This Step-By-Step Guide to Binance reviews how to use Binance to buy and sell cryptocurrency. We detail how to create an account, customize settings, deposit funds, execute trades, and withdraw funds on the Binance cryptocurrency exchange. Binance is known for its huge number of supported cryptocurrencies, high liquidity, clean trading interface, and ultra-low trading fees. Binance currently supports trading Bitcoin, Ethereum, USDT, and it’s native token BNB for an ever-expanding number of cryptocurrencies. Learn to use one of the top cryptocurrency exchanges in the world.
The first step is to create a Binance account. You only need your email and a new password to open a Binance account. If you like the content on Crypto Space Guides, please visit Binance from a link on Crypto Space Guides. We will receive a small commission, at no cost to you, from your trades on Binance. Enter your email and password and press Register to continue.
You will receive an email from Binance to confirm your registration. To continue, click “Verify Email” in the email you receive from Binance.
You will receive a notice of account activation and you now have a Binance account. Click Login to continue to your Binance account.
You will receive the below notice the first time that you login into your new account. You should enable two-factor authentication with Google Authenticator as an additional security measure to your Binance account. Many individuals have lost tens or hundreds of thousands of dollars because they did not use two-factor authentication on a cryptocurrency exchange. Two-factor authentication means that Binance will require that you enter a temporary code, sent to your mobile phone, each time you login and initiate other important transactions. This is in addition to your password and username. Binance supports Google Authenticator for two-factor authentication.
The main account page is accessible from the menu in the upper-right. Key settings include:
- BNB Fee Setting: BNB is the native token to Binance. Users will receive a 25% discount on trading fees if they pay in BNB. This can become a significant savings for users who trade on a regular basis
- Verification: Every user on Binance can withdraw up to 2 bitcoin in value every 24 hours from Binance. Users can withdraw much more each 24 hours if they submit additional identification information such as photo, passport, and proof of residence.
- Login Password: Change log-in password.
- Two-Factor Authentication: Settings for two-factor authentication with Google Authenticator and SMS. As described above, you should enable two-factor authentication with Google Authenticator as an additional security precaution.
- Anti-Phishing Code: This is a custom code attached to each legitimate email sent by Binance to a user. If the anti-phishing code is not included in any email purportedly sent by Binance, you know that its a scam phishing email from someone else.
You must deposit funds into Binance to start buying and selling cryptocurrencies. It is free to deposit funds and there is no limit on the amount that you may deposit into Binance. First, navigate to Funds –> Deposits and then select the cryptocurrency you want to deposit from the drop-down menu. Next, copy the deposit address for your chosen cryptocurrency from Binance. Finally, paste that deposit address as the withdrawal address on the exchange, wallet, or service that you are using to send the cryptocurrency to Binance.
You may choose either the basic or advanced exchange from the upper left of the Binance front page. This guide covers the advanced trading interface in Binance because it includes a few additional features that some users find helpful. The advanced trading interface on Binance includes sections for the trading chart, your order and trading history, cryptocurrency selection, order book, and the trade execution box with limit, market, and stop limit orders. We will cover each of these below.
The trading chart shows price movements by time frame, market depth, trading volume, and a variety of other indicators. You can adjust the time duration of the chart indicators from one minute to one month in the upper left. Various tools and technical indicators are available in the upper left too. Most users will trade with the original chart, but users familiar with TradingView charts can also utilize those. A depth chart showing order book volume is also available.
The bottom of the trading interface shows your open orders, order history, trade history, and funds. In addition to the trading interface, this data is also available from your account page under the orders menu.
The upper right of the trading interface is where you select the cryptocurrency pair to trade.
The right side of the trading interface shows the order book, including current buy orders and sell orders. There is also a list of all recent orders for that trading pair.
The lower right is where users place buy and sell orders. There are three order types on Binance:
- Limit Order: An order to buy or sell the cryptocurrency at a specific price or better.
- Market Order: An order to buy or sell the cryptocurrency at its current price.
- Stop-Limit Order: This order will execute the buy or sell at the “limit” price (or better) once the price reaches the “stop” price. For example, a stop-limit buy order with a limit price of 0.000172 BTC and stop price of 0.000170 BTC will execute a buy of BNB at 0.000172 BTC (or better) once the price of BNB reaches 0.000170 BTC.
Next let’s review how to place a buy order on Binance. For this guide we will place a limit order to buy XLM, the cryptocurrency on the Stellar network. To start we selected the XLM/BTC trading pair. In the limit order box, we could have entered an order price manually or by selecting a price on the order book. We entered a price of 0.00003714 BTC per XLM, which was slightly below the market price of 0.00003718 BTC.
Next let’s enter the amount to purchase. Users may either type the amount to buy or choose a percentage of funds to spend. We entered to purchase 210 XLM for a total price of 0.00779940 BTC. Select the buy button to execute the limit order.
The section for open orders and the order book will immediately reflect that we placed a limit order to buy XLM.
After an order is executed, the trading screen’s section on order history will display the filled order.
Users may want to withdraw cryptocurrency from Binance to another exchange, wallet, or service. First, navigate to Funds –> Balance and then select the cryptocurrency to withdraw. Then enter the amount of cryptocurrency you want to withdraw or select the max button to withdraw the entire balance of that particular cryptocurrency. Binance will automatically display the withdrawal fee. Finally, paste your receiving cryptocurrency address from the receiving exchange, wallet, or service into the box. Press submit to initiate the withdrawal. Below shows how we withdrew our entire balance of 210 XLM with a withdrawal fee of only 0.1 XLM.
After initiating the withdrawal, Binance will send the user an email to confirm the transaction. Click confirm withdraw in the email to process the transaction. Completed and processing withdrawals are trackable from the menu for Funds –> Transaction History.
You Are Ready To Get Started With Binance.