On our home page we explain the exchange of Cryptocurrencies in general. Because sometimes one of the used exchanges is down, we here provide alternative exchanges that can be used instead. Below we will explain the exchange process on Binance. The tree steps to complete are:
- How to create an account on Binance (step 3 on our homepage)
- How to get the deposit address to transfer funds to our Binance account (step 4 on our homepage)
- How to trade Cryptocurrencies on Binance (step 5 on our homepage)
If you want to compare different Cryptocurrency exchanges, head over to our Exchanges page.
Create an account on Binance
This step can be used to replace step 3 on our homepage.
Use the following link to access the Binance website:
You will arrive on the Binance website and on the top right side of the page you can see the Register button. Click on it to start the account creation process, you should see the following:
When logging in for the first time you will be asked to setup 2FA (Two Factor Authentication). I strongly advise you to do this as it will keep your Cryptocurrency more secure. You can choose between:
- Google Auth: an easy method involving a native google app that you install on your smartphone. When selecting this option you get a 3-step guide. Complete this and your account will be 2FA secured. You will now have to give in a 6 figure numerical code each time you want to login or withdraw money.
- SMS Auth: The same as what is used on Coinbase, but only available to Mainland China Citizens, so I could not test this.
You have now completed your Binance account registration. Let’s get some funds in it so we can start trading.
Get a deposit address to transfer funds
This step can be used in combination with step 4 on our homepage.
Before we can start trading on Binance, we need to transfer funds to our account. For this we need the deposit address from our Binance account (Binance wallet) for the Cryptocurrency that we want to deposit.
Let’s start by logging into our Binance account and by going to the Funds menu and choosing “Deposits Withdrawals”. You will get a list of possible Cryptocurrencies and will have to scroll through it to find the one you want to deposit. In our example we want to deposit Ethereum (ETH for short). Click on the Deposit button for ETH so Binance can show you the Deposit Address:
ATTENTION: Make sure you are using the correct deposit address (wallet) for the Cryptocurrency you want to deposit. When depositing Ethereum you need an Ethereum deposit address, when depositing Bitcoin, you need one for Bitcoins, etc. All these deposits are linked to your account but differ in which Cryptocurrency they can hold. Send Ethereum to a bitcoin or any other Cryptocurrency address and you will lose it all!
Now that we know our deposit address, we can transfer funds to it.
No idea what this means? Or you have no Cryptocurrency yet? Head over to our homepage and follow our 5-step guide on how to start trading Cryptocurrencies. In step 1 and 2 we explain how to buy your first Cryptocurrency. Because you’ve already read this page, you can skip step 3 and parts of step 4, Nice!
How to trade Cryptocurrencies on Binance
This step can be used to replace step 5 on our homepage.
The final step of this guide/tutorial is to trade our Ethereum for another Cryptocurrency. I will not tell you what are the best Cryptocurrencies right now. There are enough other sites which can give you advice about which altcoin (bitcoin was the “first” cryptocurrency of its kind. All other Cryptocurrencies that are being created now are alternatives to bitcoin. Or in short, Altcoins) is likely going to make it and which is not. You will however find some strategies on trading and on choosing Cryptocurrencies in the sections below this guide.
For our example I will trade all my Ethereum for Ripple (XRP) as I believe this will keep groing steadily over time. On the Binance website, go to Exchange and then pick Basic. Binance gives you the option to trade 4 base Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Binance coin (BNB) and Tether (USDT). You can exchange these for a lot of other Cryptocurrencies (trade pairs), but you cannot trade these other Cryptocurrencies amongst each other. You always need to go back to one of these four base Cryptocurrencies before exchanging for another one (and each exchange uses other base cryptoCurrencies, although they almost all use Bitcoin and Ethereum).
We bought Ethereum so we need to click on the ETH button in the top right corner of the screen (marked in red on the below screenshot). Than we need to choose our Trading Pair, which will be XRP/ETH (trading Ripple with Ethereum). In the center we can see the evolution of this traiding pair over time.
We want to buy XRP via the Market method (marked in blue on the above screenshot). So in the bottom center screen we choose market, we enter the amount of XRP we want to buy (you can also just press the 100% button). Than you press Buy XRP to finish the transaction. Because of the nature of these figures and the fact that Binance wants to work with whole numbers, you will have a bit of Ethereum left in your account. You can see all your Cryptocurrencies on the Deposits Withdrawals screen under Funds. As you can see I now have 56 XRP minus a small fee and some Ethereum left in my account.
You are now the proud owner of a Cryptocurrency wallet on your favorite exchange, containing your preferred coins. Now it’s up to you to decide how you will continue. Either you start trading on a daily basis, based on the information in the market or some technical analysis. Or you just HODL (Hold On for Dear Life) and hope your coins reach the Moon.
But remember, always do your own research before investing funds, and never risk amounts you cannot afford to lose. Every investor wants to see his favorite Cryptocurrency shoot for the moon. And this can only happen if a lot of people start investing in it. So, of course, they will propagate it as the best coin to have ever existed with a guaranteed huge ROI. That’s why you always need to do your own research!