Buying Coins on Binance Cryptocurrency Exchange: Step by Step Tutorial

April 2, 2018 / BY

(1) Buy Bitcoin on your exchange of choice. See our page on how to buy Bitcoin on Coinbase here: (put in link).

(2) Register for an account at (insert referral link). Click on the register button at the top right and fill out all your information. Click on the confirmation e-mail sent to you to begin your sign up.

What is Binance?

Additional information about Binance: Link

(3) Protecting your account. This next part is important to protecting your funds and investment.

2FA or Two-Factor Authentication adds another level of security in addition to your password. So even if someone hacks your password unless they also have the Google Authenticator code from the app they cannot log in.

Open your Google Authenticator app and hit the red + button below then scan the QR code on your screen and enter the 2FA code given to you from the app. Congratulations you’re now protected!

(4) Depositing BTC or ETH to your Binance wallet. Now that you have Binance set up, you need to transfer your funds from Coinbase (I will be using Ethereum (ETH) as an example).

Log in to Coinbase and go to accounts as seen below

Click on Send. Now you will see this

Go to your Binance account and go to Funds then Deposits and Withdrawals (This is also how you check your coin balances in the future).

Search for the coin you are trying to deposit (Ethereum in our case) and click.

Copy and paste the ETH Deposit Address into the Recipient box in Coinbase and enter how much ETH/USD you want to send and click continue… Your Ethereum is now en-route to the Binance exchange (Depending on network congestion, this could take a while, although usually with Ethereum transaction times are shorter).

(5) Buying on Binance. Once the incoming ETH 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.

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.

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).

-Go to Market
-Set the desired amount (number of coins or total percentage of your ETH balance are your two options)
-Click Buy XVG

 (6) Selling on Binance.
We will sell TRX for BTC. Go back to the homepage and pick the market you want to trade in.  For this example, I will be using the BTC Market.  The steps are the same for each market, but there might not be as many trading pairs.

Choose the pair you want to trade.  For example, if you wanted to buy Tron (TRX) with your BTC, you would click the TRX/BTC pair.  For this guide I went ahead and clicked TRX/BTC (top screenshot) and it took me to the TRX/BTC trading screen (bottom screenshot).

NOTE: If you are new to trading this screen can be somewhat intimidating.  I will have a separate post that outlines each section on this screen.  For now, we will keep it simple and get our sell order placed.

Now we can place an order to sell TRX for BTC.  There are 3 types of orders we can place, which are LimitMarket, and Stop-Limit.  For this example we will be placing a limit order to sell 500 TRX at a price of .000003 BTC each, but details on each order type are below.
Limit –  lets us specify the exact price we are willing to sell each TRX for.  This means our order will stay open until someone buys at this price.
Market – lets us specify the amount we want to sell and executes immediately at the current market price.  We do not get to set the price for this order type.
Stop-Limit – Similar to the limit order, but we set a condition (the Stop) that has to be met before the order is added to the order book.  A separate guide will go over this in more detail.

-Click “Sell TRX” (top screenshot) and you should see your order show up in your “Open Orders” section (bottom screenshot).  There is also a little yellow pointer in the buy order section (highlighted green) to indicate this is where the order was placed.

That’s it for placing a sell order.  With limit orders you will need to wait until it gets filled.  Once it fills it will no longer be in your “Open Orders” section.  You can check on the status by going to the trading screen, or by going to the “Orders” tab and then choosing “Order History” or “Trade history”.