Everything you need to know, in one place.
Binance is one of the largest cryptocurrency exchanges in the world, providing users with a unified platform where they can trade cryptocurrencies.
Binance is one of the largest cryptocurrency exchanges in the world, providing users with a unified platform where they can trade cryptocurrencies. Founded in 2017, the company evolved from a cryptocurrency exchange to a crypto asset trading platform, futures, savings, NFTs marketplace and even to building its own blockchain network around the BNB token. Today the platform operates more than 300 different cryptocurrencies, from Bitcoin to small altcoins.
Registration with the service will not take much time – you need to enter an email or phone number, create a password and proceed with your personal information. After the creation of your account, the very next action should be enabling two-factor authentication – this action will provide a high-level security measure in case of hacking your account. Binance offers both mobile application and website platform where you can trade cryptocurrencies.
For transactions involving significant deposits or withdrawals, it is necessary to complete the identity verification process which is called KYC (know-your-customer). You have to upload the government-issued document and make a selfie in order to pass this stage. The verification process can last for several minutes but in some cases, it may require additional steps.
Having passed the verification, you can make deposits via bank transfer, debit or credit card, or by transferring your cryptocurrency balance from another exchange to your account. Using bank transfer has the lowest fee but the highest confirmation time, on the other hand, depositing money via credit or debit cards is instant but has higher fees. In case if you have cryptocurrency, you can deposit funds by making a transfer to your wallet on Binance. Don't forget to double-check the type of the coin and network address.
After your account is funded with money, you can buy cryptocurrency. Binance offers the Convert feature which allows users to make a quick and easy swap at a certain quoted price. You can use the trading interface of Binance to make your orders with limit prices.
Spot trading means buying and selling the asset you own right now at the current market price. It is a great way to start for new users. Futures trading allows you to speculate on price movements by using leverage, that means that you can open positions with volume which is higher than your account balance. Leverage can significantly increase your profits but at the same time, it can result in losses, so it is better to use futures only when you know all the risks involved.
You can also earn on your purchased coins by using different ways. Using Simple Earn you can deposit funds in flexible or fixed term products, getting interest. If you use staking, you can earn by securing blockchain networks which are supported by Binance.
The fee for spot trading at Binance is 0.1% per transaction for both makers and takers and the payment of this fee in BNB gives you a 25% discount reducing the rate to 0.075%. Futures trading has lower fees and the higher your VIP level (the amount of trading), the lower trading fee will be. The withdrawal fees differ depending on the type of the coin and network used because it is the transaction fee of the blockchain and not of Binance.
Basic measures like a unique password, two-factor authentication and adding your wallet address to the whitelist of withdrawal addresses can help you protect your account. Binance has its own insurance fund to compensate customers from huge losses in case of unexpected situations. But in any case, cryptocurrencies' markets are very volatile and less regulated compared to traditional financial markets.