with and ready to make your first trade.
Let’s understand the certain terms that Binance uses for different things. To make it less confusing to newcomers, more explanations on each topic will be given in different articles. I have provided references in between if you want a detailed view of anything.
What is Wallet in Binance?
A Wallet is something that you use to store your precious things. Same in the case of Binance all your money and cryptocurrencies are put in there.
In Binance we are going to use Spot Wallet so we will explain what it is and how to use it.
What is Spot Wallet?
Wallet where you can see all your cryptocurrency investments. The balance that you have will be shown here. You are going to come here more often for checking your balances.
At the start, Spot Wallet is what you all need to know. If you want to know the rest of the wallets that they showing there, then just follow this article.
How to buy any cryptocurrency on Binance with cash/FIAT?
Coming to our main topic on how to buy cryptocurrencies from Binance with FIAT? From the topmost menu, you can see the term Buy Crypto. When you click on that a screen like below will appear. You can choose your currency in – “I want to spend section”, write the amount that you want to use to purchase and choose what you want to buy.
Once you fill all the information, click next. Now, Binance will provide a list of options to purchase that cryptocurrency. Choose one of the methods, pay and you will get that amount of cryptocurrency in your wallet. In case if you are from India, it will redirect you to WazirX.
How to sell any cryptocurrency on Binance with cash/FIAT?
To sell any cryptocurrency to FIAT with Binance you have to select Buy Crypto from the topmost menu. You will see a new page as shown above. Click on Sell and you will be asked the cryptocurrency that you want to sell and the currency that you want to sell in.
Make sure the cryptocurrency you want to sell is available in your Binance wallet. Look down to know how to deposit any cryptocurrency in the Binance wallet. Once you will fill the details and click on Sell, it will give you a list of options to sell with. Once you do the selling, it will take you to a different platform where they let you sell it and convert it into FIAT/cash and get it into your bank account. In case, if you are in India, Binance will shift you to WazirX.
How to trade any cryptocurrency in Binance?
Binance lets you trade cryptocurrencies with cryptocurrencies, so if you have some cryptos you can convert it into certain others available on Binance. To buy or sell cryptocurrency on Binance, choose Trade >> Basic from the topmost menu. There are three versions of trading in Binance that are basic, advanced and margin.
In the beginning, you just need to use Basic trading. It is very simple and solves our purpose of buying and selling cryptocurrencies with cryptos. Click on trade >> basic, a screen similar to below come up, maybe not that black. Does black look cool to you? That’s the night mode in Binance which you can do from clicking on the moon just above number 2 marked on the image. This is just way more different than the cryptocurrency mooning, though it gives the same feeling.
Binance Trading Explained – Binance for Beginners
Let’s understand the above image view for a while, it is important even for the beginners. Let us understand it with a simple explanation as possible.
- This is Binance update spot, their latest news, everything they want to tell their users they show it here.
- This is the graph section, whatever you choose from 3. The graph of that will be shown here. The ups and downs show the cryptocurrencies price over a period of time. The top left on 2, will give you graphs for hours, weeks and months.
- These are the list of all the cryptocurrency trade pair that you can buy or sell on Binance. Click on any of them and the whole page refreshes for that specific pair.
- This spot gives you live trading details. The live trades that are currently going on.
5. This is the buying spot, you can buy any crypto from here. It includes price, amount and total. In price, you have to enter the price at which you want to purchase that coin and the amount of cryptocurrency you want to buy.
6. Selling the coin is similar to buying, you have to enter the price at which you want to sell the coin and the amount you want to sell. Once you click on buy or sell it will go to 7, ie open orders.
7. Once you order, the order comes here until it gets fully executed. Once it fully executed the buying/selling is done and the crypto goes into your account.
8. Margin trading is different and at the beginning, you don’t have to think about it. You can learn about margin trading here.
How to Deposit any cryptocurrency in Binance
To deposit any cryptocurrency on Binance you have to move to spot wallet and choose the cryptocurrency you want to deposit. Click the deposit button from the corresponding cryptocurrency. Now a screen something like below pops up.
Once you will choose the cryptocurrency from 1, it will show you a deposit address. The instructions are quite clear, send the cryptos to this correct address or you will lose your crypto. Copy this address given in 2 and use it to withdraw from other exchange or wallet. In some cases, you will also get some additional things like MEMO, TAG which is also required in certain cryptocurrencies.
How to withdraw any cryptocurrency in Binance
To withdraw any cryptocurrency from Binance you have to go to spot wallet and click on withdraw on specific cryptocurrency. You will screen something like below.
Choose the cryptocurrency from 1, choose the amount you want to send in 2, put down the address and click send. In some cryptocurrencies like Ripple, Stellar it will also ask for additional data like Tag/MEMO. This is necessary and required for a proper transition.
You can also check the status of your withdrawal in deposit and withdraw history from the left menu.
In conclusion, we understand how to use Binance in all ways as a beginner. You can consider it as the ultimate guide to understand how to trade, deposit or withdraw any cryptocurrency in Binance. We understand the User interface of Binance, understand its structure and use it without additional help.
You can also request for an article here on cryptocurrencies.