Cryptocurrency exchanges play an important role in the huge growth of cryptocurrency. These are online platforms where people can exchange their cryptocurrency for other digital currency or traditional fiat currency. These exchanges play a vital role in connecting buyers and sellers and also charge them fees from each transaction. Today, there a number of options in digital currency exchanges, so it is becoming increasingly difficult to choose a trusted exchange or trading platform for both beginners and veteran cryptocurrency users.
Binance is one of the most famous Chinese cryptocurrency exchanges, well-known for providing crypto to crypto exchanges services. This exchange has grabbed huge popularity in the market due to its impressive number of initial coin offerings, low trading fees, neat user interface, availability in multiple languages, high speed for processing orders, etc.
In this article, we are going to discuss the key details of the Binance exchange.
Binance is a China-based cryptocurrency exchange that provides the benefits of accessing robust trading tools, security features, and charts for its users’ convenience. In 2017, this exchange was launched by professional developer Changpeng Zhao. He has an imposing resume with extensive years of experience in cryptocurrency. In addition, he was the Co-founder and CTP of OKCOIN, the Head of Development at Blockchain and Founder and CEO of Bijie Tech before joining Binance.
Before launching the Binance exchange they raised the funds through an Initial coin offering (ICO). With ICO, they raised the equivalent of USD15 million and provided their own cryptocurrency to investors. Binance is the first exchange to have its own currency called BNB. It is actually a token that built on the Ethereum blockchain. Now BNB is traded on the Binance exchange or utilized for paying different types of fees within the exchange that include:
- Trading fees (fees incurred from buying and selling coins).
- Withdrawal fees.
- Listing fees.
You can use BNB coins for paying the above fees as well as get a huge discount of around 50% in the first year. The Binance exchange provides both basic and advanced exchange interfaces so that beginners can execute easily through simple trades and professional traders can access with more complex options like margin trading.
Advantages of using Binance
Huge list of cryptocurrencies
Binance is a famous exchange because it has listed so many different cryptocurrencies. You can check ICO list to know more about it.There are around more than a hundred different cryptocurrencies provided by this exchange. It includes well-known coins such as Ethereum (ETH) and Litecoin (LTC) to smaller coins like Zcoin (XZC).
Yes! When it comes to trading crypto-to-crypto, Binance is one of the exchanges that charges the lowest fees in the industry. The customer needs to pay only 0.1% for every trade which means if they trade 1 ETH then they are charged only with 0.001 ETH. Even, they will not charge any fees for deposit. Additionally, you can enjoy the benefit of 50% trading discount if you trading with BNB coin on the Binance exchange.
If you are a regular trader on the Binance exchange then you can get a chance to win prizes. These prizes change from time to time and include the winning prize of free cryptocurrencies such as Ontology (ONT) and Waves (WAVES).
Binance gives first priority to its security features and ask customers to set up two-factor authentication (2FA) while registering their account. It is a special security system that sends a unique code to your mobile phone when you want to log in your account to trade or withdraw funds. Moreover, Binance also utilizes CryptoCurrnecy Security Standard (CCSS) to protect the account.
Support high volume trading
Today, Binance has become one of the popular exchanges for buying, trading and selling cryptocurrencies so there are numbers of trades are happening on this platform. This is a reason why Binance can provide you better chance for selling your cryptocurrency immediately.
Recently, Binance added a new functionality of Stop-Limit to its exchange. According to this, the order will be carried out at a specific price that can be potentially better. The order will be executed after a pre-defined stop price has been touched. This is a form of smart trading that lets the buyers make smart decisions.
Signing up on Binance
Step 1: Create an account on Binance
Go to the Binance website and Click on “Register” in the top right corner.
Step 2: Complete the sign-up process
Input all your details, email address, password and captcha and click on “Register”. (The password should contain 6 to 20 characters including upper and lower case letters and numbers).
Step 3: Verification
Once you complete the sign-up process, Binance will send you a verification mail on your registered ID. Check your spam folder if you don’t find the email in your inbox.
Step 4: Click for verification
You just need to click on the verification link in the email to complete the registration process.
Deposit cryptocurrency into Binance
Step 1: You will need to deposit your cryptocurrency to buy other cryptocurrencies. Log in to “User Center” and click on “Deposit and Withdrawals” on “Funds” menu.
Step 2: Choose your cryptocurrency type and click on “Deposit”. You can deposit ETH, LTC, BTC, etc.
Step 3: When you click on deposit you can see the deposit address here.
Step 4: Now you can transfer your cryptocurrency into this address form your wallet and other exchange platforms.
Step 5: Binance will automatically confirm your deposit result. You can check the details at “Funds> History”.
How to buy cryptocurrency from Binance?
