Open your Binance account and log in.
Start by entering the address to which you want to log in. You can find this on the top right under “Balances” and clicking ‘Deposits/Withdrawals’. On this site, you can also see all of your active wallets that are linked to your Binance account – if one is not active yet, click “Register“. After typing in your password or scanning an authorization application, hit ‘Login’. The website will then let you know if you got logged in successfully. If so, welcome!
On the taskbar, choose Basic from the Exchange menu.
You should now be presented with four different options: Basic, Advanced, Interface Language, and Help. We’re going to choose ‘Basic‘ to get started with our trade.
Choose a trading pair.
In the top right of Binance, you’ll see a search bar that says “Select Coin”. Here, you can type in the name of any cryptocurrency you want to trade for, or click on one from another page that contains all of the available cryptocurrencies. When choosing a trading pair from this list of currencies, make sure it is BTC (Bitcoin) and not ‘USDT’ – these are two different types of traded cryptocurrencies that cannot be directly exchanged for each other.
Make a selection from the drop-down menu.
The four options found under Basic Trade are Market, Limit, Stop-Limit, and One Cancels the Other (OCO). We’re going to explain what each one does here: Market: This option is used when you want to make a trade immediately, with no restrictions. If the market price of the currency you want is lower than your desired selling price, it will be forced through at that rate. Limit: When using this option, you set the lowest price you are willing to sell for and wait for it to be fulfilled. Stop-Limit: The same as Limit but includes an automated process that sells once a specific price has been reached. One Cancels the Other (OCO): This option allows a user to create a transaction out of two orders – if one order is executed fully or partially, the other order is automatically canceled.
Select how much you want to trade.
You’ll then see how much of each currency is in your wallet and how much you can exchange. If it’s under what you wanted, no need to worry – just enter the exact amount and click ‘Exchange Buy‘. You can also double-check that all of your information is correct here! If so, congratulations on buying your first cryptocurrency!
After reading this guide, you should be able to buy your first cryptocurrency on Binance. The four trading pairs are Market, Limit, Stop-Limit, and One Cancels the Other (OCO). There is also an option called “Exchange Buy” which allows users to specify how much they want of each currency in their wallet. If all of these steps seem confusing or intimidating then don’t worry – reach out to our team for help! We specialize in digital marketing that drives sales by considering how customers think. Which cognitive neuroscience principles have you applied? Let us know below!