Step One: Go to the Binance Exchange Page. Choose the coin that you want to buy or sell. In this example I’m going to use LTC / Litecoin. When you first get to the exchange you will be on the LIMIT tab, as seen below. Step Two: Switch to the Market Tab. If you want to buy less than the minimum BTC . At the rate of 1 BTC = USDT 10,, the user’s USDT 1, can purchase BTC while at the rate of 1 BTC = USDT 8,, the user’s funds can purchase BTC. On steps on how to trade on cryptocurrency exchanges like Binance. Please refer to the link below for the latest trading rules: allcryptocoins.de
Binance btc minimum tradeHow To Trade on Binance: a Guide to Trading Cryptocurrency on Exchange
Binance makes trading cryptocurrency on your iPhone or Android relatively hassle-free, though it falls on you to do your research on your target alt-coin in order to minimize losses.
There are two main ways to buy and sell digital coins within the app, namely limit and market orders. In a nutshell, limit orders let you buy or sell alt-coins at a specific price, which is then placed on the books until the order is fulfilled. Due to market fluctuations, limit orders can take time to be fulfilled.
Market orders are much simpler to execute and allow you to instantly buy or sell cryptocurrencies at their current price by tapping on either "Buy" or "Sell" after entering the desired amount. The main disadvantage of this method is the inherent risk of missing out on opportunities. Binance charges a flat 0. The flat fee is applied automatically once a buy or sell order is fulfilled, and is deducted from the end cryptocurrency.
Binance will then apply the 0. The 0. In essence, Binance's flat 0. The fee will then be deducted off your BNB wallet. As Binance explains it:. Fees are calculated from the currency you're receiving at a rate of 0. If you have 0. Otherwise you pay 0. The discount decreases over time , however, and is cut by half every year for four years, then disappears entirely on the fifth year.
It is also currently unknown how long Binance will offer the discount as new users stream in, so stay tuned as more concrete information surfaces regarding this matter. In addition to charging fees for executing cryptocurrency trades, Binance also charges a fee for making withdrawals out of their exchange, and there's a minimum amount that needs to be met or exceeded before Binance allows that transfer. Both the minimum amount and fees vary from coin to coin. As an example, here's the minimum withdrawal amounts and fees for the four major cryptocurrencies that you can transfer to Coinbase :.
It's worth noting that withdrawal fees are not set in stone and are subject to change due to blockchain conditions. We highly recommend you check out Binance's full list of available cryptocurrencies and their fees to stay up to date, as they can suddenly change due to network congestion or downtime. Thankfully, network fees associated with blockchain transfers are included in Binance's withdrawal fees, regardless of digital currency. Regardless of cryptocurrency, withdrawal fees are automatically subtracted from your withdrawal amount once you finalize the transfer.
Keep in mind that minimum withdrawal amounts can be almost as low as the fees with some digital currencies BCC and LTC, for example. With these coins, it's obviously not a good idea to withdraw the minimum amount, as the fee will eat up a significant chunk of your withdrawal. The withdrawal fee of 0. Binance doesn't place any limits on making deposits or executing trades on its exchange, though it does have a daily limit on the amount of cryptocurrency you can withdraw.
To increase your withdrawal limits even further, you'll need to contact Binance. Though you can sign in, execute trades, and make deposits on Binance, you'll have to enable two-factor authentication 2FA on your account before making withdrawals. While users from China have the option of receiving SMS-based authentication to get into their accounts securely, US residents have to rely on Google Authenticator to stay safe from hacks.
Linking your Binance account with Google Authenticator is a straightforward process — download the Google Authenticator app for iPhone or Android , enable it on Binance through your web browser and note the secret key that's provided, then add Binance to your Google Authenticator app. If you'd like a more thorough guide on this topic, be sure to check out the following link. While transaction times are extremely fast when executing trades on Binance, transfer times for deposits and withdrawals between Binance and your personal wallets can wildly vary from coin to coin.
While lesser known alt-coins like XLM and EOS have snappy transaction times that take only seconds, seasoned coins such as BTC and ETH have been known to take up to five hours or more to transfer, due in large part to the sheer number of transactions being processed on their blockchain. Like Coinbase, Binance places sole responsibility on its users when it comes to keeping their account and other important personal information secure, as evidenced by Section 2 of their User Agreement.
This means you should use security measures such as strong passwords and two-factor authentication to keep cybercriminals out. Keeping your wallet as secure as possible can't be stressed enough, because once your bitcoins, bitcoin cash, litecoins, or ether are gone, your chances of getting them back are almost zero. To back this up, Binance doesn't currently offer any form of insurance policy to help cover any losses due to hacks and security breaches.
In addition to the current lack of insurance to help cover individual losses due to hacks, Binance makes no mention of safeguards and security measures that it may have in place to guard against potential breaches that can result in monetary loss or identity theft.
The closest mention of any security protocols comes to us courtesy of Reddit , which is still pretty vague:. Regarding security, Binance platform is engineered from the ground up with security, efficiency, speed and scalability taken into utmost consideration.
The team has decades of combined experience building and maintaining a world class financial systems. Unfortunately, not everyone in the US can technically use Binance to buy and sell digital currencies. Both New York and Washington states have laws that tightly regulate cryptocurrency exchanges.
Please share and grow the BitPinas community. Table of Contents. Register for Binance here. You will then see the registration page same as the image above. After completing the registration, click or tap on Register and they will then send you a verification email. You can click on the link or copy it to your browser. Once you have your BTC ready, you can go to Funds.
You can copy the address or scan the QR code. You just need to go to the right side of the screen and click on the altcoin you want to have.
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