How to Use Binance Smartphone App - Buy Bitcoin on Binance App

How to Use Binance Smartphone App - Buy Bitcoin on Binance App

 

 

Binance link

In this finance smartphone app tutorial, I'll walk you through signing up for an account with Binance, including the wallet and all of the trading features, as well as how to buy cryptocurrencies like bitcoin and everything else. I'll leave the link to sign up for finance in the description below so you know you're going to the right place.

So let's get the Binance app open, and the easiest way is to click the sign up link in the description, go through, and then come to the sign up page, where you'll need an email address and then choose your password to get into the system. There are a lot of security procedures when logging in, so you'll have to do the same as I'm doing here.

You'll need to provide your address as well as a form of photo identification, such as your passport, driver's licence, or identification card, depending on the country. You may also choose between binance and binance lite; if you're a complete beginner, you might want to go with binance lite, but by the end of this tutorial, you'll know how to use the full version of Binance. After you've set up your account and given them your information, the home page should look something like this; once you've done that, the home page should look something like this.



So, for now, I'm using US dollars as my base currency, but you can use any currency as your base currency, and other cryptocurrencies will be priced in that currency, making it very simple to figure out how much they're worth in respect to your base currency.
Other significant options are the security settings, so if we go back to security, everything can be handled right here. If you want a physical security key, you can acquire one, but you'll have to apply for it on the desktop version. You can also use Google authentication, which is an app that you can download on both iOS and Android.



The Google Play Store account activity is extremely significant since it allows you to see all of your recent logins and where they occurred in case someone unknown has gained access to your account. You can also use face id to access the app, which I think is a great feature. We can return to the main page now, but first I'd like to go to the wallets page, which is down in the bottom right, and we can hit this one right here now. This is an overview of all of the cryptocurrencies and fiat currencies that you have on your Binance account.


Finance rates all of your cryptocurrencies in relation to bitcoin, so you can see the holdings that I've valued in bitcoin right here, and then spot pricing for all of my cryptocurrencies down below. any other holdings that you have in other accounts, such as a peer-to-peer account or any of your earnings with Binance Earn (I'll get into Binance Earn later so you know what it is), but really, this is just an overview of all of the currencies that you have on account. If we go over to the spot page right here, we can see a list of all of your currencies.

Any profit or loss on the day because of course currencies are fluctuating now you can see spot right here I merely have holdings of several cryptocurrencies and fiat currencies and all of my holdings are visible to me you may deposit funds take money out

So if I go back to overview, you can see the deposit withdraw and transfer options right at the top, so I'm just going to click on deposit and right now you can see this is a very simple way of depositing other cryptocurrencies into your Binance account, so if you want to transfer some bitcoin into your account, you can just click on bitcoin right here.

Then this is your binance bitcoin address, so anyone who wants to send bitcoin to you can either copy the long address as shown above or scan the qr code, which you can also download. That is your binance bitcoin address, so if anyone wants to send you a payment or transfer bitcoin into your binance account, they must use this deposit address.

We'll just click out of here and go to withdrawal, and then you just have to select the currency that you want to withdraw, so let's use cardano as an example, I can click on cardano, and then you just have to select the address that you want to send it to, so whatever the person is that you want to send it to, either somebody else or a different account or a different wallet that you have somewhere else you can just paste the address in right here and then it will go through to that address you can see the
option right here to actually scan a qr code

If the other app has a QR code, it's really simple to scan it, and of course this option here is to actually add a list of white listed addresses that you can send to, so once you have people that you send to on a regular basis, you can whitelist those addresses and be sure that you're sending it to the right place, so withdrawing and depositing cryptocurrencies and it's pretty much the same for fiat currencies as well.

You can really transfer your cryptocurrencies from one of your Binance accounts to another. For example, right now all of my cryptocurrencies are housed in my spot account, but you can click on this one and see that you may send those coins somewhere, like as to your peer-to-peer wallet or the pool.


I'm not going to go into those options in this video because it's for beginners, but you may utilise the transfer button to move money from one account to another. Let's get started buying cryptocurrencies, and there are a few different methods to do so. The simplest option is to simply go to the home page right here and click on bitcoin.

So, we're on the buying cryptocurrency page, and it's a really straightforward procedure. You just have to choose the fiat currency you want to pay with, which for me is pound sterling because I'm in the United Kingdom.

