How Does Binance Work?
Much like any cryptocurrency exchange, Binance provides its users with a vehicle for purchasing and selling digital currency. All the exchanges on Binance are crypto-to-crypto, meaning you cannot purchase digital coins on Binance with your government’s currency like USD, EUR, or CAD.
Binance works by allowing you to register an account, deposit cryptocurrency into your Binance online wallet, conduct secure transactions on the platform, and withdraw currencies at your discretion.
How to Register with Binance
Registration on Binance is easy.
- Simply go to Binance.com
- Click “Register” in the top right corner of the page.
- Provide your email, create a secure password, and complete the captcha requirement.
- Binance will send a verification email to the address you provided. If you don’t receive the email within a few minutes, check your spam folder.
- In the verification email, you will need to click the provided link to verify the contact information you provided.
- Once you verify your email, your account will be activated.
How to Deposit to Your Binance Account
After you register an account with Binance, the next step is to deposit funds so that you can start trading cryptocurrencies on the exchange. To deposit crypto to your Binance account you will need to:
- Log in to your account and navigate to the Deposit and Withdrawals page under the “Funds” category in the top menu.
- In this window, you’ll see a list of available coins that can be deposited or withdrawn. Select the coin you wish to deposit and click “Deposit” on the right side.
- After you select “Deposit”, you will see a deposit address which should be used to transfer from your wallet or other exchange platform.
- Binance will then confirm your deposit results. You can find deposit details in the “History” dashboard under the “Funds” menu category.
Navigating Binance’s Platform
If you are new to cryptocurrency trading, then you may be a little overwhelmed with Binance’s platform. There are two different exchange interfaces within Binance, one labeled “Basic” the other labeled “Advanced” which are meant to provide a trading dashboard based on your experience trading crypto.
The basic view looks like:
The advanced view looks like:
Both views provide the user with historical data, trend lines, order books, conversion rates, and comparison charts. The advanced view does provide slightly more analytical representation, but both can provide ample data for users to make decisions. However, it’s highly recommended that you conduct additional research outside Binance before making trading decisions as numerical data is just a piece of the equation.
Different Account Levels
Binance does provide users with different level of accounts. These levels offer the user additional trading limits. For instance, once you register for Binance, you’ll be given a “level 1” account which has a daily withdrawal limit of 2BTC. If you’d like to withdraw more, you will need to provide photo identification and be manually approved for “level 2” which comes with a 100BTC daily withdrawal limit. If you’d like to withdrawal more, you will need to contact Binance directly.
Trading Cryptocurrency on Binance
All cryptocurrency exchanges have some hurdles that are required before you can start trading. However, once you’ve registered and funded an account on Binance, you are elgible to start buying and selling cryptocurrencies.
The majority of coins available on Binance will need to be purchased using either Bitcoin (BTC) or Ethereum (ETH). However, Binance also allows users to purchase selective coins using BNB which is Binance’s crypto coin and USDT. You can quickly navigate available coins using the right widget as seen below.
After you’ve decided what coin and means of purchasing you’d like to use, you can navigate to that pair by clicking the combination under “Pair” in the widget or other search forms on the site.
Once you land on the pair’s page, you can submit buy or sell orders based on “Limit”, “Market”, and “Stop-Limit” based on your purchasing or selling strategies. Once you place the order, you wait to be notified that the terms of your transaction have been completed.
What Cryptocurrencies are Available on Binance?
Binance is growing in popularity because of its wide variety of coin options. It bolsters one of the largest cryptocurrency inventories available and is constantly adding new Initial Coin Offerings (ICOs) to its marketplace. As of December 2017, the list below includes some of the available coins on Binance and the pairing option.
|Time New Bank||TNB/BTC|
What is BNB?
As mentioned briefly above, Binance has their own coin offering (BNB) that can be purchased and used throughout Binance’s platform. BNB can be used to offset
- Exchange fees
- Listing fees
- Withdraw fees
- Miscellaneous fees.
Binance has also issued a repurchasing plan that will include 20% of their quarterly profits used to buy back BNB to destroy until only 100MM BNB is left. If you are interested in purchasing BNB you can do so on Binance using USDT, BTC, or ETH.
How Much Are Binance’s Fees?
If you register for Binance using our Referral ID: 12979595 you will earn 50% off your trading fees for one month. The standard fees for executing a trade on Binance is .1% of the trade. In other words, if you purchase BTC for $100 USDT($100 x .001), then .10 will go to Binance.
Withdrawal fees will depend on the cryptocurrency you are looking to withdrawal.
Is Binance Safe and Secure?
When it comes to currency exchange, safety and security cannot be overlooked. There have been a number of stories about other exchanges that have suffered a hack or security breach, which can make it difficult for people to trust new exchanges. However, Binance is still viewed as a secure trading option, in part to their two-factor authentication feature which helps secure your personal account using a password, captcha, and Google Authenticator.
Binance Support and Help
Binance is a growing community and its support desk is a byproduct of that. The available articles and FAQs on the website are growing every day with new problems and issues that users face. The team at Binance is fast in their responses, but there is no live support and no monitored phone number for customers to contact Binance directly, which isn’t ideal.
However, if you experience any issues on Binance, you can submit a request and support ticket directly to their team. The responses will be conducted via email.
Overall Thoughts on Binance
Binance is a versatile cryptocurrency exchange that has more than 1 million active users trading millions of times each minute. It’s quickly growing into one of the biggest altcoin exchanges on the market and should certainly be a consideration for beginners and expert crypto traders.
If you decide to register for Binance, make sure you follow general safety measures like their two-factor authentication and practice safe trading.