You can view the markets on Binance without registering for an account, but to actually make a trade, you will need to sign up and log in.
- Simply select “Register” from the main website and follow the steps to create a new account. You will likely need to verify your email address to activate your account.
- Once your account is confirmed, you can log in to Binance using your email address/userID and password. To prevent phishing attacks, be sure to double-check that the URL is correct and uses the https protocol.
- To deposit funds into your account, navigate to the “Funds” tab and choose “Deposits/Withdrawals”. From there you will see a list of supported currencies. Find the currency you wish to deposit (bitcoin is typically near the top) and click the “Deposit” button.
- You will be shown the deposit address for the currency of your choice. You can either copy the alphanumeric code or use the provided QR code. This is the address you will want to send your funds to.
- Whether you’re keeping your funds on another exchange or a third-party wallet, just go there and send the funds to your Binance deposit address, either by pasting in the code or via QR.
- Once you have confirmed the transaction, it will typically take a few minutes to process. You may not see the transfer register immediately in your available Binance balance. When a transaction is in the process of being confirmed, it may appear in the “In Order” tab.
- When the funds appear in your “Available Balance” tab, you can proceed with trading. To make a trade, visit the “Exchange” tab and choose either “Basic” or “Advanced”. For new traders, the “Basic” view may be easier to navigate.
- Choose the trade you want to make from the trading pairs tab. If you have deposited bitcoin to your account, you will have the option to buy many different cryptocurrencies with bitcoin. Binance also supports some trading pairs that use Ethereum as a base currency. If you want to take advantage of the BNB token for reduced fees on Binance transactions, you can buy BNB with either bitcoin or Ethereum.
- Once you’ve selected your desired trading pair, simply enter the desired amount of currency you want to purchase and set the price you’re willing to pay for it. Once you’ve confirmed the details, hit the “Buy” button to complete the transaction.
- When you’ve purchased a new currency on Binance, your funds will show up in that currency’s designated wallet in your account’s “Funds” area. To withdraw funds from Binance, you may need to take further steps towards account verification.
How much Trading Fees To use Binance?
Downloading the Binance mobile app or creating an account on-line is totally free. Making deposits to Binance in any supported currency can be free. You might incur a payment when withdrawing funds from Binance, though charges fluctuate relying on the forex.
When buying and selling on Binance, you’ll be charged a 0.1% charge on every trade. Binance has issued its personal token, BNB, which can be utilized to pay any sort of charges incurred on the change. Utilizing the BNB token reduces transaction charges on trades by a specified quantity: 50% in the course of the first yr, 25% in the course of the second yr and so forth. As a result of the BNB token is tradable on the change, its worth fluctuates.
Fee comparison with other exchanges (taker fees)
Binance also has the additional benefit of using their BNB token to pay for exchange fees. Using the token currently grants a 50% discount rate, meaning that fees can be as low as 0.05%
Supported Crypto Currencies
Now, this is a big deal. It becomes very tough for a beginner to understand it. There are so many options available on this platform for the pairing of cryptocurrency with the more addition of currency by developers at the time. So it is not that much stable in terms of coin availability.
Some of the initial coins available so far are :
- Bitcoin cash
- Bitcoin Gold
- Ethereum classic
- NEO coin
- OmiseGo + 56 more coins available on Binance.com
Another thing to note is the Binance Coin, which was issued during their own ICO. The Binance coin can be used to pay fees and it will also feature in their future plans to create a Decentralized Exchange where it will form one of the key base currencies. Purchasing the Binance coin itself looks like a good investment for the future as the exchange plans to use their profits to buy back a portion of the coins every quarter and destroy them: hence decreasing the supply and making them more valuable for holders.Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
Every quarter, we will use 20% of our profits to buy back BNB and destroy them, until we buy 50% of all the BNB (100MM) back. All buy-back transactions will be announced on the blockchain. We eventually will destroy 100MM BNB, leaving 100MM BNB remaining.
Binance tokens were issued to project supporters. The token has 3 major features:
- Exchange Fees: Binance tokens can be used to reduce fees for trade costs and commissions. Currently, Binance has a 0.1% trade fee and 50% of the fee can be paid in terms of Binance tokens.
- GAS: Binance will eventually feature advanced features that require GAS. BNB tokens can be used as GAS to power these advanced features.
- Staking: Binance eventual want to develop a decentralized exchanged. The BNB tokens will eventually be used on this exchange to stake transactions.
What are the key factors that cause the Binance Coin to go up?
In my opinion, the Binance exchange and BNB tokens are here to stay. Here’s why:
- Binance’s business model makes sense, and it is based on the law of demand and Supply . So it would not be wrong to say that the price of Binance Coin (BNB) will continue to rise up because all trader want to get a fee discount while trading on the Binance exchange.
