As writing this article, Binance is the fastest growing exchange for trading cryptocurrencies. In the short duration of 5 months, it has reached the 10th position among the top volume cryptocurrency \ exchanges. Binance has become so popular due to some of the factors such as availability in multiple languages, very neat user interface, and it also enables processing the orders at an extremely high speed. Binance exchange is available only for trading cryptocurrencies, hence, it is not available for any FIAT wired deposits. But, the newly announced Binance Jersey is available trading of the Euro (EUR) and British Pound (GBP) with Cryptocurrencies.
How do I open a Binance trading account?
Step 1: Go to Binance Website
Go to Binance.com, the link will open in new window so you can still follow this guide.
Bookmark this page, as there are many phishing sites which are exactly similar to the actual site. You should always examine the website URL and check for the Secure Certificate which will authenticate the original site.
Step 2: Complete the Sign-Up Process
Click on the ‘Register’ button which is present in the right corner of the webpage and provide all the required information. For Password, follow the guidelines and make a strong password. Finally, retype your password and then click the ‘Register’ button. Check your email account inbox where you will get an email for confirmation of the new account.
Step 3: Enable 2-Factor Authentication (2FA)
When you log in for the first time, a pop-up will show up and ask you to enable the 2FA which will help in increasing your account security. If you are new to 2FA, you’ll need to download Google Authenticator app and then scan the QR (or enter the secret key) in order to get a 1-minute changing code.
After completing these 3 steps, you are done with setting up your account.
Step 4: Deposit funds
Go to “Deposit Withdrawals” under Funds menu item
On the top right corner of the main menu, you will find the tab named as ‘Funds.’ Under that, select the ‘Deposit Withdrawals’ button, and it will open up the following deposit page:
Now select the coin you wish to deposit
You will find the list of all traded coins on that page. Search for your coin which you want to deposit and then press the corresponding button named ‘deposit’ which is present on the same raw. Once pressing, a newly dedicated wallet will be created (this is a wallet belongs to your account on Binance). The wallet address for each coin is different, make sure you do deposit only the specific coin in its wallet, otherwise, it can result in complete loss of the funds.
Now, send your coins from your own wallet (or exchange) to the newly generated address:
In this example, we want to deposit Bitcoin. Under the field named as ‘BTC Deposit Address,’ the address generated is the one you will need to send Bitcoins to. This address will be used for transferring the coin from your wallet or from any other exchange to your Binance account.
View your history option: You can be able to see the history of deposits (and withdrawals) under the menu item ‘Funds’ and then ‘History’ on the list.
Step 5: Extracting a Buy or Sell transaction
Select “Basic Exchange” under “Exchange” menu item. Now select the desired pair from the right pane. Use the search field for faster navigation.
In this example, we want to trade our Bitcoin for Ethereum. We start by selecting ETH/BTC pair market, and then we’ll get the following:
The left pane displays the order book, whereas in the middle we see the last price. In the middle, we can see the chart, and right under it we can Buy or Sell ETH for BTC.
In order to buy (Limit): Set the desired price, the select amount (ETH units, or select percentage of your total Bitcoins). The total BTC (the cost) will then be calculated automatically. Selling ETH for BTC will be the same, but opposite.
If you want to buy at market price then select Market from the top menu. Stop limit is more advanced and lets you set a stop loss or stop buy orders.
Click here to go to Binance, the link will open in new window so you can still follow this guide.
What is Binance Coin (BNB), and what is it used for?
Binance has created its own crypto coin which is known as BNB. It is used as an optional method for paying the exchange’s fees which include the following: Trading fees – of buying or selling coins, listing fees, and withdrawal fees.
When you are using BNB coins, you will get 50% discount for the first year of your account, 25% for the second year, 12.5% for the 3rd year and 6.25% for the 4th year of your account.
BNB tokens are also used for Binance Launchpad which is a way to invest in particular ICOs on Binance. These ICOs will get listed on Binance exchange past ICO.
Binance is planning to use 20% of its profit to buy back the BNB from the open market.