You can find step one of the setup here.
Now that you have set up your account, you’ll be really excited to start trading and hopefully, if you play your cards right, make a good return on your money.
Before you start trading, you’ll want to get all of your management systems in place. Whats the point of trying to make money if you don’t know how much you’ve made?
It’s incredibly important to be on top of your portfolio, and with these markets going 24/7, there’s no real off time if you want to day or swing trade.
Tracking your funds
An app I highly recommend is Coin Stats. Its available on iOS as well as Android. Should you choose to register, you can sync your information to multiple devices.
Coinstats is able to use the Binance API to sync your information without having to input each and every transaction manually. I did it before they added the feature, and it’s really painful!
To set up the API on Binance, follow the following steps:
- Log in to Binance
- Click on your avatar in the top right corner and select “Account”
- Click on the API Setting button
- Name and create your new key
- Binance will load a QR code, keep this page open
- Open the Coin Stats Application
- Add a new wallet in the “Altfolio” section and choose “Exchange (API KEY)
- Name your Portfolio
Choose Binance under the “Exchange” option
Input the initial cost of your portfolio
Choose the QR option under API KEY and scan the QR Code on the Binance page
- Select “Add”
Alright, now you have a live view of your assets. Let’s make your first altcoin exchange!
I’ll stick to the step by step approach for the next part.
The first thing you’ll want to do is decide which coin/s to buy. Now, since you’re exchanging one currency for another, you’ll want to see which coins are doing well or badly against the one you’re using to purchase. In my case, I’m using Ethereum to buy Vechain. I previously decided to purchase Vechain after doing my usual 4-6h of total research, you could always do more, but a recent announcement has definitely convinced me to buy.
- Open your Coin Stats app, and select the currency as highlighted in blue in the below photo, press it until your chosen currency is selected. (in my case ETH) If your chosen currency isn’t available, go to settings, as highlighted in pink, and add ETH to your main currencies. As you can see, Vechain is doing quite badly against Ethereum (-15.74%), so it is potentially a good buying opportunity.
- Log in to Binance and select “Exchange” in the top of the right menu bar, you can choose either basic or advanced.
- I have labelled this image to help you navigate
- In this example, I will set an order. I’ve decided to purchase VEN and would like to do so at 0.0068 ETH per VEN. This equals around $7.17 per VEN.
Type the amount you wish to pay (0.0068 ETH in this case) into the price box and then click on 100% (I chose to use all the Ethereum I have on Binance to purchase some VEN)
Click “Buy VEN”
A small pop up will show up saying “Success”
- Select “orders” in the top right menu bar, and choose “open orders”
- You can now see that your order has been placed and as soon as the market price drops to your specified price, Binance will automatically start fulfilling your order.
- Once your order is fulfilled, it will appear in your balances section
- And it will show in your Coin Stats app automatically as well
(sorry about the blurring, its automatic and I have portfolio’s other than this tutorial one added, so I’d like to keep those numbers private ;P )
You’re now on your way to becoming a trader. I’ll continue to add to this series over the next few weeks to help you trade as efficiently and profitably as possible!
If you have any questions or comments, feel free to contact me on Twitter: @CryptTee
Tiaan Wolmarans is a cryptocurrency investor and trader, airplane pilot, musician, and writer.
Disclaimer: The information presented by Tiaan is for informational purposes only. It should not be considered legal or financial advice. Tiaan is not a financial adviser. You should consult with a financial professional to determine what may be best for your individual needs.
Tiaan does not make any guarantees or other promises as to any results that may be obtained from using his content. No one should make any investment decision without first consulting his or her own financial adviser and conducting his or her own research and due diligence.
Please always only invest within your means and do so responsibly. If you have any questions feel free to contact him via the social media buttons below.