top of page
Binance Review & Tutorial: Beginners Guide
Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high frequency trading software.
Binance is a cryptocurrency exchange that lists more than 350 cryptocurrencies globally. In addition to cryptocurrency trading, it offers several services that enhance the experience for users and blockchain developers.
Binance provides a crypto wallet for traders to store their electronic funds. The exchange has supporting services for users to earn interest or transact using cryptocurrencies.
Today, Binance is the world’s leading blockchain ecosystem, with a product suite that includes the largest digital asset exchange. Their mission is to be the infrastructure provider for crypto in tomorrow’s world.
Click the below link to sign up with Binance and start trading!
https://accounts.binance.info/register?ref=719141220
Step 1. Click the "Sign Up" button, you can open an account with Binance using either your email or mobile number. If you’ve been referred to register on Binance by a friend, make sure to fill in the Referral ID (719141220). Then, read and agree to the Terms of Service and Privacy Policy and click [Next].
Step 2. You will receive a 6-digit verification code in your email or phone. Enter the code within 30 minutes and click [Submit] Then, create a secure password for your account. Your password must contain at least 8 characters, with at least one uppercase letter and one number. Click [Next]. Congratulations! You have successfully created a Binance account!
However, please note that you must complete Identity Verification before using P2P trading, you can download Binance app for Android and iOS here.
Step 3. You can access the Identity Verification from [Profile] - [Unverified], or tap [Verify Now] from the app homepage. You will see your current verification level on the page, which determines the trading limit of your Binance account. To increase your limit, please complete the respective Identity Verification level.
How to complete Identity Verification on the Binance App? A step-by-step guide
1. Log in to your Binance account and tap [Verify Now] on the app homepage. Alternatively, tap [Profile] and tap the [Action Required] banner.
2. Select your country of residence and you’ll see a list of verifications required for your country/region. Tap [Continue]. Please ensure that your country of residence is consistent with your ID documents.
3. Enter your personal information and tap [Continue]. Please make sure that all the information entered is consistent with your ID documents. You won’t be able to change it once confirmed.
4. Next, you will need to upload pictures of your ID documents. Please choose the type of ID and the country your documents were issued. Most users can choose to verify with a passport, ID card, or driver’s license. Please refer to the respective options offered for your country.
5. Follow the instructions to take photos of your document. Your photos should clearly show the full ID document. For example, if you are using an ID card, you have to take photos of the front and back of your ID card.
~ Note: Please enable camera access on your device. ~
6. After uploading the document photos, the system will ask you to do a liveness check. Center your face in the frame and follow the instructions to complete it. Please make sure your whole face is clearly visible, centered, and your eyes are open. Do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.
7. After completing the process, please wait patiently. Binance will review your data in a timely manner. Once your application has been verified, we will send you an email notification. Do not refresh or quit the App during the process. You may attempt to complete the Identity Verification process up to 10 times per day. If your application has been denied 10 times within 24 hours, please wait 24 hours to try again.
You can use the [Buy Crypto] function on the Binance website to buy crypto with USD, including BTC, BNB, ETH, and more. The purchased crypto will be credited to your Binance Spot Wallet and you can start trading on the exchange.
1. Log in to your Binance account and go to [Buy Crypto] - [Credit/Debit Card].
2. Choose the crypto you want to buy and enter the amount of USD you want to spend. The system will automatically calculate the amount of crypto you can get. Click [Continue].
3. If this is your first time using the fiat service, read and agree to the terms of use to activate it.
4. If your quote expired, click [Refresh] to get a new quote. The amount of crypto you can get will be recalculated based on the market price.
How To Trade On Binance - For Beginners?
A major draw for Binance users is the ease and speed with which you can trade cryptocurrencies in real-time. The exchange cleverly offers different types of trading interfaces depending on how experienced you are. Binance recommends the use of the convert feature for newbies, which breaks everything down with a simple interface. On the top field, you are to enter the cryptocurrency which you are exchanging and then input the amount you want to trade. The bottom field is for the desired coin or fiat. Once the trade is executed, the trading fees will be deducted as well. The easiest way to trade is by executing spot trades at real-time prices. Binance offers a few different types of spot trading options, such as market, limit, stop-limit, and OCO.
