How to Use the Binance App for Beginners: A 10-Minute Guide

The Binance smartphone app is a powerful platform for trading cryptocurrencies, earning passive income, and managing your digital assets. This beginner-friendly guide will walk you through setting up an account, depositing funds, trading crypto, withdrawing assets, and earning yields—all in just 10 minutes!

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Step 1: Signing Up for Binance

1. Download the Binance App: Get it from the App Store or Google Play.
2. Create an Account: Sign up using the referral link (check Binance’s official site for bonuses) to access deposit and trading rewards.
3. Complete Verification: Submit your ID documents as prompted. This is required to unlock full functionality, and Binance guides you step-by-step.

Once verified, you’ll land on the app’s main page, ready to start.

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Step 2: Depositing Funds

To trade or invest, you need to deposit fiat currency (e.g., GBP, EUR) into your Binance account:

1. Open the Binance app.
2. Navigate to More > Deposit Fiat Currency. Alternatively, use the Deposit GBP (or your local currency) button if available.
3. Select your currency (e.g., GBP).
4. Choose a deposit method:
   • Bank Card: Pay with Visa or Mastercard (1.8% fee).
   • Bank Transfer: Lower fees (e.g., £1 for GBP). Preferred for cost savings.
5. Enter the deposit amount (e.g., £100, accounting for the fee).
6. Confirm the transaction. Binance provides bank details and a payment reference.
7. Use your banking app to send the exact amount with the provided reference. Apps like Revolut may work if your bank restricts crypto transfers.

Note: Deposits may take a few hours to process, depending on your bank.

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Step 3: Understanding Your Wallet

Once funds are deposited, check your wallet:

1. Go to Wallets (bottom right).
2. Select Overview to see all accounts:
   • Spot Account: Holds your fiat and crypto for trading.
   • Earn Account: For staking or savings (more on this later).
3. Your Spot Account shows the total value in BTC and USD.

Your deposited fiat (e.g., GBP) will appear in the Spot Account, ready for trading.

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Step 4: Trading Crypto

Binance offers two simple ways to trade for beginners: Convert and Spot Trading.

Option 1: Using the Convert Feature

The Convert feature is ideal for beginners, mimicking a currency exchange:

1. Go to Trade (middle tab) > Convert.
2. Select the currency to sell (e.g., GBP) and the crypto to buy (e.g., Ethereum).
3. Enter the amount (e.g., £10).
4. Tap Preview Conversion to see the exchange rate.
5. Confirm to complete the trade.

This method is straightforward but limited, as most cryptos trade against stablecoins, not fiat.

Option 2: Trading with Stablecoins

For more trading options, convert your fiat to a stablecoin (e.g., USDT) and trade:

1. Go to Wallets > Spot Account > Select your fiat (e.g., GBP).
2. Choose a trading pair (e.g., GBP/USDT).
3. Select Limit Order and set the price to the best bid (e.g., 1.254 for GBP/USDT).
4. Enter 100% of your fiat and confirm to sell GBP for USDT.
5. Go to Markets > Spot > USDT Pairs.
6. Select a pair (e.g., ETH/USDT).
7. On the trade screen:
   • Choose Buy.
   • Set a Limit Price (e.g., slightly above the market price for instant execution or below to bid lower).
   • Enter the amount (e.g., $10 worth of ETH).
   • Tap Buy ETH.
8. If your price matches or exceeds the market, the trade executes instantly, and ETH appears in your Spot Account.

Tip: Orders below the market price sit in the order book until filled.

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Step 5: Withdrawing Crypto

To move crypto to an external wallet (e.g., MetaMask) or another Binance user:

1. Go to Wallets > Spot Account > Select the crypto (e.g., ETH).
2. Tap Withdraw and choose:
   • Send via Email/Phone/ID: Free internal transfer to another Binance user.
   • Send via Crypto Network: For external wallets.
3. For external wallets:
   • Copy and paste the recipient’s wallet address.
   • Select the network (e.g., Ethereum ERC20 for MetaMask). Ensure the network matches the destination wallet.
   • Enter the amount and confirm.
4. Pay the blockchain network fee (varies by network).

Your crypto will arrive in the destination wallet after blockchain confirmation.

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Step 6: Earning Passive Income

Binance’s Earn feature lets you generate yields on your crypto:

1. From the main page, tap Earn or go to More > Earn.
2. Choose between:
   • Flexible Savings: Earn yields (e.g., 10% APY on stablecoins) with the ability to withdraw anytime. Enable Auto-Subscribe to automatically move eligible assets from your Spot Account.
   • Locked Savings: Higher yields for locking crypto for a set period (e.g., 30 days). Ideal for long-term holdings.
3. For Flexible Savings:
   • Select a crypto (e.g., USDT).
   • Enable Auto-Subscribe.
4. For Locked Savings:
   • Choose a crypto and lock-up period.
   • Enter the amount and confirm.

Note: Locked Savings restrict access until the period ends, but yields are often higher.

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Tips for Beginners

• Start Small: Test the app with small deposits and trades to build confidence.
• Use Bank Transfers: Save on fees compared to card payments.
• Double-Check Wallet Addresses: Errors in crypto transfers are irreversible.
• Explore Stablecoins: They unlock more trading pairs and protect against volatility.
• Leverage Earnings: Flexible Savings is a low-risk way to earn passive income.

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Conclusion

The Binance app is a beginner-friendly gateway to crypto trading, offering easy fiat deposits, intuitive trading options, and passive income opportunities. By following this guide, you can deposit funds, trade crypto, withdraw assets, and start earning yields in minutes. For advanced trading strategies, check Binance’s professional guides or tutorials online.

Ready to dive in? Download the Binance app, use a referral link for bonuses, and start your crypto journey today!