How to Sell on Binance | Step-by-Step Guide for Beginners
Binance is enjoying a widespread popularity in the cryptocurrency space across the globe. Learning how to sell on Binance is a great start for a beginner in the cryptocurrency space.
This exchange has earned its stripes with a surging user base that is currently put at more than 6 million. The entry of Binance into the market received popular support as it introduced lower trading fees on its platform. It has also innovated with its token called BNB.
Having successfully taken several ICOs into its listing, there is little wonder as to the source of its global acclaim.
Here is the prelude every beginner must know before selling on Binance:
- Make sure you register your account on your choice of exchange ( Bitfinex ,Changelly, etc)
- Using the exchange above is important as you can buy tokens with your credit or debit card
- Go ahead and also register on Binance
- Make sure to verify your account by activating the 2-FA(2 factor authentication)
- Check the tab and enable Binance token for payment of your transaction fees
- Check your Binance BTC address
- Fund the Binance account by sending BTC to your wallet address from the exchange account above
- Check your transaction summary on Binance to confirm the transaction completion
- It is advised you use BNB by buying the tokens on Binance to save 50 percent of transaction cost.
- You can check more from my Binance Review article.
Part 1: How to Sell on Binance
Using Binance exchange as a platform to sell your cryptocurrencies is recommended for its robust liquidity and spread of tokens. The basic trading platform of Binance is what is explained below for the selling of cryptocurrencies on Binance.
Using the advanced platform is better left for experienced traders who have mastered the protocols of Binance.
Step One: Account Log-in
- Login to your account on Binanc
- Click the homepage icon to see the markets
Step Two: Select Your Trade
- Click on the desired trade (ETH, BTC DASH, etc)
Step Three: Select the Pair
- Select pair. By this I mean, it can be ETH to BTC, or BTC to XMR, as the case may be
- No matter the market you select, the processes are similar except that the pairs are more for ETH and BTC, than other altcoins
- Looking at the array of pairs can astound the newbie; be patient and go through with the process.
Step Four: Place Your Order
- Now, we can place an order to sell BCH for BTC
- The type of orders possible here are Market, Limit as well as the Stop-Limit.
For example, to sell 100 BCH, we can place a limit order for the sale at 0.022000 BTC each.
Step Five: Authorize
- Here, what is needed is to click on “Sell BCH”, and subsequently, the order will reflect on the ‘Open Orders “tab
- This completes the process for placing a sell order. Limit orders will mean waiting for the order to be filed. This is when the ‘open orders’ tab will be empty
- You can always confirm the status of your orders by checking the orders tab before navigating to Trade or Order history.
Part 2: Meaning of the terms
Here is what the terms mean:
Used to specify the price at which we will have the BCC sold. This order will remain with tis quote until thee is a buyer at that price
This is used to indicate the quantity of tokens to be sold. It will get sold when this is set using the prevailing market price
This is used to add a condition specifying at what price the order gets activated for a sale.
Part 3: Selling Other Altcoins
Since altcoins can be exchanged for dominant base currencies, it means that you can exchange them for Litecoin and Ethereum on the Binance exchange.
Exchange Verge for Ethereum
The rush for ICOs has given a massive boost to the trade in Ethereum over the last 12 months, and this led to a scramble for ETH. However, if your holdings in altcoins need to be converted to Ethereum, you should know just what to do on Binance.
The altcoin known as Verge will be used in this example. It is known by the symbol XVG, and it will be swapped for ETH.
Here are the steps to follow:
- Go to the right-hand side of the dashboard to search for XVG using the ETH tab
- On the dropdown menu, select XVG/ETH and click.
If you highlight the favorite icon at the corner of the pairing, your exchange tab will always open with this as a priority.
The step above will work for any other available pair on the Binance exchange. If you have a pairing that is not activated, you have to try another dominant cryptocurrency like BTC or LTC, for your trade to proceed.
It simply means you will have to exchange your token for BTC or LTC, and then, send the token to the exchange of your choice. The process will be the same, and what has to be done, is to click on the LTC or BTC tab as the case may be.
Exchange ETH for BTC
Locate the tab for BTC as follows:
- Click on your the homepage icon on Binance after logging in to see the markets
- Click on the desired trade, (and this time on) BTC
- Search for ETH/ BTC pair
- Fill the amount of ETH
- Then click sell ETH
- This completes the process, and you can monitor your order summary to confirm when the transaction is completed
- Your BTC reflect in your balances when the sale is completed.
The steps on how to sell on Binance are as straightforward as explained. Having learned the processes above, you are at liberty to send your cryptocurrency to the platform of our choice. Now, you also know that you cannot get fiat currencies for your tokens on Binance.
Using open marketplaces like Changelly, Coinbase or LocalBitcoins will help monetize your tokens. This means that with these marketplaces, you can have cash for your cryptocurrencies with a few clicks of the mouse.