How to Convert Virtual Coins - Step by Step
Many people are looking for a way to convert virtual coins into other coins but don't know how to do it, and more importantly, how easy it to do it.
In this guide we'll explain in a simple and quick way exactly how to do this - step by step - so even beginners can start buying virtual coins easily and cautiously.
So if you are looking to buy Ripple, Verge, Tronix, IOTA, ADA, Litecoin or any other coins, you are a touch away (or click in this case)
(*) First of all, you will need some kind of virtual coin before you can start (the most common coins to trade with are Bitcoin or Ethereum).
It can be purchased from private individuals in Facebook groups, from Bitcoins ATM's, trade sites, etc.
Example of popular sites to buy Bitcoin:
1. CoinMama:
https://www.coinmama.com/?ref=rrn
2. (Coinbase) - $ 10 bonus for those who purchase through this link:
https://www.coinbase.com/join/5a4d2d9b937f770134ada86d
In this guide we will explain how to perform the conversion using Binance trading arena. It is a large, prominent and easy to use arena with very low fees.
In addition, there is no need to go through a long and tiring verification process, but simply follow this guide and start trading (up to a maximum of 2 bits per day).
This guide is registered to help people who wish to convert there coins to other coins.
The use of this guide and the information published in it is on the responsibility of the user and the author of the guide is not responsible on any way of the user's money.
Okay, let's get started:
STEP A:
Enter Binance website through this link:
https://www.binance.com/?ref=12939759
Those of you who work with a mobile phone can also use a QR scan:
(*)Disclosure: If you register via the attached link, we will receive a certain benefit from the site.
For the avoidance of doubt, it is hereby clarified that it is doesn't cost you anything in any way!
The guide is distributed free of charge to the public, so if the guide helped you in any way we would be happy if you can show your appreciation by registering through our link - it does not cost you anything :)
STEP B:
Register to the site by clicking the Register button at the upper right corner of the page.
After clicking the Register button, we will reach the next page.
On this page you need to fill out:
1. Your email address.
2. Choose a password.
3. Confirm your password.
4. If the Referral ID is empty, fill the number 12939759 as shown in the picture.
Finally, check the "terms of use" and click Register.
As a security measure, you will now see a picture of a puzzle and you must pull the puzzle to the right place:
STEP C:
Sign-in to your email and confirm your registration by clicking "Verify Email".
STEP D:
1. Return to the website and enter your account by clicking the "Login" button in the upper right corner of the page.
2. Enter your email (with which you registered) and your password.
3. Position the puzzle.
4. You will now need to select additional security measures to secure your account.
Select "Google Auth".
Once you have chosen Google authentication, you will reach the following page:
Using the App store on your mobile phone (App store / Google Play), you should now download the app "Google Authenticator".
Now follow the steps below:
1. Open the Google Auth app on your phone and select "Add" or "+".
2. Select "Scan Barcode".
3. Scan the QR code that appears on your computer screen (see picture above).
Now 6 digit numbers will appear in the app and those will change every few seconds.
4. Enter the password of your account.
5. Under the password Enter the 6 digit number as shown in the app and press "Enable 2FA" before the 6 digit number changes.
Congratulations!!! You have now done opening your new account at Binance.
In the next steps, we'll learn how to use Binance and how to convert our coins to the coins we want to purchase.
Step E:
Go to the upper right of the page to "Funds" and then select "Deposits withdrawals".
Write in the search bar the name of the coin that you already have (e.g. BTC to Bitcoin or ETH for Ethereum, etc.)
Click "Deposit".
Then you will reach this page:
Here it will show you your public address which you are required to transfer your coins to.
For those who transfer from their mobile device, you can click on the barcode mark on the right side to the address, and then it will open a QR for scanning.
(!)warning! Note that you are transferring the correct coin to the correct address - Bitcoin to BTC address, Ethereum to ETH address and so on.
If you transfer one type of coins to an address of different type of coins you may lose your coins!
You can track the status of your transfer by clicking "Funds" (upper right) and then "History" - when the transfer is completed the status will change to "completed".
STEP F:
And now to the main part of this guide - how do we convert our coins to other coins?
On the upper left corner click on "Exchange" and then select "Basic".
Now you will reach the main page of the trading arena.
In this guide I will show how to convert to Ripple (XRP) from Bitcoin (BTC), but the procedure is the same for any coin that you want to convert to it.
On the right side you'll see a list of coins.
Click on the name of the coin that you are using with for conversion, and then on the search bar search for the coin that you want to convert to.
Note that if you using a less common coin for conversion, then you can convert it to BTC/ETH/BNB and then convert to other coins as shown in this guide.
Click on the result you received. In our example "XRP / BTC".
On the top right you can see the value of the coin that you want to convert to (in USD/BTC), as of the last transaction that made.
STEP G:
Here we will learn the simplest and easiest option to purchase coins in the arena.
(*) If there is demand in the future we will add to the guide also chapters on the more advanced trading options available on Binance.
First of all, you will find the trade zone under the graph in the center of the screen, where it is written "Sell XRP" and "Buy XRP" (of course, instead of XRP it will show the name of the coin you wish to convert to it):
Now click on "market" in the "buy" column:
In "Amount", fill in the amount of coins you want to purchase (from the new coin), and then click "Buy XRP".
We'll then be notified that the action was successfully made:
The sale operation is completely identical operation and will be executed in the "Sell XRP" column.
Important to know (!) - in the "Market" option, the site takes the lowest price that sellers are willing to sell on the site at the same moment and buy your coins at this price.
In sale, the site does exactly the opposite, it takes the highest price people are willing to pay at that given moment and sells your coins at this price.
Fees
(*) As for the date of writing this guide, the site are charging 0.25% fee per conversion.
But, If you use the coin of the site (BNB) for the conversion - then the commission will be only 0.05% for each conversion (note that the option to activate).
(*) Depositing coins into your account does not cost any fee at all.
(*) Withdrawal of coins from your Binance account will cost a commission according to the type of the coin that you like to withdrawal, as detailed in the following link:
https://support.binance.com/hc/en-us/articles/115000429332-Fee-Structure-on-Binance
we will be able to see the new coins that we have acquired by clicking "Funds" and then "Deposits & Withdrawals".
(!) It is important to note that after converting the coins, it is recommended to transfer your purchased coins to a compatible wallet for the coin that you have purchased, and not to keep your coins in the trading arena - which is less secure than wallets that the private key is held by its owner.
There are many wallets for storing your coins, for example: MEW, Jaxx, Bread, MyCelium, Exodus and so on.
Our recommendation is to invest a little and store the coins in a hardware wallet, which is the safest and best wallet.
You can purchase a Ledger hardware wallet here:
https://www.ledgerwallet.com/r/85d7
Please note that it is important to check that the type of wallet you choose supports the coins you wish to transfer to!
Good luck everyone!