By no doubt, Binance had become the leading exchange in matters of cryptocurrency trading. The exchange that is based in Malta was founded in the middle of 2017.
Binance is not only limited to crypto-to-crypto trading – it offers FIAT-to-crypto trading, as well as buying Bitcoin and other cryptocurrencies with a credit card. For advanced traders, Binance offers its Futures exchange that enables leveraged trading.
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As a partner of Binance, CryptoPotato readers can receive exclusively a $100 voucher. Use this link to head to Binance. Open a new account, verify it and then complete the following tasks for up to $100 free:
- Why should I open a Binance Account?
- How to open a new Binance trading account?
- Step 1: Go to Binance Website
- Step 2: Fill up your email and a designated password
- Step 3: Enable 2-Factor Authentication (2FA)
- Step 4: How to deposit Bitcoin and other funds to Binance?
- Step 5: How to Buy or Sell cryptocurrencies on Binance?
- What is Binance Coin (BNB), and what is it used for?
Why should I open a Binance Account?
Since its launch in August 2017, Binance keeps growing and leading the cryptocurrency ecosystem.
Highest real volume: While most exchanges report fake volume amounts, Binance had always been reliable on reporting the exchange’s volume. As of writing these lines, Binance is safely leading in measures of the real-adjusted trading volume.
Trading pairs and liquidity: Binance offers an endless variety with maximum liquidity of trading pairs. While most cryptocurrencies on Binance are trading against Bitcoin, Binance offers many trading pairs against Ethreum, Ripple, and Tron.
Trading against FIAT hadn’t been easier, as Binance offers plenty of trading pairs against the US-pegged stablecoins USDT, USDC, BUSD, TUSD, PAX, and more. Binance also offers to trade against some local FIAT coins such as the Russian Ruble and the Turkish Lira.
Always developing: Binance is continuously developing – after launching its own Binance blockchain, run by its native token – BNB, Binance had successfully launched its decentralized exchange and Binance Launchpad for new projects launch (IEOs).
Enhanced security and SAFU insurance: Just like any major exchange, Binance is a hot target for hackers. So far in its short history, Binance proved its security level, and even when a minor hack took place, the SAFU insurance fund of the exchange compensated the exchange users, so all funds were covered.
Great support: For crypto beginners, support is a critical key when choosing which exchange to use. Binance support is very responsive.
How to open a new Binance trading account?
Step 1: Go to Binance Website
Click here to go to the Binance registration form; the link will open in a new window so you can still follow this guide.
After signing up, it worth mentioning that the Binance trading platform can be also accessed via Apple iOS, Google Android and Windows dedicated apps. For security measures, make sure to download the Binance app only from the official Binance website.
Step 2: Fill up your email and a designated password
Now, fill up the simple form, which includes basically your email address and password.
You will want a strong password combination. Rules: The password must be at least 8 characters with 1 upper case letter and 1 number.
The referral field will assure you will receive the 20% off fees, as a unique offer to CryptoPotato’s users.
After you checkmark and agree to the Terms, click the yellow “Create Account” button.
Once you do it, Binance will send you a verification email. Click on the link there.
Step 3: Enable 2-Factor Authentication (2FA)
Welcome. When you log in for the first time, a pop-up will show up and ask you to enable the 2FA, which provides a second layer of security.
If you are new to 2FA, you’ll need to download the Google Authenticator mobile app and then scan the QR (or enter the secret key) in order to get a 1-minute changing 6-digit code. Every time you log in to your Binance account, you will need to provide this code, as a second layer of security beyond the typical username password login.
Don’t skip this step! Be aware of phishing attacks: It’s wise to add Binance homepage to your bookmarks for quick access, and also due to security reasons. Many traders lost high amounts of cryptocurrencies due to phishing attacks, which are simply fake URLs that pretend to be the original website, but all they do is collect the user’s login details and send them to the attackers.
For this reason, it’s crucial to enable 2FA before depositing any funds.
