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Binance Exchange: How to Buy Cryptocurrency for Beginners (Ultimate Step-by-Step Guide) Pt 2 - YouTube
Channel: Crypto Casey
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Hey guys! I'm Crypto Casey and I'm a
cryptocurrency expert. Today I'm going to
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show you how to get started in
investing in alternative
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cryptocurrencies or "altcoins" like EOS,
NEO, and IOTA safely and securely
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step-by-step. This is the second video in
this video series on how to buy crypto
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currencies. If you haven't already, please
watch the first video that explains what
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you need to know and do before investing
in digital assets like cryptocurrency.
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Watch it now by clicking on this link. It
will teach you how to set up all of the
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accounts and allow you to buy Bitcoin,
Ethereum, and Litecoin
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which you will use to buy other types of
coins on the exchange I will walk you
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through in this video. I'm going to make
this as easy as possible for you guys,
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but before we get started, I wanted to
share with you three important things
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you need to know before transforming
some of your wealth into digital assets.
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Number one: these types of investments
are not like anything else you may be
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familiar with.
Unlike banks, credit unions, and
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traditional stock exchanges, there are
virtually no fail safes in place to
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protect you if you make a mistake or
don't understand what you're doing.
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There's no hotline you can call when you
get stuck, there's no corporate
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headquarters you can reach out to if you
lose your funds, there are no FDIC
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insured banks behind these investments.
This means at any time you could lose
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all of your investments from hackers or
user error with no recourse at all.
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The second thing you need to know before
going any further is the golden rule of
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investing: Never invest more than you can
afford to lose. High risk can lead to
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high reward, and we humans have a natural
tendency to want to overreach, but you
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need to figure out an amount you're
comfortable with investing and, more
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importantly, an amount you can truly
afford to invest. Then you need to stick
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with that amount and be patient in the
process. The third thing you need to know
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before buying different altcoins on
exchanges is that it's important to set
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up corresponding wallets that support
the specific cryptocurrency you wish to
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buy. This is because you never want to
leave your crypto on exchanges. It's
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dangerous and risky because exchanges
are targets for hackers. Also, sometimes
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exchanges start imposing rules and
regulations that make it difficult to
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manage your funds. So make sure you do
your research and due diligence about
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the wallets for the cryptocurrencies you
want to invest in before purchasing them
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on an exchange. There are hundreds of
types of cryptocurrencies out there
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which means there are hundreds of
different wallets you can set up. In a
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later video, I will teach you about the
different types of wallets and storage
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available for some of the major crypto
currencies. In this video I will walk you
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through setting up an account with an
exchange called Binance. It's an online
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platform that allows you to buy several
different types of cryptocurrencies
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using Bitcoin or Ether, which is
Ethereum. There are a lot of different
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platforms to trade cryptocurrency on and
Binance is one of the best
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cryptocurrency exchanges for beginners. Binance is a trusted exchange with a
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good reputation and is one of the few
exchanges accepting new members at this
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time. The interface is easy to use and
the website supports many different
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languages. It has low transaction and
withdrawal fees and it processes
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transactions quickly. It's extremely
important you watch part 1 of this video
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series where I walk you through buying
Bitcoin and Ethereum safely and securely
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before following the steps in this video.
This is because you must purchase
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Bitcoin or Ether outside of Binance
because Binance does not accept Fiat at
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this time. I've broken this process down
into five easy steps for you, so let's
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get started:
Step number one: go to Binance.com.
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Double and triple check the URL
to make sure it's HTTPS://www.Binance.com
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Then bookmark this website. From this
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point forward, only access Binance
exchange using the bookmark to avoid
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becoming a victim of a phishing site. You
can also use the referral link in the
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description below to safely access
Binance, which will bring you directly to
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the registration page. If you decide to
go directly to the Binance website, click
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"Register" in the top right hand corner of
the screen. Next, enter your
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cryptocurrency email address you created
in part 1 of this video series. Create a
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long, strong password and enter it
twice in the spaces provided. Record
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your new buy Binance credentials in the
paper notebook you set up in part 1 of
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this video series. In the referral ID,
you can type 1 1 0 5 5 1 3 7 which tells
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Binance you were referred by me, Crypto
Casey. Click the check box agreeing with
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Binance's Terms of Use and then click
"Register." Drag the slider sideways until
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you fit the puzzle piece into the
designated area to prove you or not a
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robot. Next, an e-mail verification will
be sent to your email address.
