Aug 29, · The various cryptocurrencies you can use to trade are displayed on the right side of the screen. Pick the currency of your choice. To make things easier, you should pick the coin in which your account is funded. The trading options include BTC, ETH, BNB or USDT. Jan 23, · Bitcoin is usually bought by using an exchange. In any of the exchanges like Coinbase, Binance or Kucoin, you need to provide your personal details to register an account and be validated. While Coinbase is restricted to users from America and a few countries, you can register on Poloniex and Binance from other countries. Jan 03, · With Binance, you can trade your BTC to other altcoins without the need of KYC. You will have a maximum withdrawal limit of 2 BTC just by verifying your email address. Of course, verifying your account will net you higher withdrawal limits (50BTC per day).
How to trade bitcoin in binanceHow to Trade on Binance: Step By Step Guide
Aside from bitcoins, you can also get other cryptocurrencies even if you are in the Philippines. The catch is that you will need to use a foreign cryptocurrency exchange site.
Binance is one of the many cryptocurrency exchange sites that you can try. You will have a maximum withdrawal limit of 2 BTC just by verifying your email address. Of course, verifying your account will net you higher withdrawal limits 50BTC per day. As of this writing, you can not fund your Binance Account using our Philippine Peso directly. The easiest way to do it is to fund it using Bitcoins you bought somewhere like in Coins.
We explained this in detail in this article. That article is for Bittrex but the process should be almost the same. Click here for the steps. On steps on how to trade on cryptocurrency exchanges like Binance, click here.
Skip to content. Please share and grow the BitPinas community. A smart investment in cryptocurrencies could help you make a massive profit - often in a very short span of time! However, you need to ensure that you are trading at the right place.
Binance is the one fo the best cryptocurrency exchanges avaialble in the market today. Also Read: Cryptocurrency Basics. Binance is a cryptocurrency exchange which started off in July In less than a year, the exchange has risen to the top of the markets and is currently the largest cryptocurrency exchange when you consider the hour trading volume. Binance allows you to trade not only Bitcoins, but a number of Altcoins as well.
As of this writing, Binance supports over cryptocurrencies - and their portfolio of currencies continues to grow with every passing day. In addition to offering a number of cryptocurrencies, Binance is also one of the safest places to trade at. Given that a number of cryptocurrency exchanges are being attacked by hackers these days, Binance has shown an astounding amount of resilience against these attacks and has proved on multiple occasions that it is one of the safest platforms to trade at.
Finally, what makes Binance a great exchange is the fact that it is user-friendly. Regardless of the fact if you are trading cryptocurrencies for the first time or have been trading in the markets for some time now - the Binance user interface will make you feel comfortable!
Binance also comes with an Android application that allows users to easily trade currencies using their smartphone.
Now that you know what Binance is, let us take a closer look at how to use Binance exchange to trade cryptocurrencies on the platform. However, that is not a problem with Binance registration. Registering on Binance is straightforward. To set up and register a Binance account, you need to open the Binance website. Click on it to open the registration page. The next step would be to set up a Binance login ID and a password for your account. This ID needs to be an existing email ID which you have regular access to.
The password that you set needs to be minimum of 8 characters, with at least one capital letter and one special character. Make sure you choose a strong password and remember it once you set it! Once you have registered with your ID and password, you need to verify your email ID by logging in to your email and clicking on the verification link that Binance sends you.
This will verify your email with Binance. Once you complete these three steps, your Binance registration gets complete. You then need to setup 2 Factor Authentication 2FA for additional security measures - and confirm your identity details to verify your account - we will address each of these topics over the coming chapters. Basically, once you enter your email and password at the Binance Exchange login - you will then be prompted to enter another code to verify your identity on the dashboard screen with a pop-up.
Google Authenticator requires installing the Google Authenticator app on your phone. Every time you want to log in, you would need to enter the unique code that is displayed on the app. The SMS authentication is simpler and sends you a text message every time you log into the Binance website.
While setting up the Binance Two Factor Authentication system, make sure that the phone number that you provide is yours and that you are in control of the Google Authenticator app on your phone.
Also Read: How to Trade on Bittrex. Setting up the Binance Two Factor Authentication system is critical to ensure that your account remains safe. Of late, cryptocurrency crime has been on the rise and the number of hacking and phishing attacks are rising. Hence, it is essential to set up a second layer of security which ensures that even if your password is compromised - the perpetrator cannot enter your account without this additional code that comes exclusively to you in a device that is owned by you!
Another essential tool for securing your account is virtual private network. VPN is widely used to securely connect to publc wi-fi while making any exchanges or transactions. 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.