Wednesday 27 December 2017

Step by step guide to buying Alternative Coins (Altcoins) using Binance

Alternative Coins (also known as Altcoins) are essentially alternative cryptocurrencies to Bitcoin. Some examples are Litecoin (LTC), Zcash (ZEC), Dash, Ripple (XRP), NEO and Verge (XVG). 

I am using Binance* due to the Altcoins which I am interested in. 

Step by step guide to buying Alternative Coins using Binance

1. Register an account with Binance*. You will need to provide your email address and create password.

2. Verify the registration. Log in to your email and find the email sent by Binance and verify the email to completed the registration process. I received the email immediately upon completion of Step 1. If you do not see it, check your spam folder.

3. Complete Two-factor Authentication. Download Google Authenticator app and scan the QR code. Enter the 6 digit code for 2FA and you are logged into Binance. 

4. (Optional) Increase 24h Withdrawal Limit . By default, the 24h Withdrawal Limit is 2 BTC

Identity Authentication is required to reach level 2 to increase the 24h Withdrawal Limit to 100 BTC. I actually did the authentication step so that I can share about this here. But as you can see in the screenshot above, I was rejected. The rejection came within 1 calendar day (so efficient) the error states my file number is inconsistent and to resubmit. I resubmitted the documents and got verified within 12 hours! 

For Identity Authentication, you need to provide your (a) Last Nameand (b) First Name, (c) NRIC number, and photos of your (d) passport cover, (e) Passport Personal Page and (f) Selfie with Photo ID And Note stating "Binance" with "date". Once you are done, click "Submit".

5. Deposit BTC (or ETH) into Binance. Select "Funds"" and click "Deposits Withdrawals".

6. Find your Binance's BTC Deposit Address. Find BTC among the list of coins. Click "Deposit" and there will be a drop down which shows your BTC Deposit Address. You can then click on the small icon circled in red (next to "BTC Deposit Address") to copy the address.

7. Enter your Binance's BTC Deposit Address in Gemini (as I use Gemini to buy BTC using USD, I have to withdraw BTC from Gemini). Login to your Gemini account. Select "Transfer Funds", "Withdraw From Exchange" and click "BTC". 
Paste Binance's BTC Deposit Address into the "Desination Address", indicate the amount of BTC you wish to withdraw. Then Click "Review Withdawal". You will need to do 2FA for this transaction to go through. Check and double check that you have indicated the correct deposit address.

Binance will only receive the BTC after 2 network confirmation. Even if you received Gemini's email notification stating that your BTC has been withdrawn successfully, it does not mean that Binance has received it. Based on the 3 deposits I made, it took around half an hour for the BTC to be deposited in Binance. 

Gemini allows 30 free withdrawals per calendar month. Deposits in Binance is free too. 

8. Once your BTC is in you can start buying Altcoins by selecting the Altcoin you want. Binance's trading fee is 0.1%. 

I hope this will be helpful. Steps are accurate as 24 Dec 17. I will not be responsible if Gemini or the banks change any of the procedures or if there are changes in the details to be keyed in. Hence, pl do your own checks too. This is not a buy call for anyone to go into cryptocurrency trading/investment. Also, pl invest only with the amount of money which you can afford to loss. My investment in cryptocurrency is only around 1.5% of my investment portfolio.

Once again, credit goes to Sleepdevil for his patience in teaching me!

*referral link for Binance


  1. i really like this article please keep it up.

  2. This comment has been removed by the author.

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