Buying and selling coins , also known as trade coins on the Binance exchange, is the way that many brothers are currently making money from trading Bitcoin (BTC), Ethereum (ETH) and other coins (Altcoin).
So do you know how to buy and sell coins on Binance exchange from your bank account, MoMo e-wallet, Visa/Mastercard or by Paypal ? If not, then I will guide you from start to finish like a newbie.
In this article, I will show you how to use money from your bank account to buy and sell coins on Binance. In addition, I also share how I am trading coins on Binance to make a profit.
Although I am not an expert in the field of coin investment, there was a month when I earned more than 60 million. However, I always consider it to be luck to always remind me to learn and research more about this field.
Preparations before making a transaction
- Before you get started, you need to have an account on Binance first. You can sign up for an account here. If you don't have one, follow the instructions to register for a Binance account that I have instructed on my blog.
- Account needs to be verified identity (KYC), turn on 2FA security and secure via SMS (I have already instructed in the account registration tutorial)
- Have any bank account.
OK. If you have prepared the above, let's start with step by step how to buy and sell coins on the Binance exchange .
Detailed instructions on how to trade coins on Binance exchange
As I introduced in the previous article, Binance is the largest cryptocurrency exchange (crypto) in the world today. This exchange also supports many languages for very popular coin trading.
Maybe you are interested!
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- Binance exchange review, Binance account registration and verification guide
However, the trading of digital currency (cryptocurrency) is currently not recognized by the laws of some countries but is not completely prohibited. That's why, no matter what, to ensure the safety of their money, most people choose to trade P2P on Binance - user-to-user transactions to avoid "confusion" when trading. digital currency (virtual money, trade coin).
Me too, when trading coins on Binance, I only trade via P2P method. Therefore, I will also guide you to buy and sell coins via P2P for safety.
Learn a little about the Binance P2P trading platform
1. What is the Binance P2P Platform?
- The Binance P2P platform is a place where users trade coins with users. And Binance only acts as an intermediary to help complete the transaction.
- On Binance P2P, users trade coins directly with each other using fiat money (government fiat currency).
- Binance only acts as an intermediary to make transactions between members go smoothly. Binance provides protection tools (lock, deposit, transfer) to ensure transaction completion. And Binance also stands as an intermediary to handle problems that occur when trading between two people.
- Currently, Binance P2P is supporting trading coins such as USDT, BTC, BUSD, BNB, ETH, DAI with fiat currencies such as VND, USD, CNY, EUR, GBP ...
To put it simply: You have $1,000 in your bank account and you want to buy coins on Binance. Another person has an amount of coins and they want to sell to get USD money to their bank account. Then the Binance P2P platform will be a place for 2 people to make transactions until the buyer receives the coin and the seller receives the money.
2. Binance P2P Platform Operation
When you make a transaction on the Binance P2P platform, the system will work according to the following mechanism:
- You buy coins with USD : When you place an order to buy 1 coin corresponding to the amount of USD, the seller's coin will be temporarily held by Binance (locked). At this point, you need to make a money transfer to the seller's bank account and then press confirm payment. Binance will send a notification to the merchant and they confirm receipt of the funds, then Binance will unlock and transfer the coins to your Binance wallet.
- You sell coins for USD : When you place an order to sell 1 amount of coins in your Binance wallet, the exchange will temporarily hold (lock) your coins. After that, the buyer will transfer the money to your bank account and press to confirm payment. Binance will notify you and you confirm that you have received the money, the exchange will unlock it and transfer the coins to the buyer's wallet.
3. Which accounts are traded on Binance P2P?
All Binance accounts that fulfill the following requirements can trade on Binance P2P:
- Identity Verified (KYC)
- Verified SMS
OK. The preparations are almost done. Now you can refer to how you trade coins on the Binance exchange to make a profit as follows.
Before you start trading coins on Binance, you need to make sure that you have added a P2P payment method according to the instructions in the previous post . Because I will not guide here again.
How to buy coins on Binance with USD
First, you access the P2P transaction section on the homepage or go to the Transaction section and find the P2P tab .
Next, you remember to select Buy and then select the coin you want to buy with cash. Here there are coins like: USDT, BTC, BUSD, BNB, ETH, DAI .
I will buy USDT to be able to trade and sell other coins on the exchange more easily.
Experience choosing a seller to buy coins:
- Choose the seller with the best price to buy
- Choose a seller with the number of coins, limit the transaction amount to the range you need.
- Choose a friend with a large number of orders and a high success rate > 90%
- Support bank transfer, ...
- Choose a transaction with a payment time frame < 15 minutes (this item you can see in the photo below).
You should consider among the sellers, whoever meets the above criteria should choose that seller. For me, I especially prefer to choose sellers with a large number of transactions, a high success rate of >90% and a payment time frame of less than 15 minutes .
