Today we’re going to walk through how to acquire some BAT through USD with absolutely no prior history or setup with crypto! What we are trying to do in this tutorial is simple:
- Buy Ethereum from Coinbase with USD (or an equivalent fiat exchange)
- Send Ethereum from Coinbase to Binance
- Trade Ethereum for BAT on Binance
Prerequisites – Coinbase and Binance Accounts
For this tutorial we’re going to need create an account with both Coinbase and Binance. Coinbase is a US crypto-fiat exchange – basically, this is your first entry point into the crypto space if you are holding US dollars. Binance is an altcoin exchange – this is where you can acquire many crypto currencies such as BAT.
- Create an account with Coinbase (referral link) (for US Customers only. If you are in another country, go ahead and register with a crypto-fiat exchange in your region.)
- After registering, you will need to acquire Ethereum or Bitcoin by purchasing with a credit card or through a bank transfer. (Note: It is highly-recommended that you purchase Ethereum instead of Bitcoin due to high fees and long transaction times on the Bitcoin network)
- Next, create an account with Binance (referral link) – 12793030
This tutorial will not cover these steps – We will assume that you have already created accounts with these two exchanges, and have already acquired Ethereum on Coinbase (or an equivalent fiat exchange). If buying from Coinbase, it could take 7-10 business days before Ethereum shows up in your account after the time of purchase!
If you would like to support us, please use the referral links above when creating your account! : )
Binance – Deposit Ethereum
Before going further, you should have already completed steps 1-3 above. Ethereum should have been acquired in your Coinbase account, which could possibly take around 7-10 business days from your time of purchase. You will need to see the Ethereum in your account before going further.
- Log into Binance, and select Funds > Deposits Withdrawals
Deposits & Withdrawals on Binance
On this screen, you should see many, many altcoins available for depositing and withdrawal. We’re going to search for Ethereum so we can deposit it from our Coinbase account.
- Type “eth” in the search bar to filter the coins by keywords. (We’re looking for “ethereum” here)
- Find ETH / Ethereum in the list of filtered coins.
(Do NOT get this confused with ETC/Ethereum Classic)
- Click Deposit in the row corresponding to ETH / Ethereum.
Getting ETH Deposit Address
After clicking Deposit, Binance should have provided you with an address in which to deposit your account with Ethereum.
- Copy this address. This is where you will send Ethereum to from your Coinbase account.
Coinbase – Sign In
By this point of the tutorial, you should have already created an account with Coinbase, and also purchased some Ethereum. Please do so if you haven’t already. Note that it may take 7-10 business days for your Ethereum to arrive after time of purchase, either with a credit card or a bank transfer.
- Go to Coinbase.com, and select Sign In
Coinbase – Dashboard
- On the Dashboard screen, select Accounts
Coinbase – Sending ETH
By this point, you should have already purchased some Ethereum. Scroll down to find your ETH wallet on the left side.
- Click Send from your ETH Wallet.
Coinbase – Insert Address and Amount
If you remember from a few steps back, we found the Deposit Address from our ETH wallet over at our Binance account. Insert that address into the Recipient section, and fill out the rest of the form.
- Insert the Address that we found from the last part from our Binance ETH wallet.
- Enter the Amount of ETH that you wish to send.
- Click to continue.
Coinbase – Finally, Send it!
You should now see a confirmation dialog. If you have 2-factor authentication enabled, you may have to enter your security code (either sent to your phone or from your Google Authenticator app).
- Enter your 2-step Verification code, either sent via SMS (text message), or from your Google Auth app.
- Click Confirm to send ETH funds to your Binance account.
Binance – Check the Transaction
After initiating the ETH transfer from Coinbase, we can go into Binance to monitor the transaction and receipt of funds.
- Select Funds > History
Binance – Deposit History/Status
Here, we can see the progress of our latest deposit into our Binance ETH account.
- The latest deposit shows how many Confirmations must be made on the ETH network before we can use our funds. For Binance, it usually takes 30 confirmations for ETH and other Ethereum Tokens. If transferring from Coinbase, it shouldn’t take more than 5 minutes to finish.
- When 30/30 Confirmations are reached, select Exchange > Advanced
Note: I’m not sure what the difference between Advanced and Basic is. They both seem to have the same interface options, but different layouts. I personally like Advanced better, because it is black (whereas Basic has a white background).
Binance – Finding BAT
Once we’re at the Exchange page, we need to look for BAT to buy some!
- Select the Coin-Pair dropdown. This may be a different pair than what you see on this tutorial, such as IOTA/BTC, REP/ETH, etc. Look for the dropdown to bring down the next menu.