- It’s clear that BNB’s Price will be strictly driven by their business profits that will eventually be used to destroy 50% of all BNB tokens. To achieve this, they are doing a lot of innovative and creative stuff like the Binance Angel Program, the Community Coin Per Month,Binance referral Program, Binance Labs, Binance API Coding Competition, and various giveaways.
- In accordance with Binance whitepaper, each quarter, Binance will use 20% of the profits to buy back and burn BNB, until 100MM BNB are burned. Binance will buy back and burn 986,000 BNB in 2017 based on their profits in this quarter.
- Another observation is that Binance (BNB) is expanding very quick and is already in the top 5 cryptocurrency exchanges by volume – a feat worth mentioning for a 4-month old exchange.
- Binance gives NeoGAS to its NEO Holders which is a good adoption sign for NEO and Binance investors.
- They are launching themselves in various international languages across all platforms which is a good strategy for mass adoption. (Eng, Chinese, French, Spanish, Japanese, Korean,)
- And last but not least, the way Binance is expanding and its volume is the fastest growing day by day, I would not be surprised if they are among the top 3 exchanges in terms of volume in the next six months. In just 2 months, they have built a list of 50 cryptocurrencies Binance charge only 0.10% which is cheaper than Bittrex & Poloniex (0.25%)
Binance Partnerships with Other Chinese Coins and ICOS:
One of the advisors for Binance is Da Hong Fei – The founder of NEO. This means that there is a strong partnership between Binance and NEO. Currently, Binance is the only exchange that gives NEO GAS for holding NEO on the exchange. The exchange takes a snapshot of the NEO balance on a daily basis and will distribute NEO GAS based on the snap shotted balance.
Recently, Binance has added a Stop-Limit Function to their exchange. A stop-limit order will be executed at a specified (or potentially better) price, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.
Explanation of Terms:
Stop price: When the current price reaches the given stop price, the stop-limit order is executed to buy or sell at the limit price or better.
Limit price: The price (or potentially better) that the stop-limit order is executed at.
Quantity: The quantity to buy or sell in the stop-limit order.
Please note: A maximum of 2 stop-limit orders are allowed for each trading pair at any point in time.
How do I buy bitcoin with Binance?
Binance currently deals only with cryptocurrencies and does not offer fiat/cryptocurrency pairings. To buy bitcoin or another cryptocurrency with US dollars, INR, euros or another fiat currency, you will need to go elsewhere.
There are a number of exchanges that allow fiat/crypto trades, but Binance has announced that it does not plan to incorporate support for fiat trades.
How secure is Binance?
The Binance platform architecture includes ISO/ICO_27001:2013 and CCSS security protocols. For account security, Binance offers users the option to activate two-factor authentication and Google Authenticator to verify withdrawals and security modifications. In order to verify an account, users must activate one of these features. Currently, only Chinese phone numbers are supported for two-factor authentication.
Where can I get the Binance app?
You can visit Binance on the web and access the trading platform directly through your browser. You will have to register for a new account before you can make trades.
On mobile, you can download the Binance app for free from the iOS or Google Play store. Chinese users will find links to WeChat resources on the Binance home page.
Besides the critique to the last rolled out actualization of their app, Binance users started to complain about problems with 2FA and order management on December, 2017.
The first complain was about being locked out after playing around with two-factor authentication, for which an official announcement was made on their reddit channel, asking to the people affected to fill a ticket and (optionally) post it in a comment.
The second issue prevented customers from cancelling open orders, with a lengthy thread devoted to it on reddit. One of the users said that his account had been frozen due to a technical issue apparently caused by Binance itself.
Reviews on TrustPilot are mixed, tending towards negative. The average score is just 2.28 (as of December 2017), but it is worth mentioning that a few 1-start reviews are one-liners, very poorly framed.
Customer support is slow to respond, as it can be noticed after a quick Internet search. The supposed fastest channel (ticket system) is said to take more than 24 hours to get back to the users. Other support alternatives offered include a telegram group, a reddit channel and a Twitter account.
Advantages of Binance
Another excellent feature of the exchange is that when trading crypto-to-crypto, Binance fees are one of the lowest in the industry. Customers are charged 0.1% on every trade, meaning if you traded 1 ETH, you would only be charged 0.001 ETH! If you are trading with Binance Coin (BNB) you get a 50% trading discount!
Huge list of alt-coins
One of the main reasons that Binance exchange is so popular is because they list so many different cryptocurrencies.
There are more than 100 different cryptocurrencies available at Binance. They range from well-known coins such as Ethereum (ETH) and Litecoin (LTC), to smaller coins like CyberMiles (CMT) and ZCoin (XZC). Coinbase, an exchange that sells more Bitcoin than any other, only lists a total of 4 coins!
If you are trading with Binance Coin (BNB) you get a 50% trading discount!