Once you've made your selection, click the Buy button .
Next, you can choose to buy by the amount of USD or by the number of coins.
- For example : If you want to buy according to the amount of 20,000 USD, then you select Theo Fiat and enter it as 20,000 USD and you will see the amount of coins converted at the bottom.
- For example : If you want to buy according to the amount of coins is 1000 USDT, then you choose According to Crypto and enter 1000 USDT. You will see the amount converted to USD right below.
After entering, click Buy USDT . And you will have 15 minutes to complete the transfer of USD to the seller's account.
In the above screen, click on the drop-down arrow to get command number information:
- Order number : You copy this order number and enter it in the bank transfer content field
Then you click the Transfer button to get the seller's bank account information.
As shown in the image below, you will have the merchant's payment account information.
- Full name, bank account number : You transfer the money to buy coins to this account for the seller.
Now you proceed to transfer to the seller with the correct amount of USD that you placed the order and remember to write the order number in the transfer content as follows.
After the transfer is complete, go back to the Binance app and click Paid, next to notify the seller and wait for them to confirm so that Binance can unlock the coin for you.
You wait and check your Binance account to see if the number of coins has been returned to your Fiat wallet. If yes, then the transaction is completed. If not, you can contact the seller to exchange.
In the event of a bad situation, you can press the Complaint button to have Binance handle it. And you will need to provide proof of transaction such as a transfer receipt to prove you made the transfer.
- You can cancel the buy order if the money has not been transferred by clicking the Cancel order button . However, it is not recommended to cancel more than 3 orders a day, or you will be banned from trading for that day.
- If you do not transfer and confirm after the payment time frame, the transaction will be automatically canceled.
- You can message the seller to exchange by clicking on the icon mess with the word Chat.
So, above, This post has shown you how to buy coins on Binance with USD through P2P trading. Everything is very simple, right?
Now you have coins in your Fiat wallet. How to use that coin to buy other coins like BTC, DOGE, XRP, MATIC, ADA, etc. to invest and earn profit?
Are you eager to invest coins? Then continue reading my guide to know how to trade coins on the Binance exchange to make a profit.
How to transfer coins from a Fiat wallet to a Spot wallet and vice versa
Just above, I showed you how to buy coins with USD . However, then the coin will be put into a Fiat wallet and you can sell it via P2P to withdraw USD at any time.
If you want to use that coin to buy, sell and invest in other coins on Binance, you need to transfer it to Spot wallet (ie spot wallet).
Let me explain to you about these two types of wallets available on the Binance exchange.
- Fiat Wallet : A wallet that you can use to buy, sell and trade coins via P2P method.
- Spot Wallet (Spot wallet) : Is a wallet that you can use to buy, sell and trade coins with Binance.
So, depending on the purpose that you transfer coins between these two wallets according to the instructions below.
You access the Wallet section in the lower right corner of the Binance application, then select the P2P wallet tab and click Transfer .
A message appears, choose to continue on the Transfer item .
Here you will see a symbol to switch from a Fiat wallet to a Spot wallet . Your job is to choose the coin you want to transfer (here I transfer USDT) and enter the amount to transfer.
Then click the Transfer button to proceed.
If you see a Successful Transfer message , it means that you have transferred coins from your Fiat wallet to your Spot wallet.
After the transfer is complete you access for immediate delivery will see the number of the copper coin in for the spot that you can use to trade on the floor Binance coin.
OK. So you know how to transfer coins from a Fiat wallet to a Spot wallet. To reverse transfer from Spot wallet to Fiat wallet, you just need to do the opposite.
Now you can proceed to trade (trade) coins on the Binance exchange. How to buy and sell you follow the instructions below.
Invest, buy and sell (trade) coins on Binance exchange
This part is the main content of this article. The fact that we bring USD money into Binance with the main purpose is to trade coins and earn the highest possible profit, right?
So now your job is to find a potential coin to buy and wait for it to increase, then sell to take profit.
Assuming you follow the BTC coin (Bitcoin) and see it's potential and now want to buy with the existing USDT, you follow the steps as follows.
Access the menu Transactions and select the tab assign the right you will see the interface like this.
In it, corresponding to the numbered items you need to understand its function as follows:
- Select the currency pair you want to trade. Example BTC/USDT pair – use USDT to buy BTC
- See the coin's price movement chart
- Select request Buy or Sell coin
- Choose the type of trading order: Limit order, Market order, Stop Limit order, OCO order
- Choose the price you want to sell or buy
- Select the amount of coins you want to buy by entering a specific number or quickly select by % of the available coins. Or you can buy according to the number of coins you have.
- Total amount of coins available to buy or sell new coins
- Sales order book. Display 6 prices equal to and higher than the market price along with the corresponding number of transactions that other people are selling.
