Binance is the most popular cryptocurrency exchange with over 5 Million users at the moment. It’s built on Blockchain. It started live trading back in July 2017. It didn’t take long for the exchange to grab the top spot among all the exchanges working right now. Balance has a handful of features that make it the best choice for cryptocurrency traders.
Why Binance? What’s good about it?
Binance offers multi-tier and multi-cluster system architecture making it safe, stable and secure. The exchange is capable of handling over 1,400,00 orders in second. It has a very high liquidity. Binance supports multiple languages including English, Chinese, Japanese, Korean, Espanol and Deutsch. Binance has its own pretty-cool website, a desktop application for Windows and an Android application as well. Binance has a variety of alt-coins that the users can trade between. Almost all the famous alt-coins are listed on Binance. Binance runs a Community Coin of the Month competition where crypto-traders can vote for a coins. The coin that gets the higher number of votes gets a free-listing on the Binance exchange. Getting listed on Binance adds to the value of that certain cryptocurrency.
With Binance, users can trade between all the alt-coins. It’s very easy to convert one coin into another using Binance. To make the trading easy, the exchange has its own coin called Binance Coin with the symbol BNB. BNB can cut down the trading fees by 50% if you use as your mean of trading between alt coins. It also happpens to be the only exchange that gives NeoGAS to its Neo coin holders. There are many other things that make it the best cyprotcurrency exchange for every crypto enthusiast. For now, we will just begin with a comprehensive guide on the Exchange. The guide explains how to buy, sell and trade cryptocurrency through Binance Exchange.
Beginner’s Guide To Binance – Buy/Sell/Trade Cryptocurrency on Binance
Signing up at Binance
- First of all, open Binance website in a web browser.
- On the Binance Website, click on the Register button appearing in the top-right corner.
- Now enter your details to sign up.
- After successfully signing up, log in to the Binance exchange.
- The very first thing you should do right after signing up should be to enable 2FA security. Read the steps given below to do so.
Binance 2FA Security
On the Binance home-page, you will find 2-factor authentication option for Google Authentication and SMS Authentication.
- For SMS Authentication, click on Enable.
- Enter your phone number and send a code.
- You will get a code on your phone, enter that code in the Binance form.
- Click on submit now and you are done.
- For Google Authenticator, you need to install Google Authenticator application on your smartphone.
- Now on the Binance website, enable the Google Authenticator.
- It will show you a QR code.
- Open the Google Authenticator application on your phone now.
- Tap the + button appearing on the bottom right and then tap Scan a barcode.
- Scan the code given on the screen and you are done.
- On the right side of the Binance homepage, you will find a Funds tab which is the very first tab.
- Hovering over the Funds tab will bring up two options i.e. Deposits Withdrawals and History.
- Click on Deposits Withdrawal.
- It will open a page now showing all the coins including Bitcoin and all altcoins which are on Binance.
- On the right side, you will find three options i.e. Deposit, Withdrawal, Trade.
- Here is what these 3 options can do.
- Clicking on the Deposit button will give you a unique deposit address for that particular currency that you want to deposit into your Binance wallet.
- You will provide this address to any other exchange or wallet for receiving cryptocurrency into your Binance account.
- This address varies with each cryptocurrency. Using an invalid address can cause a loss of cryptocurrency.
- Once someone deposits a currency into your Binance wallet, it will be confirmed by a number of parties involved and you will receive it in the end.
- This option is used in case you want to take your cryptocurrency from Binance to another exchange or wallet.
- To initiate a withdrawal, simply click the withdrawal button which is right next to the deposit button.
- On the Withdrawal menu, you will find a form to enter the address to which you want to send the coins and the amount of coins you want to transfer.
- Carefully fill both these values.
- Binance has listed a few instructions for every coin, do not ignore those instructions on the Deposit/Withdrawal page.
Clicking the trade button will simply take you to the basic exchange. The exchange mechanism is explained below.
This page shows you the history of your deposits and withdrawals to and from your Binance account.
- On the basic exchange, you will find the live trading.
- First off, on the left side, you can find the live selling and buying orders. From the live listing, you can get an idea of the price of a certain coin.
- On the right side, you can find BTC, BNB, ETH and USDT tabs. These tabs are basically the currencies that can be traded in or out for altcoins.
- For example, you can trade in or out BTC [Bitcoin] against a number of altcoins. Similarly, you can trade in or out BNB and ETH. USDT can be traded for Bitcoin Cash, Binance Coin, Bitcoin, Ethereum, Litecoin and Neo only.
- In the center, you can find a live price graph of the currency.
- Below the price graph, you can place your sell or buy order.
- At the bottom of the page, you can find your open orders that you have placed.
- Below the orders, you can find your orders history which also appears in the order history page.
On the Advanced Exchange, you can find extended price charts and more real-time data.
On the Orders tab, you can find
You can find all the open orders on this page. If you think that you need to cancel an order, you can do so through this page as well. Orders History
Shows the record of all the orders that you have made so far.
Shows the record of all the trades that you have made so far.
That’s all about the Binance Exchange. If you are still confused about something, feel free to reach me out through the comments section below.