How to Buy/Trade/Exchange Coins on Binance
Binance has emerged as the largest global cryptocurrency website over the course of the past six months in such an astonishing manner. The exchange presently supports more than 280 cryptocurrencies, and this provides it with such a dependable source of liquidity.
To use Binance exchange can be daunting at first for a newbie, but, with regular use, you will find the platform easy to navigate. One of the first topics a beginner needs to know is how to buy cryptocurrency on Binance. Read the remaining sections to discover the easy steps to follow as you begin your trading journey.
Part1: How to Buy Cryptocurrency on Binance
Binance supports more than 280 cryptocurrencies, but, the base currencies for transactions are Bitcoin, Ethereum, Binance Coin and USDT. If you have any of these currencies, you can proceed with trading on the exchange.
The essence of the base currencies is that national currencies like the USD, EUR, JPY or CHF are not accepted on Binance. To be able to use Binance platform for transactions, you need to have your account funded. To fund your account, cryptocurrencies have to be sent to Binance for that purpose. If you are yet to open an account on Binance, do so here>>.
Having funded you account, here is how to buy cryptocurrency on Binance
Step 1: Login to Binance
You need to login to Binance to use the platform to buy cryptocurrency at any time.
Now that you are on the exchange, go to the markets:
Step 2: Using the markets Transaction Page
From the table above, the markets are displayed, and you need to decide on the cryptocurrency you are buying. If you decide to buy BNB with your BTC balance, you should click on the BTC market.
- On the search box shown above, enter BNB
- This will lead you to the transaction page, and you should click on the BNB/BTC trading pair.
- The area marked as Number 1 shows the announcements made on Binance
- The area marked as Number 2 shows the display data for your selected trading pair over the last 24 hours
- The area marked as Number 3 shows the sales price of your pair in recent transactions
- The area marked Number 4 shows the buying price for recent transactions
- The area marked Number 5 is the graphical display of the Market Depth and the K-Line, which shows the demand and supply of the BNB/BTC pair
- The area marked Number 6 shows the order types
- The area marked Number 7 is the ‘Buy’ tab
- The area marked Number 8 is the ‘Sell’ tab
- The area marked Number 9 is the display of other markets available
- The area marked Number 10 reflects trade history of the most recent transactions completed.
Step 3: Using the ‘Buy Area’ to Place an Order
- The ‘Buy’ area shows the same details in both the Basic and Advanced exchanges on the Binance platform.
- By clicking on the green ‘Buy’ tab, you complete a transaction
- On the Price row, you see a default price or the last transaction price for the pair
If you click on ‘Market’ at the middle, it means you are selecting the market price, and the available sell order on the exchange will be used. This is a fast way to buy your cryptocurrency.
- If you click on ‘Limit’, it means you are quoting a price less than the market price. You will have to wait till a seller accepts that offer before your cryptocurrency will be bought.
- When you select the percentages under amount, it means you have decided to use that percentage balance of your cryptocurrency to buy tokens.
In this case, at 25 %, you are using 25 % of your BTC to buy BNB. This is the ‘Stop-Limit’ order.
Part 2: A Sample Trade
Having gone through the 3 steps needed to buy cryptocurrency on Binance, let us look at a sample transaction:
On your account dashboard, locate the exchange tab at the midsection
- Identify the exchange tab and click on it
- You can choose the Basic tab at this stage as a newbie
- Click on the Basic tab
- To the far-right of your screen, the favorites tab will appear
- Identify the BTC tab, or any currency tab of your choice
- The available pairs for the base cryptocurrency will be displayed
- Take a look at the pairs and select the one that matches your choice ( in this case, BNB/BTC)
- Click on the row for that pair
- At the lower end of that market data page, you will find the “market’ tab
- The Buy and Sell tabs will be displayed
- Go to the buy tab and enter the amount of tokens you are buying
- Remember to select the price you are keen to buy at
- If you select 100%, your transaction will be completed using your token Balance ( In this case, your entire BTC)
- Using the image above, if you select ‘market’, you need to fill in the amount of BNB you want to buy
- When you hit ‘Buy BNB’, the transaction will be processed using the default market price
- Go back to your funds tab
- Click on it, and the order history will appear
- Click on order history to show your’ buy order’
- When the transaction is completed, the tokens you bought will appear in your account balances
You can also learn more about Binance from my article: Binance Review: How does it work? Is it Safe and Legit to Use?
Here is a video that explains how to buy cryptocurrency on Binance
Irrespective of the token you decide to buy on Binance, the approach remains the same. You can begin your token trade today by following these outlined processes along with tips on how to trade on Binance.