How To Trade At Binance? The Complete Beginner’s Guide

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Last Updated on 4 June 2022 by CryptoTips.eu

Binance is currently one of the largest exchanges for digital currencies and is very popular among cryptocurrency traders. The platform has a very big offer, is suitable for beginner and experienced traders and has all the paperwork and licenses to operate. In this guide we explain step by step how to transfer cryptocurrency to Binance, how to execute a buy or sell order and how to convert it back to Euros. Everything you need know how to start trading at Binance. In our Binance review you will learn more about the exchange itself and in this tutorial we will focus on how the exchange itself works.

Important Warning

There are a lot of phishing sites online that replicate the Binance website and try to steal your funds. Use the following link to go to Binance.com. Bookmark the page and make sure that the green lock is always on the screen when you log in. Three double check before every login that the URL is Binance.com. If you do search for Binance via a search engine, never click on an advertisement.

Lifetime 20% friend discount on all fees + 25% BNB discount

We share our commission with you and we give you a lifetime 20% discount on all fees on Binance. The discount can be combined with the BNB discount.
ACTIVATE DEAL
On Going Offer

How to register a Binance account

To use the exchange, an account is required. Registering is easy and requires only an email address and password. If you already have an account you skip these steps (1 to 6).

  1. Go to the official Binance.com website
  2. Click on Register at the top right
  3. Enter your email address and password (make sure you use a unique password that you don’t use anywhere else)
  4. Referral ID: D10BZSYZ (you will receive a 20% discount on all fees for life)
  5. Agree to the Terms and Conditions and click on Create account
  6. After solving the puzzle you will receive a confirmation email to verify your email address

Security measures

When trading on the cryptocurrency market, security is top priority. This is not only the responsibility of the exchange, but also yours as a user. Unfortunately there are some people who try to find out your account details in a sneaky way, and you have to be one step ahead of those criminals. By following the steps below, you will make it more difficult for these people to find out your details:

  1. Always log in via the official link: Binance.com and bookmark the page
  2. Make always sure you see Binance.com and a green lock in the address bar
  3. Download the Authenticator App and enable 2-step verification
  4. Never give your password to anyone, not even the Binance helpdesk.
  5. Use a password for Binance that you have not used anywhere else yet
  6. Never use an ad from a search engine to go to Binance

Verification

For most people, a normal account without any verification is more than enough. You can withdraw/trade up to 2 Bitcoin per 24 hour without doing any KYC. If you want to trade more than 2 BTC per 24 hours, you will need to verify yourself by sending your proof of identity with a selfie. The instructions for this are explained on the verification page.

You can bypass the limits by spreading your transactions over longer periods than 24 hours.

Lifetime 20% friend discount on all fees + 25% BNB discount

We share our commission with you and we give you a lifetime 20% discount on all fees on Binance. The discount can be combined with the BNB discount.
ACTIVATE DEAL
On Going Offer

Depositing funds

You can see Binance as a cryptocurrency exchange office where you swap Bitcoin, Ethereum or another base currency for another cryptocurrency. It’s just like exchanging euro bills for dollar bills, for example, when you go to America. So to use the exchange, you need credit and you can do this by depositing Bitcoin or Ethereum into your Binance account. Nowadays it is possible to add credit with many different options, but we recommend to do this with Bitcoin or Ethereum. We use Bitcoin in our guide:

  1. Make sure you are logged in.
  2. Go to the top right to Wallet and click on Spot Wallet.
  3. Click on the left on Deposit.
  4. A dropdown menu appears where you can search for the coin you want to deposit. Search on BTC to deposit Bitcoin.
  5. If you have selected Bitcoin, an unique wallet address is automatically generated for you.
  6. Copy the wallet address and keep the Netwerk BTC selected.
    1. We recommend you to buy Bitcoin at a reliable broker with low fees. In this guide we explain how to buy crypto at Bitvavo. You can choose to pay directly with your credit card at Binance, but they will charge you a high fee.
    2. Enter your Binance Bitcoin wallet address at the broker’s receiving address while purchasing Bitcoin. Complete the payment with a payment method of your choice.
  7. The broker will send your Bitcoin directly to Binance and this can take up to 2 hours. You will receive a notification email when your deposit has successfully arrived at Binance.

