If you are looking for a platform that is secure, stable, and reliable when it comes to crypto currencies then Binance Exchange is your platform. Binance’s sole purpose is to provide you with the best platform for exchanging your favorite crypto currencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP). Newer cryptos are always being unleashed into the market, Binance Exchange only hosts the most stable ones on their platform.
Using Binance Exchange Platform
Using the Binance platform is fairly simple. Our guide below will help you to quickly get started with trading crypto currencies.
- First thing you will need is some Bitcoin. You can purchase Bitcoin using a reliable platform such as Coinbase. Coinbase will allow you to use a credit card, debit card, or PayPal account to convert cash into Bitcoin.
- Once you have Bitcoin in your Wallet (on Coinbase), it’s now time to Sign-up to Binance.
- After completing the sign-up process, log into your Binance account, at the top right menu (next to News), their is a person shaped icon/avatar, mouse over it and click on the field called “Estimated Value”.
- You will see a complete list of available crypto currencies on the platform. Locate Bitcoin by typing in BTC in the search field. Click on the “Deposit” button.
- Locate the BTC Deposit Address and click on “Copy Address”.
- Head back over to Coinbase and click on the “Accounts” tab. Then Click on the “Send” button.
- Paste your BTC Address (from Binance) into the Recipient Field (on Coinbase). Enter the amount of money you would like to transfer, then click on “Continue”.
- Bitcoin transfers can take anywhere from 15 minutes to an hour so keep that in mind.
- Go back to your Binance tab and see if your deposit from Coinbase came through. After seeing your BTC balance updated, it is time to start using the platform to exchange to other crypto currencies.
- To exchange BTC into LTC (Litcoin for example), Mouse over on the “Exchange” button located at the top left of the page, from the drop-down, click on “Basic”.
- You will see the exchange platform in action. Towards the right side, you will see a list of crypto currencies. Example would be ADA/BTC. Since for this example we are looking to exchange Litecoin (LTC), locate LTC/BTC and select it.
- Towards the middle/bottom of the page you will see a field that allows you to Buy LTC with your available Bitcoin (BTC). In the amount field, type in either a whole number or a decimal number (.01). Once you have the value you want, click on “Buy LTC”.
- To view your newly acquired crypto currency, mouse over on the person/avatar icon and click on “Estimated Value”.
Conclusion
In a nutshell, this is how you use the Binance Exchange platform. You fund your account with Bitcoin first then proceed to exchange Bitcoin into any of the hundreds of available crypto currencies on the platform. Each crypto currency has it’s own use.
Bitcoin is widely accepted for eCommerce stores and growing in usage value in physical stores. Other cryptos are used on very specific platforms such as for gaming, music, technology etc. Having accessibility to other currencies can be very beneficial depending on their specific use. You can learn more on how to use Bitcoin from our tip & tutorials section.