If you’re ready to start using your newly purchased cryptocurrencies to invest in other cryptocurrencies not available on Coinbase, Binance is a great option. As this article is being written, other trading platforms are not available to use to new investors because of the high-demand, but Binance has been able to continue to operate even with the high demand for new investors. If you are ready to start trading right now, you can do so by setting up your Binance account here. If you are interested in detailed instructions to get your account setup, please see below.
Signing Up For a Binance Account
In the upper right corner of the webpage, click “Register.” Enter in your information when prompted and then follow the on screen instructions and then click register. A small window with a puzzle will need to be completed to verify that you’re not a robot. Using the slider, slide the bar to the right until it fits in the empty puzzle shape. In the beginning, it may be easier to NOT enable 2-step verification so you can continue to log into your account. I personally do use the 2-step verification and it is easy to use, so if you do want to use it then download the “Duo Mobile” app to your mobile device and also a QR code reader app as well. You will only need the QR code reader initially, and then you won’t need to use it anymore after you get this set up. Select the Google Auth as the verification method of choice, and then enter in your information on the next screen available. You will need your Binance password handy. Scan the QR code to connect your Binance account to your Duo Mobile app on your device, enter in your password and then the key that the Duo Mobile app provides and follow the rest of the on screen instructions. Once successful, you will then need to use your Duo Mobile app to generate a new key each time you log into Binance. It sounds difficult, but once you do it a couple times it will be fast.
How to Enable 2 Step Verification On Binance
Now that you have your account created, it’s time to learn how to trade a cryptocurrency. I’ve provided screen shots below to navigate you through your Binance account to make it as easy as possible.
Sending Money from Coinbase Wallet to Binance Wallet
Hover over the “Funds” tab in the upper right side of the screen, then click on Deposits Withdrawals from the drop down. This will take you to a Deposits/Withdrawals page that will show you how much cryptocurrency you own in each of the cryptocurrency wallets you have available on Binance.
These are what the difference columns mean:
Coin: This is the logo and acronym for each of the different cryptocurrency coins you can buy/sell on Binance.
Name: This is the name of the cryptocurrency.
Total Balance: This is the total number of cryptocurrency that you personally own. It should show zero in all rows because you don’t have any in Binance.
Available Balance: This is the total amount of cryptocurrency that you have available to buy/sell.
In Order: This is the total amount of cryptocurrency that you have waiting to be bought/sold.
BTC Value: Because Bitcoin is the current standard in cryptocurrencies, this will display the current value in terms of BTC of what you own in that particular cryptocurrency.
Over in the upper right hand corner of the screen the Estimated Value section will show you how much in terms of Bitcoin / US Dollars how much you currently own in cryptocurrencies. In this screenshot below I have blacked out my estimated value for privacy purposes.
Now that you are familiar with what each of the columns mean, you will need to send your newly purchased cryptocurrency FROM your Coinbase account over to the appropriate Binance wallet. I will use Bitcoin as the example in this demonstration. First, find BTC / Bitcoin in the column of cryptocurrencies, then scroll over on the BTC row until you see the “Deposit” button. Click on the deposit button. A small window will drop down and will display your “wallet address” that you will need to copy and paste EXACTLY as it appears. Be absolutely sure that the wallet address is copied exactly as it appears to ensure that you are sending your cryptocurrency to the right location. For privacy purposes I have blacked out my own wallet address, but just note that in the blacked out area you will see your wallet address as a SUPER LONG character string.
Once you have copied your wallet address (ensuring that you’ve selected the appropriate cryptocurrency you plan to send there, open up a new browser and log into your Coinbase account. Navigate to your Ethereum wallet in your Coinbase account and then click the “Send” button. You will be prompted with a new window where you will paste your Ethereum wallet address from Binance that you just copied. Select the amount you wish to send to Binance (I just send the max), then click the continue button.
Verify that the address is correct, and that the amount you wish to send is correct, then enter in the code that was texted to your mobile device and click confirm. You should be greeted with a success message letting you know that you have successfully completed the transaction.
It will take several minutes for Binance to receive the cryptocurrency you just sent, but as soon as Coinbase successfully completes the transaction they will send you an email letting you know it’s been sent. Don’t be alarmed if you don’t immediately see your cryptocurrency balance in Binance as this does take several minutes to go through. Once you get an email from Binance stating that the cryptocurrency has been successfully received, you should be able to see your balance available in your deposits withdrawals section of the website.
It seems complicated at first, but once you do this one time, you will be able to easily do it again and again, as many times as you’d like with ease.