Binance is a cryptocurrency exchange. If you think that buying and selling cryptocurrencies is too complicated for you, Binance can make it easy. When you get started with cryptocurrencies, it is important that you first become familiar with the exchange as well as the different ways in which it can be used.
As for Binance, the company was founded back in 2017 by two people who were both employees of the OKCoin exchange and has since become one of the top exchanges in terms of trading volume. Both Changpeng Zhao and Yi He were cryptocurrency aficionados, so they made Binance easy for all users.
The company is actually an exchange for various cryptocurrencies. This means that you can create a Binance account even if you don’t already have any cryptocurrency, and then you can buy any with hryvnia from your card or deposit from another crypto wallet and trade it with other people.
Binance in Ukraine
Binance and the Ministry of Digital Transformation of Ukraine have signed a memorandum of cooperation in the implementation of cryptocurrencies in Ukraine. Binance will also help develop transparent and efficient mechanisms for the transfer of rights to any virtual assets or currencies using blockchain technology.
And now one of the largest cryptocurrency exchanges in the world has become available in Ukraine. Thanks to this, Ukrainian and global cryptocurrency companies will be able to work in Ukraine openly and transparently.
Binance also became a partner of the Ministry of Digital Transformation of Ukraine as part of the Diya project. Digital Education – Produce an educational series about blockchain , Bitcoin and cryptocurrency.
Key Benefits of Binance
- Stability and security: multi-level and multi-cluster system architecture
- High performance: capable of processing 1,400,000 transactions per second
- High liquidity: abundance of resources and eminent partners
- Support for all platforms: Web, Android, iOS, Windows, macOS, Linux
- Multilingual Support: Support and FAQs are available in multiple languages.
- Support for most coins: BTC, ETH, LTC, BNB, XRP, USDT, Nuls, NEB, XVG, TRX, NEBL, NEO, FUN, ETC, BCH, POE, DASH, ELF, ICX, ZRX, APPC, etc.
- Simple and easy to use user interface: use the trading platform with advanced charting tools from Tradingview
If you register a Binance account through our link, you will be provided
You only need to buy and hold some BNB in your Binance account, trading fees will be automatically deducted from your BNB balance.
Signup Binance
To create an account on Binance, all you have to do is follow the link and register on the Binance website . On the registration page, you will be asked to enter a valid email address and choose a password for yourself. After you agree to the Terms, you will be asked to verify your account by email.
The email sent to your account will contain a link where you can verify your Binance account. Once you click on the link, your Binance account will be created and you are ready to start trading.
Security setup
But first, it’s a good idea to secure your account with two-factor authentication. Since cryptocurrency trading is an expensive and risky process, it is important to protect your account from any hackers on the Internet.
After you log in to your account, for security reasons, please enable two-factor authentication (Google 2FA or SMS 2FA).
Binance allows you to set up 2FA and link your account to your mobile phone number. This means that before you can log into your Binance account from a new device, you will be asked to verify your identity using the provided phone number.
How to fund your Binance account
On the dashboard (or the first page you see when you log in), click on the “Spot Wallet (Deposit/Withdrawal)” button under the “Funds” tab in the top right corner.
In the tab that opens, you see a list of cryptocurrencies supported by the exchange.
From 4 to 6 actions are available to you with each cryptocurrency:
- Buy
- Input
- Conclusion
- Trade
- Earn
- Exchange
The last 2 points, earn cryptocurrency and exchange, are not available for all tokens.
How to buy cryptocurrency on Binance
Binance is exclusively a cryptocurrency exchange. This means that in order to start trading with Binance, you will need to fund your account with some existing cryptocurrency.
I recommend buying some BNB coins right away. The BNB coin will be used on the exchange to pay trading fees, giving you a 25% commission discount on your trades!
If you are new to the world of crypto assets, then the easiest way is to buy some tokens by paying with your bank card. We click to buy.
We select the coin we are interested in or search using the search. In this case, the BNB token.
The minimum purchase amount for any cryptocurrency with a bank card is $15.
