A simple tutorial to begin with Binance
Binance, the leader of exchanges
Founded in July 2017 by Changpeng Zhao, the platform quickly established itself among the best crypto buying and trading platforms in the world during the famous bull-run of 2017.
Attracting many new traders in the midst of the cryptocurrency explosion, Binance rose to number one among traditional exchanges in the space of a few months and continues to have the wind in its sails today.
It is is a complete exchange that allows crypto-to-crypto and crypto-to-fiat exchange. You will therefore be able to buy your first cryptos with the euro and they will be directly usable for your trading.
The exchange notably integrates pairs with the euro and allows the purchase of cryptocurrencies with among others the Swiss franc, the pound sterling or the Russian ruble. So, you can quickly trade some of the most important cryptocurrencies directly with the fiat currency of your choice.
There is no deposit limit and there is no charge when making a deposit with a SEPA transfer. The amount you can withdraw each day depends on your verification level.
This platform has all the criteria you want to see on a top exchange: a clean and functional interface, an extremely fluid site that can handle up to 1,400,000 buy and sell orders per second, a professional and dynamic team which constantly innovates, responsive and efficient support, very low transaction costs.
The base fees are set at 0.1% per transaction which is low compared to the competition. Better yet, if you own BNB (Binance Coin), the platform utility token, your fees can be paid with it and will be 0.075% per transaction.
Binance is growing rapidly in many areas. The company invests heavily in the development of blockchain technology and advocates for the adoption of cryptocurrencies around the world.
In addition, it is not just a simple exchange platform, the company has a whole catalog of other products:
• Binance Academy: to learn more about cryptocurrencies and blockchain
• Binance Charity: the philanthropic arm of Binance which raises funds and helps populations in difficulty
• Binance Research: provides in-depth analysis on blockchain and cryptocurrencies
• Binance Launchpad: a platform dedicated to Inital Exchange Offerings(IEOs)
• Binance Cloud: all-in-one infrastructure that allows its partners to create their own exchanges
• Trustwallet: a mobile application to manage your cryptos while giving you full control of your private keys
Binance Video Tutorial - Understanding the World's #1 Exchange
If you prefer to watch this video tutorial, it's just below. You will find out how to use Binance, to register, secure your account, deposit funds, trade ... We explain how to do this, both on the website and on the mobile app. At the end of the video, focus on Binance Launchpad which allows you to invest in IEOs directly from the exchange. If you prefer the text format, you can continue reading this page🙂
Register on Binance
Let's start by creating an account by clicking on the button below:
Registration is quite simple, you must enter an email address and a complex password. To ensure the security of your account, it is recommended that you have an email address dedicated only to Binance.
The line “Referral ID” has been pre-filled and allows you to support us, there is no impact on your end. Confirm that you are over 18 and click on "Create an account":
A window opens with a test to verify that you are not a bot. Drag the button below the image to the right to move the puzzle piece to the location provided:
Once this step is validated, a window opens and asks you for a verification code. Check the email you just received and fill in the code obtained on Binance:
Congratulations 🎉Your account is now validated and you can access the Binance interface. However, before going any further, the platform recommends that you secure your account with the double authentication method:
⚠This step is essential and I strongly recommend that you add this security. For convenience, I will only show you how to enable Google authentication. The latter is much more interesting to use than SMS authentication.
Secure your account (2FA)
What is the double authentication (two-factor authentication in English, 2FA)? The principle of double authentication is simple, instead of logging into your account only with the password, the connection is based on two factors: the password first, then a unique and temporary code generated by an application on your smartphone.
By relying in this way on a piece of data that you know (the password) plus an object in your possession (the smartphone), you drastically reduce the possibility of your account being stolen, since if someone recovered your credentials they would no longer need your smartphone to log into your account.
Google Authenticatoris the most used application on mobile to manage your codes, it is available on iOS and Android and works the same way on both platforms. Start by installing the Google Authenticator app on your smartphone.
The application is installed on your smartphone? Great, let's take the next step. Go back to Binance and click on "Google Authentication".
Then click on "Security":
Then, click on the "On" button:
This page should then appear on the screen. Click "Next" after downloading the application:
The new page that is displayed consists of a QR code and a more classic code:
You can now open your Google Authenticator app and click on the small➕bottom right to scan Binance's QR code. There you have it, your 2FA code (double authentication) now appears on your application. If you cannot scan the code now, fill in the code in the app.
