If you’re a newbie in the crypto world, you may have heard of Binance as it is one of the most famous cryptocurrency exchange platforms in the market. It offers a wide range of privileges and is among the top in reputation and trust. If you’re in the loop and wanted to know how to buy ALT coins on Binance, and learn some tips in purchasing, selling, and trading, keep reading this article. Though Binance is among the complex-looking exchange sites out there, if you’re entirely new to this, it can get pretty confusing as well.
What Is Binance?
If you want to learn how to buy ALT coins on Binance, you must know first what is Binance. For those who do not have any idea what Binance is, it is an exchange that centers on crypto-to-crypto trading. Unlike Fiat money or traditional currencies exchange, you exchange Bitcoin or Ethereum for ALT coins or the other way round. Binance is also an easy and smooth way to jump into ALt coins if you own cryptocurrencies already. Don’t fret. You won’t have to hold your coins on the trade, as it will let you send your ALT coins to your wallets and secure them.
Steps on How to Buy ALT Coins
Step 1: Prep Your PC
The first step on how to buy ALT coins on Binance is to set up your PC or computer at home for your crypto transactions. Before diving into your transactions, make sure that your antivirus is up to date. This step is essential as some keyloggers, spyware, or malware may target your transactions. If in case your PC gets infected, there’s a possibility that you may lose some of your cryptos before you even started. Ensure that your PC or laptop is secure before you start crypto trading.
Step 2: Set Up and Register Your Account
After securing your computer:
- Set up your account.
- Go to the Binance website and start setting up your account.
- Ensure that you are on the correct and secured website and check the lock symbol in your address bar.
Registration is very simple. All you have to do is key in your email and password and hit register. An email that contains a verification link will be sent to your email address. Your account will be ready once you verify your email.
Step 3: Authentication via Two-Factor
If it’s your first time logging in to your account, you will be greeted with a warning sign that recommends you to enable a Two-Factor Authentication (2FA). The two-factor authentication will create a random 6-digit combination. And it also changes every 30 seconds. This code is important together with your password as you cannot log in without it. So, if someone tries to steal your password, your account will remain safe as long as you have your two-factor authentication.
Download the Google Authenticator App to your smartphone (they’re available in both IOS and Android). Look for the + symbol at the upper right corner of the screen. Pick the “Scan Barcode” and scan the two-factor authentication key. It must show a 6-digit number, binance.com link, and your email. As said before, this key changes every 30 seconds, so make sure to back it up.
You can enter your password and two-factor authentication code beforehand to log in. After you’ve set up your account, you can now make a deposit.
Step 4: Make a Deposit
One of the most important steps on how to buy ALT coins on Binance is to make a deposit. You have to fund your account first before trading your ALT coins. Look for the “Funds” tab and click “Deposits and Withdrawals.”
There is a wall of different coins. You can search for your preferred coin in the search bar at the top left of the screen. Bitcoin and Ethereum are the two major pairs in Binance trading.
You can type in the bar and click deposit then a wallet address will occur. Once you’ve made a deposit, this will serve as your Binance wallet and address where you can trade for other coins. Just like doing other transactions, you can send Bitcoins to your wallet. Confirm the transaction by clicking the “History” under the “Funds” tab, or you can verify it through your wallet address in the BlockChain Explorer. Once you get the confirmation, you will receive a notification through email that your account has been funded already.
Step 5: Trading
Grab a few Binance Coins or BNB first before buying your first coins to get the 0.05% trading fees. If you’re making small trades, get a piece or two BNB, so you get to feel how much each trade costs. This process is easy. Look for the BNB or BTC pair from Exchange Screen and place a market order to buy some.
After doing so, you are now ready to trade. By now, you have researched and know what coins to get. There is an “Exchange” button on the top left of your screen. Click it and go to basic. A screen with charts of numbers in green and red will then appear.
There are two kinds of orders you can make:
It simply means buying the coins at the present “Ask” or market price and is the most straightforward one. All you have to do is enter the number of coins you want to get and press the big green “Buy” button. After your order is confirmed, you should be able to see the coins in your available balance.
This is where you can place your BUY price. Say you think the price will go down before it goes up. You can place your limit order a bit lower than its current price. What you see on the chart is the coin’s current price. You have to remember that “Buy” will only go through if it hits the price you have set in the limit order.
Place a Market Sell Order or Limit order with your preferred price if you want to sell your ALT coins back to Bitcoin or Ethereum.
Step 6: Secure Your New Coins
If you plan to buy and hold, secure the coins by transferring them to your wallet. Go back to the “Deposits and Withdrawals” tab under the “Funds” tab in Binance and type in the coins you want to send out. You can send a small amount to test out and make sure it goes to the right wallet. Remember about withdrawal minimums as well.
By now, you should be a bit more knowledgeable about how to buy ALT coins on Binance. As you may have noticed, Binance isn’t that intimidating at all, even if you are just a newbie. However, it might be a bit complex to some, especially those who don’t have any trading or investment background. Binance is still a great crypto exchange platform where you get to deposit funds through multiple methods and keep your coins safe. Know more about crypto exchange platforms here!