Link your bank card to your Binance account and pay with your hryvnia card.
Entering cryptocurrency to the balance
Replenishment of your balance on the Binance exchange is possible if you already have a registered cryptocurrency wallet. Which you want to bring to the exchange. In this case, you make a request, and the exchange creates a wallet for you, to which you will transfer your funds.
This can be done with any other cryptocurrency wallet. Just go to your wallet where the cryptocurrency is stored, select the amount you want to transfer and send those funds to your valid Binance account.
When transferring funds to the exchange, you have no minimum limits on the amount of funds.
The best thing about trading digital currencies is that everything happens in the blink of an eye. Once you select “send” from your cryptocurrency exchange wallet, your Binance account will be funded in a couple of minutes.
How to withdraw money from Binance
Withdrawing funds is similar to replenishing an account. Specify which coin you are withdrawing, the wallet address to which the coin should be sent, and the network if the cryptocurrency supports several blockchain networks.
Note. that when withdrawing to different networks, the commission may differ.
How to trade on the Binance exchange
Once you have funded your account, it is time to start trading with Binance.
When choosing “Trade”, you are immediately prompted to select a trading pair with which you plan to trade and takes you to the trading terminal.
You can choose between two options: basic or advanced.
If you are a beginner trader, we recommend choosing the basic settings. This will give you a layout that is easy to navigate and all the information you need is displayed clearly. While the app’s basic setup is meant for beginners, it’s definitely not for those who aren’t familiar with cryptocurrency trading. However, you can follow a few simple guides on Binance to understand how things work.
If you have been trading digital currencies for some time, you can choose the Advanced option. This will give you access to all the sophisticated features of the app, including price charts and market analytics.
If you do not have experience trading on stock exchanges, then of course, the trading terminal looks very intimidating.
Before bidding, you need to thoroughly get acquainted with the documentation, which is available both in Ukrainian, Russian and in other languages. Fortunately, Binance has it, it is very detailed and you will definitely find answers to any possible questions. If not no. You can always contact support.
Here is a link to the Binance Academy , with detailed instructions on trading on the exchange.
Spot trading
Once you register and log in, you will be able to access the spot trading platform. Here you can buy and sell cryptocurrencies using various trading pairs. Binance offers a wide range of trading pairs including Bitcoin, Ethereum, Litecoin and many more. The platform is also very user-friendly and easy to navigate.
Futures trading
In addition to spot trading, Binance also offers futures trading. This is a more advanced trading option that allows you to trade with leverage. Trading with leverage can be very risky, so it is important to have a good understanding of the market before you start trading with leverage. Binance offers leverage up to 125x, which can be very helpful for traders looking to make big profits.
Trading without commission
Binance has made it possible to trade spot pairs with BTC without commission. Commission free trading will apply to the following 13 spot trading pairs: BTC/AUD, BTC/BIDR, BTC/BRL, BTC/BUSD, BTC/EUR, BTC/GBP, BTC/RUB, BTC/TRY, BTC/TUSD, BTC/ UAH , BTC/USDC, BTC/USDP and BTC/USDT.
Cryptocurrency conversion
Users can easily convert their holdings on the portal without worrying about the hassle of order book and trading fees. Moreover, the minimum transaction amount is usually equivalent to 10 USDT. The minimum and maximum transaction amounts will depend on the coin/pair. This information can be viewed in advance before setting the transaction amount.
This is the easiest and safest way to trade for beginners.
Other features
Binance is more than just a trading platform. Other features are also available on the exchange, such as lending and staking. Binance Lending allows you to lend your cryptocurrencies to leveraged traders and you can earn interest on your borrowed assets. Staking is another way to generate passive income by holding certain cryptocurrencies on the platform.
Options trading
Binance offers options trading, which is a type of derivatives trading that allows traders to speculate on the future price of an asset. Options trading can be very difficult, so it is recommended for experienced traders.
