Binance Beginner's Guide
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Binance Beginner's Guide

Binance Beginner's Guide

Beginner
Published Apr 5, 2021Updated Jun 12, 2024
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Key Takeaways

  • Binance is trusted by more than 200,000,000 users worldwide. If you want to join this growing community, you can open an account with Binance today and start investing or trading in minutes.

  • To start using Binance, create an account, verify your identity, and choose a payment method for purchasing cryptocurrencies.

  • Buying crypto on Binance can be done through various methods, such as credit/debit cards, bank transfers, or peer-to-peer transactions.

  • Remember to enhance your Binance account security by using strong passwords, enabling two-factor authentication, and setting up an anti-phishing code.

Introduction 

A Binance account acts as your gateway into the world of blockchain and Web3, and is the best place to start your crypto trading journey. This guide will teach you how to get started with the Binance exchange. The steps are simple. Open an account, verify your information, choose a payment method, and get your crypto assets.

How to Create a Binance Account

Before you can buy your first bitcoin or BNB, you’ll need to open an account.

1. Head to the Binance homepage and click [Sign Up] in the front page or top right corner.

2. Input your email address and choose a secure password. If you prefer, you can also sign up using your mobile number rather than email.

3. Type the 6-digit verification code you received via email or phone number and click [Next].

4. Create a strong password with at least 8 characters, 1 number, and 1 upper case letter. Don’t share it with anyone.

5. Once you’re verified, you should now be set up with your Binance account. You’re one step closer to buying cryptocurrency, so let's dive into making your first crypto purchase.

How to Buy Crypto on Binance

Before you can buy crypto on Binance, you have to complete the identity verification process known as Know Your Customer (KYC). KYC helps us make sure you are who you claim to be and fulfill our legal requirements.

When you are done with the identity verification, you will be able to buy crypto through different methods.

1. Credit/debit card: the most straightforward option for new users.

2. Deposit funds into your Fiat and Spot wallet: Transfer fiat currency from your bank account and use it on the exchange.

3. Binance P2P: Purchase crypto directly from other users with Binance’s peer-to-peer service.

Purchasing Crypto With a Credit or Debit Card

1. Hover over [Buy Crypto] from the top menu and select [Buy & Sell].

2. Next, select the fiat currency you will be paying with and the coin you wish to purchase. Press the [Add New Card] button to proceed and add your card information.

3. Input your card details and click [Confirm]. Note that you can only use a credit or debit card that is registered in your name.

4. Double check the order details. You can check the conversion rates and fees by clicking at the three dots […] button.

5. If you have read and agree to the Terms of Use and Privacy Policy, tick the checkbox. When ready, click [Confirm] to finish your payment.

6. Once the process is complete, your purchased crypto will be credited to your Binance Spot wallet. Usually, opening an account and getting to this stage can be done within 10 minutes.

How to Trade Crypto on Binance

At some point, you will likely want to start trading cryptocurrencies. If you’re not used to a traditional trading interface, we recommend using the Binance Convert feature. 

1. You can access it by hovering over [Trade] and selecting [Convert & Block Trade] from the Binance homepage.

With the Convert tool, you can pick the cryptocurrency pair you wish to trade using a simple interface. Fiat currencies are also available if you want to cash out or buy crypto with fiat. 

2. Select the coin you are exchanging in the top field and input the amount. Use the bottom field to select your desired cryptocurrency or fiat currency. Note that the default setting is [Market], meaning that you will get the current market price, also known as the spot price.

3. After confirming your selection and clicking [Preview Conversion], you’ll also see a summary of the trade you’ll make.

Once you’re happy with the preview, you can click [Convert] to confirm your order.

4. If you want to create a limit order instead, select the [Limit] option at the top menu. A limit order lets you buy or sell crypto at a specific price or better.

In this example, we are placing a limit order to trade our 50 USDT for the equivalent value in BNB when the price of BNB drops to 610 USDT.

Using the Binance Spot Trading Interface

1. Find the [Trade] menu at the top and click on [Spot].

2. Next, you will find the Binance Spot trading interface.

2. On the left side, you will see the order book:

  • Sell orders (asks) are in red.

  • Buy orders (bids) are in green.

4. At the center, you will find an interactive trading chart of the selected trading pair. In this example, BTC/USDT.

5. On the right side, there is a trading pair list, which contains all available trading pairs on Binance. Use the Search function to find specific trading pairs.

6. Below the trading chart is where you can create orders to buy and sell. If this is your first time, you will have to add funds to your Spot Wallet first.

7. For example, if you are using USDT to buy BTC, you need to first add USDT to your Spot Wallet. Click the [+] icon to fund your account and choose your preferred method.

How to buy BTC with USDT

1. To start, choose an order type. With a limit order you can set a specific price (not necessarily the current price). In contrast, a market order will try to execute your order as soon as possible at the current market price.

2. If you are using a limit order, define the amount and price and click [Buy BTC].

3. You should get a notification at the top right corner of your screen. You can track your open limit orders at the bottom of your trading interface.

4. If BTC reaches the order price you specified, your order will be filled.

How to sell BTC for USDT

The process of creating selling orders is almost the same. In this case, we will use a market order to illustrate how to sell your BTC for USDT.

1. Choose your order type, set the amount, and click [Sell BTC].

2. Because we are creating a market order, the selling order will be placed immediately, and if there is enough liquidity, it will be filled instantly at the best market price.

If you are still not sure about Spot trading or want more details on how to use the Binance Spot trading interface, please check out our Binance Spot Trading Guide.

How to Secure Your Binance Account

Using a strong password and our security features will help keep your funds safe. Make sure to start with the following security steps.

Use a strong password and change it regularly

This one is self-explanatory, but you would be choked with the number of people that still use passwords that are simple and easy to remember. Your password should always contain uppercase and lowercase characters mixed with symbols and letters. And of course, make sure you keep it safe and do not share it with anyone.

Enable Two-Factor Authentication (2FA)

We strongly recommend you set your account up with Two-factor Authentication (2FA). This creates an extra layer of security, meaning that even if hackers compromise your password, they would need access to your physical 2FA device to log in.

The Google Authenticator app or SMS authentication are great places to start. Our Binance 2FA Guide can explain more about the process.

Enable the Binance Anti-Phishing Code

When you add an anti-phishing code to your Binance account, every email you get from Binance will have this code displayed at the top. You can manually define what code it can be from a series of letters or numbers.

This way, you can be sure that the message you are receiving is actually from Binance and not from a fake email address. In other words, it helps you prevent phishing attacks.

For more information on account security, please check out Secure Your Binance Account in 7 Simple Steps.

Closing Thoughts

Opening an account and making your first trades with Binance is a small introduction to the world of cryptocurrencies. There’s a lot more to it than just buying and selling on the exchange. If you’ve never seen a trading view before, it can all look confusing at first. Binance Academy is full of trading articles and guides that can help you get started with trading tools and even create your own trading strategies.

Further Reading

Disclaimer: In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here.

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