Cryptocurrency exchange Binance: complete guide to the platform
This review of Binance and its ecosystem will provide an overview of the Binance exchange and the functions of the BNB token within the ecosystem. Why is Binance synonymous with a reliable cryptocurrency exchange today?
Since 2019, the exchange has launched the futures division Binance Futures for margin trading.
Useful links to the exchange in the media space: Telegram, Twitter, Medium, Instagram, Reddit, Facebook
ICO Binance
The conducted ICO by Binance is considered a benchmark among the crypto community, judge for yourself:
- Start of Binance ICO: July 1, 2017
- End of Binance ICO: July 21, 2017
- Amount raised: 15,000,000 USD
- Platform: Ethereum
- Token: Binance Coin (BNB)
- Total tokens: 200,000,000
- Tokens for sale: 100,000,000
Our previous review was dedicated to the Bitmex exchange
Exchange Team
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Binance as a Crypto Exchange
Binance.com - is already an exchange that specializes in Crypto-to-Crypto transactions, where you can buy over 1000 cryptocurrencies; it is a whole ecosystem of controlled social projects. The competent policy of Changpeng Zhao (the founder of the exchange) is such that to eliminate dependence on regulatory bodies of different states, they had to expand - opening branches in various countries.
As of today, on Binance among the trading pairs available for trading:
- Bitcoin (BTC) / USD
- Ethereum (ETH) / USD
- Ripple (XRP) / USD
- Litecoin (LTC) / USD
- and many others
Update - Binance opened a division specializing in fiat currency transactions
Since its launch in July 2017, the exchange has experienced explosive growth and is now positioned as the fourth largest cryptocurrency exchange by daily trading volume.
This explosive growth was due to many reasons, one of which was its ability to process up to 1.4 million transactions per second: this means you can trade calmly despite the site's load. Additionally, Binance offers competitive market rates for its trading fees: 0.1% from each side of the transaction or 0.075% if you use your Binance tokens (BNB) (more on this later).
Binance also encourages its users to store their cryptocurrencies on the Binance exchange, providing the opportunity to receive regular airdrops. This is a significant advantage for those who want to regularly trade their coins while receiving financial rewards (GAS) for holding them.
They pride themselves on being an exchange for everyone (not surprising when their slogan is "Exchange the World"), claiming to provide a user-friendly and understandable interface for mobile and web platforms for beginners, and with the push of a button create a complex UI for experienced traders.
Conclusion. What is the Binance exchange:
- Binance is an exchange capable of processing up to 1.4 million transactions per second.
- It offers incredibly low trading fees - 0.1% or 0.075% when using your BNB tokens.
- It has a user interface for all trading needs and offers clients for web applications and mobile apps.
- Some cryptocurrencies yield GAS
Registration on the Binance Website
Registering on Binance is not a complicated process, so to create an account on the exchange, only 3 steps are needed:
- Check the official website www.binance.com
- Enter email and password
- Confirm data in the email
Next, you may need to set up two-factor authentication.
Two-factor authentication on Binance is an additional measure of your security, essentially logging into the exchange site through two or more factors. For example, confirmation via Google Authy followed by email.
Recently, there has been a wave of phishing attacks, where the required user site is replaced by its fake version. The official Binance website is no exception; verification should be done every time you connect. In the browser's address bar, check the domain name Binance.com and the encryption protocol HTTPS
How to Change the Binance Website to Russian Language
A large part of our readers asked us a reasonable question about the linguistic affiliation of the Binance exchange. Although it is not in Russian, there is a function to switch to the language of any country.
Based on the screenshot above, the instructions for translating Binance into Russian are quite simple:
- Go to the upper right corner of the page
- Click on the globe
- Select Russian language for Binance
How to Withdraw Money from Balance
The Binance exchange is ideal as a cryptocurrency wallet, meaning you can safely store money in Binance on your main financial account. Managing deposits on Binance is done on a separate page that contains information about the balance and its contents; you can access this page after clicking on the user icon at the top of the site and selecting "balance" from the dropdown menu. Everything is detailed in the screenshot below.
On Binance, you do not have to send Bitcoin, Ethereum, or any specific cryptocurrency; you can top up your balance with any cryptocurrency available on the page.
Next to each virtual currency name, you can see three buttons
- Deposit - Adding money to the Binance balance
- Withdraw - Withdrawing cryptocurrency from the Binance balance to any other wallet
- Trade - A page containing functionality for trading (buying/selling an asset)
Attention. Always monitor the asset you are sending; the wallet to which the cryptocurrency arrives must support the encryption protocol for that type of cryptocurrency.
How to Top Up Your Binance Wallet
When topping up your account on Binance for the first time, the platform generates a special unique wallet with its ID. You can obtain it on the transfers page (Deposit button).
By going to the Deposit section, we will enter the Binance account management section. Here we can:
- Select Network - choose the storage network for our cryptocurrency
- Memo BNB - a special identifier to identify your payment as the sender. Needed when making certain payments
The page is not particularly remarkable. On the left side, we see the asset name, balance, number of tokens in orders, available balance. A little lower, we are provided with a TAG - payment identifier, which will be useful for sending funds from another source. And, as standard, the address of your original wallet (in our case, that would be ripple XRP).
