How to use a Bitcoin & Crypto Exchange – Binance Tutorial – Cryptocurrency Explained – Free Course



welcome to cryptocurrency explained in this lesson I'm going to be showing you how to use an exchange to buy and sell a wide range of different crypto currencies now you must understand that there is no one exchange which sells every crypto asset you will likely need to have multiple exchange accounts in order to be able to get all the crypto assets you want but the good news is that most exchanges have a very similar layout now as an example stellar lumens is sold only for crypto on most exchanges although there are a few that allow you to buy it for dollars or yen or Korean Wan for example but stellar lumens is a high liquidity asset and has a lot of pairings across the economy now a pairing is the market pairing for a given crypto so for example on buy Nance xlm which is stellar lumens can be bought using Bitcoin etherium by Nance coin or tether which is a digital version of a dollar but not quite the real thing now you will notice that there is no fiat pairing for dollars yen etc because by Nance does not allow you to send fiat to its main exchange you will need to first buy your Bitcoin now you can do this on buy Nance directly with your credit or debit card or you can save a little on fees by using a different exchange like liquid or bitstamp or even by Nance Jersey if you're based in Europe and then transferring your friends from that exchange over to your finance exchange account if you are unsure how to transfer Bitcoin from one place to another than see my video how to buy send and store Bitcoin to learn more that we link down below now in order to buy and sell cryptocurrencies on Finance you will of course need to have an account there is a link down below if you are not signed up to buy Nance yet so let's go over here to buy Nance dot-com and we're going to be learning how to use the exchange using exchange is really easy but it can be a bit intimidating if it is your first time coming over here and actually looking at an exchange there's a lot of information to take in but it's actually really easy when you get the hang of it now of course I have to trust that you can be able to make your own username your own password and set two factor authentication preferably using a Google Authenticator it's the best way to secure your account and make sure that the password that you do set is a unique password that you don't use anywhere else and that it is a very complex password don't make it something easy that hackers are going to easily guess and that two-factor authentication can be absolutely life-saving so make sure you set it up now here on the landing page of by Nantz we can see a lot of great information already here now this is the news so these are things that are happening at by ann ann scores we have by Nance Jersey which lets you buy Bitcoin using British pounds or euros so that is a different website they don't have all of the alt coins on offer that you do have here on the main Finance website but the main finance website does allow you to buy Bitcoin using a credit card which is super easy so if you need to know how to buy Bitcoin or you want to know how to send Bitcoin from a different exchange that you've bought Bitcoin on like coinbase over here to buy Nance please see my video how to buy send and store Bitcoin we go through all of that in depth this video is solely focused on actually how to use the exchange what the different order types are and what some of those different information on the exchange actually means here on the main page we can see some great information like what the Bitcoin markets are so the Bitcoin markets or the BTC markets these are any alt coins that are paired to BTC so this is basically every cryptocurrency listed on by Nance is paired with BTC then we have the alts markets so these are the altcoin markets we have some pairings for example with XRP but we mostly have aetherium pairing so aetherium and another altcoin but we also have B&B markets now BMB is the native buy Nance coin so the BMB token is something that you can use to get discounts on your trading fees more about that in just a moment but the BMV token can also be used to trade other cryptocurrencies so again all of the crypto currencies that are listed here on by Nance are available with a b and b token pairing we also have US dollar markets now none of these are actual dollars so this is not money that's sent directly from your bank account by an astiz not accept bank deposits on its main platform again there are fiat gateways like by Nantz jersey that let you come over here and buy crypto currencies using British pounds and euros but it's really just about Bitcoin and etherium and the major crypto currencies you want to get stuff like your icon or yo so you have to go over here to the main finance exchange and if you're not signed up for that there's a link down below now the USD markets so what we have here is we have USD tether we have USD circle we have true USD we have Paxos and so all these different coins their digital dollars so someone somewhere has put and put the dollars inside of a bank vault and then they issue out these digital tokens saying that yes this digital token that I have issued out is good for the dollar that is sitting in the bank so they're kind of a system that I use but they're very popular and you can find them in all major exchanges but just be aware of what they are and what they are not and of course you can always set your favorites very easily by starring something so if you want to keep an eye on the BTC USD pair we just click that there and then clem over here to favourites and you'll see I've already got a few different things favorited here but we can very quickly look and