Chapter 01

If you are interested in buying or selling a cryptocurrency, there are few better places to look than one of the world’s largest cryptocurrency exchange by trade volume, Binance.

Founded in 2017 by Changpeng Zhao – who earned the number-one spot on CoinDesk’s 2018 Most Influential list – Binance rose to prominence during the historic crypto market-wide bull run in 2017 by supporting a wide array of cryptocurrencies in what was, and perhaps still is, one of the fastest and most reliable trading platforms.

In fact, Binance became so popular, so quickly that CZ and Binance both became worth more than $1 billion in less than one year, officially making it one of the first companies to achieve “unicorn” status in the cryptocurrency industry.

Yet despite its reputation as a destination for crypto traders, it’s not exactly easy for users who lack a traditional trading or investment background to navigate their way around.

In this piece, we take a step-by-step look at how to use Binance and conduct a trade on the exchange.

First thing’s first, you’ll need to create an account. Anyone is able to sign up since Binance does not require customer information, but by doing so “you acknowledge and declare that you are not on any trade or economic sanctions lists” as per its Terms of Use.

This includes citizens of the member countries in the UN Security Council Sanctions list, the Office of Foreign Assets Control of the U.S. Treasury Department (OFAC), among other groups.

The terms also state each user must be at least 18 years of age. Binance reserves the right to cancel or freeze any account If the terms are disobeyed.

If the restrictions do not apply to you, to sign up simply navigate to the homepage and click register.

You will then be asked to enter a minimal amount of personal information such as your email address, password, and a referral ID if you have one.

As per Binance’s referral system, you will receive 50 percent of your referrals trading fees.

Once the link is clicked, your Binance account is ready to be used.

Now that your account is activated, but before exploring the rest of the exchange, you’ll need to add funds to your account if you wish to buy or sell any cryptocurrencies.

Pay with credit card

Binance has a feature that allows users to purchase certain cryptocurrencies directly with their Visa or Mastercard credit card. If you are a qualified candidate, navigate to the “Funds” tab and select “Buy With Credit Card.”

You will then be required to enter the purchase amount of the desired cryptocurrency and whether you will be paying with the US dollar or euro. Cryptocurrency purchases by credit card are limited to BTC, ETH, and LTC at this time.

There is a minimum processing fee of $10 or 3.5 percent of the total order – whichever is more expensive. After completing this step, you will need to confirm your billing information, email address as well as your identity.

A valid government issued form of ID is required to be submitted to confirm your identity.

Once all of the required steps have been completed, the newly purchased cryptocurrency should reach your Binance wallet within 10-30 minutes.

Deposit from wallet

You can also make a deposit by sending funds from a separate cryptocurrency wallet into your Binance account.

In order to do this, navigate to the “Funds” tab once again and click “Balances.”

On this page, you will see all of the cryptocurrencies available for trading on Binance. To deposit the corresponding crypto into any of these, simply click the “Deposit” button next to the crypto asset of your choice.

Next, either scan the QR code from your cryptocurrency wallet or paste in the address and then send.

Once that’s complete, wait for the transaction to process and you’ll be ready for trading.

Let’s go back to the home page now that your funds are ready to be used.

Here, you will again see all the cryptocurrencies that are tradable on Binance and their respective markets.