Binance Bitcoin deposit address

Start trading at Binance

In order to actually start trading at Binance, it is necessary that the above steps have been executed. So in this tutorial, we assume that you have deposited Bitcoin or another base currency:

  1. Go to the official Binance.com website
  2. In the upper left corner of the Binance website go to Spot and click on Classic. The following trading view will become visible:Binance Classic overview
    1. Coin Information: More information about the selected coin, such as the abbreviation, current price, lowest price, highest price and volume of the last 24 hours.
    2. Sell Orders: All current (not yet executed) sell orders of the selected pair in the order book.
    3. Price chart, you can adjust it to your preferences. The options can be found at the top of the table
    4. List with the pair available on Binance (in this case with the pair BTC). Behind the abbreviation you can see for which coin you can exchange it directly. For example ARK/BTC stands for Ark (ARK) that can be traded for Bitcoin (BTC) and vice versa.
    5. Buy Orders: All current (not yet executed) buy orders of the selected coin in the order book.
    6. Possibility to buy the coin
    7. Possibility to sell the coin
    8. History of all purchases and sales for the selected coin from everyone on the platform. These orders have been successfully executed
    9. Switcher to select different orders and possibility for margin trading
  3. Select or search a coin of your choice at the top right (#4 in the picture). Note that you have to search for the abbreviation of the coin. By default, the overview is filtered on BTC. If you have deposited Ethereum then you have to click on ETH (in the yellow upper right corner of #4).
  4. Click on the coin when you have made your choice and the overview of the selected coin will open.
  5. You have multiple ways to buy the coin:
    1. The easiest way is to buy or sell digital currency at the current market price. Your order will be immediately executed and you immediately will be the owner of the selected coins. Select Market (#9) to switch to market orders. Enter how many coins you want to buy at Amount. You will immediately see the maximum amount you can buy. By clicking on a percentage, you can invest a percentage of your deposited Bitcoin.Open a market order
    2. More advanced way is a limit order. When you use a limit order the order will be executed at your selected price. It is not guaranteed that you order will be executed. Select Limit (#9) to switch to market orders. Enter an Amount and Price and wait until your order is executed.
  6. Click Buy to open your order
  7. If you have chosen for a Market order your order will be executed immediately and the purchased coins are now in your Binance wallet. If you have chosen for a limit order you have to wait until someone fills your order.
  8. To sell your coins again (i.e. exchange them back to Bitcoin or Ethereum) you can use the Sell widget (#7).
  9. Enter what amount of a particular coin you want to sell and it will be exchanged for Bitcoin or Ethereum (depending on your chose order).

Lifetime 20% friend discount on all fees + 25% BNB discount

We share our commission with you and we give you a lifetime 20% discount on all fees on Binance. The discount can be combined with the BNB discount.
ACTIVATE DEAL
On Going Offer

Withdraw from Binance and sell it for euros

  1. Go to the official Binance.com website
  2. Perform steps 8 and 9 of the previous section
  3. You have sold the amount that you want to get paid out and it is back in Bitcoin (most brokers charge a lower fee to exchange Bitcoin for euro)
  4. Go to the top right to Wallet, click on Spot Wallet and click on Withdraw (on the left)
  5. Search BTC if you’ve exchanged everything for Bitcoin.
  6. Withdraw your Bitcoin and send them to a crypto to fiat broker. We recommend to use Bitvavo. Please use this guide to sell the coins.
  7. You will receive a unique wallet address from the chosen broker. Enter the wallet address Recipient’s BTC address field.
  8. Indicate how much you want to transfer and click Submit
  9. Your Bitcoin will now be sent to the selected broker. It depends on the broker how long it takes to get paid out in euro. Generally, it takes up to one workday to get paid out.

After following the steps above you will know the basics of trading cryptocurrency on the Binance Exchange. Keep this tutorial with you a couple of times to really get the hang of it. The trick is to buy a certain coin at a low point and then sell it at a high point. The price difference is your profit.

Lifetime 20% friend discount on all fees + 25% BNB discount

We share our commission with you and we give you a lifetime 20% discount on all fees on Binance. The discount can be combined with the BNB discount.
ACTIVATE DEAL
On Going Offer

Good luck and please contact us if you have any questions.

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