What is Binance?
Binance is a cryptocurrency trading platform that enables people to buy altcoins using bitcoin (BTC), ethereum (ETH), binance coin (BNB) or Tether (USDT). Learning how to trade on Binance will get you into the cryptocurrency space and give you the ability to buy or sell basically any coin available on the market.
I have put together a complete guide to Binance exchange. My goal is to show you…
- How to open account with Binance
- How to secure your Binance account
- How to fund your Binance account
- How to deal with Binance exchange fees.
Binance offers the easiest and safest way to buy and trade cryptocurrency. To start trading cryptocurrencies on Binance exchange involve just these four simple steps.
- Open account on Binance
- Enable 2FA
- Deposit cryptocurrency of your choice (I recommend Bitcoin or Ethereum)
- Trade altcoins of your choice using “Basic Exchange” function
OPENING A BINANCE ACCOUNT
Binance exchange is one of the fastest growing cryptocurrency exchange in the market. The increasing popularity of Binance is due to several factors which include but not limited to:
a. Support for multiple languages making it have a global appeal.
b. User-friendly interface making it super easy for complete beginners to start trading cryptocurrencies in just a few clicks.
c. An extremely high throughput (data processing speed).
d. Very competitive fees
e. Additionally, many new coins/tokens that just completed their ICOs would have a higher tendency to be listed on Binance compared to other big exchange. So if you have missed an ICO but still wants to catch a hold of a particular coin, Binance would be the right place for you.
It is important to note that Binance is a crypto-only exchange, and does not accept fiat deposits.
Opening a Binance Account
Step 1: Go to Binance website
Make sure to bookmark the page, as there are several cases of phishing sites that mirror the actual site so as to steal people’s fund. As a precaution, you should always examine the URL and look for the “Secure” Certificate to authenticate that you are dealing with the the original Binance site.
Step 2: Complete the Sign-Up Process
Click on the “Register” tab on the top right-hand corner of the webpage.
After you click on register, you’ll be presented with a quick verification puzzle. Again, this is for safety to assure you are a human being and not a hacking software. Slide the three green line to the left until it fits the puzzle.
Step 3: Verify your email
We are almost done! Now check your email……and click “Verify Email”.
Step 4: Enable 2-Factor Authentication (2FA)
When you log into your new account for the first time, a pop-up should appear on the screen, asking you to enable 2FA immediately to increase your security.
You can now start to deposit your cryptocurrency coins or tokens into your Binance account.
How Do I fund My Account?
Remember, Binance is a trading platform only, and to be able to trade cryptocurrencies on Binance, you need to have Bitcoin or other base cryptocoin (eg ETH, BNB, or USDT) in your account. Once you own Bitcoin or any other base cryptocoin, sending it to your Binance Account is a piece of cake.
Step 1: Go to the “Deposit” Page
At your dashboard (or the first page you see when you log-in), click on the “Deposit/Withdrawals” button under the “Funds” tab on the top right-hand corner.
Step 2: Select the Coin You Want to Deposit
Search the coin that you want to deposit and press the “deposit” button. It is extremely important to only click the “deposit” button that is specific to the coin that you’re going to deposit. So if you’re depositing Bitcoin (BTC), make sure you click the “Deposit” button only for Bitcoin (BTC). This is because the address for each coin is different. You can just search for the coin in the search field to expedite the process.
Step 3: Transfer Your Coins to the Generated Address
The address you’ll be sending to will be generated in the field under “BTC Deposit Address” (assuming you’re depositing BTC). So if you’re transferring BTC from your wallet or from other exchange to Binance, this will be the address you send your BTC at.
Step 4: View Your History
The history of your deposit will be shown in the “Funds” > “Deposits/Withdrawals” tab.
What is Binance Coin (BNB) and What is it Used For?
Binance is probably the first exchange that has its own cryptocoin called Binance Coin (BNB). BNB allows you to pay for the different types of fees within Binance exchange. These fees includes:
- Trading Fees (fees incurred from buying and selling coins)
- Withdrawal Fees
- Listing Fees
By using BNB coins to pay for the above fees, you will get a significant discount, which affords you 50% discount in the first year. Here’s the schedule of discount you will get by using BNB to pay for the aforementioned fees:
Israel Martins is a cryptocurrency researcher and trader since 2016, passionate about blockchain and other emerging technologies.