About Binance Cryptocurrency Exchange
With the ever-increasing number of cryptocurrencies currently over 1545, and over 200 cryptocurrency exchanges, the plethora of choices of the market can be over whelming for both newbies and experienced crypto enthusiasts. It has been observed that in the last few years, over 55% of the total volume of cryptocurrency transactions are being done in Asia, especially, China, Japan, South Korea, and India. This has led to the tremendous success in trading volumes being experienced by the Asian crypto-exchanges. One of these exchanges, and the biggest of all is Binance.com.
Binance is a cryptocurrency exchange launched 11th of July, 2017. Unlike some other exchange platforms, that offers crypto – fiat / fiat – crypto transactions like Coinbase, Binance offers trading of only crypto -crypto transactions.
Located in Asia, and built with effective user experience in mind for both newbies and enthusiasts, Binance is the fastest growing cryptocurrency exchange with over 20,000 registrations per minute. Ultimately, Binance is the largest cryptocurrency exchange with an hourly trading volume of over $2,000,000,000.
Binance exchange operates in many countries around the globe. The surging popularity of Binance stems from multiple factors, ranging from the support for multiple languages, having a clean user interface and most notably, an extremely high throughput of certified matching engine capable of processing over 1,400,000 orders per second, and the extremely low transaction fees.
Table Of Contents
Binance is currently the only cryptocurrency exchange that releases futures of Bitcoin forks on the first day, just after the snapshot is taken.
Ease of Use
Binance is built with goal of simplicity for both newbies and professional traders. Users are provided with the option to switch between either a basic or advanced view when trading.
Currently, Binance has the ability to process 1.4 million trading orders simultaneously.
Varieties of Trading Pairs
Binance offers 116 BTC trading pairs, 133 ETH trading pairs, 45 BNB trading pairs, and 6 USDT trading pairs. This versatility in trading pairs give Binance an edge over other trading platforms.
Binance is known for its advanced level of security built by professionals from in industry. However, On 7th March 2018, the VIA / BTC market at Binance experienced abnormal trading activity, as a result, withdrawal of funds on the exchange was suspended. The hackers were reported to have accumulated user accounts with phishing attacks. They choose the VIA / BTC market because of the small volume, and then placed large orders for sale at high prices.
After that, they perform trades on their victims' accounts, selling their Altcoin for Bitcoin, then buying VIA at high prices (and, apparently, the hackers themselves were selling VIA tokens). Before this event, Binance has never experienced any security breaches or hacks, and have always stated that the platform was “engineered from the ground up with security, efficiency, speed and scalability taken into utmost consideration”.
Low Fee Structure
One of the reasons for the global adoption of Binance is her competitive fee structure compared to other exchange. All trades on Binance are subject to a 0.1% trading fee. Users can also use Binance tokens (BNB) to pay for trading fees with a significant discount of 50%, decreasing by half each year after 2017, till the 5th year, where no reward will be awarded to holders of BNB.
Binance offers zero charge for deposit. However, withdrawals are subject to the conditions of the blockchain at a point in time. Users can calculate withdrawal fee based on the predefined gauge set by Binance.
Responsive Customer Support
Binance offers one of the best customer support teams in the market. Like some other exchanges, Binance operates a ticketing system via an online form. At this point in time, there is no live chat option or phone support for Binance users. However, the support team is highly active on Reddit, and provides in-depth answers to community questions. Also, the social media team is super active, as they give quick updates on news as fast as possible.
The BNB Token
The Binance token is an ERC20 token. It is the native currency of the Binance platform. The total volume of BNB is circulation is 197,192,382. Binance token was launched through an ICO, which made 100 million BNB available for purchase to investors, generating $15 million USD equivalent in cryptocurrency. BNB is currently ranked 25th on the coinmarketcap with a marketcap of $850,283,715 USD.
Right now, BNB’s primary value is within the exchange. One reason why BNB is so popular is that it is used on the exchange as a way to reduce fees. Binance has an exchange fee of 0.1%. When using BNB, this fee is reduced by 50%. With every subsequent year of membership, the fee discount decreases by 50%. However, by the fifth year using BNB, the discout will be reduced to zero.
In this guide, we’ll walk you through the Binance exchange.
Binance Account Registration And Verification
Join & Verify
- Click here to get started with registration on Binance.
- Verify your email account by clicking on the confirmation link sent to your mail
Now, you are at the first stage of verification which is the level 1. Level 1 accounts are restricted to a 2BTC daily withdrawal limit. To increase your withdrawal limit, you’ll have to upgrade your account to level 2 by completing the KYC (Know Your Customer).
Complete the KYC
The KYC requires a government-issued photo identification, such as a driver’s license, international passport, or a voter’s registration card, as well as an active mobile phone number. Following that, you need to provide:
- First name
- Last name
- Passport ID
- Passport photo
- Selfie with passport
With Level 2 verification, your daily withdrawal limit increases to 100 BTC.
