Read this full review to find out how to use Binance, what the Binance fees are, how to make a deposit with Binance, how to trade on Binance and much more.
What is Binance?
Founded in 2017 by Changpeng Zhao, Binance is a leading cryptocurrency exchange for cryptocurrency traders and enthusiasts looking to buy and sell a wide variety of cryptocurrencies at low fees. Its defining features are innovation and new features, proactive community, ability to buy bitcoin and altcoins with more than 40 fiat currencies, their own Binance Chain and Binance coin (BNB), Binance Futures and margin trading with up to 125x leverage.
Additional Binance Data
Launched in China in July 2017, it has a fine crypto pedigree behind it: founders Changpeng Zhao and Yi He had worked previously at OKCoin exchange, while Changpeng had also been a member of the Blockchain.com wallet team since 2013.
Binance cryptocurrency exchange has proven to be one of the most successful ICO (initial coin offering) projects out there. Between July 1-20, 2017, the exchange raised USD 15,000,000 equivalent of crypto from eager investors. In turn, the investors received 100,000,000 of Binance Coin (BNB) tokens issued on Ethereum blockchain (now migrated onto Binance’s native Binance Chain). The initial ICO price for one BNB was USD 0.115 per coin.
Although the company was founded in China, it moved its headquarters to Japan in advance of the Chinese government ban on cryptocurrency trading in 2017. In 2018, Binance established offices in Taiwan and announced its move to Malta.
Binance has had a very successful start since it was created in 2017. They are now averaging more than $1 billion in daily trades, making them the largest exchange for alt-coin trading. In fact, Binance grew so quickly, that in January 2018 they had to suspend new registrations. This was because too many people were trying to open a Binance account.
Main Features about Binance
Low trading fees. Trading on Binance offers you some of the lowest rates in the industry.
Trade over 180 cryptocurrencies on Binance. Binance is one of the major altcoin exchanges with one of the best selection of tradable assets.
Binance Fiat Gateway. Binance lets you instant buy bitcoin and other 15 top cryptocurrencies with 40 popular fiat currencies using bank cards, cash balance, and other payment methods. Besides, you can sell them for some of the supported national currencies, too.
Multi-platform support. Binance is accessible via its web platform, mobile apps for Android and iOS, and desktop clients for macOS and Windows. Besides, you can make use of Binance API.
Around the clock customer support. Binance has a dedicated help center, where you can reach out to the support team or real beginner guides and explanations of all sorts of exchange functions.
Binance Finance. Binance also supports staking, crypto lending, and other means of earning passive income from your crypto assets.
Binance Launchpad. All customers of Binance can participate in its initial exchange offerings (IEOs). Binance’s IEOs are among the most profitable in the industry.
Main Binance Products
Binance Fiat Gateway. A fiat gateway that lets you purchase cryptocurrencies using your national currency (currently supports nearly 40 fiat currencies).
Binance Crypto Loans. A feature that allows you to take out crypto loans secured by your cryptocurrency assets.
Binance P2P trading. A peer-to-peer crypto trading platform like LocalBitcoins or LocalCryptos that supports payments via WeChat, AliPay, Bank Transfers, QIWI, and more.
Binance Card. A crypto payment card that can be used as a payment option for everyday purchases just like a regular bank card.
Trust Wallet. An official, secure, and decentralized wallet of Binance.
Binance Jersey. A European fiat-to-crypto cryptocurrency exchange that facilitates bitcoin (BTC), ethereum (ETH), litecoin (LTC), binance coin (BNB), and bitcoin cash (BCH) trades for euros (EUR) and pound sterlings (GBP).
Binance US and other localized versions of Binance exchange. Regulated versions of Binance exchange dedicated to certain markets with varying regulatory climates.
Binance Staking. Binance staking feature lets you stake certain cryptocurrencies and reap up to 16% annual yield. Supported cryptocurrencies include Ark, EOS, ARPA, TROY, Lisk, LOOM, Tezos, KAVA, THETA, and more.
Binance Savings. Ability to employ your crypto assets by lending them out to earn interest. You can withdraw your funds anytime.
Binance DEX. Binance’s decentralized exchange built on the Binance Chain.
Binance JEX. Binance’s cryptocurrency futures and options trading platform.
Binance OTC. Over-the-counter trading desk for whales and other large-volume traders.
How to use Binance?
Next we will analyze step by step how to use Binance and perform an operation on the exchange.
How to Register at Binance?
- To register simply navigate to the Binace homepage and click “Register”.
- You will then be asked to enter a minimal amount of personal information such as your email address and password, you will also be asked to accept the terms and conditions of the company.
- After you fill in the required fields, click “Create Account”, a confirmation link will be sent to your email address.
- Once the confirmation link is clicked, your Binance account is ready to be used.
How to Deposit Funds at Binance?
Now that your account is activated, you'll need to add funds to your account if you wish to buy or sell any cryptocurrencies.
Pay with Credit/Debit card :
- Binance has a feature that allows users to purchase certain cryptocurrencies directly with their Visa or Mastercard credit card. If you are a qualified candidate, navigate to the “Buy Crypto” tab and select “Credit/Debit Card”.
- You will then be required to enter the purchase amount of the desired cryptocurrency and whether you will be paying with the US dollar, euro or any other accepted fiat currency. Currently there is a wide variety of cryptocurrencies that you can buy with credit or debit cards.
- After completing this step, you will need to confirm your billing information, email address as well as your identity.
- A valid government issued form of ID is required to be submitted to confirm your identity.
