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Beginner Guide Learn how to trade on Binance

Discussion in 'Beginner's Bootcamp' started by MAGA, Nov 22, 2017.

  1. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    Binance has been getting bigger and gaining popularity so we thought we would make a guide to understand the basics on how to use the Binance exchange. Most is pretty similar to Bittrex but there are a few things that may be confusing or hard to locate.

    First make sure you go to the correct Binance website, here is a referral link

    Input your email, create a good strong password and confirm it.
    For the Refferal ID you can use 10781165
    Then click and hold the slider and drag it to the right to verify you are human.
    Click agree on the checkbox and hit Register


    B1.JPG

    This is probably what you will see when you first Login.
    1. Is where you choose whether you want the basic trading look or the Pro (Advanced) look
    2. Profile information, you will need to click here first to activate Google 2 Factor Authentication to keep your funds safe.
    3. You can sort coins by 24 hour % change, 24 hour high, 24 hour low or 24 hour volume.

    For now go ahead and click on 2 and go to your profile.

    B4.JPG

    Here in the profile page, click on where it says Google Auth (2) then again on the popup window, choose Google Auth (3)

    B2.png

    If you don't already have Google Authenticator, download it from the Google Play store or Apple Store.
    Click on the + on the App and select "Scan a Barcode"
    Point the camera at the QR Code on the Binance page for it to link up
    Enter your Binance password in step 3
    Now if you linked the authenticator correctly, you should have a 6 digit number appearing on the Google Auth App that you will need to input in step 4 of this page.
    Submit before a new code is generated. Otherwise input the new code before hitting submit again.

    B3.png

    1. Is all the coins information for the last 24 hours, last price, % change, high, low and total volume in btc.
    2. Allows you to switch trading pairs, most common will be trading in Bitcoin so probably wont need to switch.
    3. Shows you all the coin trading pairs on Binance. You can sort them by alphabetical order, price change or volume. You can also click on the star next to a trading pair to save it as a favorite then hide all the coins you don't care about clicking on the "Favorites" on top of the coin search bar.
    4. Tells you how much Bitcoin or Altcoin balance you have
    5. Is where you do the trading. You can click on either the buy or sell orders to have the exchange fill out the price per coin or input it manually, same with the amount of coins. You have the option to choose 25%, 50%, 75% or 100% to have Binance automatically set an amount you want to buy based on the price you chose and available Balance you have.
    6. Lets you choose whether to see Buy and Sell orders, or if you want to see further down the list you can choose the 2nd option to see all the Buy orders, or 3rd option for all the Sells.


    B5.JPG

    This is the Advanced View on Balance which I prefer.
    1. Shows you the coins 24 hour info same as the Basic View.
    2. Here you cha the coin pair you want to see.

    B6.JPG

    Let us know if you have any questions or concerns about Binance so we can answer them in this thread. Max withdraw without filling out Know your customers information is 2 BTC per 24 hours.
     
  2. xyzzy

    xyzzy Master of None Staff Member Super Admin

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    Thanks for the guide @MAGA! Binance definitely looks like an exchange to check out. Are there any coins on there that are not available on the classic three (Polo, Bittrex, Coinbase)?
     
  3. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    Hmmm maybe Kyber and a few other recent ICO coins, too many to compare lol
     
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  4. GuardianofCrypto

    GuardianofCrypto Master of Trolls Staff Member Super Admin

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    All members should check out Binance. Many people switched from Poloniex to Bittrex. Now they are switching from Bittrex to Binance. It is good not to have all of your eggs in one basket, but do consider keeping a larger portion in the better exchange. I will have a Youtube video tutorial up soon.
     
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  5. Sean Louk

    Sean Louk Scholar Premium Member

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    I like that it looks a lot like TradingView's interface. It would be nice not to have to go back and forth between TradingView and the multiple exchanges we have to use. I always have way too many tabs open.
     
  6. Cazkys

    Cazkys Scholar

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    I would like to ask how much transaction fee you need to pay before you withdraw?
     
  7. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    Depends on the coin I think
     
  8. Camon

    Camon Contributor

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    So im here about to put some money into this. I assume i have to buy coin in my coinbase wallet and send to binance, but what coin should i buy? btc or will i get killed by fees. or do i want eth or ltc(my oringal currency i bougt in on)
     
  9. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    Well BTC is a slow transfer but it is correcting right now so might be a good time to buy soon. But yes you would have to transfer BTC from wherever you have some, for most beginners Coinbase.
     
  10. Camon

    Camon Contributor

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    bought it just as it began to dip, shoulda waited another few minutes. no actual daytrading done, mostly research today. but I did expand and diversify the portfolio a little.
     
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  11. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

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    What price you get in at?
     
  12. Camon

    Camon Contributor

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    after fees and all I bought .00056 @18,026.07 per BTC for 96.59. and on another note I through a few bucks in into Quantum QAU, doing really well if anyone wants to keep an eye on them.
    and at the last update before this post it was up to 101.60USD in my BTC holdings.
     
  13. David Johnson

    David Johnson Beginner

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    If anyone doesn't know how to safely and easily buy the smaller cryptocurrencies like monero, neo, iota coins, here's a helpful 3 min video on how to.
     
  14. armageddon

    armageddon Contributor

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    I like it very much that it's portable on other devices and logging is relatively easy. I recommend Binance to everyone. :)
     
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  15. johnrickdalaygon

    johnrickdalaygon Contributor

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    Well, I see that Binance is becoming popular right now and those traders are switching into binance but the problem is the binance registration is closed due to massive members. But, I think it is good to trade with binance because they have 50% discount on every transactions with BNB tokens and you can withdraw your money even you are unverified (max of 2btc) than bittrex you cannot withdraw to them if you are not verified.
     
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  16. CryptoICOs

    CryptoICOs Contributor

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    how much transaction fee you need to pay before making withdraw?
     
  17. FrankWood

    FrankWood Beginner

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    I like it very much that it's portable on other devices and logging is relatively easy. I recommend Binance to everyone.
     
  18. FrankWood

    FrankWood Beginner

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    Hello. i'm new member. i hope learning more knowledges from forum
     
  19. joannei boyce

    joannei boyce Contributor

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    You have explained very well. Can you help me regarding about this. contact with me
     
  20. Catherine Davis

    Catherine Davis Contributor

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    Exchange aggregator coinswitch has added Hong Kong based exchange KuCoin on its platform. This was announced by the company in its official blog. Coinswitch is the world’s largest exchange aggregator and supports over 300+ coins and 45,000+ currency pairs. The company will be adding bigger exchanges on its platform by the end of April. You can use coinswitch from my referral and maybe join the referral program to benefit from it.
     

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