Binance – Finding ETH Trading pairs
You can trade using several currencies: Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), or Tether (USDT). We want to look for the Ethereum market.
- Select ETH to bring up the Ethereum market.
Binance – Finding BAT Continued
After selecting the Ethereum market, we then need to find the BAT token to buy it.
- Enter “bat” into the Search Box to filter coins to bring up the BAT/ETH pair.
- Click BAT/ETH to bring up the BAT market.
Binance – Buying BAT with ETH
Ok whoa. There’s a LOT going on here! If you’re not familiar with stocks and how to make orders, hopefully this will clear some things up! Don’t worry, it’s really simple once you get it!
- This is the ETH Price of each order of BAT that is on the market. This long decimal, 0.00046680 is the Ethereum price per BAT. I won’t go too much into it, but just know that higher number means more expensive, lower number means cheaper.
- This is the Amount of BAT that is for sale for that order at that given price.
- Enter the ETH Price you are willing to pay for an order of BAT. What you can do is look at the orders in Pink that are available. If one order has the Amount that you want to buy, click on the Price (in section 1.) and it will automatically fill your Price number here.
- Enter the Amount of BAT that you want to buy. Click inside the box, and the site will tell you what the maximum amount of BAT you can buy is, according to the price you set in 3.
- This shows the Total cost in ETH that you will be spending for your order.
- Click Buy to place your order. It will immediately fill if people are selling for the price you entered.
- If the order you made had too low of a price, and nobody was selling at the time, your order will remain Open in this area until it is filled. You can cancel an Open order it at any time to retrieve your funds and repost an order for a higher price, if you wish.
Binance – Accessing your BAT
Congratulations! You made your first order on Binance! Now let’s see where we can access that juicy BAT we just bought!
- Click Account to leave the Exchange.
Binance – Back to Deposits and Withdrawals
From your Account page, navigate back to the Deposits and Withdrawals page.
- Select Funds > Deposits Withdrawals
Binance – Find your BAT
Similar to the same way we found Ethereum when depositing, we’ll search for BAT in order to withdraw it.
- Type “bat” into the Search Box to filter coins by name.
- Look for the BAT token.
- Select Withdrawal corresponding to the BAT token.
Binance – Gimme my BAT!
Generally, you’ll hear people say to never leave your funds on an exchange for a prolonged period of time. If you’re doing a lot of trading (selling/buying), feel free to leave your BAT, ETH, and any other coins on the exchange. If you want to be safe and hold it in your own wallet, you can withdraw it to your MEW wallet.
If you don’t have experience with managing your own ETH wallets using MyEtherWallet (MEW), no worries! We have tutorials for that:
- Enter a name for your new withdrawal address. This can be anything.
- Enter the Public Address of the wallet you wish to withdraw to. Be careful to DOUBLE CHECK to make sure it’s correct!!! (Always copy+paste, never hand-type!)
- Enter the Amount of BAT you wish to withdraw.
- Click Submit. (Note that Binance has a withdrawal fee for each token. That fee is usually equivalent to $1.00-$3.00 depending on the coin. It may not be cost-effective to withdraw small amounts at a time!)
- If you have 2-factor authentication activated, you will need to input your code here.
- Click Submit to withdraw your BAT! (Note that depending on the withdraw amount, Binance may require additional steps, such as approving the withdrawal through an email confirmation).
Wow, you did it!! If you made it through the entire process, do leave a comment! Haha. Getting crypto is definitely not easy, and acquiring an altcoin like BAT (as opposed to Ethereum) is even less easy! However, for those who can figure it out, it may just pay off big time in the future!
- We created an account on Coinbase to purchase Ethereum with USD. (Ethereum is preferred over Bitcoin because it is cheaper and faster to transact).
- We created an account on Binance so that we can trade Ethereum for BAT.
- We went to Binance to find our ETH deposit address.
- We sent the ETH from Coinbase to Binance’s ETH wallet.
- We went to Binance’s Exchange and looked for the ETH-BAT trading pair.
- We proceeded to make an order for BAT based on the amount of ETH we had.
- (Optional) We then withdrew the BAT into our own MEW wallet.
Also coming soon, we’ll have a tutorial on how to obtain BAT through Shapeshift! Shapeshift is an exchange that doesn’t require signups. The fees are a little bit heftier, but the service is very easy to use! This DOES require your own MEW wallet. And you will still need to acquire Ethereum from Coinbase first. We’ll have the tutorial linked here when it’s ready!
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