You may even adjust this so that if you have other currencies that you want to use, you can just come here and choose from all of the supported currencies from across the world, and then select the cryptocurrency that you want to buy.

So, again, you can choose from all of the cryptocurrencies that are accepted on finance, and there are a lot of them, including all of the most prominent ones. The minimum is 15 and the maximum is 5000 for me right now, so if I just put 15 in here, That is 0 0 0 5 83 bitcoin, and if I just add a couple of o's to the end, clearly the decimal places rise up, so you can actually choose how much fiat currency you want to spend, and they will tell you how much bitcoin or other crypto you are going to buy, and you can pay with a new card or your fiat balance.

The term "fiat balance" refers to money that has been transferred into finance via a bank transfer. Buying Bitcoin using a fiat balance is going to be a lot cheaper than using a credit card.

Credit cards have a two percent to three percent fee, while fiat balances have a cost of less than one percent. If you want to sell a cryptocurrency and convert it to a food currency, go to the same page where you can see a sale button in the top right hand corner. What you can do here is sell the cryptocurrency that you have.

and you'll notice that you can choose the fiat currency you want to convert it to, so I'll hit this come to gbp for pound sterling, enter the quantity of bitcoin I want to sell either by putting it in or simply clicking on max, and binance will operate as an exchange on this occasion.

and just do the transaction for you so you don't really have any control over the exchange rate you just hope that binance gives you a prevailing rate at the time you do the transaction for other transactions like converting one crypto to another crypto we can do that as well in the convert tab so let's exit this page and go up to the options at the top right here so we can Come to more and you can see all of the finance options we'll come to convert then under the trade screen so we'll hit the convert icon the currency pair that binance defaults to is bitcoin versus binance coin so you can see from bitcoin right here you can of course change this but let's just keep it on bitcoin and I'll go max like this and then you can transfer it into binancecoin or many other
cryptocurrencies


That are supported by Binance, so all you have to do is enter the amount, such as 0.2, and it will be converted into an amount of finance coin. This is known as a currency cross, so you're selling bitcoin and then transferring it into Binance coin. If you want to control the rate at which you exchange cryptocurrencies, you can do so by staying in the convert tab at the top.

I'm going to trade bitcoin against the US dollar tether on the spot market right now since the US dollar tether is a stable coin.
What this implies is that its value is linked to an underlying fiat currency, in this case the US dollar, hence one US tether is worth the same as a US dollar. We may deduce from this that one bitcoin is worth $34,552,.00 USD.

because it is a tether against the US currency The advantage of using this spot screen is that you can have complete control over the rate at which you buy and sell. For example, let's say you want to buy some bitcoin and you have some us dollar tethers. Right now, the price is 34.552 as you can see on the screen, but if that's too expensive for you and you don't want to pay that price, you can come up here and change it.

So if the price of bitcoin versus the us dollar tether reaches my price, I can trade. So let's type 0.05 like this, and you can see that 0.05 at 34.5 000 is 17.25, so that's the amount of bitcoin I'll be buying with us dollar teller.
When you use convert, you have no control over the price because the exchange rate is determined by Binance. When you trade in the spot market, as you can see on your screen right now, you have total and absolute control over the price that you are paying or selling.

You can enter your order, but it won't necessarily be matched with a seller, but you can definitely put it in the market, and Binance will allow you to put that order in and really have several orders at different prices for most people, you'll just go to convert and it'll be a lot easier. Next, I want to get into staking, so we'll go back to the home page.

We'll then go to the more tab, and as you can see right down here in finance, I'm simply going to click on staking. Staking is very similar to receiving interest for coins that you have on account, so it's very similar to holding any cash in a bank account.

You should receive an interest rate for lending or donating money to a bank since they can use that currency elsewhere; similarly, you can deposit money on an account for a set length of time and receive an interest rate; however, you will not be able to use that currency during that time period, but it will be used by the blockchain.

Binance offers staking your coins to earn interest, and you receive an interest rate and an amount of coins back for the state currency that you have on account. Now that you know how easy it is to use binance, I will leave the link to join up in the description box below.

I'll provide links to more trading and cryptocurrency tutorials in the description as well. Thank you for watching this one, please subscribe if you haven't already, and I'll see you in the next one.

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