⚠Please note, this code is your recovery key (2FA backup key). Write this code down somewhere and keep it in a safe place. This secret code will be needed to access your account if you lose your smartphone and therefore your access to Google Authenticator. Don't hesitate to make several physical and digital copies.
By clicking next, Binance reminds you that keeping this code is absolutely necessary.
Once you have taken the necessary precautions to converse this code, click next.
You must now enter your password and the code that appears in the Google Authenticator application in order to validate the link between Binance and your phone. To validate, click on "Send":
Congratulations ! 🎉Your account is now secure with two-factor authentication. You will be asked for the code generated by the app each time you log into your Binance account. We can take the next step: verifying your account.
Verify your Binance account
Why verify your account? This will allow you to increase your daily withdrawal limit. At level 1 (the base level), you can withdraw 2 BTC every 24 hours. By verifying your account you will upgrade to level 2 and you can withdraw up to 100 BTC every 24 hours. This step is optional, you can use Binance without verifying your identity.
To start, go back to the "Security" tab and click on "Check":
A new page opens. Then click on "Personal"
On this new page, you will have to enter your personal information: first name, last name, date of birth, address, postal code, city and country of residence. Once done, click on "Start Verification". Once this step is validated, click on "Verify ID & Face":
Prepare an identity document (national identity card, passport or driving license) then click on "Start". In this new window, select the country of issue of your identity document and select the one that suits you:
For this example, a passport will be used. Click on the ID you want to register. You now have two choices, uploading files or taking photos. Let's see the different possible methods:
You have a webcam
If you have a webcam on your computer, click on Take photo:
This the new page that opens, click on Start to begin the process:
Center your ID, the details must be clear and clearly visible. Then click on the button with the camera to take the capture.
Your photo will then be displayed, if you think it is sharp enough, click Confirm. Otherwise, click on Retake.
Then comes a step of checking your face. Center your face in the frame shown and click Start. The capture will be done automatically as soon as your face is detected.
Once your face is captured, a program will automatically check if it matches your ID document:
Having already verified my identity on another account, I cannot go further. However, you should receive confirmation after a few minutes.
You don't have a webcam
No worries, verification is possible with a smartphone. To do this, click on the little "Here" after the words "Switch to mobile?". This page will display:
To continue the verification process with your smartphone, use the QR code or an email address to which a link will be sent to you. Then follow the verification steps, these are exactly the same as computer verification.
In the next part, I explain how to buy cryptocurrency directly on Binance.
Buy cryptocurrency on Binance
Unlike many other platforms, Binance allows you to directly purchase cryptocurrency via credit card or wire transfer.
There are many cryptocurrencies available for purchase: BTC, BNB, BUSD, ETH, XRP, BCH, BAT, ZEC, DASH, EOS, LTC, NANO, TRX, USDT, XTZ, ETC. To do this, click on the top left of the site on Buy cryptos.
Choose the cryptocurrency you want to buy and the amount. In the example below, I want to buy € 1000 in BTC:
Also choose your payment method. Bank Card to pay by credit card and Other Payments to pay by wire transfer. You also see the number of BTC you will get depending on the chosen payment method.
Note that the fees for using a credit card are higher, but the transaction will be almost instantaneous and you will receive your funds directly. However, if you think that the speed of the reception is not essential, prefer the purchase by transfer in order to minimize your expenses.
In our example, we receive 0.150779 BTC when paying by credit card and 0.155948 BTC when paying by wire transfer. The difference at the time of writing this tutorial between the two values is $ 36.
Once you have made your choice, click on the Buy BTC button. A new window will open asking for your card information, as on a classic online shopping site. Click Add Card to continue:
Wait until this message appears then click on Buy Crypto:
You will be redirected to the purchase window and your credit card should now be registered as follows:
Fill in the values for your purchase again and click Buy BTC again. Binance will ask you for additional information before confirming your purchase. Enter your nationality and the amount of your investment and click on Confirm:
Make a deposit / withdrawal on Binance
If you already have cryptocurrencies, you can directly deposit them on Binance. To do this, click on Portfolio at the top right of the interface then on Spot Portfolio:
On the new page, just click on Deposits button on the left.
To choose the cryptocurrency to deposit, click here and enter the name of the latter:
In my example, I'm going to simulate the LINK token repository, so I choose ChainLink:
If the words "Suspend" appear, deposits or withdrawals of this cryptocurrency are not possible for any reason, often temporary.
