There're a number of ways in which you can now buy Bitcoin and other Alt Coins, but many will charge large transfer fees to get your fiat onto the exchange. The below steps are the quickest, simplest and cheapest way to get your hard earned money onto the Binance exchange ready for trading.
Please Note - I am EU based. This may not be the best method for USD users.
1. Create a Revolut Account
One of the leading mobile only banking companies, Revolut lets you create a current account for absolutely FREE. If you'd be so kind to use my referral link here we can both gain added benefits.
2. Deposit Fiat Currency to Revolut
Top up your GBP or EUR wallet with a deposit from your credit or debit card. ZERO charges are applied for this transaction. If you deposited EUR, please skip step 3.
3. Transfer to EUR within Revolut
Revolut will instantly transfer your GBP into EUR, with ZERO fees. We need EUR to transfer over to Coinbase.
4. Create a Coinbase Account
The next account we need to create is one on Coinbase. Coinbase is the most established and well known exchange to purchase the major crypto currencies. Again if you would be so kind to use the referral link here we can both pick up an extra $10 worth of Bitcoin.
5. Withdraw EUR from Revolut to Coinbase
This is probably the most important step to get correct, so please follow these instructions carefully. Please note, I am referring to the method on the app rather than in a web browser.
From within Coinbase, navigate to your EUR wallet and select deposit. Enter the amount you wish to transfer, before selecting 'View Wire Instructions'. Make a note of these details before moving to Revolut, particularly the Reference Number.
Within Revolut, select 'Payments' followed by 'Bank Transfer' under the 'Out' section. You will need to add Coinbase as a new beneficiary using the details previously recorded. This only needs to be setup once. Once complete, enter the amount you wish to transfer, which must match the amount entered into Coinbase. You must also paste the Coinbase Reference Number below the amount. Once you have confirmed with 'Send', head back to the Coinbase Wire Instructions, scroll to the bottom, checking the box confirming you have copied your reference number, then hit 'I've Sent It'.
The transfer from Revolut to Coinbase can take up to 48hrs, but is usually complete within 24hrs. Again this is all with ZERO fees.
6. Login to GDAX
Navigate to GDAX, which is Coinbase's exchange system so you're login details are the same as for Coinbase, no new account required. This is where you will buy your first Crypto Currency. There is now app for GDAX so this is through a web browser.
7. Deposit from Coinbase to GDAX
Within GDAX, select 'Deposit', then move to the 'Coinbase Account' tab. Drop down to your EUR wallet and select the amount you wish to transfer. This is immediate and again has ZERO fees.
8. Purchase Crypto Currency on GDAX
Purchase your desired Crypto Currency on the exchange. You will get charged a fee if you take the market value so use a Limit buy instead.
9. Create a Binance Account
If you're happy to trade only between Fiat and the major crypto's (Bitcoin, Ethereum, Litecoin and Bitcoin Cash) then you can do all that within GDAX. If however, you wish to trade between the vast array of Alt Coins, then this is done on the Binance exchange. Sign up for an account for free here.
10. Withdraw Crypto from GDAX to Binance
The technology behind each Crypto Currency determines the speed on transfer from one wallet to another. Out of the majors on GDAX, Ethereum is currently the fastest so I would recommend transferring this into your Binance account.
From within Binance, navigate to Funds > Deposits, before selecting your desired coin you wish to deposit from the drop-down list. This will give you your Deposit Address. Please copy this.
Back in GDAX, select 'Withdraw', select the 'ETH Address', before pasting your Binance Deposit Address into the 'Destination' box. Enter the amount before hitting 'Withdraw Funds'.
11. Trade Crypto Currency on Binance
You've now got your major crypto into Binance from which you can trade to any of the hundreds of Alt Coins that are available.
This completes the guide, and you should now have a balance on Binance, and safely navigated paying any fees!
NOTE - I WOULD ALWAYS RECOMMEND SETTING UP 2FA ON ALL ACCOUNTS YOU OPEN, FOR ADDED SECURITY
Please also check out my other articles on Trading for Beginners
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