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Log in to your email account and click
on the link to verify your email address.
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Enter your email address and password.
Drag the puzzle piece into place again
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to prove you're not a robot. Upon logging
in, you'll be prompted to enable 2FA
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or two-factor authentication. You will
use your Google authentication app we
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installed together in part 1 of this
video series to complete this step.
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Select "Google authentication" and step 1
prompts you to download and install the
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Google authentication app, which we
already covered in part 1 of this video
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series. So click "Next Step."
Then click the + icon on your Google
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authentication app and choose "Scan
Barcode." Hold your mobile device up to
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your computer screen with the camera
facing the QR code to scan it. Then click
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"Next Step." On step 3 you will be assigned
a key.
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Write down your key in your paper
notebook for safekeeping. You will need
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this key to recover your Google
authentication in the event that you
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lose your mobile phone. Click "Next Step."
Enter the key you just wrote down in
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your notebook in the space provided
then type in your password. Next, type in
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the code generated on your Google
authentication app for your Binance
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account before the code changes and
click "Enable Google Authentication." Great!
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Now you're Binance account is secure and
ready to go. If you followed all the
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steps so far in this video and all the
steps in part 1 of this video series,
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then you should have accounts with both
Coinbase and Binance. Between these two
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accounts, you'll be able to exchange your
Bitcoin and Ether for all of the major
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currencies and minor altcoins. Step
number two: to buy other types of crypto
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currencies on Binance you need to use
Bitcoin or Ether. This is why we set up a
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Coinbase account in part 1 of this
video series, which allows you to
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exchange fiat, like US dollars, for
Bitcoin or Ether. If you don't have a
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Coinbase account yet, you can use the
link listed in this description below to
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receive $10 worth of free
Bitcoin when you invest $100 or more.
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Then watch part 1 of this video series
to make sure you set it up safely and
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securely. Once you have a Coinbase
account, go to HTTPS://coinbase.com
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and check
the URL to make sure you are accessing
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the real site. Click "Sign In" in the top
right hand corner of the screen and
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enter your email address and password.
Then click "Sign In." Enter the 2-step
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verification code generated by your
authentication app on your phone and
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click "Verify." If you've never logged into
Coinbase from the device you are using,
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you'll receive an email with a
confirmation link to finish logging in.
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Once you're logged in, you'll be brought
to your dashboard. On the top menu bar,
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click "BuySell." You will be brought to a
screen that allows you to buy Bitcoin,
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Bitcoin Cash, Ether, and Litecoin. Make
sure you buy Bitcoin or Ether so you
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will be able to exchange them for other
cryptocurrencies on Binance. In this
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video, we will buy Bitcoin. Select "Bitcoin"
from the menu, then select your payment
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method. Next, type in the amount of
bitcoin you wish to buy and click "Buy
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Bitcoin Instantly," then click "Confirm Buy."
Great! Now you have some Bitcoin to work
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with. Step number three: on the top menu
of Coinbase, select "Accounts." Select your
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BTC wallet and click on the "Send" button.
You will be asked to enter a BTC address
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which you will need to get from your new
Binance account. Log back into your Binance
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account and in the top menu, hover
over the "Funds" button, then click
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"Deposits." In the
dropdown menu, type "BTC" and click on
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"Bitcoin." You will see your BTC deposit
address. Keep in mind if you decide to
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use Ether instead of Bitcoin, you must
type in "ETH" into the drop down to
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retrieve your Ether wallet address. Click
on "Copy Address" to ensure you grab the
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complete and accurate copy of the
address, then go back to your Coinbase
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account. Paste the address into the
recipient field. Make sure the amount of
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Bitcoin you wish to send to Binance is
accurate, and then click "Continue." Look
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over the next screen to confirm the
details are accurate and click "Confirm."
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Awesome! now your Bitcoin is on its way
to Binance. You can click "View Details"
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and then "View Transaction" to monitor its
progress. If you chose to use Ether
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instead of Bitcoin, make sure you follow
all the same steps, except send your
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Ether from Coinbase
to your Binance Ether wallet. Do not send
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Ether to a Bitcoin address or you will
lose your Ether, and do not send Bitcoin
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to an Ether wallet or you will you lose
your Bitcoin. This should take a few
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minutes unless the exchange is
experiencing heavy use. Go to the top
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menu of Binance and hover over "Funds,"
then click "Deposits." Here you will see
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the confirmed transaction. Once it's
complete, you can view the balances of
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your accounts on Binance by hovering
over "Funds," and then clicking on "Balances."
