Binance is an online exchange where users can trade cryptocurrencies. It is known as the largest crypto exchange on the market, and it supports the majority of the most commonly traded cryptocurrencies. Binance provides a crypto wallet for traders to store their electronic funds whose means of exchange also have supporting services for users to earn interest or transact using cryptocurrencies. The Binance platform can be accessed via the web or by downloading the application from the Google Play Store or Apple Store.
Here is everything you need to know about Binance.
1. Account registration and verification: in registering an account, intending users should click on “Register” on the Binance homepage, after which you would be redirected to the registration page where you would need to enter your email address and create a password. Then an email will be sent to you, and you will be able to click on Verify Email to complete your registration, after which you can go forward to complete identity verification, which includes verifying your basic account information, providing ID documentation, and uploading a selfie or portrait. Identity verification on your Binance account would enable users to unlock the Fiat deposit and withdrawal limits.
2. Setting up a 2FA PIN: Upon your first login, you would be required to set up a 2-factor authentication PIN, which is a security feature that gives users an extra form of password.
3. Account Funding: Users can fund their Binance accounts in a variety of ways, one of which is by logging in to their Binance account, going to “Wallet,” and then clicking “Funding Wallet.” then select the cryptocurrency that you want to deposit, choose the proper network via which they would like to receive their cryptocurrency coins, and a wallet address will then be generated and click on “Send” from the funding source account.
4. Trading on Binance: Trading on Binance can be done via the classic or advance routes. The classic trade setting has a simple layout that is easy to understand because it only displays important information for making trades, whereas the advanced trading route gives expert traders access to all the price charts and market data that they need to make complex trades. To trade on the classic route, login to your Binance account, click on Trade on the taskbar, and select Spot, after which several trading pairs from which you can trade are listed; select the coin to be exchanged; then choose which type of trade you want to make, which could be the limit order, market order, or stop-limit order.
5. Trading charges: Binance has one of the lowest trading fees on the market. All deposits come at no cost, but on withdrawal, Binance charges different withdrawal fees for different cryptocurrencies. Binance trading fees are capped at 0.1% of each purchase or sale users make, and the fee is reduced by 25% if traders use Binance Coin to pay them. The more a user trades, the more familiar you get with the platform, and then you can move forward to use the advance route for trading.
One of the most amazing features about Binance is that it offers its users a great selection of coins, adequate market information, and the capability of calculating trading volumes in large amounts.