The next step is for you to enable either two-factor Authentication.
Set-up the 2 Factor Authentication (2FA)
The two recommended 2 factor authentication are:
- Google Authenticator, and
- SMS Authenticator (For mainland China only)
The google authenticator is the most common and most trusted authenticating application by the industry. However, it might be difficult sometimes to recover your account in case the device is lost. If you have an android phone go to the Google Play store or if you are on a mobile device click here to download Google authenticator.
If you have an IOS device go to the Appstore or if you are on a mobile device click here to download Google authenticator.
- Download Google Authenticator and install it on your mobile device.
- Login to Binance with your email and password.
- Once logged in you should see 2fa on the main screen.
- Click on Google Authenticator
Note: Once you are on this page it is REALLY IMPORTANT to save the 2FA Backup Key. Write it on a paper and keep it in a safe and secured cabinet for easy recovery of your account in case the 2- factor authentication is no more accessible.
- Once you installed Google Authenticator on your phone open the application.
- Press the + button and either scan the QR code or fill in the backup key.
- Google Authenticator now shows a 6-digit code that refreshes every 30 seconds.
- On the Binance website fill in your password and the google authenticator code that displays on your phone and press submit. You have to make sure that you fill in your password in the first box, and your google authenticator code in the second box.
- Check your email and click the confirm
Making Deposit On Binance
Binance supports only cryptocurrencies and does not support any fiat currency (like the USD) which means it’s not possible to deposit fiat currency. Like all other centralized exchanges, Binance provides users with a hosted wallet (also known as the HOT WALLET) meaning, it is not possible to sign any transaction made to the contract or address on the blockchain using the private key (since the user has no access to his/her private key).
The only advantage of using the exchange wallet is to temporarily hold the capital needed for trading. It should be noted that, it is not advisable to keep any fund other than the intended fund for trading.
Depositing cryptocurrency to the Binance exchange wallet is as simple as any everyday cryptocurrency transaction. You can deposit any cryptocurrency of your choice from the list of supported currencies by the exchange. Check the list of supported currencies on Binance here.
Sending funds from your wallet to the HOT wallet provided on the exchange (Binance wallet address)
- Go to your Binance account and go to Funds, then Deposits and Withdrawals.
- Search for the coin you are trying to deposit, click on it, and copy the generated address.
- From your (offline) wallet, Click on Send tab, and a textbox will be provided for you to put in your deposit address. This is where you’ll paste the address copied from your Binance account.
- Copy and paste the generated Deposit Address into the Recipient box from your offline wallet, and enter how much you want to send and click on the Send
- Wait for the transaction to be confirmed on the blockchain (depending on the blockchain of the fund you sent)
- Once the balance has been updated on your Binance account, you are good to go.
Now you can trade!!!
Trading On Binance
Like other exchange platforms, trading on Binance follows the same process as being done on other exchanges. Unlike others, Binance offers two different views:
Select the Exchange
To get started with trading, you’ll need to click “Exchange” at the left of the top menu bar and select either the Basic or the Advanced trading view.
Select a Trading Pair
To trade on Binance, you’ll need to select a trading pair from the top right panel. The available pairs are BTC, ETH, BNB or USDT:
In this example, we are selecting ETH
You’ll notice that the left-hand panel will now populate with the prices at which other traders are willing to trade at. The top half of this panel lists sell prices in red, while the bottom half lists buy prices in green.
Place a Buy Order
Click on the order box directly beneath the central chart in the trading view screen, you’ll be presented with both buy and sell options. It’s possible to use this panel to enter a price you’d like to buy at manually, but it’s generally easier to select the sell price in the left-hand panel.
You can either enter the amount of currency you wish to purchase manually, or choose to use the 25%, 50%, 75% or 100% buttons that immediately fills the order amount drawn from the available base currency
In this example, we are buying ADA with ETH
Once you’re satisfied with your order, click the green “Buy” button at the bottom of the order box. Your order can then be viewed in the “Open Orders” section below until it is filled.
Once your order has been filled, you’ll find the asset purchased under the “Deposits / Withdrawals”
Binance Funds Withdrawal
To withdraw any fund of your choice, Select “Funds” tab and click “Withdrawals”
Search for The Asset You Want to Withdraw
Find the token you want to withdraw by clicking on the drop-down list and type the asset label (for easy access rather than scrolling). In this example we are using the NEO token, so I clicked on NEO when it popped up.
Fill the withdrawal form
Fill in the the wallet address you wish to send to, and the amount of assets you are sending. Then click “Submit”.
Confirm the withdrawal from your inbox
An E-mail to confirm the transaction will be sent directly to your inbox, you must confirm the mail from the inbox before the withdrawal can be made. Once you click on the link sent to your inbox, you are good to go. Now, you should be expecting the fund in your wallet.