see without having to look through all of the different crypto currencies just what our favorite pairings are for trading or for investing in finance has a lot of great things on offer to outside of just being an exchange they're also really working on education so they have the by Nance Academy so this is blockchain and crypto education it's another great resource to come and find out more information about crypto currencies well this course is a great introductory they've also got a lot of great stuff over here like what is a 51% attack what is quantitative easing blockchain use is how to make a blockchain secure this is all great information so if you want to further your cryptocurrency education this is definitely a great place to do it now we also have the finance labs this is an incubator for top blockchain projects and that brings us to the by Nance launchpad now the by Nance launchpad lets you invest in i ce o–'s securely on the platform so i co investing can be really tricky because if you have to go to the website and the telegram groups can get full of spammers and hackers and the website can get attacked and all these different things but Finance has really top grade security and being able to come over here and invest in an IC o—- on by Nance launchpad is really cool now they're incredibly popular they usually sell out within like a minute so it can be really tricky to get into them over here on Finance but it is a service that is on offer if you want to invest in an IC o—- through by Nance that is definitely a much safer way to do it instead of going out to the website from that particular IC o—- and doing it so i want to show you how to turn on the b NB token to get that trading discounts we're gonna come up here to profile and click on account so I'll take you through to your main page here and you can turn B & B on or off to pay for your fees so if you have some finance token that is sitting in your exchange account you keep just a little bit in here like 10 bucks or 20 bucks worth of buy Nance coin just sitting on your exchange account I know we we say don't leave any tokens on the exchange but 10 or 20 bucks worth of buy Nance tokens are gonna be okay sitting here so that anytime you do come in to do a buy or a sell using buy Nance you can actually then use your BMB token to get a discount on the fees a 25% discount at the moment so it's not a massive discount but a a discount a discount take them where you can get them now up here in the top right hand corner we can see our funds so these are our current balances we have a little bit of Bitcoin in here currently so around point zero seven Bitcoin in just a little bit less than that now I've hid my zero balances so coins that I don't have very much of but I do have a tiny sliver of buying coins sitting here so that can be used to pay for a fee in the future but it is a very small balance worth only 127 Satoshi so if you don't want to see those coins you just have a little bit of dust stuff for example betting just hide your small balances by doing that now they also offer a great service that lets you convert any tiny amount of cryptocurrencies that you may have so let's say you have 20 cents worth of AOS and 10 cents worth of aetherium and 30 cents worth of pivots for example well that's not very much you're not gonna be able to go and trade those on the market because you just don't have enough to place an order there's minimums for placing orders but what you can do is you can convert all of those in one go to be and be tokens by clicking on convert to be and be no I don't have any other tokens in here at the moment but that's very easy to do and it's a nice extra service that Finance does have on offer now of course you're gonna want to deposit some cryptocurrencies if you don't have any cryptocurrencies on Finance yet but you can also buy it directly using simplex so you can come here and buy with credit card or debit card and very very easily buy Bitcoin now it's a three point five percent fee to buy that but it definitely takes a lot of the work out it'll be deposited directly to your buy Nantz bitcoin address so you buy the Bitcoin you wait a few minutes and your Bitcoin shows up just on this page in your balances so it makes it super super easy to do also up here in the top right hand side you can see the open orders your order history and your trade history so these are all great to do if you're wondering hey why what's this order that I have and why hasn't been filled well you can come here and look at your open orders I don't currently have any open orders but you can see my order history in here I've been playing around this account a little bit so you can see some different things that have come in and out in terms of what I've been buying or selling here on the exchange cancelled orders are the ones that show up here in light gray now let's get into the juicy bits we're gonna buy and sell some crypto currencies so there's two types of exchange there is the basic exchange and there is the advanced exchange and to be honest there's not a huge difference between the two except that the basic exchange just has really more of a user friendly interface especially for beginners who are already kind of struggling with oh my gosh there's so much going on here on this exchange and there is a lot of information to take in here without a doubt we can look and see of course this is the order book over here so these are the people who are buying and selling any given asset right now we are on the Bitcoin u.s. dollar pairing so we can see these are all the people who want to sell their Bitcoin and at what price they want to sell it we can see here there's a guy who's selling almost six Bitcoin for $22,000 cool we can see here all the people who want to