Binance is the top exchange for trading in Bitcoin & Altcoins with a wide range of coins, great trading volume and a super robust and user-friendly system. We’ve been trading on Binance for almost a year and its been a very profitable experience so far.
Pros and Cons of using Binance in South Africa
- Binance exchange accepts South African clients
- Fork Friendly Exchange
- Supports Most Airdrops
- Super Low Fees when trading with Binance Coin (BNB)
- Wide Range of Coins
- Account verification can be a challenge for SA traders
- Credit card deposits are not accepted
How To Register & Trade Cryptocurrencies on Binance Exchange
Below we list the steps to opening your Account, depositing bitcoin as well as making your first trade:
Step 1: Register an Account
Once you’ve clicked on the link you will be taken to Binance.com. Click on the Register button at the top right hand side:
After clicking register you will be taken Two Factor Authentication Page. This is very important step to keep your account safe and secure. You can read up more about 2FA here: https://www.google.com/landing/2step/#tab=why-you-need-it
NB Make sure to backup your Secret Key. This is needed to access your account if your phone is ever lost or stolen.
Step 1: Install Google Authenticator
Step 2: Scan QR code
Open installed Google Authenticator App in your mobile phone to create an account, Click ‘+’ to [scan QR] or [manual entry] ‘2FA 16-digit key’ which displayed in ‘Enable Google Authentication’ page.
• Account: Account name define by you on demand, such as ‘Binance account1’
• Key: 2FA 16-digit key’ which displayed in ‘Enable Google Authentication’ page. which will be scanned and recognized automatically or manual entry.
Step 3: Backup key
Step 4: Enable Goole Authentication
- Key: Google 2FA 16-digit Key is ‘backup key’ as step 3;
- Login password: login password which is used to login Binance Website;
- 2FA code: 6 digital number generated by your Google Authenticator A installed at your mobile phone.
Step 2: Deposit Bitcoin or any other supported coins to Binance
Now you have to send your Bitcoin or Etherium to Binance. Log into your account at the exchange that you bought your coin from. If you have not done so take a look at the following how to guides: https://cryptocurrencyblog.co.za/how-to-buy-crypto/how-to-buy-bitcoin
2. Click the upper right corner【Funds】→【Deposits Withdrawals】→【Deposit】→ Copy the deposit address or scan the deposit QR code. Please input this as the withdrawal address on other exchanges or the destination address for the wallet you are sending from.
3. Using withdrawing from Bitfinex as an example, paste Binance’s BTC deposit address found above into Bitfinex’s BTC withdrawal address field, along with the withdrawal amount.
4. To check the status of your deposit: Go back to Binance’s Official Website, Click 【Funds】→【History】→【Deposits History】→ Click the “Check” after the Txid address.
Notice: Binance is a pure cryptocurrency exchange and does not support trading in fiat. If you want to deposit using fiat, please use one of the best cryptocurrency brokers in South Africa.
Step 3: Start Trading
Now that you have your Bitcoin locked and loaded in binance you are ready to trade! In Binance click on Exchange and then Basic (You can ignore Advanced for now).
- Now you will be faced with the Exchange Dashboad where you can start trading the different altcoins such as XRP, Dash, Monero, Litecoin etc. You always trade in pairs on Binance and BTC has the most volume so it is usually best to stick with that pair as your orders are more likely to be filled.
- Other trading pair that are available include: Tether (USDT, XRP, LTD, BCC & ETH).
- Now search for the coin you want to trade. You can also sort by Price or % Change which is a great way to find coins that have lost or gained the most in the past 24 Hours
- Click on your chosen coin to see the buy and sell order options.
- On the left you will see the Sell offers in red that are currently available and below that the buy orders in green.
- You now have the option to chose one of the sell orders in red or create your own buy offer in green. It is best practice to first try offering a buy order so that you don’t pay the premium that is currently being offered.