Binance is a successful Chinese currency exchange. Over the course of 5 months, Binance has been among the world’s top 10 digital currency exchanges. The popularity of the Binance exchange is due to its proprietary features, including support for multiple languages (English, Chinese, Japanese, Korean), having a simple interface and a high level of data processing speed. Binance is capable of processing 1.4 million transactions per second.
Binance is currently the world’s largest cryptocurrency exchange, with an average of over $ 6 billion in assets traded over a 24-hour period. While the exchange was launched a long time ago through an ICO, it is now considered a good alternative to Bittrex. In this article, we will provide you a thorough Binance exchange tutorial including how to use it to exchange digital exchanges in five distinct sections:
Sign up on Binance exchange
To start your business, you must first create an account on Binance. Registration on Binance is very easy and requires only a valid email. First, go to the Binance exchange website via the link below:
Then click on Register as in the image above and fill out the fields on the registration page carefully.
Enter a valid email in the first field. In the second field, set a secure password. Note that your password must be a combination of lower case letters and numbers. In the third field to confirm, re-enter your password. In the fourth field, enter your referral code, which is optional.
Now, after reviewing terms of service, check the box and click the Register button. After clicking on Register, a new page opens, in which you must prove that you are not a robot.
After completing the registration process, an email containing the activation link will be sent to you. After visiting your email, click on the “Verify Email” option to complete your registration and you can now login to the Binance Exchange via the Login section.
Once registered, you can invite your friends and provide them with your referral code so if your friends make a transaction on Binance, you will also be involved in getting paid with Binance transaction fees. Of course, this would not be a high amount; for example, if one of your friends exchange an amount of $1,000 on Binance, a total of 0.05 percent of the total value of the transaction, which is 50 cents, is deducted from as a fee, and 50 percent of it, which is 25 cents, will be paid to you.
Exchange cryptocurrencies on Binance
There are two options for trading platform in Binance: Basic and Advanced. There is not much difference between the two, except that you can see more technical and more detailed analysis in the advanced mode. Obviously, the Binance Exchange has not been created for ordinary investors. Even the Basic mode is complicated enough and is not ideal for beginner users of the digital currencies.
The main dashboard has several sections, including order registration, candlestick chart, and exchange history. There is also a depth chart for orders that you can see in a separate tab of the charts chart. The Depth chart represents the power to buy or sell a currency in the market.
To start exchanges, first you need to familiarize yourself with the various sections of the Exchange page, and we’ll introduce them here:
- Selecting one of the existing currency pairs (BTC/USDT) for the transaction
- Currency price chart based on the desired time interval
- The value of the most recent transaction
- Purchase orders are recorded in descending order, which means that the first order is always the highest in value
- Sale orders are recorded in ascending order, which means that the first order is always the lowest in value
- Total transactions
- Open Orders, Order History, Trade History, and Funds
- Registering a new purchase/sale order with a specified price and the desired number (Limit), entering a new purchase/sale order for the price of the last market order, determining stop-limit
To start your investment, you must first charge your account. To do this, click the “Deposits” link below the “Funds” link at the top of the page. On the “Deposits” page, select your desired cryptocurrency. Binance provides a public wallet address for your money transfer. Our recommendation is to charge your account using Bitcoin or Ethereum, because these two coins have the most currency pairs. This will give you more flexibility when trading.
Once your account has been successfully charged, you can start investing. By clicking “Basic” in the “Exchange” subdirectory in the upper left corner, you will be taken to the currency exchange dashboard. In Binance Exchange, you can create your orders in two ways: Limit (by defining limits) and Market (based on market price).
What is Binance Coin (BNB)?
Along with an exchange, Binance has also set up an ICO.
The Binance Coin (BNB) is an ERC-20 token based on Ethereum. The total supply is limited to 200 million BNB tokens, and then no coins will be created.
You can use the BNB to pay fees on exchanges at Binance, while you can also pay the fee by the coin that you are exchanging. Binance offers a 50% discount as an incentive to pay fees by BNB. In the first year of membership in Binance, fees are reduced by 50% when paid with BNB. With the passing of each year, the amount of discount for fees reduces. In the fifth year of membership in Binance exchange, there will be no discounts for transaction fees.
Since the discount decreases each year, the BNB token value is also expected to decrease over time. To cope with this depreciation, Binance eliminates BNB tokens over time and reduces the total supply of BNB from 200 million to 100 million. The goal is to create a sustainable price for Binance Coin (BNB) over time.
While paying the fees is BNB’s main purpose, you can use it to invest in some of the ICOs that participate in the Launchpad Binance program. After the end of each ICO, new tokens are automatically listed in Binance exchange.
What are the supported currencies on Binance exchange?
The number of cryptocurrencies supported by Binance is very high, but at the moment one side of the transaction must surely be one of the Bitcoin, Ethereum, Tether (USDT) or Binance Coin (BNBs). For example, you can not convert Ripple directly to Cardano, but first you need to convert Ripple into one of the four currencies mentioned above, and then buy the currency you want. The following is the number of supported cryptocurrencies on Binance exchange:
- Ark (ARK)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Bitcoin Gold (BTG)
- Dash (DASH)
- EOS (EOS)
- Ethereum (ETH)
- Ethereum Classic (ETC)
- IOTA (IOTA)
- Litecoin (LTC)
- NEO (NEO)
- More than 40 other cryptocurrencies
What is the transfer limit on Binance?
There are virtually no limits for buying and selling digital currencies on the Binance exchange. There are three levels of account on Binance. The LEVEL 1 account does not require any approval, and you can withdraw from your account at a daily rate of 2 BTC. The LEVEL 2 account requires the sending of a scan of your passport and identification documents, and raising the withdrawal limit to 100 BTC per day. To upgrade your account to LEVEL 3, you must also contact the Binance support.
You can only charge your account with cryptocurrencies, but there is no limit to the amount you can deposit. No fees are deducted from customers for depositing. To upgrade your account to LEVEL 2, you need to enable two-factor authentication or Google Authenticator. At present, only Chinese numbers are supported for two-factor authentication. After that, you need to provide the following information to Binance exchange:
- Full name
- Passport number
- Photo of passport
- A selfie with your passport (showing your face holding your passport)
How to exchange cryptocurrencies to Binance coin?
Recently, Binance Exchange has introduced a new feature for its users, which can convert the remaining retail coins in their account to Binance Coin (BNB). To do this, log in to your Binance account on its website through your browser and follow the steps below:
First, click on “Funds” and then “Balances”. Then select “Convert to BNB”. Converted assets should have the following criteria:
- The balance for a given digital currency is less than 0.001 BTC and greater than 0
- The specified token is not removed from the list of currencies
- Token is something other than BNB
Given the fluctuations in prices, this will have a positive impact on the value of Binance Coin (BNB). Each user can only convert their small assets every 24 hours; the interval between two operations should be more than 24 hours. Currently, users can not check their transaction history through this feature.