In short: A market order allows you to buy or sell instantly at the current price (note that you’ll either buy a slightly higher price or sell at a slightly lower price. This is because there is a gap between selling and buying order prices, and you are, in effect, jumping the queue and trading at the best immediate offer)
A limit order enables you to set a trade order at a price of your choice (higher than the current price for selling and lower for buying). For example, you can set a buy order for Bitcoin (say at that time worth $40,000) if the price drops to $35,535.
A stop-limit order combines a stop loss and limit order and protects you against big market moves, by allowing you to set buy or sell orders at either above or below the current price. Example: Say Bitcoin’s at $50,000 and you are feeling bullish, you can set a stop-limit sell order at $55,000. Think Bitcoin’s going to go down? Then you have the option to set a stop-loss order at $46,000. If the price crosses these thresholds, your orders execute automatically, helping you maximize your profits or minimize your losses. The only problem with stop-limit orders is that they force you to pick a direction. If you are wrong, you may be in trouble. That’s why Binance took things a step further in 2019 by introducing OCO orders.
An OCO order combines the best of both worlds, allowing you to set a sell or buy order at both higher and lower the current price of a crypto asset.
What is Binance trading fee?
You need to pay a trading fee for every successful trade on the Binance Spot market.
How are trading fees calculated?
Trading fees are always charged in the asset you receive. For example, if you buy ETH/USDT, the fee is paid in ETH. If you sell ETH/USDT, the fee is paid in USDT.
For example: You place an order to buy 10 ETH for 3,452.55 USDT each:
Trading fee = 10 ETH * 0.1% = 0.01 ETH
Or you place an order to sell 10 ETH for 3,452.55 USDT each:
Trading fee = (10 ETH * 3,452.55 USDT) * 0.1% = 34.5255 USDT
Are there any promotions/discounts for trading fees?
There are various discounts for trading fees at Binance. Using BNB to pay for trading fees will grant you a 25% discount.
Become a VIP trader to enjoy competitive discounts on trading fees.
Pay attention to our promotions, such as zero fees on certain trading pairs.
Deposit & Withdrawal Fees
Binance does not charge deposit fees. For each withdrawal, a flat fee is paid by users to cover the transaction costs of moving the cryptocurrency out of their Binance account. Withdrawals rates are determined by the blockchain network and can fluctuate without notice due to factors such as network congestion.
Above are some example.
How Safe Is Binance?
Binance is a generally secure exchange, although it suffered a major hack in 2019 that resulted in 7,000 Bitcoins worth $40 million being stolen from the exchange. Binance has since strengthened its security and has promised that all losses will be recovered through its insurance fund. Binance uses two-factor authentication (2FA) to help secure user accounts.
A well-known expression used by Binance CEO, Changpeng Zhao (CZ), to assure users is “SAFU”, implying that Binance's funds are safe. While it initially only meant that funds are secure (here’s how), it now stands for “Secure Asset Fund for Users”, an emergency “rainy day” insurance fund.
Binance has also previously worked with authorities to freeze hacked assets or criminals’ accounts, although it doesn’t roll back hacks on its proprietary blockchain Binance Smart Chain (BSC).
So, what are you waiting for!? It's time to register!
https://accounts.binance.info/register?ref=719141220
MY REFERRAL CODE: 719141220
~ Conclusion ~
Using the Binance platform offers several advantages for cryptocurrency traders and investors:
1. Wide Range of Cryptocurrencies: Binance provides access to an extensive selection of cryptocurrencies. With over 500 listed cryptocurrencies, including major coins and numerous altcoins, Binance offers traders the opportunity to diversify their portfolios and explore different investment options.
2. High Liquidity: Binance is one of the largest cryptocurrency exchanges globally, which means it benefits from high trading volumes and liquidity. High liquidity ensures that traders can easily buy or sell cryptocurrencies without significantly impacting market prices.
3. User-Friendly Interface: Binance offers a user-friendly and intuitive trading interface suitable for both beginners and experienced traders. The platform provides different trading views, including a basic and advanced interface, allowing users to choose the level of complexity that suits their needs.
4. Advanced Trading Features: Binance offers a range of advanced trading features to cater to the needs of professional traders. These features include limit orders, market orders, stop-limit orders, and more. Binance also provides margin trading options for users who want to amplify their trading positions.
5.Trust and Security: Binance has established a reputation for being a secure and reliable exchange. The platform employs robust security measures, including two-factor authentication (2FA), withdrawal whitelisting, and cold storage of funds to ensure the safety of users' assets.
bottom of page