Every Crypto investors have a big challenge to find out the right exchange to trade their digital assets, hence in this guide I will explain how to Buy on Binance, how to Trade, how to Sell etc.
If you are a daily trader than it is obvious that you are looking for an exchange which has very high volume and almost every big coins should be listed with that.
Most of the people are facing the challenges with the transaction fees and money withdrawal challenges but this is not the case with Binance.
Why?
Every single detail is explained in this how to buy on Binance guide if you are interested to buy Cryptocurrency or want to trade cryptocurrency on Binance.
We have seen multiple exchanges in the market such as Bittrex, Cryptopia, Huboi, Kucoin, HitBtc etc but why we chose Binance?
There are a few factors which make Binance, one of the best exchange than others.
Table of Contents
What is Binance
Binance is a Cryptocurrency based exchange which was established back in the year 2017, Currently more than 1000 Cryptocurrencies traded in the Binance market.
Binance was earlier having server headquarter in China but in 2017 after the ban by the Chinese government on Cryptocurrencies, they shifted this to Japan.
The company has established its office in Taiwan by 2018, Binance is crypto to crypto exchange which got high popularity in the year 2018.
They are not limited to trade existing coins only but they have already done ICO for new coins. The team of Binance is quite supportive and updating every single update on social media.
Binance is one of the top Cryptocurrency exchange which has more than 1 Billion USD volume to trade on a daily basis.
We have seen many exchanges which having the different internal markets to trade, in a similar way Binance offer to trade in below markets.
- Bitcoin Market (BTC)
- Ethereum Market (ETH)
- Binance Market (BNB)
- Altcoins Market
Above three are the major three markets(Exchanges) on which almost all registered coins of Binance are available to trade.
I hope you got a bit overview on what is Binance and what it offers to you, Now let’s focus on the Binance trading Exchange Overview and their transaction fees.
Binance Exchange Overview and Trading Fee
As we discussed above, Binance offers us three different major platforms on which we can trade our Cryptocurrencies.
Here platform means places where you can exchange your initial holding for other coins.
Let say, if you have Ethereum and want to exchange or trade that Ethereum for Cardano (ADA), then go for Ethereum Market and do trade it, but how? Will explain in a later guide.
In a similar case for Bitcoin (BTC) and Binance (BNB), where every single coin is available to trade on all the three different exchanges.
Do you know what is Binance Coin (BNB)?
Binance coin is a Cryptocurrency or token owned or created by Binance only. Basically, Binance has launched one Market to trade every Cryptocurrency on Binance Market.
Same as Ethereum and Bitcoin, in Binance market you would be able to buy or sell any cryptocurrency using Binance Coin (BNB).
How to buy on Binance using Binance coin and why to trade in Binance Market will explain your next.
While talking about listed Cryptocurrencies with Binance, you can check here in detail list issued by Binance.
Now the question is, which market to trade in Binance Exchange? As we have seen it allow to trade in three major markets.
Before choosing any market there are three things to be considered.
- Initially what Cryptocurrency you have to trade.
- Which market will allow you minimum fees to trade?
- Is there is any minimum withdrawal or threshold to reach before cashing out or transferring your coins?
This is not only the case with the Binance but the same thing you should take care while choosing any other exchange.
Trading Market in Binance
Clarifying Doubt on first, let say you have Ethereum so you are eligible to trade in Ethereum market only.
If you want to trade in BTC, then first you have to sell your ETH in Ethereum market in exchange for BTC.
Now your balance is converted to Bitcoin (BTC), using BTC you would be able to trade in Bitcoin market.
Similar case with Binance coin market which needs BNB coin to trade with any other Cryptocurrencies.
Trading Fees
This is the prime criteria you have to look before choosing any exchange or its trading market.
Because while you buy or sell any cryptocurrency on the exchange they will charge you transaction fees.
If we talk about Bittrex than it will charge around 0.25% straight fee for each transaction, which is too much.
