May 08, · Now, Binance allows its users to buy certain cryptocurrencies with USD and Euro using a credit card. Once you have funds in cryptocurrency, you can seamlessly trade in over altcoins that Binance lists. Also, if you use Binance’s native coin (BNB) for trading, then you can take advantage of discounted fees as well. Nov 10, · To facilitate trade on its platform, the Binance cryptocurrency exchange has been built with users in mind. The platform has two commercial interfaces, one for basic users, while the other is for advanced users. However, both come with easy-to-use features so that anyone can trade in Binance without problems, regardless of their level. May 28, · 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. 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 bitcoinlife24.des: 2.
How to trade bitcoin using binanceHow to trade in Binance? Tutorial step by step - Crypto Economy
The value of Bitcoin is universal, and it is accepted as a means of payment in many countries on earth. The popularity of Bitcoin has given rise to alternative coins or altcoins like Ethereum, Bitcoin Cash, Ripple, among others.
You can shop online and buy a range of goods and pay for services with Bitcoin. Many merchants accept Bitcoin as a means of exchange, and this has become easier with the issuance of Bitcoin debit cards.
The bandwagon effect of Bitcoin has led to a growing acceptance of the altcoins, and this can be seen in the increasing market activity. Answers to Important Questions — There are some important questions that newbies always ask about Bitcoin. Here are the major ones you should know:. Is Bitcoin an altcoin? Bitcoin being the first crypto coin, it is not an altcoin. All other coins, but Bitcoin are altcoins ex. There are several ways to make money with bitcoin. A few of them are: trading or long term investing.
Bitcoin arose from the innovative work of Satoshi Nakamoto, who laid out the specification and operating methodology. Satoshi did not create Bitcoin alone, as he worked with other developers on the project. As a result of this approach, Bitcoin operates as an open source and decentralized platform.
While many people have wondered whether Satoshi was a pseudonym or a true identity; the answer remains unknown. Bitcoin is definitely the outcome of a painstaking work that includes the footprints of several people. Bitcoin is created when a computational difficulty is solved on the Bitcoin Blockchain, and this is rewarded through block rewards. Block rewards are given to miners who successfully completed the recognized process that gives rise to a Bitcoin. Block rewards are not arbitrary as they are subject to a verification process built-in as a part of the Bitcoin algorithm.
Bitcoin derives its price from the interplay of the forces of demand and supply. As people increasingly acquire it, the price soars and the inverse leads to a price drop as demand reduces.
Bitcoin can then be seen in the likeness of gold or diamond that is scarce in supply. Bitcoin is limited in supply to the tune of only 21,,, and about 17,, of these are in supply at present.
It is not known if any change can be made successfully to the underlying framework of Bitcoin; otherwise, it has a fixed supply. Bitcoin has attracted lots of controversies in the course of the last few months as a result of concerns and misrepresentations. The United States, Europe, and several countries have accepted Bitcoin as legit, and efforts are being made to regulate it. This is not to say that it faces opposition in a couple of countries.
In China, Bitcoin is illegal, and South Korea has also imposed a couple of restrictions on it. A few other countries have come up with laws to restrict its use.
However, an overwhelming number of countries are open to Bitcoin. One important aspect of Bitcoin transactions is the fact that it also attracts transaction fees.
While the fees charged might vary according to the processor, transacting in Bitcoin is not free. When you buy Bitcoin, you have to pay trading fees, and if you exchange it for fiat money, you will incur charges. Bitcoin is stored in an account that you can liken to a Bank account. The difference is that unlike a Bank account, your Bitcoin account is a virtual Bitcoin wallet. There is a unique address for each Bitcoin wallet that is created, and you can use it globally.
On a trading exchange, when you create your account, your Bitcoin wallet address is automatically created. You can choose to leave your Bitcoin on the exchange for trading or withdraw it to a private Bitcoin wallet.
There are hardware, online, mobile, paper, web, brain, multi-sig, desktop wallets for Bitcoin. There are different kinds of non-exchange wallets that you can use to store your Bitcoin for security purposes. Every wallet has a public wallet address and a private key used for accessing it. Your private key is like your password for emails. Bitcoin is safe if you have it stored in your private wallet. There is a difference between storing your Bitcoin in your trading exchange wallet and a private wallet.
