In this guide you’ll learn everything you need to know about how to trade altcoins on Binance in 2018.
Maybe you’ve just started investing in cryptocurrency, bought your first Bitcoin or you’re looking for a way to trade altcoins full-time…
Whatever you’re looking for, Binance is one of the best exchanges I’ve used and it’s a pretty safe option too.
However, Binance isn’t that easy to use, so that’s why I’ve created this tutorial.
1. What Is Binance?
It’s probably the most popular out of the lot along with Bittrex, but there’s a few key differences as you’ll discover below.
Now the most important thing to note, is that Binance is perfect for trading.
You can read their charts, get live pricing options and setup stop losses/change the amounts you bid.
And whilst popular cryptocurrency wallets like Coinbase are great for beginners, they’re not so great for trading altcoins.
Plus with Binance you get a ton of altcoin trading options to choose from – compared to Coinbase which only has 3 so far.
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2. How To Trade Altcoins On Binance.
If you want to learn how to trade altcoins on Binance in 2018, here’s how it works step by step:
Step 1. Sign Up To Binance.
Register for your Binance account & then clicking ‘Register’.
Step 2. Go To Your List Of Crypto Wallets.
Simply click on the ‘funds’ button on the top menu, then click ‘deposit withdrawals’:
Step 3. Find Your Altcoin Wallet Address.
Now click the coin you want to deposit from the list (I’d recommend Ethereum because you can easily buy this on Coinbase and it’s fast/cheap to transfer in comparison to Bitcoin).
Step 4. Transfer Cryptocurrency To Your Binance Wallet Address.
Click ‘deposit’ next to your chosen coin and you’ll now generate a wallet address. Send the money from Coinbase (or other account) to your wallet.If you want to transfer cryptocurrency from Coinbase to Binance, just click ‘Accounts’ and then ‘Send’ like the screenshot below. Then you can copy and paste in your Binance address.
Note: Be very careful when you transfer cryptocurrency to Binance – and make sure you transfer to the right wallet address/currency. This is really important because if you transfer the wrong crypto/send it to the wrong address, you may lose your investment.
Make sure you double check it a couple of times to be on the safe side.
Also, you might have to wait 20-30 mins for your deposit to arrive in your Binance account.
Step 5. Choose Which Altcoin To Trade.
Click the “Basic Exchange” under the “exchange” option of the menu. Here you can choose what to trade. There’s quite a long list so I’d recommend using the search feature to speed your trading up.
Once you’re in the exchange, you can start trading the cryptocurrency you’ve deposited into your account. You’ll see a live price chart, a buy/sell option and a stop-limit option to prevent further losses.
The exchange may look a little overwhelming at first but it gets easier with practice.
3. Some Useful Tips For Trading On Binance.
When you’re learning how to trade altcoins on Binance, you might find it a little complicated at first to get used to.
But don’t let that put you off!
Once you’ve run through the process a couple of times, it feels a lot easier and as you make more trades, you’ll become more comfortable with the whole process.
If you have any questions about how to trade altcoins on Binance, please email me via [email protected] and I’ll be happy to help you.
4. Why Transfer Ethereum Instead Of Bitcoin?
You might be wondering why you should transfer Ethereum to Binance instead of Bitcoin right?
The truth is, Ethereum is a lot cheaper and faster to transfer compared to Bitcoin. That means you’ll save money and if you need to make a quick trade, Ethereum is going to be much more efficient than Bitcoin.
5. Advantages Of Binance.
6. Disadvantages Of Binance.
If you haven’t bought Bitcoin, Ethereum or Litecoin yet, you can easily do this with Coinbase.
7. How To Sign Up To Binance.
Signing up to Binance is pretty simple.
But just a quick word of warning:
You need to be careful when you sign up to Binance because there are some cryptocurrency scammers out there posting a link to a copycat version of Binance – that actually steals your credit card details.
8. Which Altcoins Are Listed On Binance?
Binance has a HUGE choice of altcoins to trade on their exchange – you can check them out here.
9. How To Keep Your Cryptocurrencies Safe On Binance.
Unfortunately, there are a lot of hackers and malware problems in the cryptocurrency industry. So whilst you now know how to trade altcoins on Binance, it’s better to take some extra precautions too.
Here’s a few tips to stay safe whilst trading cryptocurrencies:
– Don’t login to your Binance account on a public Wifi network – because they can easily get hacked.
– Enable 2 factor authentication (you can do this in your settings option on Binance) to minimise the risk of someone else logging in to your account. It’ll enable an extra layer of security if your login details are ever compromised.
– Even if you don’t do this at first, make sure you get your account verified eventually.
– Think about getting a hardware wallet if you’re investing long-term. If you need some help, check out my guide to the best crypto hardware wallets in 2018.
10. FAQs About How To Trade Altcoins On Binance.
Q. How much does Binance cost to use?
A. Signing up to Binance doesn’t cost anything. It’s free to download their app too. However, for every trade you make, they charge 0.1%.
This is still a lot cheaper than trading on the stock market:
For example, companies like Share.com charge as much as £7.50 per trade or 1% of your money and an admin fee of £1.50 per month! The costs of trading stocks are pretty outrageous in comparison to trading cryptocurrency.
Q. What are the best altcoins to trade on Binance in 2018?
A. IOTA, OmiseGo and Litecoin are ones to watch out for in 2018 – check out my guide here. Before you invest in any altcoins though, I’d recommend doing your own research first – check out their marketing team, research their technology, read their whitepaper etc.
And most importantly, only ever invest in a cryptocurrency you truly believe in! Why? Because if you get into a position where you have to hold your altcoins longterm, you need to be able to confidently stand by it.
Q. How do I trade USD/GBP/Euros on Binance?
A. The quick answer is you can’t. Cryptocurrency exchanges like Binance trade in pairs – so for example you’d Bitcoin/Litecoin, Ethereum/ADA etc. You can’t trade tangible, offline currencies on Binance (or in other words Fiat currencies).
Q. Where Can I Learn More About How To Trade Altcoins On Binance?
A. As a starting point, here’s my step by step course about how to start trading cryptocurrency. It teaches you pretty much everything you need to know plus you’ll get a 50% discount for a limited time only.
If you’re interested in learning more about cryptocurrency, check out my top 7 best crypto books here.
Q. I’m New To Investing Cryptocurrency – So I’m Wondering Is It Too Late To Learn How To Trade Altcoins On Binance?
A. No…absolutely not! Altcoins will be around for years to come – they’re not going anywhere.
Q. Is Binance Secure For Trading Cryptocurrency?
A. Binance is one the world’s most trusted exchanges – and it has over 5 million users worldwide. However, you should never leave your crypto in an exchange long term – e.g for 6 months or more.
If you want a safe place to store your cryptocurrency for years to come, it’s best to hold your altcoins offline in what’s called a hardware wallet. This guide reviews the best cryptocurrency hardware wallets of 2018.