Let say you have done trading in Bitcoin than for every 1 BTC approx 0.0025 BTC will be deducted as transaction fees which cost around 10$ (If 1BTC=4000$).
In a day, if you trade more than 10 times you can check how much you are paying only in transaction fees.
Hence, I would say Binance is the best place where you can reduce this transaction Fees approx 60%.
Yes, Binance charges only 0.1% transaction fees for each transaction which is very less than every other exchange, for detail Check here.
Here initially you will be at the general level which will upgrade if you follow below two conditions.
- Trade for 100 BTC in a 30 Day
- Maintain BNB balance more than 50
If you are able to match the above two conditions than your transaction fees will further reduce and you can enjoy more savings.
Even you can reduce this general 1% transaction fees further 50% more, means now it will cost only 0.05% if you will trade in their Binance market using BNB coin.
Yes, this is the advantage of trading in Binance Coin market instead of Ethereum and Bitcoin market to reduce transaction fees.
Withdrawal fees
Withdrawal fees are continuously changing as blockchain based cryptomarket is volatile but yes you can check all those details from here.
I hope now you are fully aware of what is Binance and what it offering in terms of exchange and trading fees.
This time is to learn how to Buy on Binance from start to end step by step?
How to Buy on Binance Step By Step
In this guide, I will tell you start to end process on how to buy cryptocurrency on Binance or how to trade any cryptocurrency with Binance.
Basically buying will be the case, if you are paying money and in return, you are getting expected coin.
But Binance is an exchange, instead of buying you have to do trade, yes it is like buy-sell of coins on different exchanges.
So no worry, if you are a beginner even you will get a good idea on how to use Binance to trade coins and successful buy-sell of your favorite coin.
Will go through each step by Step, so do not miss any step else you will slip your money.
Binance SignUp and Create Account
This process is very simple and straightforward, you won’t need to do KYC for opening a fresh new account with Binance.
In simple what you need is an email ID and Password to create an account and smartphone which can ensure more security to Binance.
To setup, a new account clicks to Binance Signup Link here.
Once you are navigated to the home screen, Simply click to register and the new window will pop up to enter a few basic details.
Provide Email ID, Password and make rest of the details as it is and accept conditions and simply hit Register.
You are done, then simply go to your Email ID and Do verify your Binance account.
Once you log in to Binance account, it will ask you to Enable Google Authentication.
Which usually provide additional security to your account, so do install google Authy from play store of your smartphone and add Binance account with that.
Simply connect both Binance and Google 2FA (installed in your smartphone) and you are done with the creation of the account.
Going forward for account login, it will ask one is your primary password and one is real-time password generated in your mobile app using 2FA.
Now any time any moment you can start trading because here you won’t require to do KYC with Binance.
Yes, Binance offers two accounts one is Basic and other is Advance.
Basic Account which won’t require KYC AND will allow you to withdraw 2BTC per day, however, Advance account which requires KYC will allow you to withdraw 100 BTC per day.
Initially, you will default have a Basic account which you can upgrade to Advance by uploading an ID proof and later approval.
Simple and easy process and I hope you got almost everything what you need to open an account, if not comment me below will help you on that.
Now I can say you have a Binance account, let’s move forward on how to buy on Binance guide.
Account Balance Overview
Let say you have initially balance with Binance, or going to deposit balance in Binance everything will display an option under Funds->Balance.
From the above screenshot, you can see Total Balance will display, how many coins currently you have in your balance, same available balance and value to that total coins in BTC.
If you want to Deposit any cryptocurrency or want to withdraw, you can refer Deposit and Withdrawal options listed in the same row.
Will explain detail later how to deposit new Cryptocurrency.
Binance Exchange Overview
The exchange is the place, where we discussed earlier, you can choose either BTC market or BNB market or any other Altcoins market where your coin is listed.
To access any exchange, first you have to choose either Basic or Advance, but you need a good basic interface so Go for basic by following below process.
Exchange –> Basic as shown below option will on LHS top corner.