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In the row for Bitcoin, you will see your
available balance. Step number four, on
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the Binance website hover over the
"Exchange" button and click "Basic." The next
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screen will seem overwhelming with all
the boxes full of data, however, you only
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need to focus on two boxes. In the top
right box, make sure you select the BTC
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button if you're using Bitcoin. This will
show you the menu where you can exchange
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Bitcoin for other types of
cryptocurrencies. In the search field,
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type in the name of the cryptocurrency
you wish to buy. For example, in this
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video, if I type in "NEO," I can view the
buying options for NEO
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in the bottom center box. You'll see
various buying options. You can also see
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your Bitcoin balance here. This is the
"Limit" option which allows you to choose
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a price you would like a buy order to
execute. This means if the price of the
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coin drops to the limit you set, a buy
order will automatically execute for you.
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However, the transaction will only happen
if the price ever reaches the limit you
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set. Using these percentage buttons, you
can choose what percentage of your
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Bitcoin balance you wish to exchange for
NEO, or whatever crypto you are looking
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to buy. You can choose the "Market" option
to buy the crypto instantly at whatever
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price it is at that moment. There's also
a "Stop Limit" option, which is an order to
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buy or sell a coin once the price
reaches a specified price. Let's search
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for another popular one called "Iota" by
typing it into the search bar in the top
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right box. Again, in the bottom center box,
you will see the same types of buying
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options for Iota.
So let's buy an altcoin now. In this
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video, we are going to buy iota at the
market price. Click "Market" and choose the
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amount of Bitcoin you wish to exchange.
In this video, I'm going to exchange 100%
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of the Bitcoin for Iota. Next, click the
"Buy" button. Great! Now you've got some altcoins...
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...almost. Step number five:
hover over the "Funds" button and click on
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"Balances." You can sort by the total
balance column to find the
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cryptocurrency you bought easily. Now
it's time to withdraw it from the
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exchange to your wallet for safekeeping.
Remember, do not ever store
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cryptocurrencies on exchanges. Once
you've purchased your crypto, transfer it
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to a wallet that supports that specific
cryptocurrency.
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In this video, I'm going to withdraw Iota
from the exchange to my Iota wallet. On
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the "Balances" page click the "Withdraw"
button next to the crypto you bought. You
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will see a field for an address and a
field to choose the withdrawal amount. A
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quick note about wallets. You must do
your research about
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wallets ahead of time to make sure you're
getting one from a trusted source and
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one that supports your cryptocurrency. If
you transfer Iota to a Bitcoin address,
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you will lose your Iota; and if you
transferred NEO to an Iota wallet, you
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will lose your NEO. Make sure you have a
proven and tested wallet before
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transferring large amounts to it. From
the drop down menu, click "Use New Address."
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Give the wallet a label name, like
"Casey's Iota Wallet," or whatever name would
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help you keep track of which wallet you
are using and then paste the wallet
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address into the space provided. Choose
the amount you wish to transfer. I highly
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recommend transferring a small amount
first to make sure the transaction goes
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through. Once the small amount is
safely transferred to your wallet, then
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transfer the balance to get everything
off of the exchange. In this video, I'm
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going to withdraw 100% of the Iota to my
Iota wallet. Next, click "Submit." You will
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be prompted to enter a code generated by
your Google Authenticator app on your
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cell phone to approve the withdrawal.
Enter the code and click "Submit."
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Next, a confirmation email will be sent
to you to confirm the withdrawal once
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more. Log in to your email account, open
the email from Binance, and click"Confirm
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Withdrawal." You will be brought to a
screen that says your withdrawal was
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successfully confirmed. You can click on
the deposit and withdrawal history link
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to track the transaction's process. The
amount of time it takes the transaction
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to complete will depend on the amount of
the withdrawal, the type of
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cryptocurrency you withdrew, and how busy
the Binance network is at that time. Once
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the transaction is complete, the funds
should be safely in your wallet.
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Congratulations! Now you can safely and
securely invest in alternative
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cryptocurrencies.
Thank you for watching my video. I hope
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you found this video helpful and easy to
follow. In the comments below, let me know
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which cryptocurrencies you would like me
to show you how to set up wallets for in
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future videos. Be safe out there.
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