Deposits are always free, but withdrawals do cost money. However, most exchanges operate in the same way. Withdrawal fees are different for each cryptocurrency, and change depending on their value.
For example, at the time of writing, for every Litecoin (LTC) that you want to withdraw, it would cost you 0.01 LTC in fees. However, if the value of Litecoin increased, so would the withdrawal fee. This is because the fee is fixed to the price of Litecoin, and not top the price of USD (or your local currency).
There are no limits to the value of deposits you make, but if you want to withdraw more than 2 BTC worth of cryptocurrency, then would need to verify your account further. This can be done by submitting identification, such as your passport.
Disadvantages of Binance
There are mixed reviews on the customer support offered by Binance exchange. Although you can contact Binance by email or live chat, some users have reported long delays. This might be because the exchange has a large number of customers, however, we hope that Binance will improve their response times. There is also no phone support, which is something offered by other popular exchanges like Bittrex.
No Fiat Deposits or Withdrawals
One of the biggest disadvantages to Binance exchange is that customers can’t deposit funds using traditional payment methods. Other well-known exchanges such as Coinbase, Kraken, Livecoin and HitBTC allow customers use their debit or credit card. Some even accept a bank transfer and PayPal!
Because Binance doesn’t support fiat deposits, it makes it impossible for beginners to buy cryptocurrency for the first time. First, you would need to purchase a cryptocurrency like Bitcoin or Ethereum using Fiat, and then you can deposit that into Binance and trade for other coins.
This also means that you can only withdraw cryptocurrencies from the Binance exchange too.
Binance is the most versatile cryptocurrency exchange platform. The feature rich platform covers all the bases to avoid issues similar to the ones faced by a majority of exchanges in today’s market.
Refer & Earn
The commission you receive from the referral program will initially be set at a rate of 20%. For accounts holding 500BNB or more, this rate will increase to 40%.
Binance Referral Program – This promotion started on October 27th, 2017 and will pay you 20% of commissions from anyone that registers using your referral link. If you are interested in using Binance please consider using my referral link, it all goes back into this blog!
The commission you receive from the referral program will initially be set at a rate of 20%. This will then be adjusted after a certain period of time based on the situation.
The fee commission will be sent instantly in real-time to your Binance account as your referee completes each trade and will be paid to you in whatever token/cryptocurrency the original fee was paid in.
There is no limit to the number of friends you can refer, although we do reserve the right to adjust or change the referral program rules at any time.
The referee must be signed up through your Referral Link, QR Code or Referral ID.
We will check for duplicate or fake accounts and will not pay out referral bonuses on these accounts. Duplicate or shared finances will result in disqualification.
* Important Notice:Binance reserves the right to change the terms of the referral program at any time due to changing market conditions, risk of fraud, or any other factors we deem relevant.
The Binance matching engine is capable of sustaining 1,400,000 orders/second, which makes the platform one of the fastest exchanges in the market. It ensures that the orders aren’t delayed due to increased traffic.
Safety and Stability
Thanks to the highly experienced Binance team, the platform is built to the highest standards. It is made using multi-tier and multi-cluster system architecture. The security features are audited, and penetration tested to ensure their effectiveness.
Almost every cryptocurrency exchange faces liquidity issues during the course of operation, especially when the trade volumes are exceptionally high. Binance leverages its extensive network of partners gained during their stint in both the finance and cryptocurrency industries to provide the much-needed liquidity for the bootstrapped exchange platform.
Compatibility Across Devices
The huge consumer base for handheld devices and diversity in platforms and operating systems are covered by Binance. It comes with cross platform trading capabilities provided by its client for Web, Android, iOS, Mobile HTML5, and Windows. It also has REST API for integration with other platforms.
Customer Support Desk
Binance believes in providing the best in class service to its users. In order to ensure the convenience of the users, the platform has an excellent customer support mechanism in place which offers a quick response to queries and complaints. The customer support is available round the clock, which can be reached from the “Support” section on the website. Users can also use the chat box to get their queries and complaints resolved.
Binance is a relatively new cryptocurrency exchange platform which has people from some of the leading institutions including Morgan Stanley, Nomura, SBI Group and Accenture. The exchange has also acquired an extensive list of high profile backers for the ICO, including Roger Ver, Matt Roszak and a number of well-known Chinese investors.
What’s next for Binance?
Binance’s white paper includes plans for the rollout of several additional features. While there’s no official timeline listed concerning these features, the vision for Binance eventually includes support for:
- Spot trading
- Margin trading
- Anonymous instant exchange
- Decentralised (on-chain) exchange
Frequently asked questions
Binance is a good cryptocurrency exchange trading platform with the ability to process 1.4 million orders each second which makes it very tough to ignore. As it a new platform on the market we cant expect that much but its growing with the active developing community making it a lot featured and giving a variety of options to the user.
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