Binance is an up and coming cryptocurrency exchange with a focus on crypto-to-crypto trading. The platform has started to gain popularity in the blockchain community thanks to its insanely low trading fees,(0.1%), high withdrawal limit and available many altcoin for trading(including Iota,Ripple,ADA, NEO, OmisGo etc).
It’s straightforward to buy and sell cryptocurrencies through the Binance exchange, while additional features make the platform capable of handling complex trading operations, as well. For a beginner it will take a little time to find out what is what.Whether you’re a professional trader or just starting out with cryptocurrencies, Binance offers a wide variety of tools for engaging with digital asset markets.
What is Binance?
Binance was created after attracting funds via an ICO (Initial Coin Offering – creating a new digital asset, backed by the project), and it began live trading in July 2017.
Binance is known for its fast transaction processing as well as its low trading fees (0.1%). The Binance technology is capable of processing 1.4 million orders each second. This makes the platform a world leader in potential exchange volume.
By offering both Basic and Advanced exchange interfaces, Binance makes it easy for beginners to execute simple trades, and provides professional traders with access to more complex options, such as margin trading.
- Trade Bitcoin Cash & Bitcoin Gold
- Fees: 0.1% trading fee
- Supported countries: Worldwide
- Deposit methods: BTC, ETH, LTC, NEO & BNB
How do I make a trade on Binance?
You can view the markets on Binance without registering for an account, but to actually make a trade, you will need to sign up and log in.
- Simply select “Register” from the main website and follow the steps to create a new account. You will likely need to verify your email address to activate your account.
- Once your account is confirmed, you can log in to Binance using your email address/userID and password. To prevent phishing attacks, be sure to double-check that the URL is correct and uses the https protocol.
- To deposit funds into your account, navigate to the “Funds” tab and choose “Deposits/Withdrawals”. From there you will see a list of supported currencies. Find the currency you wish to deposit (bitcoin is typically near the top) and click the “Deposit” button.
- You will be shown the deposit address for the currency of your choice. You can either copy the alphanumeric code or use the provided QR code. This is the address you will want to send your funds to.
- Whether you’re keeping your funds on another exchange or a third-party wallet, just go there and send the funds to your Binance deposit address, either by pasting in the code or via QR.
- Once you have confirmed the transaction, it will typically take a few minutes to process. You may not see the transfer register immediately in your available Binance balance. When a transaction is in the process of being confirmed, it may appear in the “In Order” tab.
- When the funds appear in your “Available Balance” tab, you can proceed with trading. To make a trade, visit the “Exchange” tab and choose either “Basic” or “Advanced”. For new traders, the “Basic” view may be easier to navigate.
- Choose the trade you want to make from the trading pairs tab. If you have deposited bitcoin to your account, you will have the option to buy many different cryptocurrencies with bitcoin. Binance also supports some trading pairs that use Ethereum as a base currency. If you want to take advantage of the BNB token for reduced fees on Binance transactions, you can buy BNB with either bitcoin or Ethereum.
- Once you’ve selected your desired trading pair, simply enter the desired amount of currency you want to purchase and set the price you’re willing to pay for it. Once you’ve confirmed the details, hit the “Buy” button to complete the transaction.
- When you’ve purchased a new currency on Binance, your funds will show up in that currency’s designated wallet in your account’s “Funds” area. To withdraw funds from Binance, you may need to take further steps towards account verification.
Binance has a vast selection of cryptocurrencies with pairings to Tether, Ethereum, and Bitcoin. Here are some of the available coins:
- Bitcoin Cash
- Bitcoin Gold
- Ethereum Classic
- IOTA (Binance is one of only two major exchanges where IOTA can be bought)
- +56 more cryptocurrencies with new ones being added almost on daily basis.
How secure is Binance?
The Binance platform architecture includes ISO/ICO_27001:2013 and CCSS security protocols. For account security, Binance offers users the option to activate two-factor authentication and Google Authenticator to verify withdrawals and security modifications. In order to verify an account, users must activate one of these features. Currently, only Chinese phone numbers are supported for two-factor authentication.
The amount which can be withdrawn each day is determined by user’s verification tier. You’re placed at Level 1 without submitting any verification details, and you can withdraw up to 2 BTC worth of cryptocurrency a day.
You need to enable either two-factor authentication (2FA) or Google Authenticator in order to be classified as Level 2. Currently, only Chinese phone numbers are supported for 2FA.
I’m really liking this exchange. It’s easy to navigate, and has fast transaction times. No lagging withdraws. My account gets verified in just less than an hour. pretty impressive. Deposit also very easy and fast (depending on network confirmations).