Your trading exchange wallet is considered to be risky to store your Bitcoin. When hackers attack exchanges or there is a system breakdown, you can lose access to your Bitcoin. To prevent this, it is advisable to use a hardware wallet for storage. Trezor and Ledgerwallet are two of the best known hardware Bitcoin wallets.
You can also lose your Bitcoin if you send it to a wrong address. If you send Bitcoin to an unknown address, there is no way to claim it back at present. Bitcoin can be mined by anyone who is interested in doing so. There are a few options when it comes to mining Bitcoin. You can decide to buy a mining gadget for that purpose and this is a common practice in many countries.
While the profitability of the mining exercise also depends on the market price of Bitcoin, the electricity implications have to be evaluated. As Bitcoin surges in market price, mining becomes more lucrative, and a crash in market price also means that you could incur losses.
You can also decide to use your PC for Bitcoin mining, and this will require that you download a Bitcoin mining extension by using your browser. Using a browser extension for Bitcoin mining is a rather passive means to earn an income. You will be credited a share of the Bitcoin mined with your browser by the service provider. An understanding of the Blockchain is equally important for anyone who is keen to follow-up on its underlying basics.
Blockchain is best described as a distributed ledger that operates within a decentralized network of linked computers, nodes and devices. There is no central control over the Blockchain, and it can be accessed anywhere around the globe. The use of Blockchain extends across several spheres of human endeavor from medicine to shipping, payment systems to database validation, etc. Payroll processing, invoice management, and Insurance are some of the other facets of life that are revolutionized by the Blockchain.
Bitcoin value in itself can be traced to the transparency, traceability, and auditable nature of the Blockchain. The outlook for Bitcoin looks bright with many countries opting for regulation instead of a ban.
This perception is a green light for many people as they look out for ways to share in the Bitcoin boom. Evidently, Bitcoin will wax stronger in the days ahead.
Paid VPN provider helps to protect the identity and encrypt all the user's data. This is not compulsory as you can withdraw up to 2 Bitcoins every 24 hours even if you have not verified your profile. One of the most popular Binance features is the fact that it does not require a full-fledged verification process to start trading! However, it is compulsory for larger volumes of transaction.
Verifying your profile with Binance comes with various other benefits - the biggest of which is that you are allowed to withdraw up to Bitcoins in a 24 hour period! The process of verification is simple - but it might take some time. In order to get your profile verified on Binance, you need to comply with their KYC Know Your Customer procedure - the Binance KYC procedure - which involves providing them with some personal details such as your name and identification proof.
The compliance procedure involves you uploading the front and back sides of your passport or driving license or any other national identification document. In addition to that, a selfie has to be submitted to Binance where you are holding that document - as well as a piece of paper with Binance and the current date written on that paper.
Make sure that the selfie shows your face clearly and that the documents are also visible. Suggested Reads: Uses of Cryptocurrency.
Verification of your identity is critical when it comes to the exchange. Users need to ensure that their documentation is appropriate because in case of any disputes - these documents would be matched to settle disputes. These are additional safety measures which help the users secure their account, as well as help the exchange ensure that they are complying with all anti-money laundering practices. Let us begin by understanding how to deposit funds into the Binance account trading.
There are two types of cryptocurrency exchanges - the first allows you to trade cryptocurrencies in exchange for cash for example, buying Ethereum via cash and selling it off to get cash.
The second type of exchanges allows you to trade between currencies For instance trading 1 Bitcoin in exchange for 12 Ethereum tokens. Binance is the second type of exchange - it allows only crypto-to-crypto transactions not involving fiat currencies. Also Read: How to buy Bitcoin using Paypal? If you are trading 1 Bitcoin for 12 Ethereum tokens, Bitcoin is the Base currency here.
Basically, if you have these base currencies, you can easily trade them to get altcoins on Binance and sell them off when the time is right. You need to buy these base cryptocurrencies at an exchange which allows you to purchase via Fiat cash.
