Binance is a well-known cryptocurrency exchange which was started first in China but now has moved its headquarters to Malta. Binance is renowned for its crypto to crypto exchange services. In a minimum period of time, the company has gained much popularity, launched in 2017. It is now one of the leading cryptocurrency exchange because of its highly appreciable services, number of Initial coin offering listings, and extremely low trading fees.
|site type||Cryptocurrency Exchange.|
|Available Cryptocurrencies||Bitcoin, Ethereum, Litecoin, + >100 more coins|
BINANCE EXCHANGE PLATFORM
Binance platform provides two options for trading in digital currency: Basic and Advanced. However, it can become complex for beginners to use any of these two versions and someone with a tad bit of knowledge and understanding of digital currencies and workings of exchange will be able to use these versions and services.
The main difference between the basic and the advanced version is that the advanced one provides more-in-depth technical analysis of digital currency value over time and provides more advanced features. At this time, the dashboard for the basic version provides various graphs and charts for the pairs that you have been trading, order books, and trade history.
This is what the basic view looks like :
The Basic view is nicely designed, all the information you need is clearly displayed with prices on the left, graphs in the center along with the buy and sell boxes and the trade history is shown on the right which enables you to quickly give a glance over the latest trade prices.
And this is what the advanced view looks like:
The theme used in advanced view is comparatively darker and trading charts are larger. In this version, the latest trade prices are shown on the right side with buy and sell boxes below it.
In addition to the exchange, Binance has introduced various other features and tools in the past year. It has introduced Binance Academy which offers educational content on the blockchain, Binance Info that displays market stats and ICO reviews, Binance Labs, which is an incubator for startups, and Launchpad for token launches.
SIGNUP AND LOGIN
Users are required to create an account in order to operate the exchange. Traders do not have to undergo a complex process, this is a simple and easy process and does not have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you will be required to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that.
Time for verification will vary based on how busy the site support staff is, thus, if you wish to withdraw huge amounts, you should plan time ahead and you complete this step before depositing and trading large sums on the exchange.
Now, after getting done with this, users can move ahead and start funding their Binance account. While you can choose from a multitude of digital currencies, it is recommended that you stick with either BTC or ETH.
To fund your account visit the “Funds” option and then “Deposits / Withdrawals” link at the top of the site and search for the currency you wish to send, then click the “Deposit” button next to it which will then provide you the wallet address. Afterward, you can send your funds to this address to initiate trading on the platform, depending on which currency you deposit it will take different times to show up as this depends on that currencies blockchain. Some currencies like Ethereum are faster than Bitcoin which may take longer.
Now that you have funded your account, you can easily start trading, exchanging and investing in various digital currency pairs. Binance provides numerous choices, as it supports all major digital currencies, but also various ICO listings and their respective tokens.
However, one can use a platform for generating only limit and market orders at that time. After placing your order, you need to wait for it to be approved according to the terms that have been laid.
HOW TO TRADE ON BINANCE
One can trade on Binance in a straightforward and easy way. To begin trading, you should ensure you have deposited some funds. There are options for trading pairs in BTC, ETH, BNB, and USDT. After you are done with depositing funds, Select ‘Exchange’ at the top right menu, and then select ’Basic’ or ‘Advanced’ to load a trading screen.
You will see BTC, ETH, BNB, or USDT tab on the right-hand side, from which you have to select one in which you will be trading. Then select the currency from the list you wish to trade in. You also have the Search option. Also, you can create a favorites list by clicking on the star next to the currency you want to add in favorites.
Once the currency you are willing to buy has loaded, take a look at the left-hand column which shows prices that people are willing to sell at in the top half in red and prices people are willing to buy at in green in the bottom half. The number in the middle shows the last sale price.
Now in order to buy, use the center box below the graphs where you will see the buy box on your in green color. You can enter a price manually you are willing to purchase at, also can click on a number on the left-hand column. You can then enter the amount of the currency you wish to buy or click the 25%, 50%, 75% or 100% buttons which will be entered by an amount, depending on how much of the buying currency you possess.
Once your order is placed it will be shown below in the “Open Orders” section until it is filled. At that point, your new currency will be present under the “Deposits / Withdrawals” menu wherein you are enabled to withdraw it to the wallet of your choice.
Binance holds a huge variety of support coins. Traders, thus, can use the platform for trading various digital currencies including, BitcoinBitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, EOS, Dash, LiteCoin, NEO, GAS, Zcash, Dash, Ripple and much more. As mentioned before, Binance also supports numerous tokens, as part of ICO listings. In addition, traders can use the platform to trade these tokens and generate profits.
Also, Binance currently tends to be very quick to add new coins and tokens after their ICO which usually implies that you can purchase them cheaply which enables you to earn higher profits.
They currently offer trading pairs in BTC, BNB, ETH, and USDT.
Binance charges an average fee of 0.1% on every trade that a user makes. Moreover, if users choose to pay via the Binance token, then they can avail a 50% discount on the trading fee. This fees charged by Binance is the lowest fees charged at this time.
Withdrawal fees are different for every digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some other examples to give you an idea of the fees you will be paying for withdrawals:
Binance is a cryptocurrency exchange and thus you are unable to use flat currency to fund your account.
You are only allowed to deposit cryptocurrency funds and there is no limit on the deposits you make. Moreover, no fee is charged on your deposits.
As about the withdrawals you can make each day is computed by your verification tier. You will be placed at level 1 without submitting any verification details and thereby withdraw up to 2 BTC worth of cryptocurrency a day.
In order to move up to Level 2, you are required to enable either two-factor authentication or Google Authenticator. Following that, you need to provide information for KYC purposes including:
- First name
- Last name
- Photo ID
With Level 2 verification, your daily withdrawal limit increases to 100 BTC. In case you want to withdraw more than this amount in a single day, you should contact the customer support team.
Binance Jersey Launch – Now Supports Fiat to Crypto
As of 16th January 2019, Binance has announced the introduction of a new Fiat to Crypto exchange called “Binance Jersey“. The trading platform is now active and enables customers to trade in fiat currencies such as euro and pound sterling, targeting basically the Europe market.
As of now, only four trading pairs are provided, however, more to be added soon:
- BTC / EUR
- BTC / GBP
- ETH / EUR
- ETH / GBP
This platform is similar the trading on Binance as it operates same engine and trading screen is being designed with a similar manner with an option available to choose between Basic and Advanced.
Currently, the matching engine of the exchange is able to process approximately 1.4 million orders each second, thus making it one of the fastest exchanges present in the market. Also, the exchange can work on every form of devices, including web, Android, WeChat, and HTML5. In addition, platforms make it easier for Non-English speakers by offering multiple-language support in Chinese, English, Korean, and Japanese.
According to everything mentioned, it is inevitable to say that Binance is a leading exchange in Cryptocurrency while offering low fee structure and commendable digital currency support. Moreover, it is expected that Binance will be on the track to grow and provide better digital currency exchange services to its customers.