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Binance Guide

14 April 2021

Binance started in China by Changpeng Zhao and Yi Heand. It is now a very popular Cryptocurrency Exchange but recently moved their headquarters to the Island of Malta in the EU. Binance is fairly new towards other Cryptocurrency Exchanges that have been around longer it really has gained a lot of popularity thanks to its really impressive number of Initial Coin Offering listings it has on the site.

Binance is very popular for many reasons, one been its Crypto to Crypto services and if you already have cryptocurrency in a external wallet outside of Binance you can desposit and withdraw Cryptocurrency on Binance without the need to do a kyc verification with limits.

It also acts in a very professional manner which is appealing, their popularty is also due to its low trading fees amd if you buy or have Binance coin (BNB) you can get even lower fees by paying fees in (BNB) there is a option for that on site.

Homepage

binance homepage

When you visit Binance for the first time you will notice that the platform has two options on offer for currency trading - basic and advanced. The basic, been easier to use for beginners and the the advanced version for people with more knowledge of how exchanges work.

This is how the Basic platform looks:

binance basic trade platform

The basic version has several graphs and charts for the pairs that you’re trading, order books, and trade history on offer. It is well laid out and makes everything easy to find, with the prices on the left, the graphs are in the center with the buy and sell boxes and the trade history is seen on the right hand side so you will see the latest on trade prices.

This is how the Advanced platform looks:

binance advanced trade platform

One of the main differeances on the advanced platform, it offers a more-in-depth analysis of Digital Cryptocurrency values over time with the latest trade prices been displayed on the right with the buy sell boxes underneath. Also uses a dark theme in advanced mode.

Binance Signup & Login

To use the Binance cryptocurrency exchange, users will have to first create an account. regeresting is fairly simple and straight-forward and best of all you do not even need to verify your account for level 1 which is a 2BTC daily withdrawal limit.

If you need a higher withdrawal limit you will need to verify your account for level 2 which allows up to 100BTC per day, you will need to upload a photo ID and wait till you are approved. There are even higher limits than those two levels, but you will need to contact them directly to arrange that.

Verification times can vary for different reasons, so please make sure to plan ahead if you wish to withdraw larger amounts and please make sure you have done this before depositing and trading large sums on the exchange, the support team are good and will deal with you as quick as they can.

The look of the registration page.

binance registration

The look of the verification page.

binance verification

The look of the log in page.

binance log in

Now your logged in and read to go, you can now fund your Binance account. You can choose a lot of different Cryptocurrency to deposit but we recommend BTC, ETH or BNB if you hold any of those.

Desposit

To get funds on your account Visit the “Funds” / “Deposits / Withdrawals” link at the top of the sites page and click on the the Cryptocurrencies you wish to send. Then copy the wallet address Binance shows, Your deposit will go to that wallets address.

You can then send your funds to that address to start trading on the platform, different types of Cryptocurrencies take different times to show up on your deposits or you have a choice there to buy Cryptocurrency with credit card.

binance desposit

Now you have your account funded, you can go ahead and start trading, exchanging and investing in all digital currency pairs Binance has to offer and Binance does offer plenty of choices, because they support all types of popular Cryptocurrencies, but also have many ICO listings and their tokens.

Trading on Binance

Trading on Binance is easy more so if you used Cryptocurrency Exchange before. Make sure you have deposited some funds! There are also options for trading pairs in BTC, ETH, BNB and USDT. At the top of the page, select “Exchange” then pick “Basic” or “Advanced” to load the trading screen. We will be use the Basic view.

binance trading platform

On the right hand side of the page, you can select a tab from BTC, ETH, BNB or USDT this is what you will be trading in. Then you will need to choose your desired currency from the list. You can also search there for your desired currency and create a list of your favourite coins or tokens by clicking on the star next to any currencies.

Once you have picked your Cryptocurrency, remember the left side of the page, where it shows prices that people are willing to sell at in the top half in red and prices people are willing to buy at in green in the bottom half. The number in the middle shows the last sales price.

Buy and Sell Order

Now to place a buy order, this is the center box underneath the graphs and you will see the buy box that is in green on the left and the sell box on the right in red. You can manually enter a price you wish to purchase at, but a better way is to click a number that you see on the left hand side of the page explained earlier.

You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will fill it with an amount based on how much of the buying currency you have. You can buy or sell on market price by clicking the market price option in the centre box.

binance trading platform

Once your order is placed it will be show up at the bottom of the page under the the centre box in the “Open Orders” section until it is filled. When filled your new currency will be available to you under the “Deposits / Withdrawals” menu where you can withdraw it to the wallet of your choice.

Supported Crypto Currencies

Binance has a wide wide variety of support coins, 467 in fact and counting. Traders can use the platform for Cryptocurreny, including, but not limited to Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and more.

Binance also supports numerous tokens as part of ICO listings, which lets traders use the platform to trade these tokens for a profit also. Binance has it own native exchange token, BNB, which can be used to lower trading fees. Binance is quick to add new coins and tokens after their ICO which normally means you can purchase them for less which allows for huge profit in the future.

binance supported coin and tokens

Binance Fees and Limits

Binance charges an average fee of 0.1% on each trade that a user makes. Those who choose to pay via the Binance token can get a 50% discount on the trading fee, which is great bcause you are alot of money on fees. These are some of the lowest fees around.

Withdrawal fees vary for each digital currency. There is no limit on the number of coins that you can deposit. But without getting verified, users are limited in how much they can withdraw. Verification will bring you to level two user and higher as explained earlier.

Binance Competitions

A unique feature of Binance is that they hold competitions regularly with some amazing prizes.

binance competitions

Binance Customer Support

They are very capable of answering all user questions and requests in a timely manner. But like all large Cryptocurrency Exchanges, customer support can be busy. The team is responsive and capable of offering professional help to traders in need. Support tickets are submitted via an online form featured on the website, and responses are made through email.

binance customer support

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