buy Bitcoin this guy down here wants to buy six Bitcoin for around $24,000 so we can see all of these orders that are coming through so this is the order book we can also look here at the depth this is just another way to understand the order book lets you kind of see it in a different way so we can see the gap between the price right now there's about a one dollar difference between what the sellers are asking for and what the buyers are willing to pay for that Bitcoin at the moment now for most of you you're not going to need a lot of this information but it is really useful to just understand that this is the order book over here so you can see if you're trying for example to sell your Bitcoin well if you're trying to sell it for three hundred and twenty dollars you have to wait for this guy who's trying to sell his for three hundred and nineteen because he's in front of you so if you're wanting to make a quicker sale maybe you want to sell it for three hundred three thousand nine hundred and eighteen dollars because you'll get in in front of that guy the order book changes very quickly and very often so it's definitely worth keeping that in mind too now we're gonna look at the different types of orders that you can actually make so we're not gonna be doing the Bitcoin USD pairing let's go to head and go to Bitcoin and we're going to buy and sell some car dhanno or ADA that is the crypto currency for Cardno so it's really easy to do the easiest way the absolute easiest way to I some card on O is to come here to market so market price gets you the best available price on the market at that exact time so all you have to do is type in the amount of that cryptocurrency that you want to buy you see here I can buy almost 6000 Aida with all of my cryptocurrency that I have here so I've got nearly point zero seven Bitcoin and I can buy almost six thousand eight a cryptocurrency so what we're gonna do you can actually type in the amount that you want to buy or of course you can just set a percentage of the total amount of Bitcoin that you have so let's say I want to buy spend half of my Bitcoin to buy a de so I can just do that just like that boom it's almost instantaneous and we have nearly 3000 a de in your account now so that just got me the best price that was available on the market at the time conversely if I want to sell my a de back all I have to do is click on hundred percent in this situation gonna sell all the AIDA back and click on sell a de and it's that easy I have just bought and sold a de now if I want to be a little more strategic I'm not just trying to immediately buy something on the market well market buys are super convenient maybe you want to try and get a better price maybe you're looking at the charts and thinking hmm you know what I think the price of a de is going to go back down maybe he was gonna go back down to the price where it was a couple of days ago so that's where I want to put my my order in at so we can see here a few days ago the price was at 1096 satoshis whereas at 1158 satoshis at the moment so i'm gonna go ahead and actually put an order in for 1100 Satoshi's just like that so 1100 Satoshi's and i want to spend half of my bitcoin to buy that now you see I'm getting more if the order gets filled right because I'm trying to buy it at a cheaper price so I'm spending the same amount of money but of course I'm gonna get some more Aida if the price of Aida goes back down to my target price we're gonna click on buy Aida so that by order has been created but obviously it's not going to be filled immediately I have to wait for the price to come back down to 1,100 until that happens I'm not going to get my order filled and if that never happens then I'm not going to get my order filled now you can scroll down the page here and you see your open orders here your 24-hour order history so on the open orders place you can just go ahead and cancel that order if you want to so we're just going to show how to sell some Aida here as well sold us by buy a little bit here real quick just so we can show you how to sell so we've just bought some at 1159 so 1159 satoshis now I bought that because I wanted to of course try and sell it for more later on so what I'm going to do I'm going to put in an order now to sell that Aida at a higher price so I can look here and see hey you know what I see that has been up to one thousand one hundred and ninety Satoshi's very recently seen see just here for example and this is just very basic we're just giving some basic examples here trying to actually understand these charts I have a whole separate video just laying out some of the the real essentials that you need to know in terms of how do you understand this information that you're seeing right now I'm just giving you some very simple basic examples so what we're gonna do is we're gonna type in 1190 and we're gonna click on 100% and we'll put it in sell so now I have created an order to sell my Aida at that price but of course I have to actually now wait for the market to go up before my order gets filled the last order type I want to tell you about is the stop limit order now the stop limit order is the I can sleep soundly at night order type because what it does is it will put an automatic order in at a set level to liquidate a position for you if the markets turn so let's say that there's a big drop in the market overnight while you're sleeping and everything's gonna go down by 20 percent but you're looking and say I don't to lose 20% of my money overnight maybe I can say hey you know what I'm in this I'm trading I'm willing to lose 5% or 10% after 10% I'm willing to move out of my position take the loss and look for a better situation well in that way so I have just bought it here at 1159 so 10% less let's just say we'll