It has a few basic details to learn carefully, this is the first step to learn how to buy on Binance.
Here the first things to consider is the RHS top corner where BNB, BTC, ETH, USD is written, basically, that is the exchange which you can choose any.
If you Chose BNB than all below-listed coins in pair of BNB will display if you chose ETH than all coins in pair of ETH will display.
Below that exchange market (second highlighted box), you have a list of coins which are registered in each individual exchange market.
Let say in the above screenshot, I have chosen ETH (Ethereum Market), so below that all coins price with respect to ETH is given.
As is displayed in the screenshot, how much is current ADA Coin (Cardano) price with respect to ETH.
Similar will be the case with all other Crypto markets, per coin price with respect to their trading market (BTC, ETH, BNB).
Rest of the RHS and LHS highlighted boxes are explaining the history of trading, that what and how current market buy-sell is going on.
The second most part is Middle Highlighted Buy Sell Box which we discuss in detail now.
No, I can say you are done with the introduction of Binance Exchange, this time is to actual Buy guide for any coin, let say I want to Buy Cardano (ADA).
I am Planning to Buy Cardano using Ethereum (ETH), but Why Ethereum let me tell you.
If you have BTC in CoinBase Wallet, in order to buy on Binance, will require to transfer BTC to Binance, which will have more transaction fees.
However, ETH price is less than BTC, so the transaction will not cost you that much ultimately saving your cost of transaction fees.
Hence we are taking here an example of ETH.
How to Buy Cryptocurrency on Binance
The process to buy or sell on Binance will be the same with any market you chose or any coin you trade.
Hence you can take this guide as a reference and learn complete step by step process on how to buy on Binance.
We will be taking an example of Cardano (ADA) which is an altcoin and already listed on all the exchange market.
As Binance is a Crypto to Crypto Exchange which does not have any wallet where you can deposit USD or EUR.
So first and foremost you should have trading market basic currency, which could be BTC, ETH, BNB to which major coins are listed.
Here we will buy Cardano (ADA) using Ethereum (ETH), so initially, on your Binance wallet, you should have balance in Ethereum (ETH).
If you already have ETH balance on Binance exchange, then you can escape few below steps else you should do two things.
Transfer of ETH to Binance
Let say if you have ETH balance in your CoinBase, Bittrex, Exodus or any other Cryptocurrency wallet.
Then first transfer your ETH balance to Binance, the process will be easy and simple.
Go to Fund–>Balance –>Search for Ethereum –>Click to Deposit
It will display a deposit address of Ethereum wallet on Binance, simple transfer your coin from CoinBase or any other place to that Ethereum Deposit Address.
In the next 5-10 minute, your amount will be visible as available balance in Etehreum Balance.
Make sure, this Deposit address will be different for each account and each coin, so check this first before sending any coins to Binance.
What if you won’t have Ethereum balance initially in that case you would need to buy ETH first.
Buy Ethereum on Binance
This time very few exchanges (Except Changelly) allow you to buy Crypto using Fiat currency like USD, EUR, GBP.
But Binance is different than others, it offers you a service which can help you to buy ETH, BTC, LTC, XRP coins using credit or Debit card.
To do so go to the dashboard than Funds–>Buy with Credit cards
Simply Put ETH amount in Order Amount edit box and chose ETH in the dropdown and enter Total charges as an amount in USD or can choose EUR from Dropdown.
Click to buy now and provide basic details and card payment and at the end submit your ID proof because you are dealing with fiat.
Once everything is done successfully an email will be the trigger your email ID ask to verify, if all done then after 10-15 minute amount will be credited to your Ethereum balance account.
Make sure here payment process will be done through Simplex which charge you a minimum 3.5% or 10$ whichever is max.
If you really want to buy Cryptocurrency using fiat without paying 0$ transaction fees, it is worth reading our detailed post on how to buy CryptoCurrency with 0$ transaction Fees.
Now through both process, you have ETH balance to trade in Ethereum Market.
