According to data from Coinmarketcap, it is estimated that there are more than 1,400 cryptocurrencies distributed among the different exchange platforms that operate globally. With a growing number of currencies, constant fluctuations in prices and the speed at which these changes occur, it is essential for novice and experienced traders to have an exchange platform that is robust, secure and easy to use.
How to Buy Altcoins from Binance?
It is easy, safe and fast.
- Create an account at Binance.
- Confirm your identity by uploading the requested documents (photo of passport, for instance).
- Add a payment method. For example credit card or bank transfer.
- Choose which cryptocurrency you are buying. (E.g. Bitcoin, Ethereum, Ripple, DASH, EOS, ADA, BNB, NEO or VET)
- Choose how much crypto you are byuing.
- Confirm the purchase.
Whether you consider yourself an expert or just beginning in the world of cryptocurrencies, the Binance exchange platform offers a wide variety of tools to interact with digital asset markets. In this article, we will see how to use this popular method to perform basic operations of buying and selling altcoins, the digital assets that have emerged as an alternative to Bitcoin in the form of independent cryptocurrencies, as well as tokens issued on the Binance platform.
What is Binance?
Binance is a cryptocurrency exchange platform based in China that provides users with access to a robust set of business tools, graphics, and security features. After a successful initial offer of currencies (ICO), Binance began operating in July 2017. In the space of 6 months of existence of Binance, it has become the favorite of the enthusiasts of the cryptocurrencies, since the restrictions are lower and the platform is easy to use.
Through Binance, it is easy to buy and sell all kinds of crypto actives, while the additional features make the platform also capable of handling complex business operations. Binance offers a substantial amount of coins, which are traded mainly by Bitcoin and Ethereum. The list of altcoins available in Binance includes the most popular of the moment, such as Ripple, Cardano, Litecoin, Neo, Stellar, IOTA, EOS, TRON, Qtum, Icon or Lisk, among many others
By offering both Basic and Advanced trading interfaces, Binance makes it easy for beginners to execute simple operations and gives traders access to more complex options, such as margin trading. For the security of the account, Binance offers users the option to enable two-factor authentication and Google Authenticator to verify security removals and modifications. When operating in Binance, you will be charged a commission of 0.1% on each transaction. The use of the BNB token reduces the transaction fees in the operations in a specific amount: 50% during the first year, 25% during the second year, and so on.
How to buy cryptoactives through Binance
If you are convinced to invest in cryptocurrencies, it is important to clarify some things. Both Bitcoin, Ethereum and Litecoin can be purchased simply by credit card or by bank transfer. However, to invest in smaller currencies, the figure of the Exchange is required, a platform to negotiate altcoins such as Ripple, Tron, NEO, Verge or IOTA.
In general, the form of payment of these currencies is Bitcoin and Ethereum, being impossible at the moment to make a purchase in dollars or euros. Due to this, we will follow the steps of this guide, which focuses on the use of Coinbase (for the purchase of Bitcoin or Ether) and Binance (for the purchase of the altcoins with those Bitcoin or Ethers).
Open an account in Binance
Open an account in the Exchange Binance. To do this, go to the official site of Binance and click on the “Registration” button in the right corner of the page. To register, you will only need to enter your email address and a secure password of 8 characters. Fill in the form and click on the “Registration” button at the bottom. You will receive a verification email with an internal link, which you must open to verify your email address and login.
When you log in for the first time, a pop-up window will appear and ask you to activate 2-factor authentication (2FA), which will help increase the security of your account. If you are new to 2FA, you must download the Google Authenticator application and then scan the QR (or enter the secret key) to obtain a temporary access code, which you will need to both login and withdraw funds.
Transfer of funds
To enter your Bitcoins (BTC) in Binance, you will have to recover your deposit address. Now, Click on Funds > Deposit in the menu. From here you can send and receive funds for each type of currency available on the Exchange platform.
To see your BTC deposit address (that is, your Binance wallet address where you can receive the Bitcoins), look for the abbreviation “BTC” in the list below, or in the search box. On the right side of the box, you will see 3 options, “Deposits”, “Withdrawal” and “Trade”. Click on the “Deposits” button. And there you can transfer your funds from a Coinbase account
How does Binance work?
Who visit this page for the first time will quickly notice that the platform offers two options for digital currency trading: basic and advanced. Actually, neither of the two versions is very friendly for new users. However, anyone with experience in digital currencies with a little knowledge about how exchanges work should be able to use the platform and its different services. The main difference between the basic and the advanced interface is that the latter offers a broader set of tools, as well as a more detailed technical analysis of the value of a digital currency over time.
The interface of the basic version offers several graphics and boards for the coins you are exchanging, as well as a book order and a history of operations. In the left panel shows the order book. The upper box shows the sales orders (in red), and the lower one shows the purchase orders (in green). In the middle, we see the last quoted price
Buy your first altcoins
With the Bitcoin already in Binance, it’s time to buy some altcoins. To do this, enter the basic interface of the page. In the upper right side of the screen, you will see options to exchange any of the available altcoins in exchange for BTC, ETH, BNB, and USDT. Select the “BTC” tab (Bitcoin), and then, choose the altcoin you want to buy or sell, or if you prefer, enter the acronym of the currency in the search box.