keep it simple and we're gonna put it down to 1,000 Satoshi so 1,000 satoshis this is essentially the trigger so the stop is the trigger this is what triggers the computer to put an order in at a lower price that'll sell it so I'm gonna put it in at 1,000 for my trigger and I'm gonna put it in at 950 suto she's that will be the price it'll be liquidated at so as soon as the market moves down to the point where ADA is trading against Bitcoin for 1,000 satoshis the computer will automatically put in an order for 950 satoshis on the market now look maybe it's not that bad maybe I wake up and the markets only gone down to 975 and that might still be there but maybe of course that position gets liquidated but I've protected my capital so it's a tool to understand how to use it's important to understand how to use this tool but it's definitely a tool that in terms of using it successfully it takes a little bit getting used to and you will I'll put this in the category of a slightly more advanced trading tool you can see here when you go to place the order it says that if the last price drops to or below 1,000 Satoshi's in order to sell 2987 eita at the price of 950 Satoshi's will be placed and you can go ahead and place order so you can see that buying and selling cryptocurrency zambian ants is super super easy but by Nantz is not a bank finance is not a place where you want to store your crypto currencies in a long-term kind of situation so we're gonna have to go over here to funds and we're gonna go to withdrawals now in our withdrawals area we're gonna select our token in this situation we're gonna put in ada she's the top one there so what we are going to need is a card ah no wallet so we'll put our ada withdrawal address in much like you put in a withdrawal address for Bitcoin except Bitcoin is on the Bitcoin Bach blockchain so I've entered my ADA address you can see it starts with an A it's a very different looking address from the Bitcoin address which starts with a 1 over here so please be aware of which blockchain your asset exists on if you have tokens like basic attention token for example well that lives on top of the etherium blockchain and you'll need an etherium wallet for it but something like ada has its own blockchain bitcoin has its own blockchain Manero has its own blockchain so you will need to have the appropriate wallets in order to be able to withdraw your money you have to take control of your own funds getting a hardware wallet for example is one of the best ways to do that so please take your security seriously now to withdraw the funds very easy click on available and then click on submit put in your Google Authenticator code and then click on the confirmation email and that will withdraw the funds to your wallet it's really super easy to use a crypto currency exchange like finance they make it user friendly on purpose so that it's not that hard to come over here but I know it can be a bit intimidating so I hope that this short tutorial has helped you understand what all this stuff means on a crypto currency exchange how to use the different order types how to withdraw your funds once you get them and all that fun kind of stuff if you have any questions of course let me know down below finance is an excellent exchange with a wide variety of options for exchanging crypto currencies and for many of you this will be a enough for buying and trading the majority of the major crypto currencies however should you want to find some less popular coins you will need to explore other exchanges and may end up having quite a few different exchange accounts this is pretty normal in the crypto space however I did want to discuss one more very important topic with you and that is decentralized exchanges a decentralized exchange or a Dex lets you exchange your Kryptos directly from your wallet without sending them to a centralized service these exchanges are generally quicker and safer than centralized exchange is because you're in control of your funds at all times in the following videos I'll providing some tutorials on how to use different decentralized exchanges like khyber swap idec's allowing you to trade a very wide range of different cryptocurrencies in a decentralized fashion however there are many more amazing decentralized exchange options which I will not be covering in the tutorials but which you may find very useful here is a small sampling of some of those exchanges Bank or for example offers excellent liquidity for a wide range of aetherium and yose based tokens switch geo is another great place for swapping neo based tokens stellar X is a fantastic resource for swapping stellar based assets links to all these are going to be down below make sure to check out the next video in this series to learn even more about crypto currencies and of course feel free to post any questions that you may have on how to use an exchange or any other topic down below in the comment section there you'll also find my recommended list of exchanges and wallet options thank you so much for watching this video if you did find it useful leave a thumbs up on it and if you're new around here you can subscribe to the channel to know when I put out new information about cryptocurrencies long-lived blockchain and beefs out the next time

3 thoughts on “How to use a Bitcoin & Crypto Exchange – Binance Tutorial – Cryptocurrency Explained – Free Course”

  1. Maybe dumb question, but what is the use of stop-limit if it reserves all your coins? You can rather just enter a buy/sell limit instead. If the stop-limit will only reserve your coins after the trigger, that would make more sense, then you can create a buy and a sell stop-limit. So I must be missing something logical here :P.

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