Let us take a look at how to transfer cryptocurrencies from a popular exchange - Coinbase - to Binance in the next chapter. Coinbase allows the users to purchase bitcoins and other cryptocurrencies using fiat cash easily - these currencies can then be sent over to Binance, where they can be traded in exchange for several other altcoins!
In this example, we assume that you have already purchased the bitcoin or altcoins that you want to transfer to Binance on your Coinbase account. Let us take an example of how to transfer Ethereum from Coinbase to Binance. The first step is quite simple.
Head over to Coinbase , click on login and enter your username and password to log into your Coinbase account. The accounts section would show the various Coinbase wallets that the platform offers and the balance that you hold on each of them.
This would bring you to a screen where you would be asked to enter the wallet address of the recipient. This is a step where you need to be careful as cryptocurrency transactions are irreversible and any mistake here could be quite costly! To transfer Ethereum from Coinbase to Binance, you need to find your Binance Ethereum Wallet address and provide it on the Coinbase screen. Open that menu and choose Ethereum.
On the next page, you would see your Ethereum Deposit Address in a box written in bold font. Copy this address. Also Read: Best Cryptocurrency Wallets.
Now get back to Coinbase. On the box that asks you to enter the wallet address of the recipient, paste the copied address. Following that, enter the amount of Ethereum you would like to transfer from Coinbase to Binance. Once you have filled in the wallet address and the amount you would like to transfer, hit on send! It usually takes a few minutes for this process to complete and reflect on the Binance platform.
Now that you know how to transfer your cryptocurrencies from other exchanges to Binance - you can now gather an initial capital into your account so that you can start trading. Trading is the most crucial aspect of Binance. While other platforms allow you to buy and sell currencies - their options may be limited. However, Binance has one of the largest exhibits of cryptocurrencies that you can buy and sell in exchange for the base currencies.
In the coming chapters, we shall take a closer look at how to trade cryptocurrencies in Binance - to which there are two parts: buying and selling:. How to Buy Cryptocurrencies on Binance? How to Sell Cryptocurrencies on Binance? In order to buy cryptocurrencies in Binance, you need to have at least one of the base currencies that the platform has to offer.
In this example, we start off with Bitcoins. You can transfer Bitcoins or Ethereum or any base currency of your choice from Coinbase or a crypto exchange of your choice - the tutorial for transferring cryptocurrencies from Coinbase to Binance can be read on Chapter Log into your Binance account and enter your 2FA credentials.
That brings you to the main screen of the Binance cryptocurrency exchange. On this page, you can see all the recent trade activities happening on Binance as well as the price of the cryptocurrencies. Once you are on the exchange - a lot would be happening on your screen. On that panel, there would be a small search box. Type the name of the currency you want to buy.
For the sake of this example, we will purchase Verge XVG. Also Read: How to trade using Zebpay. You would then find a box where you could enter the amount of Verge that you wish to purchase. For example, we are purchasing 30 Verge XVG cryptocurrencies. Over there you can see a list of cryptocurrencies where you will be shown how much of each you own. Type the name of the currency you want to sell. For the sake of this example, we will sell Verge XVG - which we purchased in the previous example!
Do You Know Future of Cryptocurrencies? You would then find a box where you could enter the amount of Verge that you wish to sell off. For example, we are selling all the 30 Verge XVG cryptocurrencies that we bought in the previous example.
This would sell Verge at the going rate in the markets and convert it into Bitcoins. However, there are two more ways in which you can sell your cryptocurrencies - using a limit order and using a stop-limit order.
Refer Chapter It is not possible to purchase Bitcoin on Binance using fiat currencies, as expressed above. However, you can buy Bitcoin on Binance in exchange of other cryptocurrencies. The steps that you need to follow to purchase Bitcoin on Binance are as follows:. Also Read: How to buy Bitcoins. This is the only way you can buy Bitcoin on Binance.
Considering that Binance is a crypto-to-crypto-exchange - and does not involve fiat currencies at all. It is a trading platform where you can exchange various cryptocurrencies, but if you want to buy or sell currencies using cash, you will need to use different platforms and then transfer those currencies from there to Binance. For more details on how to buy Bitcoins on Binance in exchange for other cryptocurrencies - you can refer Chapter Now that you know how to deposit your currencies from another exchange to Binance, how to trade in the platform - let us now take a look at how to withdraw funds from Binance.
