Learn how to buy and sell crypto on Binance — the most popular exchange in the world — in our “How To Use Binance” guide.
Covered:
- Intro To Binance
- How To Sign Up
- Using Binance’s “Lite” Option
- Navigating Binance
- How To Deposit And Withdraw
- Trading On Binance
- Using Limit And Market Orders
- How To Stay Safe On Binance
Intro To Binance
There are lots of crypto exchanges out there, but the biggest one in the world is Binance. And with good reason.
Binance has everything you could possibly need as a crypto investor with its trading, yield, and derivatives options. Some competitors have grown to offer some similar services — while others haven’t been bothered or able to catch up — but none of them can match Binance’s liquidity, security, and adaptability. This is why Binance isn’t just the biggest, it’s by far the biggest.
So, if you’re looking to find out what all the fuss is about, here’s a guide to help you get acquainted.
Note: if you’re located in the US here’s a link to our guide on Binance.us.
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How To Sign Up
The very first step is signing up if you haven’t yet. To sign up for Binance, navigate to their website. Here’s the link.
Once you’re on the home page, you’ll see a big yellow button that says “Get Started.” Click on the button.
Once there, you’ll be given three options. You can sign up from scratch using an email, phone number, or a Google or Apple login. These four options are more like two. Google and Apple logins give you the ease of use and recoverability associated with those logins, however you’re vulnerable to privacy and security concerns.
Using a phone number or email could have security concerns as well — though, there are ways to stay safe, I’ll get to that in a bit — but overall your privacy is better maintained. For example, you can use an encrypted email service. That said, using phone or email doesn’t mean you don’t have to KYC.
KYC is now required for all Binance customers. You will be prompted to provide your ID after you pick one of the above options. Though, thankfully Binance’s approval process is quite fast unlike some other exchanges.
Navigating Binance
Before we get into depositing and withdrawing on the Binance exchange, let’s get into some useful tips that I wish I knew when I got started using this exchange.
First thing you might notice is that the layout of Binance can be pretty intimidating or overwhelming or both. A friend of mine I referred to Binance said it reminded him of a “Bloomberg Terminal,” a reference to the popular trading tool of stock traders.
Binance’s layout looks more like this.
Compare that layout to Coinbase, and it’s obvious that Coinbase really caters to n00bz. But, Binance also has a “Lite” option for those who are either starting out or just simply not interested in advanced features.
Binance’s “Lite Version”
To use the “Lite” option you’ll have to download the Binance mobile app — it’s only available on mobile. Note: if you’re downloading Binance from your app store of choice, make sure you are downloading the right one. Here’s a link to your app download options provided by Binance.com.
Now that you’ve downloaded the app, let’s set it to “Lite” mode. To do that, you start out on the home page — I added a red arrow pointing at “Home”. You’ll know you’re on “Home” when the button in the bottom right corner is highlighted in yellow.
Now that you’re on the mobile “Home” page of Binance, go to the top left of the screen. Again, look for a red arrow in the image below. The arrow is pointing at your “Dashboard.” Click on it.
As soon as your on your profile page, you’ll notice Binance Lite. Beside it there is a button. Click on it and make sure it’s set to yellow and you’re done. From there, your layout will be simplified.
Once you’re more comfortable, you can always turn it off and start taking advantage of all the more advanced features Binance has to offer.
Now that we’re signed up and are comfortable with our interface of choice, let’s get into getting crypto in and out of Binance.
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How To Deposit And Withdraw
Like most exchanges, you can deposit crypto or buy it with fiat directly on Binance. First, let’s go over depositing crypto on the platform.
Depositing crypto on Binance is basically the same as it is on any crypto exchange. Start by navigating to the top right of the page where it says “Wallet.”
Select “Fiat An Spot” from the “Wallet” dropbar.
Select the cryptocurrency you’d like to deposit. To do that, click on “Deposit.” It’s the big yellow button around the middle of the top of the page.
From here, you can just choose from the many options Binance has. For this example, let’s use Bitcoin. Once you’ve selected what you are depositing, input the address of the crypto you own — this could be from a wallet or an exchange. From there, you will have to wait for the transaction to be approved, but it’s usually a very quick process.
Once your trade is pushed through you will have your Bitcoin (or whatever crypto you’re sending) in your Binance exchange wallet ready to trade.
Pro Tip #1: Unlike similar exchanges like KuCoin, you don’t need to transfer from your wallet into your spot account. It’s available immediately for trading.
Buying Directly On Binance
You can also buy crypto directly using fiat on Binance. Though your options differ from territory to territory. Not to mention, certain banks block you from using crypto exchanges, so you’ll have to check with them on a case-by-case basis.
To buy crypto, head to the top right of the home page. You’ll see a “Buy Crypto” option. Click on it.
Once you’ve clicked on it you’ll see different options pop up. It looks like this.
You’ll notice right away that Binance provides options for buying with credit/debit as well as funding your account with a bank deposit. A bank deposit is great because you don’t have to incur fees every time you purchase crypto like you would if you’re using your card on an individual basis. However, this option isn’t available to everyone so you will have to guess and test.
