Binance Exchange for Beginners
What is Binance?
Binance is an exchange that started in China, but because of the Chinese government bans on cryptocurrencies, they moved to Japan and later opened up offices in Taiwan. They launched in July of 2017, and since that time it has become one of the most popular and fastest growing crypto exchanges.
The name Binance comes from the conjunction of two words ‘binary’ and ‘finance.’
They set themselves apart from other exchanges with some unique additions:
Binance Labs – This is an initiative that they have where they look to invest in cryptocurrency entrepreneurs. They offer funding, help with recruitment, help with token models and distribution, and more.
Binance Academy – This website has a series of videos detailing some of the basics for beginners. Videos include, What is a coin burn, wallets online and offline, and how to identify a scammer.
Binance Launchpad – This website is for hosting new and emerging ICOs
Binance Coin (BNB) – when using the BNB token, users receive a 50% discount in fees
Why use Binance?
- High liquidity
- Fees are 0.1%
- Supports trading of over 100 different coins, with new coins being added regularly
- Prizes can be won for trading regularly
- High levels of security. You have the option to enable 2fa for login, trading and withdrawals. Also, they use CryptoCurrency Security Standard (CCSS) to secure their systems.
- High trading volume
- Outstanding customer support (usually), with e-mail or live chat options available
- Currently, there is no fiat deposits or withdrawals
- There can be long delays in customer service response times (the exchange has a large user base and at times response times get delayed).
How to use Binance
- Go to Binance.com
- Click on “register”
- Fill in your email address and use a strong password.
- Once registered, you will have to log in again. That is where they give you the option to set up 2fa. Do it! And remember the basics for securing your online accounts. Use every security measure you can.
- Begin trading!
Depositing Cryptocurrency into your Binance Account
You cannot use a credit card or send fiat to Binance. You can only deposit coins or tokens.
- With your cursor, highlight the funds button, and a dropdown menu will appear. Select deposit. It will bring you to this page:
- Type in the ticker symbol, or the full name of the coin you’re looking to deposit. Doing so will give you its deposit address:
- Click on the “Copy Address” button and use that to transfer your funds over to Binance. Please, remember to send your coins/tokens to the correct address. Getting this wrong can result in permanent loss of your funds. It takes approximately 10 minutes for your funds to be received by Binance.
- To check your available funds, hover over the funds button in the top right corner and select “balances”
That’s it! That’s all you have to do to deposit funds into your Binance account.
How to Trade on Binance
There are two versions of the exchange: basic, and advanced
Right side of the page
The top right has a list of all the coins on the exchange that you can trade. It has their associated pairings that you can select, either BTC or ETH or BNB or USDT.
The stars are to keep track of your favourites.
“Change” shows you the percentage change for each coin, and “volume” shows you a coin’s volume.
Below that is the market’s trade history and you can toggle to your trade history as well.
Left side of the page
This is the order book. You can see a list of buy and sell orders people have placed, with the current market price in the centre in black.
Buying & selling
- Select what coin you want to trade by going to the top right side of the page and finding the pairing you want.
ex. If you want to exchange your USDT for Bitcoin, first click on the USDT pairing, then type in BTC in the search field.
Or, If you want to trade your Bitcoin for some ZEC, click on the BTC pairing and type in ZEC in the search field.
- Select the type of order you want to make. You can place either a limit or market order.
The difference here is that market orders are placed at the current market value, whereas a limit order allows you to set an order at a different price than it currently is.
- Next, place the buy order. Select the price you want to buy your Bitcoin, how many you want to buy, and confirm the total USDT your order will come to.
You can also choose to select of the percentage of your available funds:
This is handy when you have an uneven number of USDT, you can choose to select a percentage.
- The final step is to select ‘buy BTC.’ This will trade your USDT for the amount of BTC you wanted to buy.
Then, you place your order just like above!
Withdrawing Funds from Binance
- Start from the home screen, the hover your cursor over the funds button and select withdrawals
- You will be taken to a page with a drop down menu that looks like this:
- Use that menu to select the coin you want to withdraw. For this example we will stick with BTC
- Copy the deposit address of the wallet you wish to withdraw your funds to. Make sure that the coin you’re withdrawing is supported by the wallet you’re sending it to, otherwise you can permanently lose your funds.
- Once you have your address in place, click submit and your BTC will arrive to the destination shortly! Normally they take 30 minutes, but depending on the volume of transactions that day, it could take longer.
That covers everything, from depositing, to withdrawing, charts and extra features that Binance has. Hopefully this has been of service to you if you are new.