Crypto Trading On Binance
What is Binance?
Binance is a China-based cryptocurrency exchange that gives users access to a robust set of trading tools, charts and security features. Following a successful initial coin offering (ICO), Binance began live trading in July 2017.
Binance is capable of processing 1.4 mil orders/second, has multi-language support – Chinese, English, Korean, Japanese and has all the major coins available – BTC, ETH, LTC, BNB etc. Trading fee is 0.1%
By offering both Basic and Advanced exchange interfaces, Binance makes it easy for beginners to execute simple trades, and provides professional traders with access to more complex options, such as margin trading.
How much does it cost to use Binance?
Downloading the Binance mobile app or creating an account online is completely free. Making deposits to Binance in any supported currency is also free. You may incur a fee when withdrawing funds from Binance, although fees vary depending on the currency.
When trading on Binance, you will be charged a 0.1% fee on each trade. Binance has issued its own token, BNB, which can be used to pay any kind of fees incurred on the exchange. Using the BNB token reduces transaction fees on trades by a specified amount: 50% during the first year, 25% during the second year, and so forth. Because the BNB token is tradable on the exchange, its value fluctuates.
How to trade on Binance
Step 1: Signup account
Head over to Binance or https://www.binance.com/signup
At the top right corner you will see ‘Login or Register’ button.
Go ahead a click register to get started.
Fill out all the necessary information then slide to login, this slider can take some getting used to at first.
Step 2: Deposit money to Binance
Navigate to the funds tab and click ‘Deposits and Withdrawals’
Head over to whatever coin you are using to deposit funds into your account.
Copy and paste that address and put it in your wallet send address bar
Ex: Deposit BTC to Binance
Step 3: Trading on Binance
Once you have confirmed the transaction, it will typically take a few minutes to process. You may not see the transfer register immediately in your available Binance balance. When a transaction is in the process of being confirmed, it may appear in the “In Order” tab.
When the funds appear in your “Available Balance” tab, you can proceed with trading. To make a trade, visit the “Exchange” tab and choose either “Basic” or “Advanced”. For new traders, the “Basic” view may be easier to navigate.
Choose the trade you want to make from the trading pairs tab. If you have deposited bitcoin to your account, you will have the option to buy many different cryptocurrencies with bitcoin. Binance also supports some trading pairs that use Ethereum as a base currency. If you want to take advantage of the BNB token for reduced fees on Binance transactions, you can buy BNB with either bitcoin or Ethereum.
Once you’ve selected your desired trading pair, simply enter the desired amount of currency you want to purchase and set the price you’re willing to pay for it. Once you’ve confirmed the details, hit the “Buy” button to complete the transaction.
How to buy BNB coin on Binance exchange
When you’ve purchased a new currency on Binance, your funds will show up in that currency’s designated wallet in your account’s “Funds” area.
To withdraw funds from Binance, you may need to take further steps towards account verification.
How secure is Binance?
The Binance platform architecture includes ISO/ICO_27001:2013 and CCSS security protocols.
For account security, Binance offers users the option to activate two-factor authentication and Google Authenticator to verify withdrawals and security modifications. In order to verify an account, users must activate one of these features.
Currently, only Chinese phone numbers are supported for two-factor authentication.