How Binance works (& basic trading advice)

As of now, you should of already have a way of getting coin ( Coinbase )

Now you wanna cop some altcoin's you just heard about and know little about. Well now you can with Binance! ( Download for your iOS or Android device here )

Binance is a exchange. They have over 70 coins to choose from (I stopped counting around 60ish) They even have their own coin, BNB.

BNB works a special way, it's kinda like having dividends. Also you can get a 50% discount on fees by using BNB. At the time of me writing this, 1 BNB is just under $5. Before you start trading, take $10-$15 and get some BNB. This amount will last for a while & will make it so you're not stuck with getting partial amounts.

That's it! Now your ready to trade!

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If you're reading this and already have a Binance account & have dust from previous trades, here's how to manage it some what.

For example. say you have 0.97 IOTA. You can't sell it for BTC or ETH because you need at least 1 full IOTA to make the trade. The 0.97 IOTA is almost $4 now. No sense in letting it to stay idle (unless you plan on hodling =P )

If your dust is worth more then 1 BNB, then it is simple.. you can just go to the BNB tab and change the full amount for BNB (or ETH), if it is less than 1 follow this:

Make sure you have 1 or 2 BNB's, buy them if you don't have them. (1 may be enough, just to be sure get 2) On the right side choose the BNB tab. Search for your coin, in this case: IOTA. Now you want to sell the 0.97 IOTA 'dust' for BNB, but this isn't possible because we need to sell it for at least 1 BNB to make the trade. So first we buy some extra IOTA with the BNB that we bought earlier. When we have done that we have enough IOTA to sell the whole IOTA balance for BNB.

You should hold a small amount of BNB, for fees but also for trades. It's a pain but hopefully you'll have read this just as you started in Binance & wont have to deal with it.

That's it. Hope you learned something & thanks for reading. If you already have a Binance account go here and put your ref id in to get some free referrals.