Binance Exchange is a trading platform where you can work with bitcoins, cryptocurrencies and their derivatives, with interfaces adaptable to your trader experience. This portal also offers the possibility of performing operations with a leverage that reaches 10x. With this guide, you can learn how to use Binance to trade cryptocurrencies from your computer or tablet.
To work on this cryptocurrency platform, you just need to complete a basic registration with your email (without going through the identity verification process) to start trading with a maximum withdrawal limit of 2 BTC per day. Similarly, you can go through the verification process, which will increase the withdrawal amount up to 100 BTC. You can register on Binance Exchange in simple steps.
Check out this tutorial to see step by step how to trade bitcoin and other cryptocurrencies on Binance Exchange.
Learn how to manage your Binance Exchange wallet
On the left side you can see a complete list of the different wallets you will have within the Binance Exchange. Source: Binance.
Before we show you how to work in the bitcoin markets and use different cryptocurrencies to trade on Binance Exchange, you need to learn how to manage your portfolios. And, yes, it’s written in the plural, because this site manages individual balances between trade types and other parts of Binance, such as loans and savings. But of course, for the purposes of this tutorial, We will show you how to manage portfolios focused on spot trading or a traditional portfolio. Once you’ve learned what you need in this options tutorial, you can move on to another article where we’ll show you how to trade on margin (leverage) and futures.
How to use Spot cryptocurrency wallet on Binance
Spot wallet is your main wallet in Binance. From this you can transfer your balance to other wallets. To access it, you need to locate the Spot Wallet button under the Wallets menu at the top.
Inside the Spot wallet, you will see the full list of cryptocurrencies and fiat currencies available for deposits and withdrawals. Source: Binance.
The spot wallet is the only means you will have in Binance to deposit and withdraw to external wallets, regardless of which section you use.
You can deposit cryptocurrencies as soon as you complete the account creation process, as no type of verification is required. However, If you want to make a deposit in any of the national currencies that Binance has available, you must go through the KYC-AML verification process (know your customer and anti-money laundering).
How to deposit bitcoin or other cryptocurrency to Binance Exchange?
Binance also offers the facility to deposit BTCB, the Binance Coin network’s BEP2 token, which is pegged 1:1 to the price of Bitcoin (BTC). Source: Binance.
Depositing cryptocurrencies is quite simple, as you only need to have a wallet address that Binance will generate. To do this, you need to go to the list of crypto assets at the bottom and select the Deposit action.
When you open the window, you will see your Binance wallet address (in this case bitcoin) with a QR code abstraction. It remains only to wait for the transaction to receive the required number of confirmations. In the case of bitcoin deposits, you have to wait for 2 confirmations on Binance for the balance to show.
How to withdraw bitcoin or other cryptocurrency from Binance?
Binance withdrawal form, includes: address, network, amount and commissions. Source: Binance.
To withdraw cryptocurrency from your Binance wallet, you must first locate the cryptocurrency and select the Withdraw option. There a small box opens where you have to specify, depending on the cryptocurrency, basic data such as destination address and amount.
You also need to select “Network”, which in this case refers to the blockchain the cryptocurrency belongs to; For example, Tether (USDT) exists on Bitcoin’s Omni, Ethereum and Tron. In the case of BTC, you can withdraw it via its blockchain or as BTCB, which is a BEP2 token from the Binance Coin network, whose value is pegged 1:1 to the price of BTC.
How to deposit dollars, euros or any other national currency on Binance Exchange?
First, although we clarified earlier in this article, deposits in national currencies are only enabled by passing the first level of KYC-AML identity verification.
USD is not available for local currency deposits on Binance Exchange. It only exists in the North American branch of Binance.us.
Now, as in the case of cryptocurrencies, the first thing will be to locate the currency you want to deposit in your main account list. If it does not appear, you must change your account currency to Euros or a currency other than the US dollar. You can do this from the main menu.
Confirmation of bank transfers may take up to one day. Source: Binance.
You will then be provided with a form to complete to complete the deposit, along with payment details in the national currency of your choice. Payment methods differ depending on the currency. In some cases, you can make transfers through bank transactions, and in others exclusively through payment operators.
Can I buy cryptocurrencies with my local or fiat currency balance?
The answer is yes and there are two ways. Some available national currencies have trading pairs, such as the Euro, Australian Dollar, Russian Ruble, among others, that allow you to work on the Binace Exchange cryptocurrency trading market. On the other hand, within the Buy Crypto option in the menu is Cash Balance, where you can buy cryptocurrencies in national currencies available on Binance.
How to Use Binance Exchange to Trade Bitcoins and Cryptocurrencies?
Trading within Binance Exchange is divided into 2 levels (although more are shown). One of these is easy, which enables exchange exclusively between cryptocurrencies with a reduced catalog; and the other is intermediate/advancedwhere you can trade with all the markets that Binance offers.
How easy is it to trade on Binance Exchange?
Easy trading It’s a simple exchange between cryptocurrencies. In it you just need to locate the cryptocurrencies you want to exchange and that’s it. It works very similarly to exchange services like ShapeShift or Changelly, except that exchanges are done internally, within your Binance wallet.
In order to do this type of trading, you must first have an available balance in your Binance Spot wallet. After that, you have to locate the Stores button, in the top menu, and select the Easy option from the drop-down list.
