Binance 101: All The Things

Hello everybody, i’m gonna dive into Crypto Currency using Binance a bit more in depth today to add some more depth to Step 3 on my first article Starting Out In Crypto Currencies.

First – Account set up. Set up an account, I don’t really need to cover this do I? If you’d like to support me you can hit my referral link right here.

Moving on…after you get logged in let’s hit up your account located here:

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Here’s where you can set up your account preferences.

I suggest using Lastpass Authenticator (aka, Google Authenticator but better) and setting up Two Factor Authentication. You’ll want this to assure you’re the only person who can ever log into this account. Save those backup codes in Lastpass as well, you might need them some day. SMS is okay, but not the best security wise.

Next up, let’s go to Funds > Balances. They’re all zero if you’re starting out.

After that, go to Deposits. This is the place you’ll chose the coin you’d like to deposit and the site will show you your wallet address on Binance. Basically, Binance controls wallets in your account for all of the coins they exchange. You’ll take that address to Coinbase or whatever site/wallet you’re currently storing coin in and send it from there to the Binance deposit address. Binance will send you an email when the funds are available or you can check it on the Funds > Transaction History page.

Now that you’ve got coin, on to the exchange! Hit up the advanced exchange, i’m not here to walk through basic. We’re gonna suck it up and move on to the real mode below:

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We’ll start in the upper right corner. This is the first info you’ll wanna get familiar with before trading:

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    1. This is the trading pair you’re currently looking at, on my screen it’s BCD/BTC – If you click this box you’ll see the following window pane:

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Here’s the tab breakdown along the top.

        • Favorites – Your favorites. If you press the white star next to something it turns yellow and shows up in that list.
        • BTC – This is the Bitcoin market. You can use Bitcoin to “buy” alt coins including the other 3 tabs listed, ETH, BNB, & USDT.
        • ETH – This is the Ethereum market. You use Ethereum here to “buy” alt coins.
        • BNB – Binance Coin market. Binance has their own coin. You came here to buy some first so they use that for your fees instead of leaving dust in your account. Seriously, again, buy some BNB coin to start. It saves you $. Most people don’t trade BNB though, so these markets can be kind of slow. This market also doesn’t have as many options as BTC or ETH.
        • USDT – This is a made up currency by a bad exchange called Tether. I don’t like it, I do use it from time to time, but remember it’s not US Dollars and if the crappy company that came up with it tanks, so does your USDT. I don’t suggest long term storage of this.
    1. Account – I believe you should already be familiar with this one.
    2. Last Price – This is the last price someone bought or sold and order for, listed in the currency tab you had selected. So in this case on BCD/BTC we’re looking at Bitcoin, in Satoshis.
    3. 24h Change % – This is the price change % from 24 hours ago
    4. 24h High – This is the highest price over the last 24 hours
    5. 24h Low – This is the lowest price over the last 24 hours
    6. 24h Volume – This is the total number of all coins bought or sold displayed in Bitcoin over the last 24 hours.

Trading!

On to trading. Main window, still not trading:

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The main thing you’ll see in the top area are the “Candlesticks” and today’s class isn’t about those. If you’d like to learn there’s a plethora of books and videos on youtube. This part of the window is all informational. On the bottom there is an area to view your….

  • Open Orders – This shows current buy or sell orders you have entered that aren’t filled yet
  • Order History – This is a history of your orders
  • Trade History – This is a history of completed trades
  • Funds – Wallet totals

Ok, really onto trading now, here’s the juice info about what’s actually going on:

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Top part -The Order Book

  • Left side, Red price is a list of coin orders waiting to be filled, Green price below it are orders waiting to buy coins. Middle column shows how big the orders are and the right column shows the total of orders open in BTC.
  • Right side, This is a running list of the most recent orders, with the most recent at the top and descending over time.

Bottom Part – Buying & Selling Coins

  • Limit – On a limit trade, you set the price that you want to buy or sell a coin at. If the price reaches that point it’ll buy/sell depending on your order type.
  • Market – Market trades execute at the best current market price. It’s an instant buy or sell for whatever the closest offer available is
  • Stop-Limit – I won’t cover how these work, but there’s plenty of great information out there relating to it.

 

If you dig what I do consider using my Referral Links below, most of them help both of us out! Enjoy –

Robinhood adds crypto with no fees!

