full Binance exchange guide and features
Binance is by far one of the best trading and exchange in the crypto world right now with over 300+ pairs of cryptocurrencies and with the lowest fee they are the most lucrative company in the crypto world. The BNB token of binance was among the top10 best-performing coins of 2017 even though it was launched in late 2017. This shows that they aren't going anywhere and are here to disrupt the crypto industry. Since it is among the few exchanges out there which have lots of currencies and are very reliable I decided to compile this comprehensive Binance exchange guide which shows every facility and guide provided by Binance. I'll continue to add new points to my Binance exchange guide as I discover them or they launch anything new. So let's start our Binance exchange guide.
BINANCE EXCHANGE
Binance is a crypto to crypto exchange with a focus on low trading fees. By being a pure cryptocurrency exchange and not having to deal with fiat, they can deal with less regulatory issues. It also has an impressive listing of Initial Coin Offerings and altcoins. Binance is based in Hong Kong and its servers are located in South Korea. Their main site offers support in English, Chinese, Korean, Japanese, Russian, Spanish and French. This allows them to focus on the international market and has led to a partnership with QUOINE, a leading global Fintech firm. Some of the key highlights in Binance exchange guide are
Key Highlights
- High performance: capable of processing 1.4 million orders/second
- Multi-language support: English, Chinese, Korean, Japanese
- Good support team: Binance support is reachable (rare in crypto space)
- All major coins available: BTC, ETH, LTC, BNB etc.
- Low trading fee: Only 0.1% trading fee
- Early support for Bitcoin Forks: Bitcoin Gold, Bitcoin Diamond were all listed on Binance
- GAS distribution for NEO: storing NEO on binance yields GAS too.
- Using BNB tokens you can further reduce the trading fee to 50%.
- Mobile Application Available
- User-friendly and easy to understand UI
What is Binance Coin (BNB) and What is it Used For?
Binance is probably the first exchange that has its own currency, called BNB. The BNB token of binance was among the top10 best-performing coins of 2017 even though it was launched in late 2017 and will continue to grow as the supply of BNB reduces which increases its demand which is proportional to the price. Also, BNB allows you to pay for the different types of fees within Binance exchanges that includes:- Trading Fees (fees incurred from buying and selling coins)
- Withdrawal Fees
- Listing Fees
Not only that, you can also use BNB to invest in ICOs that are listed on Binance exchange. Binance has their own ICO platform that allows only BNB holders to invest in ICOs listed there.
Binance Exchange Guide
- Registration
- Binance Wallet
- Deposit/Withdraw
- The Binance exchanges
- Trading (Buy/Sell) on Binance
- Comments
Since you are going to use binance you must know that you can't use Fiat currencies (USD, INR, EUR) on binance. So your first step should be to buy some Crypto(BTC, ETH, LTC) using a local exchange and transfer it to Binance exchange. Now which crypto to buy depends on availability but I would suggest you buy Ethereum over Bitcoin if possible because transfer fee on Bitcoin network is much higher than Ethereum. Also on Binance, you can use either of the two currency to buy any other currency hence go with the cheaper one(ETH). If you are a resident of India visit Best Exchanges to buy cryptocurrencies in India else you can use Coinbase if you use USD.
Registration on Binance
fun fact: At the starting of 2018 when everybody was rushing to exchanges for registration all the major exchanges suspended new user registrations temporarily. As an effect of that people started to selling their verified accounts to people. This caused a serious panic for exchanges.Moving on to our Binance exchange guide here is the registration to verification process on Binance you can follow. The Binance exchange guide is so simple due to their focus on the user-friendly system. Here we go.
1.Go to Binance and click on Register in the upper right corner.
2.Provide with all the required details and verify your email.
3.After verification login and enable the 2-Factor Authentication (2FA). You may require downloading the google authenticator app for this.
and you are done with the registration process of our Binance exchange guide. Binance requires you to solve a simple puzzle every time you login to the exchange and also never share your 2FA key with anyone because it is the only way you can login. you may choose message OTP instead of 2FA.
Deposit, Withdraw and Trade on Binance
In the next phase of our Binance exchange guide let's learn how to trade on Binance. Don't worry if you've never traded before because Binance is very beginner friendly and easy to use and navigate.
1.Navigate to wallet
click on the Funds button and then deposits withdrawals.
2.Deposit/Withdraw and track
scroll to the currency of your choice, click on deposit/withdraw button.
To deposit copy the address of the wallet(destination wallet) or you can use the QR code as well.
Go to your wallet from where you want to send money(Source wallet), paste the address to another wallet(Destination wallet) and enter the amount you want to transfer.
The Binance exchanges
The next and probably the most important step in our Binance exchange guide is Trading. Trading is simple on Binance. It's pretty much the same as any other exchange. You first have to select the crypto pair that you want to trade between, place the bid and amount of currency that you want to Buy/Sell and place your order.
Basic Exchange
The trading platform has A basic interface for beginners who want a simple interface that is easy to understand, In the basic exchange the users can scroll down to place orders below which is the open orders section followed by your previous trades. Users can expand these sections for more details. The Sell orders are in Pink/Red (whatever you want to call that color) and Buy orders in Green. Even if you are not familiar or never traded before, everything is very easy to comprehend in the Basic exchange. Here is everything that's visible on the Basic Exchange page
- The Display area of Binance Announcements
- The display area of the current trading pair in 24h Volume
- Display area of sale price
- Display area of buy price
- The display area of K-Line and Market Depth
- The type of the order
- The buy area
- The selling area
- The switch area of other trading markets/trading pairs
- The display of the latest completed transaction price
Advanced Exchange
The Advanced Exchange is for experienced users who are familiar with everything and hence they use Advanced Exchange which has everything on the single page along with various trading tools for technical analysis.I suggest you use the basic version as it has all the facilities that a beginner may require and hence we're not covering anything about the Advanced Exchange in this Binance exchange guide (In reality, there isn't much to cover, the advanced Ex has everything messed up for a beginner that's all) Here is a screenshot of the Advanced Exchange in case you wonder how complicated it looks?
Trading - Buying and Selling on Binance
There are three options available on Binance. Let's explore them one by one
1.Market
Here you can buy or sell at Market Price. Just enter the amount of tokens you want to buy. and it'll be filled instantly at the market price.
2.Limit
Here, you can set your price to buy or sell. If you have an idea about where the price can go, set the limit and your orders will be filled when that price is available.
3.Stop-Limit
This is a very helpful function if you are not available online and want to protect your funds from loss or earn some extra profit.
A Stop-Limit order will let you create a certain order which will only trigger when a certain price is met. There are three parameters that we need to enter:
- The 'Stop' price
- The 'Limit' price
- The amount of tokens we want to sell
The 'Stop' limit is the trigger price of the order. Whenever this price is reached in the market your order gets placed automatically.
The 'limit' price is the price for which you want to trade. Once the order is placed and the limit price is available your orders will be filled automatically.
In the 'Amount' section goes the token amount that you want to buy or sell. It is common in all the three types of orders.
Signup on Binance Exchange and start your trading career
P.S.
That's was the comprehensive Binance Exchange guide you can use to trade on Binance. What would you like me to include more in this Binance Exchange guide? let me know in the comments. TY for landing on feedflood. Have a great Day :-)
Very Nice Post My Fri...