Funds are credited to Binance after one confirmation; after that, it will appear in history, and its further fate can be tracked there.
How to Buy Bitcoin with a Card on Binance
After a recent update, Binance introduced the ability to purchase cryptocurrency with a card. As you guessed, this can be done by clicking the Buy Now button in the window with MasterCard and VISA logos.
How to Withdraw Money on Binance
Withdrawing funds (money) from Binance to a card or even in rubles is also not a difficult task. For this, you will need an exchanger, which can be found on Bestchange.ru. You can choose any with a positive reputation and be confident in a successful transfer.
Withdrawal through exchangers is very simple: you send cryptocurrency to the exchanger's crypto wallet, after confirming the transaction inside the blockchain, it sends you back in the currency you need to the details you specified.
Withdrawal from the exchange is carried out through the "Withdraw" button located in the table of assets contained in the balance, which will take us to the page managing the withdrawal of any cryptocurrency, but by default, the currency we selected in the previous window will be set.
Depending on the currency, the information on this page may vary. But overall, everything here is pretty much the same. The main - and common fields are the address and withdrawal amount. The exchange will also notify you of the amount of cryptocurrency you will receive in your wallet after the transfer, taking into account the commission.
Be careful when exchanging cryptocurrency through exchangers; often users do not take into account the commission that falls on their shoulders and transfer an amount less than required.
How to Trade on Binance Exchange
The entire trading process on the Binance exchange comes down to buying and selling cryptocurrency. To trade on the Binance exchange, you must be aware of all the risks that cryptocurrency trading entails. And have at least basic knowledge. Our series of articles on trading will help you with this:
- TOP-15 Mistakes of Beginner Traders
- How to Trade Cryptocurrencies for Beginners: Useful Links and Cases
- Where to Trade Cryptocurrency? Choosing a Cryptocurrency Exchange
- Simplifying the Trading Process. A List of Verified Services
Binance Fees
At the time of writing this review, Binance charges an average fee of 0.1% on each transaction made by the user. Those who choose to pay with Binance tokens (BNB) can receive a 50% discount on trading fees, which is a good option for saving in the long run. So far, this exchange demonstrates some of the lowest fees.
The withdrawal fee from the exchange varies from one cryptocurrency to another.
Below in the table are the main types of withdrawal fees from the platform
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There are no restrictions on the number of coins for transfers on the exchange; however, there is a limit on withdrawals. Initially, registered users have a withdrawal limit of 2 bitcoins; to increase the amount of cryptocurrency for a single withdrawal, you need to go through verification.
How to Pass Binance Verification
Verification on Binance is the procedure for confirming your identity. On Binance, users are divided into 3 levels:
- First level - verified clients (Limit 2 BTC within 24 hours)
- Second level - users who have passed verification and provided all required proof of identity. (Limit 100 BTC within 24 hours)
- Third level - Businesses and funds registered on Binance with an individual withdrawal limit. (Up to 200 BTC within 24 hours). To obtain it, you need to personally contact Binance technical support, and the project team will conduct a full review during which documents confirming the existence of the business will be required, such as founding documents.
To pass verification on Binance and obtain at least the second level, you need to provide some data about yourself to the exchange, including the data and documents that need to be submitted:
- Full name of the account owner for verification
- Country
- Gender
- Photos of the passport (Main page + registration)
- Selfie with the passport
Despite the laboriousness of the process, all users who have passed verification permanently increase their withdrawal limit. It is worth noting that when withdrawing any cryptocurrency, the calculation will be made in bitcoins.
Competitions from Binance
Among hundreds of other cryptocurrency exchanges, Binance stands out with its regular competitions and contests, during which not cheap prizes are drawn.
The competitions are held in collaboration with various projects whose cryptocurrencies are listed on Binance.
Often, the competition has one formula: The winner receives SOMETHING for the maximum traded volume of SOMETHING over SOME period.
An example could be competitions involving cryptocurrency projects like BitTorrent, which took place on February 21, 2019.
There is a chance that such events are nothing more than a commissioned PR move. Since organizing a competition often leads to a pump in the exchange rate on the exchange. Thus, any information about listings or planned competitions is strictly confidential.
Reviews about Binance
Having scoured the internet for positive and negative reviews to give a quality assessment and answer the question of whether Binance is a scam or a profitable long-term investment, the following examples were found.
Errors on Binance and Their Solutions
Below are all the errors found related to registration, authorization, and trading on the Binance platform. The list is periodically updated.
Error During Authorization via 2FA
The solution to this error in most cases is incorrectly set time on the device from which the request is made. Set automatic time updates according to your time zone. After that, start the authorization process from the beginning. Also, make sure that VPN and other services that hinder internet connection are turned off.
Failure When Linking Two-Factor Authentication
Here, as in the previous case, the solution will be correcting your time and date. Additionally, the error may occur due to an incorrectly chosen application on your smartphone for linking.
Binance Bug When Changing Language
In the exchange interface, there is a small bug; when changing the language, the necessary window for selecting the desired language disappears when hovered over. It looks like this:
Solution to the problem: You can simply change any language in the address bar to, for example, Russian:
After completing this procedure, the Binance exchange will again be in Russian.