In this guide, we will walk you through in easy-to-follow steps on How to buy on Binance.
Step by step we will take you through the entire buying and selling experience of cryptocurrencies using Binance. In this guide, we will cover both how to buy Bitcoin on Binance, but also how to buy other cryptocurrencies that are available on Binance.
We will take you through the entire process of funding your account on Binance, and then how to buy cryptocurrencies on Binance, selling cryptos on Binance and finally how to withdraw funds from Binance.
Which is a lot of cryptocurrencies? Because Binance has one of the biggest selection of cryptocurrencies available.
What is Binance and why is it so popular?
Binance is one of the biggest cryptocurrency exchanges available in the world right now. If you would ask any experienced cryptocurrency trader about which exchange they used the most and probably Binance would come up as the top listed option.
And that is for good reasons. In this section, we will talk briefly about why Binance is so popular for people to use when they want to buy cryptocurrencies. And after that, we will guide you through the steps on how to buy cryptocurrencies on Binance.
How to open an account on Binance
Step 1 – Go to Binance’s website
To open an account with Binance simply head over to www.binance.com and click on ‘Register’ and then fill in your email, password and any referral id (if you want to support us you can add – ‘10787692’).
Step 2 – Enter your details and verify email
After that, you will get an email sent to your email address. Click on the confirmation link in that email to verify your account and log in at Binance.
Step 3 – Enable 2-Factor Authentication (2FA)
A very important part on securing your cryptocurrency account with Binance, but also for every other cryptocurrency exchange is to enable a 2FA. For example, the Google Authenticator app – learn more about how to protect your cryptos.
And now you are done and registered. Now you can get started funding your Binance account to start trading cryptocurrencies.
How to fund your account on Binance
Head over to www.binance.com and log in to your account.
Option 1 – Fund your account with cryptocurrencies
To send funds from another exchange you first need to select the cryptocurrency that you want to transfer to Binance. For example Bitcoin, Ethereum or Ripple.
Let’s say we want to send Bitcoin from Kraken to Binance, then we first go to Binance and click on ‘Wallet‘ –> ‘Exchange wallet‘ –> ‘Deposit‘ and then you select the crypto you want to deposit, in this case, Bitcoin (BTC).
After that, you will see a long random string of numbers and letters. That is your wallet address. And it is to this address that you need to send your BTCs from Kraken to Binance.
So go ahead and copy that address. And then you go to Kraken or whatever exchange, or wallet that you are sending your BTCs from.
Paste the BTC wallet address in and send over the funds to Binance.
After that, you just need to wait until the transaction has been completed. Depending on the cryptocurrency that you sent and the fees you paid the transaction will take different time.
You can follow your transaction in transit if you click on ‘Wallet‘ –> ‘Deposit & Withdrawal History‘.
Option 2 – Buy cryptos directly from Binance
The second option that you have is to fund your account on Binance directly with a credit card or debit card payment. Or via a bank transfer to Binance and to their listed stablecoins providers. In that way, you don’t have to buy cryptocurrencies elsewhere, for example, Coinbase.
Which can be handy if you want to buy other cryptocurrencies on Binance directly. You can also sell your cryptocurrencies on here to fiat currencies.
To buy cryptos directly on Binance, when logged in click on ‘Wallet‘ and then ‘Buy crypto‘ to get to this page.
You can also sell your cryptocurrencies for fiat currencies here on Binance using this method.
How to buy on Binance / how to trade on Binance
Did you know that there are different types of trades that you can make on Binance?
Before we guide to trading on Binance we will briefly explain the different options that you have for trading on Binance. And on other exchanges. If you want to head straight into trading for beginners on Binance then you can go down to the ‘How to trade on Binance guide’ below.
About trading on Binance
You can buy cryptocurrencies or trade cryptocurrencies using different methods today. This offers experienced traders different choices depending on what they are looking for. We will cover those different methods briefly, but in this article, we will cover the basics of exchange trading on Binance. Meaning limit orders, market orders or stop-limit orders.
The different types of trades and buying orders that you can make on Binance are:
- Limit orders – Here you set a maximum or minimum price that you want for that crypto. And you have to wait for someone else to fill that order and buy/sell it at that price. Recommended for beginners.
- Market orders – Here you buy cryptos instantly at the current market price. This helps you buy instantly, but with bigger orders, you can drive the price upwards. Recommended for beginners.
- Stop-limit orders – Here you buy or sell cryptos when it has reached a specific set price. For example after a price drop or price increase.
- Margin trading – Here you make trades where you sort of ‘bet/speculate’ that the price of a cryptocurrency will go up or down. And then with added leverage, you can loan funds to increase your ‘bet’ size. Doing this allows you to get more back from the trade. This is only for experts. (learn more about margin trading on Binance here)
- Futures trading – Here you similarly like margin trading bet on the price to move up or down. And with the contract, you agree with the other part to buy or sell the crypto when it reaches a specific price. But instead of borrowing funds from another trader on the platform it is utilised via Futures contracts. (learn more about Futures trading on Binance here) This is only for experts
How to trade on Binance guide
For easy trading on Binance, you can follow this guide.