- Current price – the market price of the coin.
- Purchase order book. Display 6 prices equal to and lower than the market price along with the corresponding number of transactions that others are ordering.
- Adjust the display of decimals of the price and adjust the display mode to view multiple prices and the number of buy or sell orders.
- Execute the send command you just set up.
- Display a list of pending orders or view the balance in the spot wallet.
Summarizing the process of buying and selling coins on the Binance exchange includes the following steps:
- Step 1 : Choose the coin you want to buy and choose a trading pair
- Step 2 : Select Buy or Sell request
- Step 3 : Select the execution command. Normally, I only choose the Limit order type to buy or sell at the desired price.
- Step 4 : Set the price and choose the amount of coins to buy or sell.
- Step 5 : Click the Buy or Sell button to send the order.
- Step 6 : Monitor the Open order item to see if the order has been matched or not. When it matches, the transaction is done.
After you buy the desired coin according to the instructions above, then you diligently monitor the market and wait when the price reaches the desired level, then sell to take profit.
Above is the way that I have been using to trade coins on the Binance exchange to make a profit. And also partly thanks to luck, in the past few months, I have also withdrawn more than 60 million from trading coins. The future is unknown, but right now, I'm still focusing on making money from trading coins to get more income.
OK. Assuming you have bought and sold coins on the Binance exchange to take profits, then you will receive a coin like USDT or BNB, etc. with a larger amount than the original amount you deposited.
Now you want to sell it to get USD money to "buy rice", for example, you just need to follow the instructions below.
How to sell coins for USD money to a bank account
Before you can sell coins for USD money to your account, you need to transfer coins from your Spot wallet to your Fiat wallet according to the instructions above . Then follow the steps below.
You access the P2P transaction section on the homepage or go to the Transaction section and find the P2P tab .
In contrast to when buying, you select the Sell tab and select the coin you want to sell. Suppose you want to sell USDT then you choose USDT.
You choose a buyer who meets many of the same criteria as the seller selection criteria that I mentioned in the section buying coins in USD above.
Note : Especially when selling, your first priority is to choose a transaction with a payment time frame < 15 minutes. Because many buyers are "dirty", they wait for the price to go up before they pay, and when the price is low, they cancel the order.
When you choose, you click the Sell button to sell to that person.
You can sell all coins or sell in USD or an arbitrary amount of coins by entering the quantity.
You choose your payment method that you want to receive money on.
Finally, look back at the number of coins you want to sell and the amount of USD you will receive. Everything is OK, then you press the Sell button .
Now your job is to wait for the notification of money on your account, then press the button Confirm payment received to unlock the coin and the exchange will transfer the coin to the buyer.
Note : You should open a bank account to check directly, only when exactly the money has entered your account will you press unlock coin.
After you press Confirm payment, Binance will ask you to click Confirm again to make sure you have received the money.
You will then need to enter the 2FA confirmation code obtained from the Google Authenticator app to unlock the coin and complete the order. That's it!
Frequently asked questions when trading coins on Binance
Some of you who are just learning to trade coins on Binance for the first time often ask themselves questions like the ones below. So I will make a note here so that if you have such questions, they will be answered immediately.
Is it easy and fast to trade coins on Binance?
With Binance's intuitive interface, placing orders only takes a few taps – very easy. The system's ability to process orders is also very fast, as long as it is qualified to match orders immediately without fear of being blocked.
Is it difficult to deposit and withdraw on Binance?
As the very detailed instructions above, you can also see. It is very easy to use USD to buy coins and then convert between wallets so that you can trade coins on Binance and then sell and withdraw USD very easily.
Is P2P Trading on Binance Vulnerable to Scams?
In any environment, there are always bad guys who are always lurking to "make money" from you. It's the same on Binance, but as long as you are alert and careful in every step, no one can fool you. Moreover, Binance also supports you very closely so you don't have to worry about being scammed when you follow every step correctly.
Is buying and selling coins on Binance banned?
At the beginning, I also made it clear, now there are many countries that allow trading of coins on Binance. However, buying and selling coins has not been recognized by law but is not prohibited, so you can still trade coins on Binance normally.
So with a very long article, I have detailed instructions for you how to (buy and sell) trade coins on Binance . This is the way I and many of my friends are still using to trade coins every day.
And I also shared that I also made a decent amount of profit, although it was nothing compared to many other vip traders. However, trading coins is never easy, so do not think that playing will be profitable. You need to learn carefully and analyze the coin deeply before participating.
Hopefully with this guide to trading coins on Binance will help you know an investment channel with and can make a profit from this channel.
If you have any questions, you can leave them below in the comment section for me to answer. If this article is useful to you and your friends, please like and share to support me.