How to Use Binance

Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume.

Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, but later moved out of China due China’s increasing regulation of cryptocurrency.

How to use Binance

1. Login to your Binance account. Nice and easy!

2. Click on Exchange on the taskbar and select Basic.

3. As you can see, Basic isn’t very basic!

4- Choose a trading pair. Binance lists hundreds of trading pairs. These are pairs of coins that Binance offers an exchange rate for. For example, Bitcoin can be traded with 143 different coins, so we say that Bitcoin has 143 trading pairs on Binance. In this example, our account is funded with Ethereum, so we are only able to trade with Ethereum.

To find out which cryptocurrencies are offered for trading with Ethereum, select ETH in the top right corner. You’ll now be able to see that Ethereum has 140 different trading pairs on Binance. Select the coin that you want to exchange Ethereum for. For example, you could choose Ripple (XRP)

5. Choose which type of trade you want to make. Binance offers three kinds of trades:

Limit orders allow users to set the maximum price they are willing to pay for coins or the minimum price they are willing to sell them for. Traders then have to wait until a buyer or seller accepts their price.

Market orders allow users to trade coins at their current market price. This kind of trade is the fastest and most simple.

Stop-limit orders allow traders to buy or sell a coin once it has reached a certain price. This kind of order is often used by pro-traders.

Today, I’m only going to show you how to buy on Binance with market orders. They are quick, simple, and perfect for beginners.

6. Choose the amount you want to trade. Click on the Market if you are happy with the current market price and enter the amount of Ripple (or your chosen coin) you want to buy. You can enter this as an amount or as a percentage of the Ethereum in your account.

How to open  an account in Binance

1. Get registered: The first thing you need to know about how to use Binance is how to get registered! Go to the Binance homepage and click on Register.

You’ll be redirected to the registration page where you’ll need to enter your email address and create a password.

2. Read and agree to Binance’s Terms of Use, and click Register.

3. Prove that you’re not a robot.

An email will now be sent to you. Click on Verify Email to complete your registration.

4. Secure your account: When your login for the first time, you’ll be asked if you want to set up 2FA. You DO want to set up 2FA, it’s very important! If you choose Skip, for now, you’ll regret it later!

How to Fund an Binance Account

For this Binance tutorial, we will use Coinbase as an example of one way that you can fund your Binance account. A similar process will apply to almost any other exchange you are sending the funds from. I will use Ethereum (ETH) as an example of a cryptocurrency you can use to fund your Binance account.

1. Go to Coinbase: Login to your Coinbase account and click on Accounts. Next, click on Send where it says ETH Wallet.How to use Binance: Coinbase ETH wallet.

You’ll be asked to enter a Recipient. This is where the Ethereum will be sent. You’re sending it to Binance, so you need to get an Ethereum address from your Binance account.

2. Login to your Binance account. On the taskbar, click on Funds then Deposits.How to use Binance: Binance deposits.

Now, enter the cryptocurrency you need an address for. In this example, I’m using Ethereum. Binance will create an Ethereum address for you to send funds to.How to use Binance: depositing Ether.

The ETH Deposit Address is where you will be sending your Ethereum funds so copy and paste it into the Recipient box in your Coinbase account.How to use Binance: sending ETH via Coinbase.

All you need to do now is decide how much Ethereum you want to send to your Binance account and click Send. The funds will appear in your Binance account as soon as they are processed by the Ethereum network.

Now you know how to use Binance to open and fund an account. Next, you can learn how to trade on Binance!

Advantages of using Binance

1) Forks

Many exchanges and web wallets don’t pay out your Bitcoin fork coins very quickly, in fact as of publishing 4 months on Coinbase users still don’t have their Bitcoin Cash.

One benefit with Binance is how quickly they support forked coins. If you hold Bitcoin on the exchange then pretty much as soon as a fork happens you will have that same number or equivalent number of coins from the fork in your wallet.

So far on Binance I have had Bitcoin cash, Bitcoin Gold, Bitcoin Diamond and Bitcoin silver the name a few.

2) Airdrops

Airdrops are a relatively new marketing tactic for new coin owners that has mostly been rewarded to Ethereum holders using the MyEtherWallet however Binance is now supporting an increasing number of these free airdrops where you literally look at your account and think “I didn’t buy these coins” and “wait, what even are these coins”. It’s a good thing because it’s free but the aim of the coin creators is to encourage you to then research the coin and hopefully buy more. Either way selling these can be a nice little bonus for your crypto portfolio.

3) Fees

The fees on Binance can be reduced automatically by opting in to pay using their own BNB token, this is a smart idea and also shows that the BNB coin itself is a solid investment as it grows in value due to its increased use on the exchange.

The main fee is 0.10% for all customers on all trades regardless of the customers volume, which we think is a fair way to do things, not favouring the whales. If you opt to use BNB coin to pay the fees (which doesn’t involve any manual work on your part) then your fees reduce to 0.05% on all trades. Excellent!

4) Access to New Coins

Using Binance gives you the ability to buy a lot of coins that may not yet be available on Bittrex, it also provides one of the most trustworthy and safe exchanges to buy such coins and is far easier than muddling your way through EtherDelta unless you know what you are doing or have no other choice. While I use EtherDelta if there is no other way of buying the Tokens I would always prefer to buy via Binance.

5) Referral Commissions

Despite affiliate marketing getting a bad name over the years one thing is for sure, it works! It generates interest and it empowers it’s users to do the marketing instead of spending that budget elsewhere. The caveat is that it can end up with people misleading the public in the hopes of generating commissions. A double-edged sword if you will.

Disadvantages of Binance

Customer Support

There are mixed reviews on the customer support offered by Binance exchange.  Although you can contact Binance by email or live chat, some users have reported long delays. This might be because the exchange has a large number of customers, however, and thus, we hope that Binance will improve their response times. There is also no phone support, which is something offered by other popular exchanges like Coinbase.

Watch below video to learn better how to use Binance


Enjoy reading? Please share:

Add comment