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Binance is a third-party cryptocurrency exchange that enables the users to purchase/sell an enormous variety of cryptocurrencies in addition to fiat currency. It is certainly one of the fastest, and the biggest (by trade volume), crypto exchanges on the planet.
Founded by Changpeng Zhao in July 2017, the Binance exchange was initially based in China, but because of increasing regulations, the corporate has now moved its headquarters to the European island nation of Malta.
Apart from supporting an enormous variety of cryptocurrency pairs, the platform offers a really low trading fee and advanced security measures. Thus, inside 2.5 years, the platform has gained significant adoption amongst crypto users and have become the biggest crypto exchange by trading volume on the planet. Currently, the platform manages roughly a median day by day volume of two billion with 1,400,000+ transactions per second.
BNB is the native token of the Binance platform and is utilized in paying transaction fees on the exchange.
We will make a series of guides exploring every detail of the Binance exchange.
Features
- Wide range of supported cryptocurrencies and fiat currencies
- Fast, secure, and secure
- Low trading fee
- Multiple payment options
- Offers multiple features
- Highly renowned and reputed
- 24/7 support
However, it has certain negative points:
- Centralized and custodial
- Security breaches up to now. However, the platform has announced the creation of a “secure asset fund for users” (SAFU) that may store 10 percent of all trading fees to cover losses in extreme situations.
- No phone support
Usage Guide
To use the Binance Exchange, go to this page.
The application landing page looks like this.
The platform allows users to attach using two methods:
- Login (existing user)
- Register (for brand new user)
Choose option 2 in the event you are a brand new user.
Register
If you might be a brand new user and wish to make use of the Binance exchange, you then can create an account at no cost.
Just click on Register, and a page will pop up that may ask you to supply basic details like your email address, an account password, and referral code (if any).
Users are required to confirm their email address, and once verified, your account will likely be registered.
To ensure high account security, the platform recommends users to activate 2FA.
Security Verification
Click on confirm 2FA, and the applying will ask you to confirm your phone number or Google verification.
For Google verification, users have to download the Google authenticator application from the Google Play store (Android) and confirm the code appearing against Binance.
Once you have got done these two steps, you’ll be able to deposit funds in your Binance account.
Login
If you might be an existing user, you’ll be able to log in by giving your email ID and account password.
Enter your credentials. It will send a verification code to your phone, and once you have got verified, you’ll be able to access the platform.
The platform offers quite a few features and facilities to its users. We will view each feature intimately.
Dashboard
The dashboard looks like this.
You can see the next things on the landing page upon login:
- User account
- Language and currency
- Binance application installation link
- Important features and tabs (wallet, order, markets, trade, buy crypto, finance, derivatives, etc.)
- Account notifications
Wallet
The Wallet tab comprises the account/assets details of the users.
Using the Wallet tab, you’ll be able to check the next things:
Overview
You can see the next accounts within the overview tab.
- Fiat and Spot
- Cross Margin
- Isolation Margin
- USDT Futures
- Coin Futures
- P2P
- Earn
- Pool
You can easily see the differing types of activities like deposit, withdraw, buy, transfer, etc. you could perform on each account.
You can see your account balance summary (total) from the Fiat and Spot tab.
Users may activate and add the BPLAY, JEX, and WazirX account.
Transfer
The transfer facility is accessible to only those users who meet the below criteria:
- For a company account user, the sub-account feature will likely be enabled mechanically.
- For VIP 1 (or higher) personal account user, the sub-account feature will likely be enabled mechanically.
- If it is just not within the above two cases, please contact customer support for activation.
If the transfer facility is activated in your account, then it should will let you create as much as 1,000 sub-accounts. Each sub-account requires you to supply an email address and password. And the sub-account can only be activated when you confirm the e-mail.
You can Freeze and Unfreeze all functions for a selected sub-account at any time. You may change the sub-account password out of your master account.
You can check the account transfer history from the Transaction History tab.
Using transfer, you’ll be able to convert one internal account into one other with none fee. However, there are particular restrictions regarding account transfers:
- Funds within the Spot account might be transferred to P2P account/Pool account/USDT Futures account/Cross Margin account/Card account.
- Funds within the P2P account might be transferred to Spot account/USDT Futures account/Pool account.
- Funds in Cross Margin account might be transferred to Spot account/USDT Futures account.
To transfer, you should provide the next details:
- To and from account
- Token type
- Token amount
Transaction History
From the Transaction History tab, you’ll be able to see the next details:
- Deposit and Withdraw History (Crypto/Cash)
- Account Transfer History
- Distribution History
- BNB Convert
Fiat and Spot
Users can see their token holdings and the varied activities which are allowed on the tokens from the Fiat and Spot tab.
Deposit
Using Deposit, users can share the token address with other users to receive funds of their Binance account.
Binance permits you to deposit two varieties of assets:
Crypto
Use crypto in the event you can need to share the address/QR of any crypto token.
Select your required token, copy the token address, and share it.
Do not forget to pick the suitable network. Otherwise, chances are you’ll lose your assets.
- BTC – For Bitcoin
- BEP2 – For Binance Chain
- BEP20 – For Binance Smart Chain or BSC
- ERC-20 – For Ethereum network
From the underside of the Deposit tab, you too can check the deposit history.
Fiat
Users may deposit fiat currency of their Binance account. It supports the next payment methods which account holders can use to deposit money.
- Bank transfer (SEPA)
- Card (Visa/ MasterCard)
- Ideal
- Advcash account balance
- Etana account balance
To deposit fiat, users first need to pick the currency (if available) after which the payment method.
Enter your card details and proceed with the payment.
You may check the fiat transaction details from the underside of the page.
Withdraw
Users can withdraw assets using this tab. Binance permits you to withdraw fiat and crypto assets.
Crypto
To withdraw tokens, users need to supply the next details:
- Desired token
- Token amount
- Recipient address
- Recipient network
Important: Users can withdraw as much as 2 BTC per day if their profile is just not verified.
You can check the withdrawal history of crypto assets from the underside of the page.
Fiat
Users may withdraw fiat currency from Binance through the use of the next methods:
- Bank transfer
- Advcash account balance
- Etana account balance
Users need to pick the currency, amount, and payment method.
You can check the withdrawal history of fiat assets from the underside of the page.
We will explore some more vital features in our next article.
Resources: Binance
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