Step 4: How to deposit Bitcoin and other funds to Binance?
Now, after your account is well secured, use the top main menu in order to select “Wallets” and select from there the “Spot Wallet” sub-menu item. The Spot wallet is for the regular Binance spot trading.
Binance also offers more advanced features such as margin and futures trading. After selecting Spot Wallet this is the screen you will see:
From here, you can get an overview of all cryptocurrencies Binance offers, and your current balance (which is likely to be zero at this time).
You will find the list of all traded coins on that page. Locate or search, using the search field, for your currency, which you want to deposit and then press the corresponding button named ‘Deposit,’ which is present on the same raw.
Once clicked, you will be redirected to the dedicated coin-wallet page. In this example we decided to deposit Bitcoin:
On the right side of the page, we can see our new dedicated wallet address. This address is unique for our Binance account; in other words, anything that will be transferred to that address will be credited to your account.
Important: The wallet address for each coin is different. Make sure you do deposit only the specific currency to its wallet; otherwise, it can result in complete loss of the funds.
The next step is basically to copy-paste this wallet address to any crypto wallet. If this is your first deposit, it’s better to transfer only a small amount, wait until it’s received (you’ll be notified by email, and you will see it on the coin’s wallet page on your Binance), and only after that send the main part.
Keep in mind that any coin has its own deposit processing time.
Your deposit history is also here: On the bottom part of the page, you can see your past deposits of the specific coin.
Step 5: How to Buy or Sell cryptocurrencies on Binance?
Once your funds arrived, or if you have a positive balance of any base-asset like Bitcoin, Ethereum, or USDT, you can start your cryptocurrencies shopping.
On the main menu, select “Spot” and choose “Classic.”
Now select the desired pair from the right pane. Use the search field for faster navigation. Make sure to select the base asset before the actual pair itself. For example, if you want to buy ETH using BTC, you will need to select BTC markets or BTC as your base asset.
In this example, we want to trade our Bitcoin (BTC) for Ethereum (ETH). We start by selecting the ETH/BTC pair market, and then we’ll get the following screen:
The left pane displays the order book, whereas, in the middle, we see the last price. In the middle, we can see the chart, and right under it, we can see the control to place our order.
There are 3 types of orders:
To buy using a Limit order: Set the desired price, then select amount in ETH units, or choose a percentage of your total Bitcoins from the provided scale: 25%, 50%, 75%, and 100%. The total BTC (the cost) will then be calculated automatically. Selling ETH for BTC will be the same, but the opposite.
If you want to buy at market price, then select Market from the top menu. Stop limit is more advanced and lets you set a stop loss or stop buy orders, in other words, you can state that you will buy ETH only when the price of ETH/BTC will reach a specific price (i.e., “buy ETH/BTC at a limit price of 0.031, only when ETH/BTC is higher than 0.03”).
What is Binance Coin (BNB), and what is it used for?
Binance has created its own native cryptocurrency – the Binance Coin, with the symbol BNB. BNB was first issued during Binance’s Initial Coin Offering (ICO), which took place in August 2017.
As of writing these lines, Binance Coin is the eighth largest cryptocurrency by market cap, with a market share of almost $3 billion.
BNB is one of the most traded currencies on Binance and is the payment method of the exchange.
For holding BNB, you will receive an extra 10% discount on Binance trading fees (make sure to enable this option if you like). If you are trading for high volumes on Binance, you should consider holding BNB. Fees schedule of Binance fees can be found here.
Besides discount on fees, Binance Coin holders can enter the exchange’s lottery to participate in Initial Exchange Offerings or IEOs. Binance runs fundraising campaigns for new projects via its Binance Launchpad platform.
Another interesting fact is that Binance allocates 20% of its profits to repurchase BNB tokens in the market so that over time, BNB’s currencies inflation rate decreases.
Special 2020 Offer: As a partner of Binance, CryptoPotato readers can receive a 20% discount on all Binance spot and margin trading fees by using this link to register a new account, this is a limited-time promotion.