First, when logged in click on ‘Exchange‘ and then on ‘Basic‘ trading mode. There is a mode for advanced and the main differences between them are how they look. So, for now, select ‘Basic‘.
Let us explore the process of buying ETH on Binance for beginners.
Step by step process of buying or selling ETH (or another cryptocurrency) on Binance:
- Select the cryptocurrency that you want to buy or sell. Let’s say it is ETH (Etherum or Ether) that you want to buy and you have BTC (Bitcoin) today to trade it with
- On the right side select / search for ETH in the trading pairs menu. You always trade cryptocurrencies in trading pairs (ETH/BTC, etc)
- And then you will have options to buy or sell ETH. And now you can select either ‘Limit‘ – ‘Market‘ – ‘Stop-limit‘ trading options (we explained the difference above).
- If you want to buy quickly for a smaller sum we market trade. If you want to buy for a specific amount or only pay a specific max sum we recommend limit trade.
- Set your price for the ETH/BTC trade. Depending on how much BTC you have to buy ETH for the amount of ETH will differ.
- If you do a market trade for a smaller sum the trade will usually be instant. At least with popular coins like BTC and ETH on a big exchange like Binance. If you do a limit trade for a specific price you have to wait until someone else accepts your price
That’s it. It actually isn’t more complicated than this. Even though it can at first look a bit overwhelming.
So that is the entire process of how to buy coins on Binance. But it is also as we have mentioned the same for how to sell on Binance.
It is also the same for all cryptocurrencies. And luckily it is also the same for every cryptocurrency exchange.
So if you want to use another exchange than Binance you can still follow this guide to trade at the other exchanges too. Check out our review of some of the top crypto exchanges right here.
How to sell on Binance
We have already covered the selling process for Binance but we will briefly summarise it for you again here.
To sell on Binance you can either:
- Sell a cryptocurrency for another. Then you have the same process as listed above. With limit orders, market orders and stop-limit orders.
- Sell a cryptocurrency for fiat currencies. And then we went through the process of how you can do that above. With the ‘Buy cryptos’ link. You need to provide Binance with KYC documents to do this (learn more about what KYC is here).
How to withdraw funds on Binance
Now if you want to withdraw funds, or cryptos from your Binance wallet to another wallet this is how you do that.
First, when logged in at Binance you click on ‘Wallet‘ –> ‘Exchange wallet‘ –> and then select the cryptocurrency that you want to withdraw. You can either search for it or select it from the list shown below.
Then after you have found the coin that you want to withdraw you click on ‘Withdraw‘. Then you need to paste in the address that you want to withdraw or send your coins/cryptos too.
So if you want to withdraw your newly bought ETH from Binance to your Ledger wallet, then you need the ETH address at your Ledger wallet. So copy the address that you want to send your ETHs to. And then paste it in here.
After you have pasted the wallet address in and the selected amount you want to send you to click on ‘Submit‘. You will then enter your 2FA information to confirm that transaction.
You will then also get an email sent to you with a confirmation link in it. You need to click on this confirmation link to send your funds. This is added as another security feature.
After you have confirmed the transaction you just need to wait. Depending on coin and fees it takes different time. And also depending on how busy the blockchain network is at that moment in time.
You can once again follow your transaction in transit both on Binance at the ‘Withdrawals and Deposit History‘ section. But also on your other wallet address.
Trading fees on Binance
There are different types of trading, buying, selling and other fees on Binance. Here we will briefly share some of them with you. To learn more about Binance’s fees click here.
There are a Maker and Taker fees. And depending on if you are a VIP customer, and if you have BNB (Binance Coin) this fee can be slightly lower. But usually, it is 0.1% for both maker and taker.
Withdrawal and deposit fees:
For every cryptocurrency, there is usually a withdrawal fee on Binance. This differs from coin to coin. So check the fee schedule here to find out what it is for the coin that you want to withdraw.
But there are currently no deposit fees on Binance. This is for free.
There is also a minimum withdrawal amount on Binance. It is common at every cryptocurrency exchange. Once again check the fee schedule for full information about that.
Now we have come to an end on this detailed guide on how to buy on Binance, but also how to trade on Binance, and how to deposit and withdraw funds.
We are big fans of Binance. And I use myself do use it frequently for many of my cryptocurrency trades. And that is because of the wide selection of coins that they have available. And because of the many crypto traders that use it daily makes it a top exchange based on trading volume.
This makes it easier for me to buy and sell cryptocurrencies quickly and easily. Due to the number of other buyers and sellers available.
We hope that the guide made it crystal clear for how you can get started using Binance to buy and sell cryptos. If you do have any questions at all about how it works don’t hesitate to get in touch.
We would love to help you. So feel free to leave a comment below or get in touch with us to learn more.
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Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier