Hello everybody, i’m gonna dive into Crypto Currency using Binance a bit more in depth today to add some more depth to Step 3 on my first article Starting Out In Crypto Currencies.
First – Account set up. Set up an account, I don’t really need to cover this do I? If you’d like to support me you can hit my referral link right here.
Moving on…after you get logged in let’s hit up your account located here:
Here’s where you can set up your account preferences.
I suggest using Lastpass Authenticator (aka, Google Authenticator but better) and setting up Two Factor Authentication. You’ll want this to assure you’re the only person who can ever log into this account. Save those backup codes in Lastpass as well, you might need them some day. SMS is okay, but not the best security wise.
Next up, let’s go to Funds > Balances. They’re all zero if you’re starting out.
After that, go to Deposits. This is the place you’ll chose the coin you’d like to deposit and the site will show you your wallet address on Binance. Basically, Binance controls wallets in your account for all of the coins they exchange. You’ll take that address to Coinbase or whatever site/wallet you’re currently storing coin in and send it from there to the Binance deposit address. Binance will send you an email when the funds are available or you can check it on the Funds > Transaction History page.
Now that you’ve got coin, on to the exchange! Hit up the advanced exchange, i’m not here to walk through basic. We’re gonna suck it up and move on to the real mode below:
We’ll start in the upper right corner. This is the first info you’ll wanna get familiar with before trading:
- This is the trading pair you’re currently looking at, on my screen it’s BCD/BTC – If you click this box you’ll see the following window pane:
Here’s the tab breakdown along the top.
- Favorites – Your favorites. If you press the white star next to something it turns yellow and shows up in that list.
- BTC – This is the Bitcoin market. You can use Bitcoin to “buy” alt coins including the other 3 tabs listed, ETH, BNB, & USDT.
- ETH – This is the Ethereum market. You use Ethereum here to “buy” alt coins.
- BNB – Binance Coin market. Binance has their own coin. You came here to buy some first so they use that for your fees instead of leaving dust in your account. Seriously, again, buy some BNB coin to start. It saves you $. Most people don’t trade BNB though, so these markets can be kind of slow. This market also doesn’t have as many options as BTC or ETH.
- USDT – This is a made up currency by a bad exchange called Tether. I don’t like it, I do use it from time to time, but remember it’s not US Dollars and if the crappy company that came up with it tanks, so does your USDT. I don’t suggest long term storage of this.
- Account – I believe you should already be familiar with this one.
- Last Price – This is the last price someone bought or sold and order for, listed in the currency tab you had selected. So in this case on BCD/BTC we’re looking at Bitcoin, in Satoshis.
- 24h Change % – This is the price change % from 24 hours ago
- 24h High – This is the highest price over the last 24 hours
- 24h Low – This is the lowest price over the last 24 hours
- 24h Volume – This is the total number of all coins bought or sold displayed in Bitcoin over the last 24 hours.
On to trading. Main window, still not trading:
The main thing you’ll see in the top area are the “Candlesticks” and today’s class isn’t about those. If you’d like to learn there’s a plethora of books and videos on youtube. This part of the window is all informational. On the bottom there is an area to view your….
- Open Orders – This shows current buy or sell orders you have entered that aren’t filled yet
- Order History – This is a history of your orders
- Trade History – This is a history of completed trades
- Funds – Wallet totals
Ok, really onto trading now, here’s the juice info about what’s actually going on:
Top part -The Order Book
- Left side, Red price is a list of coin orders waiting to be filled, Green price below it are orders waiting to buy coins. Middle column shows how big the orders are and the right column shows the total of orders open in BTC.
- Right side, This is a running list of the most recent orders, with the most recent at the top and descending over time.
Bottom Part – Buying & Selling Coins
- Limit – On a limit trade, you set the price that you want to buy or sell a coin at. If the price reaches that point it’ll buy/sell depending on your order type.
- Market – Market trades execute at the best current market price. It’s an instant buy or sell for whatever the closest offer available is
- Stop-Limit – I won’t cover how these work, but there’s plenty of great information out there relating to it.
If you dig what I do consider using my Referral Links below, most of them help both of us out! Enjoy –