Each cryptocurrency has a minimum and maximum limit for easy exchange. In the case of bitcoin, the minimum amount is 0.002 BTC. Source: Binance.
What you see is an easy trading box. Here you will just have to choose the cryptocurrency to send along with the amount. On the other hand, you have to put the cryptocurrency you want to receive in the field below. Once you’ve done that, you need to click Preview conversion.
Before completing a simple trade, a confirmation box will appear with details of the operation. Source: Binance.
Inside this small box, where you will confirm the transaction, you can see the total amount you will receive in the selected cryptocurrency, along with the exchange rate. Inside the “confirm” button. There is a 30-second timer indicating that the exchange rate will be frozen for that period of time. If you don’t accept, you have to start the process again. Also, after confirmation, the exchange is done immediately and you can see the available balance in your wallet.
How to do intermediate or advanced trading on Binance Exchange?
Intermediate or advanced trading refers to the interface you can use on Binace Exchange to trade cryptocurrencies and local currencies. Here you can find all available instruments and trading pairs, of which there are currently more than 400 within Binance.
On the left is the intermediate interface and on the right is the advanced interface. Source: Binance.
This type of trading handles two interfaces (intermediate and advanced), which basically maintain the same boxes and information, but organized differently. In this guide, we will show you an advanced trading interface. To access it, you need to locate the Store button in the top menu and select Advanced.
Binance Advanced Trading Interface segmentation. Source: Binance.
Before you start trading, we will show you how the advanced trading interface on Binance is organized.
- printing house– Shows the price movement in a time range. By default, Japanese candles are shown, which can be changed later. Likewise, the charts you see are native to Binance, to which you can apply just over 20 indicators that come pre-configured. However, you can choose the Trading View option, which allows you to see the charts that this portal offers, within which you can apply all the indicators and scripts that Trading View provides.
- List of instruments– Here you can display a list of all instruments available on Binance Exchange. A number following a pair, whether 10x, 3x or any other, indicates that the pair has a leverage option available.
- Lever control: Here you can choose which type of leverage you want to work with or if it’s just your money via Spot option. In the review we did on Binance, you can find the types of leverage within the platform.
- Buy and sell forms: Here you can open trade orders.
- Price board: here you can see the current price, the price difference in the last 24 hours, as well as the minimum and maximum reached during the day.
- Book of orders and completed trades or exchanges.
- Property: here you can see the balance of cryptocurrencies you have in your Spot wallet.
- Commands: In this field you will see open orders that you have placed with different market instruments.
How to set up a trading account on Binance?
The order process can be broken down into steps, starting, obviously, with your portfolio balance. On the other hand, in this tutorial we will only show you how to place an order on Binance with your Spot wallet balance, i.e. without leverage.
Select an instrument or pair to swap
List of trading instruments or stock pairs. Source: Binance.
You can find a financial instrument or exchange pair like this: BTC/USDT, which translates to buying bitcoin via tether or selling bitcoin for tether. To see the list, you just have to click on the instrument list button inside the advanced trading interface on Binance.
The list of instruments is organized as follows:
At the top are the funds or pairs that can be traded, which are:
- Margin (leveraged asset)
- ETF (Leveraged Token with Futures) you can read more about this type of asset here.
- Binance Coin (BNB).
- Bitcoin (BTC).
- ALTS or Altcoins, among which you have Ether (ETH), Tron (TRX) and Ripple (XRP).
- Fiat: Where to find exchange pairs between cryptocurrencies and national currencies.
Now it’s up to you to choose a pair to exchange to move on to the next step.
Open the order
An order box to buy or sell bitcoins. Source: Binance.
Now you have chosen your instrument; The next thing is to order. First of all, you need to consider what type of order you can make. For example, if you have tether (USDT) in your wallet and you have selected a BTC/USDT pair and you don’t have any bitcoins inside, you can only place a buy order to exchange your tether for bitcoins.
Before you start placing an order, you need to make sure that the Spot tab is selected within the control lever.
When everything is ready, now go to the box to place an order, in this case to buy BTC in the BTC/USDT pair.
You can place four types of orders on Binance: Limit, Market, Stop-Limit and OCO (One-Cancels-Other). Here you have to choose the one that best suits your needs as a trader. If you want to know more about the different types of orders available On Binance, the site offers more information.
All that remains is to press the Buy (or, if applicable, Sell) button, which will send you a warning message to confirm the operation. After confirmation, your order will be executed (if you selected Market) or placed in the Open Orders box, where you can track it. This way you will successfully place orders on Binance.
To begin with, the Binance Exchange platform offers a special attraction, which is the number of coins available. Currently there is more than 400 fundswithout adding leveraged instruments, ETFs and futures, allowing you to use Binance to trade cryptocurrencies with virtually all options available on other platforms.
Another striking feature, which may be overlooked, is the ability to use Trading View to view charts within Binance. Although the charts offered by the exchange are complete and functional, they lack when it comes to applying indicators, as there are currently only a little over 20. On the contrary, Trading View even has its own programming for developing custom indicators.
Trading is obviously a very broad topic and, in general, we wanted to summarize it all in this tutorial on how to trade using this platform. The purpose of this article is to enlighten you on how to use Binance Exchange to trade cryptocurrencies and teach you all the tools that its Spot wallet offers. We hope we have helped you.
In the previous article, we reviewed Binance Exchange and all its features. There you can see various data, such as available cryptocurrency pairs, leverage types, commissions, among others.