Binance is a platform where users and traders exchange cryptocurrencies. In this Binance guide, we will explain more about this popular crypto exchange. It is the most popular cryptocurrency exchange that offers trading in more than 45 digital coins. It has most commonly traded cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and, Binance Coin (BNB).
Binance is the combination of two words, “Binary” and “Finance.” It has two meanings.
- Firstly, It became the world’s leading cryptocurrency exchange.
- Secondly, Its cryptocurrency BNB is used as a medium to exchange one crypto-coin to another.
Binance (BNB) Exchange Guide
Binance is used for crypto to crypto trading, the exchange between two cryptocurrencies. It is the world’s fastest-growing exchange for trading cryptocurrencies. It is founded by a Chinese named ChangPeng Zhao. The Binance launched its exchange services in 2017 by issuing an Initial Coin Offering (ICO). It gained immense popularity because of its high-quality security services.
A BNB is an innovative token. It offers services of trading, listing, fundraising and, withdrawal of cryptocurrencies. A large number of users and traders use Binance for exchanging and investing in diverse cryptocurrencies. When you exchange the digital coin, you use the BNB coin to pay the transaction fee. For example, if you want to convert your Bitcoins into Litecoins, you would pay a transaction fee that is slightly less amount.
To start trading, users have to complete the requirements. After successful trading account creation, users can add cryptocurrency funds to the wallet address provided by Binance.
How to use binance?
Open your account. Before creating an account, get the Binance supporting program that helps the traders to make decisions. It is an effective program. How to open a Binance account?
Step 1: Go to the Binance website
Open the website binance.com and click on the “Register.” The link will open in the new tab, you can still follow this guide. First bookmark the page, it will secure your account.
It is worth mentioning that you can also access it by downloading IOS, Android, or Windows app. Download the Binance app from the official Binance website.
Step 2: Put sign-up information
Now, fill-up the form and give valid information. Choose a strong password. It is good to choose a long password that includes Upper case, Lower case, Symbol and, Numbers. Click the yellow “create account” button. Binance will send you a verification code.
Step 3: Two-Factor Authentication (2FA)
If you log in for the first time, a pop-up will show the 2FA (Two-Factor Authentication).
Do not skip this step, it will help you to increase your security. It also protects your account from hackers and online scammers. It is easy to use, you all need to download the Google Authenticator mobile app. After that, you will get a code that you would use to login into your Binance account.
Now, you are done with setting up your account.
Step 4: Deposit Coins/ Funds
At the top of the page, you’ll find “Fund” in the menu item. Select the “Deposit/ Withdrawal” button under it, a deposit page will open.
You’ll see a list of coins and, search for the coin you want to deposit. Select coin, then press the respective button “Deposit” that is on the same raw. A new wallet will create once you press the button. It will belong to your Binance account.
Each coin has a unique wallet address. So, only deposit specific coins in its Wallet otherwise, you will lose funds. On the right side of the page, you can see your wallet address.
Now, send your coins from your wallet to the address that you copied. Make sure the address is right. If it is your first deposit, it’s better to transfer a small amount. After depositing it, your money might show up immediately, you can check-in the “Fund” tab. But also keep in mind that each currency has its own processing time.
You can check your history, the option is available in the “Fund.” Your all deposited data is saved here. You can check it any time.
Step 5: Withdraw Buy and Sell Transaction.
Once you deposit the coins, It’s time to change them into BNB. Under the menu item select “Basic,” and pair it with your desire trade. Choose the “basic” option for your convenience. After that choose, BNB and start to proceed with the desired trade.
You have to calculate the percentage that how much money you want to change in BNB. You have to buy BNB because it is necessary for the transaction. For example, if you want to buy BTC using ETH, you’ll need to select the ETH market. Pair it with your desire trade and place your order. Here, you need to submit a transaction fee in the form of BNB. You can buy from Binance Exchange or Ether Delta.
There are three types of trade orders that Binance supports: limit, market, and stop-limit orders. To buy a Limit order, set your desire price or choose the percentage of your total currency. To buy a Market order, select the “market” option from the top of the menu. That is available at the best market price. You will only able to buy a Stop-Limit order when it will reach a specific price.
There is no doubt that Binance became the leading exchange market in cryptocurrency trading. Binance has become popular because of the factors such as the availability of multiple languages, neat user interface, and high-speed processing.
Binance is safe for traders and, it pays attention to security. Therefore, it became an extraordinary stage for cryptocurrencies.
Why do you need to buy Binance? Here, I jotted down few peculiarities of Binance:
- Low Cast
- Supply and Demand
- Very Conveninent
The future of Binance is bright enough. It encourages its users and traders to buy their exchange. The community has shown trust in it that makes it more credible. With ultra-fast speed, it gets immensely popular. The team is very professional and has years of experience in finance. They use to hold contests, bonuses, and more captivating methods to attract investors.
The coins are adding worth to your portfolio. Invest the amount in which you are comfortable.