Professor @besticofinder has done a great work teaching us how to set up a trading account in a Cryptocurrency Exchange using Huobi Exchange as an example.

For the purpose of this assignment, I shall use Binance Cryptocurrency Exchange to how to set up a Cryptocurrency Exchange.

I shall go straight to the point but I promise you to get the process through this post.

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HOW TO SET UP A BINANCE CRYPTOCURRENCY EXCHANGE.

Binance, the top ranked Cryptocurrency Exchange Platform according to my findings is a smooth trading and exchange platform for many of the crypto exchangers. It became one of the crypto exchanges in 2017 and has been continually ranked among the best.

BINANCE REGISTRATION

To have an account on Binance and become a registered member, visit this site.

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You then sign up by providing an email address and a password which contains letters and numbers with at least on of the letters being in capital.

Once that has been done, a code will be sent to your email to verify your email. The code should be entered n the space provided to have your account fully registered.

Once the account has been registered, you would be automatically logged out and required to login with your email and password. Providing these required information and clicking on proceed takes you to a page where you would have to drag an image to fit into its container to show that you are not a robot. After this, you would be logged in into your account.

VERIFICATION AND AUTHENTICATION OF A BINANCE ACCOUNT.

To do this with less stress, I would advise that you download and install the Binance mobile app and login with it for faster and quicker verification process.

Verification on Binance is not the same thing as authentication. Where verification has to do with your identity, authentication has to do with security of your account.

To verify your account, after you must have logged in, from the top left of the homepage page,

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• click on the human-like object.
• Directly at the front of your email, you will see unverified, click on it.
• You will be navigated to a page you will have to do 'personal verification and face verification'.
• Click on personal verification.
• Select your choice of personal verification, either with the use of Bank Verification Number (BVN) or Identity Card.
  For BVN, just insert the BVN numbers and if they match with your name.
  For Identity Card, you have to take a photo of the back and front of your card and submit. The Binance verification team will look at it properly and send you a mail which will determine their acceptance or rejection of your means of verification. If you wish to continue with ID verification, you have to repeat the process until it is accepted/approved.

For the face verification, after you have clicked on face verification, a page will come up where you have to place your face in a circular space provided. A toy baby is provided by the side of the circle to aid in the face verification process. The baby should be followed to do this face verification. Once this is successful, your account has been verified and ready for trading.

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Authentication on Binance is done to secure your account from hackers. Without it, you cannot withdraw from the platform.
Out of the four ways you can authenticate your account, two must be used in order to be able to successfully secure your account and also withdraw at your set time. We have the email authentication, SMS authentication, Google authentication and and security key authentication.

The email authentication have been done during the registration, so you will just do one or two more with it to secure the account.

To use Google Authentication is done by downloading the app. You can either use Google Authentication App or Authy Authentication App. After the download, set it up by registering and then link it up to your Binance account by inserting a six-digit number from the Google Authentication to the Binance account.

To do SMS Authentication, you click on SMS authentication, select your country code, insert your phone number and then initiate a code to be sent to the provided phone number. Once the code which was sent to the phone number is inserted into the space provided, your account has been secured with your phone number.

There are three ways to deposit on Binance.

1. You can send coins directly from other exchanges to Binance using the the wallet address of that particular coin and sometimes the tag or memo where necessary.
2. Bank debit cards can be used directly to deposit in USD into Binance.

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1. You can send money in your local currency to Binance using bank transfer. A charge of #150 in my local currency is charged for Nigerian users.
   To do this,

• Go to wallet.
• Click on Deposit.
• Search for your local currency you want to deposit.
• Click on bank transfer under payment method.
• Enter the amount you wish to deposit with the charge included.
• Copy the bank name and account account number
• Minimize and go to your bank app to make the deposit.
• After that, minimize and return to the Binance app to click on I have made this payment.
  In three to five minutes, the money will be deposited to your Binance account with a mail from the exchange platform to that effect.

HOW TO MAKE WITHDRAWAL ON BINANCE.

All withdrawal in naira is charged #300.
To make withdrawal on Binance, Simply follow the steps below.

• Click on wallet
• Click on the currency you want to withdraw. This is usually your local fiat currency.
• Click on withdraw.

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• Enter the amount you want to withdraw (that's if you do not want to withdraw all he available balance in your local currency), If you want to withdraw all, just click on the available balance displayed at the right side of the page and remove the decimals numbers.
• Fill in your bank details and press continue.
• Click Confirm after looking through your details.
• On the next page, click on send code for both email and whatever authentication you use. That of email should be sent and inserted first. Once the code have been inserted.

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• Click submit below
  If the codes are correct, a pop up message on the success of your transaction will pop up.

This is my entry on the homework by @besticofinder.

Thanks.
I am @tmighty.

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CC:- @steemcurator01
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