Go to the main page, click on “Exchange” and choose from “Basic” or “Advanced”. It would be easier to go with a simple basic version.
After this, search for the cryptocurrency that you want to buy on the right-hand side by clicking on it (or use the search box). Now, select the “Limit” or “Market” tab that appears on the middle of the page to purchase the cryptocurrency by using your deposited cryptocurrency. You can enter an exact amount or utilize the 4 predefined amounts.
If you choose “Market” then Binance will buy at the best possible price. But if you go with a “Limit” order then you can set the amount you want to buy at. For transactions which are still open, they are listed under the category of “Open Orders”.
Once you buy cryptocurrency you can check your totals on the “Deposit Withdrawals” page. This page will provide you with an overall estimated value and also show the total balance of all the cryptocurrencies you own.
Is Binance safe to use?
Binance customer support
It is important that exchanges provide great customer support that helps them to win the trust of their valuable customers. Binance is backed by an excellent customer support team capable of answering all users’ queries and requests on time. With the help of their responsive team, the exchange is capable of providing professional help to their traders. Currently Binance provides support via email therefore customers need to raise the support ticket through an online form on the website and they will receive a response by their email. There is no live chat or on-call support is provided by Binance where the customer can get in touch with a support team. Customer support is available in different languages that include Chinese, English, Japanese and Korean. In addition, Binance has provided a FAQ section and articles on its website that helps users to become familiar with the exchange’s working process.
Countries serviced by Binance
Binance provides its service across the world. It supports four different languages that include Korean, Chinese, Japanese, and English.
Binance transfer limits
Binance is a cryptocurrency exchange that only deals in cryptocurrencies and does not accept any fiat currency for funding your account. You can only deposit funds on Binance in cryptocurrency and there is no limit on the amount to deposit. Moreover, it will not charge any fees on your deposits. But, your daily withdrawal amount is determined by your verification tier. If you have not completed your verification process, then you are classified as Level 1 and you are allow to withdrawal up to 2 BTC each day. On the other hand, Level 2 is considered as verified accounts and they need to enable either Google Authenticator or two-factor authentication. If you come under Level 2 verification then your daily withdrawal limits increase to 100 BTC.
For the verification process the user needs to provide the following details:
- First name.
- Last name.
- Passport ID.
- Passport photo.
- Selfie with passport.
Withdrawal cryptocurrency from Binance to your crypto wallet
Binance is a reputable cryptocurrency exchange but it is good to keep your digital currency on your personal crypto wallet. It is considered as a safe option because exchange can be shut down potentially at any time. Moreover, you will also feel happy and stress free while keeping your cryptocurrency safely in your wallet.
Steps to withdraw from Binance
1 – Go to the Binance website and login.
2 – Next, move your mouse over the “Funds” tab and press on “Withdrawals”.
3 – Find the cryptocurrency that you want to withdraw with the help of dropdown list. Remember you need to enter the currency like BTC, ETH, etc.
4 – There are two ways to do this step. If you click on the dropdown list at the “withdrawal address” field and select “Use New Address”, then the address will be saved for later use. It will also offer a “Label field” so that user can provide a name to the address. If you don’t want to save the address with a new name, then don’t fill the “Label” field.
Just fill the “Withdrawal Address” field with wallet address where you want to send the cryptocurrency and “Amount” field with how much you want to withdrawal. After this, click on the “Submit” button.
Note: Make sure that you have entered the correct address because any mistake can lead to huge losses for you.
The last step is to complete any security measure that pop-up. Binance will also send you an email confirmation for each transaction, so make sure that you check it. The “History” section is available beside the “Withdrawals” section and it should be updated and mention the status. This will show you that your email was sent.
The Binance withdrawal process is very quick and normally takes around 30 minutes to reach your crypto wallet. But, if the network is busy it could take longer.
Things to know before using Binance
Using Binance is different from other exchange. If you are a beginner then you need to know the following points before using it.
- It is a crypto-to-crypto exchange which means it will not allow you to deposit USD directly and buy coin on the platform.
- It provides free Gas to store NEO in their wallet.
- Binance provide early support for Bitcoin forks.
- All major coins like BTC, LTC, BNB, etc. are available.
- It is capable of processing 1.4 million order/second.
Binance is a cryptocurrency exchange designed by a former member of OK Coin named as Changpeng Zhao. This is one of the exchanges that only support crypto-to-crypto trading and do not accept any fiat currency payments. We can say that Binance is a reliable cryptocurrency exchange that allows users to trade between different cryptocurrencies with various benefits. The best part is that it provides an easy-to-use-interface that can be conveniently used by all types of traders.
After reading this article you will understand the use, benefits, and key information of Binance to help you to deposit, trade, and withdraw funds.