In as much the fact that you’re on financial trading business or the fact that you deal on cryptocurrencies, Binance is just the right deal for you to engage more in the capital market. This platform offers you the opportunity to make transactions on cryptocurrencies. Irrespective of the fact, you still stand the chance to make additional trading on this platform. This site has prepared for you all you need to know about the Binance cryptocurrency exchange.
Been based in China, Binance cryptocurrency exchange offers its user’s access to different kinds of trading tools. Through “Basic and Advance exchange interfaces” making Binance easier for starters to execute simple trades, thereby providing professional traders with access to more wide options, such as margin trading. Read further below to see the nous and crannies of the Binance cryptocurrency exchange.
Steps Required to Process Binance Cryptocurrency Exchange
One thing you need to note about Bitcoin cryptocurrency exchange is the fact that you need to create an account on the site first. This takes just few registration steps to create your own account if you desire to make a trade.
- At first, you need to go to the site’s main website and click on “Register”
- After that, you’ll need to verify your email address in order to activate your account.
- Once your account is been confirmed, you’ll then have to log into the Binance website using your email address and user ID password.
Now you’ve successfully created an account on Binance. Like I stated before, this online platform is where you engage in trade in order to boost your financial capital. So I’ll have to show you the steps that will help you with the trading system of Binance Cryptocurrency Exchange.
- If you want to deposit funds into your account, you’ll have to scroll to the Funds tab and then select “Deposits/Withdrawals” where you’ll see a list of currencies been supported by this platform.
- After that, you’ll be redirected to the deposit address to select the currency of your choice.
- You’ll have to use the QR code provided for you in order to send your funds. If you’re making use of another external wallet, you’ll just have to select the wallet in order to send the funds to your Binance deposit address using the QR code.
- Your transaction will then have to be confirmed. This might just take some few minutes to complete. To see the transaction process, you’ll just have to go to the “In order” tab.
- The funds which have been sent will then appear in your “Available Balance” tab, after which you’ll have to proceed with the trading.
- If you want to make your first time trade, you’ll need to go to the “Exchange” tab and select the “Basic” exchange interface. Although if it’s not your first time of trading on Binance, you should probably go for the “Advanced” exchange.
- After that, you’ll then have to go to the trading tab and choose the type of trade you want to make. There different cryptocurrencies to buy, but it is advisable you trade with Bitcoin because this gives you the opportunity to many other different cryptocurrencies.
- Once you’ve selected your kind of trade, you’ll then have to enter the amount of currency you want to purchase and the price you’re willing to pay.
- Once you’ve confirmed the trading details, click on the “Buy” button so as to complete the transaction.
- Finally, once you’ve purchased a new currency on Binance, your funds will then show up in the in your currency designated wallet which you can see in the “Funds” area of the account.
What’s more on the Binance Exchange Platform?
Binance currently deals only with cryptocurrencies and does not offer fiat/cryptocurrency pairings. You will need to check elsewhere if you want to purchase any cryptocurrency like Bitcoin using a fiat currency for instance USD, EUROS, or BPD. The reason being the fact that Binance announced that it does not plan to incorporate support for fiat trades. Although, there are a number of exchanges that allow fiat/crypto trades Binance is not one of them.
When trading on Bitcoin, you’ll incur a service fee within the rate of 0.1%, but it depends on the currency you’re using for the transaction. Although it’s quite free to make deposits considering the fact that you’re using a supported currency on Binance. The good news is that Binance has its own token which is BNB, which you can use to pay to pay fees incurred on the exchange at a given low transaction fee.
Having summarized the important facts about Binance, it is important to detail the Merits and Demerits of this exchange. So I’ve stated both differently below.
- Binance supports up to 100 cryptocurrencies.
- Language is not a barrier as the platform supports multi-language.
- There is the presence of both Basic and Advanced exchanges to choose from.
- You’ll be charged a low service fee on transactions and withdrawals.
- Using Binance’s BNB token tends to reduce transaction fees.
- There is currency high liquidity.
- The platform always rewards its users.
- There’s no need to bother about making more transactions per day as this platform is reliable for processing more transactions within few seconds.
- Some users have reported difficulty with the Android version of the mobile app.
- There are reported delays when withdrawing certain coins from Binance.
- Because it’s a new platform, it’s hard to assess its long-term viability.
- Currently, only Chinese phone numbers are supported for SMS 2-factor authentication.
- Binance collects and stores some user data, such as the logging IP addresses.
Downloading the Binance mobile app or creating an account online is free. The app is free on iOS and Google Play Store. But if you’re a Chinese user, you can still connect to this platform via WeChat, which you can also find on the Binance home page. You can also visit the official site of Binance and access the platform from your browser.
Click on this link to get started >>> www.binance.com