Pro Tip #2: Don’t assume that if your transaction isn’t going through that your bank has permanently blocked crypto transactions. Call them to see and they may approve it after being assured you are the one making the transactions and not a scammer.
How To Withdraw On Binance
Withdrawing on Binance is a familiar process if you’ve already used other crypto exchanges. It offers two options: withdrawing to crypto wallets or to your financial institution.
Let’s start with withdrawing crypto. To do so, navigate to your Binance
“Wallet” again. You can find that on the home page at the top right of the corner. Click “Fiat and Spot” just like you did with depositing. The difference is this type click on withdraw — which is right beside “Deposit.”
In the wallet section, select the crypto you want to withdraw. You can find it in the “Fiat and Spot” section. Once you’ve selected the crypto input the address you are withdrawing to.
Make sure to select the correct network of the address you’re sending to. For example, if you’re using a Bitcoin wallet that uses the Bitcoin network, make sure you’re using the BTC chain. To do that, click on “Select withdrawal network” and select BTC chain.
Withdrawing To Bank
Withdrawing to a bank on Binance is easy. However, not every user will have the option because some banks won’t even accept withdrawals from crypto exchanges.
If you’re eligible to withdraw to a bank, here’s how to do it. Navigate back to the “Fiat and Spot” in your Binance wallet section again. After you’ve selected what you want to withdraw, you’ll see an option for withdrawing to a fiat currency like USD. Pick the one you want, and click “Withdraw.”
From there you will be prompted to use Swift. Input the amount you’re looking to withdra and your bank information. After that you’re all set.
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How To Trade
Trading on Binance is quite straightforward. Like I mentioned earlier, you don’t have to transfer between your trading and spot accounts like you do on KuCoin for example. Once you’ve bought crypto be it an alt or a stablecoin, it’s ready to be traded with.
To start trading, click on “Trade” at the top of the Binance home page. You’ll see a bunch of options. Click on “Spot.”
Once you’re there, you’ll find the “Spot” page.
To select a cryptocurrency to trade, head to the top right of the page (follow the red arrow) and use the search function.
Using Limit And Market Orders
Once you’ve selected the crypto you want to trade, you can buy or sell it with either a “limit” or “market” order. The order types are located where the arrow is pointing in the image below.
A market order is the easiest option. It automatically chooses a price based on the demand at the moment. A limit order is a bit more complicated. It lets you buy or sell when the price of the crypto hits the price you’ve selected. For example, if you want to buy BTC at 69k — sometime in the future — but the price is 69,100, you type in 69,000.
To do so, you select “Limit” where the arrow is pointing above. And then below where it says price you enter 69,000. From there, the order will process once Bitcoin hits that price again.
Note: there is no guarantee that if you pick a price it will get to it or that the order will automatically fill. So you’re leaving things up to chance by using a limit order. However, it’s a good option if you’re looking to get the best price when buying and selling.
Pro Tip #3: To save on trading fees on Binance make sure to buy and hold Binance token (BNB). The exchange token gives you discounts on fees depending on how much you hold in proportion to the rest of your portfolio.
For more on trading fee discounts on the Binance exchange, click here.
How To Stay Safe On Binance
It’s important to stay safe on Binance — like it is on any other crypto exchange. Of course, Binance prides itself on taking precautions, as well as having a SAFU fund just in case. Irregardless, you still should keep everything safeguarded as a best practice.
To do so, you have several options. They are all listed in the photo below.
As you can see, you can choose a mix of options. It’s best to use as many of these as possible in conjunction together. The more options you choose, the less chances a scammer can gain access to your money. This is called 2FA, a.k.a. two-factor withdrawal.
PRO TIP #4: Most “hacks” are sadly user error. Never give your info to anyone, save passwords to browser, or just use SMS authentication — sim cards are easily spoofed.
2FA Options On Binance
The Google Authenticator is especially handy when paired with email or SMS authentication. If a scammer has managed to get your sim card, it could send the SMS code to themselves. However, the authenticator app’s code can’t be accessed. It’s a great app to help you stay safe.
It’s also recommended that you use the anti-phishing code option. It protects you against unsolicited emails that pretend to be Binance. Often scammers can get access to your email address (nefariously or just by guessing common names) and send you emails with “offers” to entice you to give up your private info. The phishing code helps you against those phishing emails. If you don’t see that code in an email from Binance, you might be getting phished.
To access security options, head to the top right of the page and click on the “Dashboard.” Inside, you’ll find several options. Click on “Security.”
Pro Tip #5: Don’t blindly assume just because they have your code that it’s authentic. Never accept any offers or give up your private info under any circumstances. To do any kind of transaction or try an offer from Binance, do it directly through your browser or app.
***
That’s it for now. Hope you enjoyed our “How To Use Binance” guide. Keep in mind we only covered the basics of how to use Binance. As you’ll quickly find perusing the exchange, there are a ton of options like yield earning, margin, derivatives, swap farming, etc. Make sure to exercise caution when using any of these more advanced options on Binance, as they are risky like anything in crypto is outside of straightforward buying and selling. Never invest more than you can afford to lose.
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