As reported by Yahoo! news, upstart Robinhood is set to offer no fee crypto trading!

Right now there’s a bit of a wait list for the Crypto product and the Robinhood web but you can sign up and get into the mobile app already.

Might be some exciting news for Americans. If you decide to give it a try, hit up this link and we’ll both get some free stock like Apple, Ford or Sprint.

Crypto Pro Tip #1: Getting started as cheap as possible = Profiting!

Hello everybody, today I’ve got a quick blurb that I get asked a lot. How do I get into Alt Coins/Crypto without spending a ton of cash on fees. The cheapest way is a bit slow as you’ll have to wait for a bank transfer to Coinbase but after that here’s how you can quickly convert it into coins and transfer it to Binance.

To get started in alt coins the cheapest way possible follow this list:

  1. Use a Bank Transfer to deposit US Dollars on Coinbase (May take up to 10 days)
  2. Once the deposit is completed, go to their exchange site gdax.com and sign in using your Coinbase account credentials
  3. Go to your wallet on gdax and “deposit” your cash from Coinbase, should be free
  4. Go to the market on gdax and do a buy Litecoin or Ethereum, gdax fee may apply
  5. Transfer LTC or ETH to Binance
  6. Buy some BNB coin to cover fees first! Always keep BNB in your wallet for a 50% reduction in fees
  7. If you sent LTC to Binance, sell the LTC to BTC and you’re ready to go

 

Coins i’m holding 1/25/18:

  • BTC – Bitcoin
  • BCN – Bytecoin
  • BNB – Binance Coin
  • RDD – Reddcoin
  • XVG – Verge

 

If you dig what I do consider using my Referral Links below, most of them help both of us out! Enjoy –

Staring out in Crypto Currency

Hello everybody, so you wanna buy some of those Bitcoins or Alt Coins you’ve been hearing about? Welp, i’m here to get you started.

Step One – Coinbase:

If you’re in the USA, the best place to buy coins for holding or trading, is Coinbase. If you use this link to sign up and make a deposit of $100, we both get $10.

Sign up on Coinbase, link your bank account or debit card and make a deposit.

Bank Account Transfer – These take a week to ten days to complete

Debit Card – Instant Transfer, higher fees

If you plan on trading alt coins, I suggest buying either Ethereum or Litecoin as the transfer fees, aka the cost to send coins from Coinbase to an exchange, is much lower. A great way to assist in deciding on what coin to send is to review the Crypto Coffee Index which shows the average cost and transfer time of the best coins.

If you plan on holding onto Bitcoin, Bitcoin Cash, Ethereum, or Litecoin this is where you can skip to Step Four to learn about long term storage options.

Step Two – Exchanges:

I’m in the USA so here’s the exchanges I use and prefer so far. The main site I use for trading the coins I get at Coinbase is Binance.com (Referral Link). The other site that’s fairly popular that I can access is Poloniex.com.

After signing up and buying some coins on Coinbase you’ll want to move them over to your exchange. Log into your new account on the exchange, go to the “Deposits” section and find the coin you’d like to send from Coinbase. Click the Deposit button next to that coin to obtain your wallet address on the exchange. Take the wallet address to Coinbase > Accounts > Scroll to the coin you purchased and click Send > Input exchange wallet address > Set the amount of coin to send (keep and eye on your transaction fee cost here) > Send

Coinbase will send you an email once the coins ship out of their site and your exchange will notify you when it arrives in your wallet and is available for trading.

Step Three – Trading

I’m not going to get deep into exchanges here. There’s tons of great youtube videos on stock/coin exchanges and how they work. You’ll find the coin you have and what you’d like to buy with it and make orders. When you’re ready for long term storage of coins, we’ll move them out to private wallets.

Update: I’ve added a new article detailing how to use Binance but many of these concepts can be applied to any exchange. 

Step Four – Long Term Coin Storage:

Coins have wallets to store your coins in. These can be a wide range of types from programs for your computer or phone or even paper wallets to hold coins “offline”.

When you pick a coin to hold onto long term, you’ll want to get it off the exchange. Leaving money on exchanges is like putting $20 in someone else’s pock and hoping it’s there when you come back later.

Last updated 1/25/18 by Patrick

Coins to look into 12/27/17

  • Verge
  • Bytecoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Monero

If you dig what I do consider using my Referral Links below, most of them help both of us out! Enjoy –