Once your cryptocurrency has been selected, the following happens on the right of the page:
Copy the address of your wallet using the button or display the QR code to proceed with the transaction. All you have to do is send your cryptos to the address to receive them in your Binance wallet.
Warning, as Binance points out, sending a crypto-asset to this address other than the one previously selected may result in the loss of your deposit.
In some cases, deposits can take a few hours. If your deposit hasn't arrived after a short time, it could be due to a full blockchain or an incomplete transaction.
If your funds still have not been credited after a while, please do not hesitate to contact exchange support to try to find a solution. You can also ask your question to an Admin on the Binance France Telegram channel. The admins are part of the Binance company.
To withdraw on Binance, click on the Withdraw button on the left side of the page.
As with the deposit, sending funds out of the exchange is fairly straightforward. In this example, I will simulate the withdrawal of 100 XTZ tokens:
Simply choose the crypto-asset to send and enter the address where to send these funds on the left. The amount must also be entered:
The amount you will receive after applying the fees will also be displayed, here the fees are 0.5%. To validate the sending, click on Send.
You now know how to make deposits and withdrawals on Binance, we will see together how to use the platform.
Use Binance like a pro
Now that you have funds on Binance, you will be able to start investing using the exchange. Hover the mouse over Trade in the menu at the top of your screen, you will then have the choice between Basic and Advanced.
I strongly advise you to use the advanced mode which is more pleasant and more intuitive to use. It is therefore this mode that I will take as an example for the rest of this tutorial. To view Binance's trading interface, click on "Advanced":
You now have access to your complete trading interface. In the menu at the top right, you will have access to the different pairs of cryptocurrencies available on Binance as well as the main information of the selected pair over the last 24 hours: price in BTC, change in its price in%, highest price and lowest as well as its volume.
It is notably in this tab that you can search for the crypto-currencies available on the platform and add them to your list of favorites by clicking on the star.
By clicking on "24h variation" or "24h volume", you can also sort the cryptocurrencies according to the increases and the decreases in their price over the last 24 hours or on the lower or higher volumes.
On the main part of the screen, you will find the graph of the evolution of the selected cryptocurrency. You have the possibility to change the unit of time (minutes, hours, days, weeks ...) and to use several drawing tools to do technical analysis: trend lines, supports / resistances.
Binance also offers a few technical indicators such as RSI, MACD, Volume, and Bollinger Bands.
If you want to trade on an even deeper interface, Binance also integrates the tools of the TradingView platform. To do this, click on "View Trading". Personally, I highly recommend using this view for better clarity.
On the lower left part of the interface, you will find an insert with three sections: your open buy / sell orders, the history of your orders, the history of your exchanges (other details) as well as your funds :
The lower right part of the interface is dedicated to placing your orders. For classic trading, just use the “Market” tab, the “Margin” and “Futures” tabs are mostly reserved for experienced traders.
This part of the interface being the one to place your orders, understanding how it works is vital:
Say you want to buy 1 bitcoin for $ 6,500. On the above capture I therefore open the Limit tab and then place a buy order on the BTC / USDT pair at 6,500 USDT. If the price of Bitcoin (BTC) is at 6480 USDT, then your order will go through immediately. On the other hand, if it is at 6,520 USDT, it will be necessary to hope that the price drops for your order to be triggered.
The Price line is the amount at which you want to buy a certain amount of a cryptocurrency. The Amount line corresponds simply to the amount of this cryptocurrency that you want to buy. The total of your order will be displayed in the Total row.
To place your order, a single click on Buy BTC is enough. So be careful and always check the values you enter in this tab. To place a sell order, the process is exactly the same.
If you want to place your order without delay, you can use the Market tab.
The interface is even simpler. Simply enter the amount of cryptocurrency you want to buy or sell and click on the corresponding button. An order will then be executed directly at the current market price.
In particular, this allows you to buy or sell a cryptocurrency faster than by placing a Limit order.
The part to the right of the chart references the orders in real time on the selected pair you will have access to the order book in real time with:
• Top left, sell orders closest to the market price
• Bottom left, buy orders closest to the market price
• The last buy (in green) and sell (in red) orders made
You now have all the keys in hand to use the Binance exchange and place your first buy and sell orders!