This process of withdrawing funds from Binance is quite similar to that of Depositing funds in the platform. As has been pointed out earlier, you cannot sell off your cryptocurrency directly into fiat cash. If you want to encash your cryptocurrencies stored on to Binance, you would first have to send them from Binance to another exchange which allows the users to trade their currencies with fiat cash. Let us assume that you are sending it to your Coinbase wallet.
Let us take a look at how to withdraw your currencies from Binance to Coinbase. Log into your Binance account and complete the 2FA authentication. Enter the wallet address as seen in your Coinbase wallet - but make sure that the wallet address is accurate and the currencies match. While making this transfer, please make sure that the wallet address of the currency that you are transferring to is correct and that you are sending the currency to the right wallet - i.
While transferring and withdrawing cryptocurrencies from binance is an easy process - this precaution needs to be taken care of. In the previous chapters, you can see how to sell a coin on Binance using the simple way in which you sell it off at the market rate. However, in addition to that, there are two other ways in which you can sell off a coin in Binance.
These are using a limit order and using a stop-limit. Let us take a closer look at both these techniques. Before we get into the details of how to set a limit order on the Binance platform, let us first understand what a limit order is. Basically, when you sell a coin at the market rates , you accept to sell off the currency at whatever price the market has to offer at the moment.
Whenever the price of your currency hits that particular price point - the coins will be sold. There, choose the currency pair that you want to sell by searching for it using the box on the right.
Click on the pairing that you want to sell off. Enter the price at which you want to sell the currency at and then enter the quantity of the currencies that you want to sell off. Instead of continuously monitoring the markets all the time to sell it when it hits the desired target - you could automate it using this process. Moreover, you can set multiple targets too. Limit Order is quite a handy tool for investors who wish to automate their sales and invest smartly.
The second way in which you can sell your cryptocurrencies on Binance is by making use of a Stop-Limit Order. Let us take a closer look at what a stop-limit order is - as well as how to place a stop-limit order on Binance. It is the exact reverse of what a limit order is. A limit order is usually placed when an investor is confident that the price of their cryptocurrency is going to grow.
However, a stop-limit order is placed when an investor is unsure about the future and does not want to incur a loss. Now here is where the situation gets a little different from a regular limit order. The Stop is basically the condition that is to be met. The Limit is the price at which an order would be placed after the Stop has been hit. Amount stands for the amount of cryptocurrencies that you want to sell off.
However, you feel uncertain about the markets and the risks involved. Going by how unstable the cryptocurrency market has proven to be over the past few months, it is highly advisable to learn how to place a stop-limit order on Binance.
Let us now take a closer look at some of the most commonly asked questions when it comes to the Binance cryptocurrency exchange. Yes, the Binance exchange does have a desktop client - which can be downloaded from here for Windows. Earlier, the application is only available for Windows users was available. This Binance app for PC can be used to make trades as well as observe price movements quickly.
The company launched this application in the November of after three months of testing. As of now, the Binance PC client for Mac can be downloaded from here. Yes, the Binance cryptocurrency exchange does have an Android app which can be downloaded from the Google Play Store. The app allows the users to easily trade on Binance using their Android smartphone and provides a safe environment for trading on-the-go.
It makes it easier for people who are away from their PC to quickly access their Binance account and check their balances as well as make trades easily.
Yes, the Binance cryptocurrency exchange does have an iOS app which can be downloaded from the Safari Web Browser by visiting this link from iPhone. The app allows the users to easily trade on Binance using their iOS smartphone and provides a safe environment for trading on-the-go. It makes it easier for people who are away from their PC to easily access their Binance account and check their balances as well as make trades easily.
Binance is primarily a cryptocurrency exchange which also provides cryptocurrency wallet services. Any time you receive a cryptocurrency in Binance, you have it sent on your Binance wallet address. Each cryptocurrency on Binance has a unique wallet address for every user.