Margin trading
The exchange also offers margin trading, which allows traders to trade with leverage. This means that traders can control a large position with relatively little capital. However, it is important to note that trading on margin is considered high risk and traders can lose more than their initial deposit.
Staking
Binance allows users to earn passive income by holding certain cryptocurrencies on the platform. It’s called staking. By placing bets, users can earn rewards in the form of cryptocurrencies for holding and participating in the security of the network.
Lending
Binance Lending allows users to lend their cryptocurrencies to traders who use leverage. Users can earn interest on their loan assets. This is a great way to generate passive income and can be useful for traders looking to earn more from their investments.
Saving
Binance Savings allows users to deposit their cryptocurrencies into a savings account and earn interest on it just like a traditional savings account. This feature is a great way to earn passive income and store cryptocurrencies safely.
Cryptocurrency and fiat trading
Binance also offers trading in fiat currencies and cryptocurrencies. This allows traders to buy cryptocurrencies with their local currency, which can be helpful for those new to the market.
Initial Exchange Offerings
Initial Exchange Offerings (IEOs) are a new way to raise funds for blockchain projects. Binance has its own launch pad that allows projects to raise funds by selling tokens on the exchange.
It is important to note that these financial instruments can be complex and traders should have a good understanding of the markets and the risks associated with them before getting started. In addition, the rules for some of these financial instruments may vary by jurisdiction, so it is important to check the rules in your area before trading.
How to verify your Binance account (KYC Verification)
Identity verification (KYC) is optional, which means if you choose not to do KYC, you can continue to trade on the platform. An unverified account can withdraw 2 BTC in 24 hours.
However, I highly recommend that you get KYC verified. In cases where you forget your platform credentials or when your account is passed on to others due to a personal information leak on your part, verified KYC information will help you recover your account quickly.
Users who pass KYC verification will also participate in the token sale (IEO) hosted by Binance Launchpad.
In addition, by completing the KYC verification, you get a higher daily withdrawal limit.
Binance has 3 levels of identity verification:
- Base
- Intermediate
- Advanced
Each type of verification gives you access to certain limits on the exchange.
Basic identity verification
Buy crypto and deposit fiat: $300 Lifetime
Fiat withdrawal: $300 Forever
Cryptocurrency input: No restrictions
Cryptocurrency withdrawal: 2 BTC Daily
Other products: Not available
Intermediate identity verification
Buy crypto and deposit fiat: $50K Daily, $500K Monthly
Fiat withdrawal: $50K Daily, $500K Monthly
Cryptocurrency input: No restrictions
Cryptocurrency withdrawal: 100 BTC Daily
Other Products: P2P/LPD/OTC/Binance Card
Extended identity verification
Buy crypto and deposit fiat: 200K Daily, $2M Monthly
Fiat Withdrawal: $200K Daily, $2M Monthly
Cryptocurrency input: No restrictions
Cryptocurrency withdrawal: 100 BTC Daily
Other Products: P2P/LPD/OTC/Binance Card
Pros and cons of Binance
Binance is one of the largest cryptocurrency exchanges in the world. About 70% of the total crypto volume passes through it.
While Binance is best known as an exchange, it is also the heart of the crypto ecosystem. It boasts a range of products ranging from Launchpad, a staking exclusively for start-up entrepreneurs, to data analytics, a trusted wallet, a community-backed blockchain program, an academy, and even philanthropy.
Pros of Binance
- Low trading fees
- Wide choice of currencies
- Multilingual Support
- Bank level security
Cons of Binance
- Slow customer support
- Platform UI can be tricky for newbies
- Derivatives trading suspended in some countries
Best Binance Alternatives
For newcomers to the crypto market and investors, there are several alternative exchanges.
Warnings and disclaimers
Trading on the stock exchange is associated with the possible loss of money and is not suitable for all investors. And when trading futures, your losses can exceed the size of your initial investment. Before you start trading on the exchange, read the documentation for an overview of the key features and nuances of working with Binance tools. Also, make sure you understand and accept the risks involved.
This article is a summary of personal experience and is not a recommendation for action.
