This guide is for Desktop/Laptop users.
Binance is currently the largest cryptocurrency exchange, and offers a good level of security. This guide will help you setup and buy your first Cryptocurrency.
CREATING A BINANCE ACCOUNT
Step 1: Registering your account
Start by registering an account and completing the set-up profile, an email or an SMS will be sent with a verification code.
Step 2: Completing the account verification steps
Navigate to the top right of your screen, highlight over the profile icon, and navigate to the Identification option, proceed to the next page.
Step 3: Identity verification
Click the verify button, Binance requires some form of KYC (know your customer) as there are large transactions daily. Binance wants to ensure that your account is safe.
Step 4: Identity Verification
Complete the verification steps.
Step 5: Await Verification
This process can take minutes to hours. This process then allows you to buy cryptocurrency.
Security Tip: Add a form of two-factor authentication to keep your account safe such as SMS or Google Authentication, this can be done via the profile page that you navigated to in the previous step.
PURCHASING CARDANO (ADA)
To begin buying ADA, navigate to the top left-corner and hover over 'Buy Crypto' and select Credit/Debit Card as shown in the image below. If you wish to, you can do a bank transfer although this can take days versus seconds to receive funds.
Step 1: Navigating to the purchasing section
Now that your account has been verified, you are able to start purchasing Cardano (ADA) and a host of other major Cryptocurrencies.
Step 2: Trading your fiat currency (e.g. USD) for Cardano (ADA)
In order to purchase ADA, a minimum purchase of 30 USD is required. If you are unable to purchase via your local currency try an international pairing such as: USD, GBP and EUR.
2a. Select ADA as the coin pair from the drop-down list as shown in the image below.
2b. Input your card details and hit Buy ADA, note it gives you the current exchange rate.
Please note: only buy what you can afford, please be responsible when purchasing Cryptocurrency. This is seen as a long-term investment and not a 'get quick rich scheme' and like any investment there is no knowing the long-term value.
Step 3: Confirm the Transaction
SETTING UP A WALLET
Transferring from an exchange is important for several reasons including supporting decentralization, and having custody of your cryptocurrency.
A custodial wallet means that only you have control over your keys to your cryptocurrency.
The following guide allows you to transfer your funds to a wallet for staking. Staking means you generate approximately 5% interest per year on your ADA, your coins never leave your wallet making it 100% safe.
We recommend the Yoroi wallet for beginners as its available on Mobile and desktop.
Please return to this section after completing the wallet guide.
TRANSFERRING YOUR ADA FROM AN EXCHANGE TO A WALLET
This portion shows how to send the funds to your wallet, you should now have set up a wallet in the previous section.
You should have an address starting with addr1 please ensure to double check, triple check that the characters match as once sent (if) sent to the wrong address they cannot be retrieved.
However if you have copied the address right this should not be the case, you can randomly sample small segments of the address to make absolutely sure.
Step 1: Navigate to your Wallet
The first step to sending your funds to your custodial wallet is to withdraw it and send it to a wallet.
Select Wallet as shown and press Overview.
Step 2: Going to the withdraw section
Select Withdraw on this page to navigate to the currency you wish to send to your wallet.
Step 3: Sending your funds to your wallet address
1. Select ADA Cardano from the coin you wish to withdraw.
2. Paste your address from your wallet (Yoroi, Daedalus recommended)
Ensure the wallet address is correct so you will receive the funds correctly.
3. Select Cardano as the transfer network
Warning: the other two options are Binances own chain and you will lose your ADA if you send it via this method.
4. Press MAX as the withdrawal to send to your wallet, you can do a smaller amount to test if you wish the first time.
5. Hit submit you can add some form of authentication if you wish for future transfers.
Now you need to wait for the ADA to transfer this can take around 30 minutes if the network is busy, this is due to Binance waiting to send batches of transfers.
in the same section below you can see the processing / sent transactions.
STAKING THROUGH YOUR WALLET
Now you are done exchanging funds to your wallet please return to your wallet, and our wallet guide, please select your Wallet: