⚠️ Disclaimer: 🇳🇱 Dutch users are not able to access the spot and derivatives markets on Binance. It is important to understand the legal and regulatory framework in your country before using cryptocurrency exchanges. ⚠️
Learn how to use Binance! Here is our step-by-step guide through the basics of setting up an account, depositing cryptocurrency and making your first trade on Binance.
Table of Contents
How to create a Binance account?
2. If you prefer a language other than English you can change it at the top right.
3. Select the country where you live.
4. Choose whether you want to create a personal or a corporate account. You must identify yourself with both choices.
5. Go through the steps for creating an account.
6. When you have successfully completed all the steps, we recommend installing 2FA, for extra security.
How to activate two-step verification - 2FA on Binance?
If you have a Binance account it is recommended that you immediately enable two-step verification – 2FA. This is an extra security measurement on top of your password to make it more difficult for intruders to gain acces to your account. After all, you don’t want anyone to touch your cryptocurrency. You can find more information about 2FA here.
Hover your mouse over the little figure, in the top right corner, which makes the menu slide out and click on ‘Account’.
The 2FA notification will open automatically. You now have the choice of SMS or Google Authenticator verification.
- If you choose for Google authentication you will be shown four steps, the first step is to download the app in the app store. You can choose between Apple App store or Google Play store. Download the Google Authenticator and proceed to step two.
- Scan the square QR code with your phone through Authenticator app. You will then see the six digits appear in the app. Once you have done this, click on ‘Next Step’ to proceed to step three.
- Write the code at step three on paper and store it safely! You can use this code to restore 2FA authentication if your phone is broken or lost. Another option is to perform the above steps with two phones or an extra tablet. If you lose one, you still have the other. After you have written down the code click on ‘Next Step’.
- Then, enable Google Authentication, enter your password plus the code that appears in the Authentication app. Next, click “Enable Google Authenticator”. Every time you log in you will use this code as extra security. This code is only valid for one minute so you do not need to save it.
How to deposit cryptocurrency on Binance?
Binance is a cryptocurrency trading platform where you can only trade cryptocurrency. So it is not possible to deposit Euros, you will have to buy Bitcoin or other coins and send them to your Binance account.
Nowadays it is also possible to buy various coins with credit card direclty from Binance. However, the transaction costs for a credit card payment are higher than an wire transfer/iDEAL payment through another platform.
See here an overview of the various trading platforms.
If you already have some cryptocurrency, you can send it to your Binance account, by following these steps:
- Make sure you are logged into your account. Go to wallet and press ‘overview‘.
Then choose ‘Deposit‘ to deposit your desired cryptocurrency or fiat.
2. Here you can choose what you prefer. Fiat or cryptocurrencies.
3. In this case, we assume crypto. Make sure you check the address properly at all times, otherwise you will lose your money.
How to trade cryptocurrency on Binance?
Once you have cryptocurrency in your Binance account you can start trading. You can do this in Binance’s trading environment, to do this just hover over ‘Trade’ in the top left corner of the home page. In the drop down menu you can choose between the classic and advanced trading environment. Click on ‘Classic‘, if you are a beginner in trading cryptocurrency.
Here you can start putting in a buy or sell order. Once you have placed a buy or sell order, it can be found in the top bar under the ‘Orders’ tab ‘Open Orders’.
All deposits and withdrawals can be found on the same tab under ‘Order History’. At ‘Trading History’ you can find all your closed orders.
How to withdraw cryptocurrency from your Binance account?
- Once you have made a profit or you want to secure your traded coins, it is advisable to store them on a hardware wallet. Check our recomended hardware wallets here.
- Return to the drop down menu under ‘Wallet‘. Click on overview again. And instead of depositing, we now choose ‘Wiithdrawals’.
- If that is lucky we enter the desired token with the address attached. (check these carefully)
- When you have entered this correctly, you will be asked for a verification code via email and your Google Authenticator code. When you have entered both codes correctly, you can complete the registration.