- Once all of the required steps have been completed, the newly purchased cryptocurrency should reach your Binance wallet within 10-30 minutes, depending on the blockchain network.
Deposit with a cryptocurrency :
You can also make a deposit of cryptocurrencies by sending funds from a external cryptocurrency wallet into your Binance account.
- In order to do this, go to your dashboard and click on the option “Deposit”.
- On this page, you will see all of the cryptocurrencies available for trading on Binance. To make the deposit, you must first select which cryptocurrency you want to deposit and then be shown your unique deposit address.
- Next, you need to copy the deposit address. The easiest way to do this is to click on the automatic copy icon to the right of the deposit address.
- Now you need to go to your external cryptocurrency wallet and transfer the number of Bitcoins you want to send to your Binance account. It is very important that you send the coins to the correct Binance deposit address. Make sure you double-check the address after copy and pasting it.
- Once that’s complete, wait for the transaction to process and you’ll be ready for trading.
How to Placing a Trade in Binance?
Let’s go back to the home page now that your funds are ready to be used.
Basic trading for beginners :
Binance has an option that is ideal for people completely new to trading, which offers us an interface that is very simple to look at and easy to use.
- Firstly navigate to the “Trade” tab and select “Basic”.
- Then a very easy to understand box will appear where you can select the cryptocurrency you want to exchange and the cryptocurrency you want to receive in exchange.
- The next thing is to place the amount you want to change for that new cryptocurrency and click on “Preview Conversion” to see how much they will give you for that new cryptocurrency, it only remains to accept the operation and the trade will have been made.
- At the end of the operation your new cryptocurrencies will be in your balance ready to make a new trade.
Complete trading for advanced :
Binance also has its section for the most advanced and professional traders, with a much more complete interface and a lot of information for experienced traders who already know the mechanics of exchanges.
- Again go to the tab “Trade” in this case select “Classic”.
- When entering the trade panel, we go to the section of other cryptocurrencies and we will look for the currency that we deposit or buy to make the trade, we will also look for the pairs that interest us to make the change. For example, if we want to exchange Bitcoin, we will look for pairs by their codes such as BTC/ETH, BTC/ZEC, BTC/DASH, etc.
- After you have chosen the pairs you want to trade, you will click on them and it will direct you to the trading screen of the chosen pairs.
- Below is a chart showing the market information for the pairs you chose, along with the entire order book and trading market. But we will focus on the buy and sell section below the chart, in which there are numerous options of buy and sell types.
- To create a buy or sell order we can do it in 3 different ways; such as Limit order, Market order and Stop-Limit order.
For this example we will choose the ETH/BTC pairs.
- Limit Order : We go to the Limit order tab and set the price (in BTC) at which we want to sell the ETH and the amount we want to sell, then we will click on “sell ETH”.
After that, you will see a confirmation message on the screen, and your limit order will be placed on the Order book, with a small yellow arrow.
You can scroll down to see and manage your open orders. The limit order will only execute if the market price reaches your limit price. If the market price doesn’t reach the price you set, the limit order will remain open.
- Market Order : We go to the Market order tab and in this case we only establish the amount of ETH that we want to buy and click on the “buy ETH” button.
After that, you will see a confirmation message on the screen, and your market order will be executed.
Since market orders are executed right away, your market buy order will match the cheapest limit sell order available on the order book.
- Stop-Limit : We go to the Stop-Limit Order tab and we will establish the stop price and the Limit price together with the amount of ETH that we want to sell, finally we will click on “sell ETH”.
When you click “Sell ETH”, a confirmation window will appear. Make sure everything is correct and press Place Order to confirm.
You can scroll down to see and manage your open orders.
Note that the stop-limit order will only be placed if and when the stop price is reached, and the limit order will only be filled if the market price reaches your limit price. If your limit-order is triggered (by the stop price), but the market price doesn’t reach the price you set, the limit order will remain open. This means that the stop-limit order will become a limit order to buy or sell at the limit price (or better).
How to Make a Withdrawal in Binance?
Now that you know how to buy or deposit cryptocurrencies, you also know how to trade on Binance, it is very important to know how to withdraw the profits you get when trading. So let's show you how to do it.
- To make a withdrawal, go to your dashboard and click on the “withdraw” option.
- When entering this page, you must first select the cryptocurrency you want to withdraw and then you will be shown a box to complete your withdrawal information.
- Next, you must enter the destination address of the cryptocurrency you chose, you must also choose the transfer network (always choose the same network of the cryptocurrency you chose) and finally you must enter the amount you want to withdraw.
- Finally, after having placed all the requested data, click on “Submit” and wait for the transaction to complete.
- Binance withdrawals are normally quick and usually take no longer than 30 minutes to reach your destination wallet. However, if the network is busy, it could take longer.
Binance is an exchange that adapts to all people who are interested in the world of cryptocurrencies. The exchange offers some of the lowest trading fees possible, and although it does provide fiat-to-crypto market pairs, it still provides an ability to buy and sell bitcoin and other 180 altcoins for fiat. On the one hand, it provides futures, options, and margin trading for more risk-tolerant users, while on the other, there are savings and staking programs for more risk-averse traders.
In my opinion, Binance is one of the best cryptocurrency exchanges out there for trading between different cryptocurrencies. It offers a great, easy-to-use interface that caters to all types of traders. Not only that, but it’s a platform you can trust.
Whether you decide to use the platform or not, at least now you know how to use Binance, and you should easily be able to deposit, trade and withdraw funds.
🢃 Recommended Platform 🢃