Buy Cardano (ADA) on ETH Exchange
To buy any altcoins first you have to move toward a trading market for which you already have cryptocurrency to trade.
Here we have Ethereum in balance, so will follow below process.
- Go to Exchange then click to Basic.
- Choose the Ethereum market which is on RHS topmost site.
- It will display all list of Coins, so search for ADA (3 letter Coin name of Cardano).
Now as shown above only single coin ADA/ETH pair will display, now click to that ADA/ETH pair and now you are in.
Now you can check the ADA Coin/ ETH platform and will have below view, where in the middle two options to Buy and Sell Cardano is given.
Buy Cardano on Binance
It has three options available, where price will come with a default value.
Price is where you can set each ADA coin price in ETH, let say you want to buy 1 ADA coin in exchange of 0.05 ETH.
That means in Price columns you will put 0.05 ETH.
Amount is where you will enter how many ADA coins you want to buy, let say you want 100 ADA Coin, so the entry to that will be 100.
Total is where automatically multiplication of Price and Amount in ETH as a total amount will display.
Let say you have purchased 100 coins for 0.05 ETH each means total will have 100*0.05=5ETH.
At the top of above Buy Column, you would have total ETH available in your account balance to trade that means your Total amount in Buy should not be more than available ETH balance in your account.
You can change the price of ADA coin in ETH for future trade but for instant buy, simply fill all entry and hit enter.
After a few seconds, the same balance will be added to your Cardano(ADA) total available balance.
If you have set price but that order won’t be fulfilled then you can check the current ongoing order in Order–>Open Order
That will display if you have placed any future buy order or the order which you placed right now is not yet fulfilled.
You can cancel that order any moment and that ETH balance will be added to your available ETH balance else will be blocked there until you cancel or complete order.
This is the simple process to buy on Binance, There are three options to buy on Buy Window.
Limit is what we discussed above, where you can set coin price for buy your own.
Market is where your buy order will completely fulfill with the current market price, the system will auto adjust until your total coin purchase completed.
Stop-Limit is for the trader who wants to buy at a certain point and want to stop on others, so they can set their buying bid based on requirement.
It suits best for the daily trader, so they can minimize their losses by putting a stop loss at some point.
Now I can say you got an idea on how to buy on Binance, let me brief about how to sell.
Sell Cardano (ADA) on Binance
Selling will have the same three places to fill as we did in Buy order but with a different login.
Price is where you will provide for HOW much ETH you want to sell your 1 ADA coin, let say you want to sell 0.06 ETH/1 ADA Coin.
This means if anyone pays you 0.006 ETH only than you will sell your 1 ADA Coin.
Amount is the total ADA Coin you want to sell.
Total is the place, where Price in ETH and Toal amount of ADA coin multiplication will apply and resultant ETH balance will show.
This is the balance you will get after the successful sale of your all coins, here the case will be similar you can set max price for future sale.
If order fulfilled than ETH visible in balance else will be in Order–>Open Order.
Here also you can use stop loss, if you are a daily trader.
Simple and easy guide on How to buy on Binance or how to sell on Binance.
My View on How to Buy on Binance
I have covered most of the knowledge required to trade on Binance, we have discussed an overview of binance and especially trading fees.
Bittrex is another big exchange on which multiple currencies listed, you can check the different between Bittrex vs Binance here.
But I found Binance as one of the best exchange in terms of low trading fees and even you won’t require to do KYC unless you withdrawal more than 2 BTC per day.
I am using Binance for a long time and they provide us the opportunity to participate in ICO as well.
Binance is a growing platform and providing easy to understand process but this just 2-year-old platform which has a lot much to prove in the future.
If you are planning to invest than I have prepared two guides on top 10 best Cryptocurrencies to invest and another list of Top 7 altcoins which are having a price less than 1 USD and looks bright future for them.
I found myself happy with Binance, what do you think let me know in the comment box and if planning to invest or trade on Binance than signup right now.
