September 9, 2022 9:15 am in Crypto

Binance for Beginners

Binance is a highly popular exchange where people can buy and sell cryptocurrencies like Bitcoin. With the fees made by Binance being relatively low, Binance has become one of the best options for trading cryptocurrency because of its ease to use interface and high liquidity. The exchange is managed by a Chinese-based company, Binance.com and has been operating since 2017. Binance was launched in 2017, and the business began with only bitcoin trading, although now it also trades other cryptocurrencies, including Ethereum, Litecoin and many others.

The Binance platform has experienced rapid growth in the past year, seeing its market capitalization climb to more than $1 billion in 2018 from less than $10 million at the beginning of the year. Binance also offers a huge range of tokens to trade on its platform. Binance Coin’s (BNB) market cap is over $1 billion, making it one of the largest cryptocurrencies traded on this exchange.

How to create a Binance account

First, you need to create an account at Binance. It is a big exchange that supports most of the cryptocurrencies and countries and has many users trading there. You can register with your email address or use your Facebook or Google accounts to register with them. Once you are registered, it is time to verify your account. They require you to verify your account by providing something like a government-issued identification card, for example. It takes about 10-15 minutes for the process to complete, which is quite fast compared to most exchanges. It will also make you verified instantly.

How to deposit money on Binance

Now it is time to deposit money into your account. You can do so by depositing with your credit card or bank account. They have multiple payment methods like Credit cards and bank transfers. Still, the most popular is, in fact, a credit card due to the convenience it provides, especially if you are traveling and have only a limited amount of cash available for trading at that moment. If you choose to deposit with a credit card, you will be required to provide details about your card and wait for it to be verified, which can take an hour or so.

How Does Binance Work

The entire process of using Binance involves buying or selling cryptocurrency. With the exchange being based on an open-source platform, Binance offers the chance to have complete freedom over one’s trades and investments. Binance makes it easy to buy crypto and manages coins while offering a lucrative referral program that rewards new and existing users with fees from every transaction. The referral program helps grow the business even more as people refer their friends to trade on their platform. Overall, this exchange provides everything you want in a conversation with a solid security reputation and easy-to-use interface. It is highly recommended for people looking for a home away from home that offers a large variety of cryptocurrencies to trade.

Binance Verification Guide

Doing the Binance verification is simple and easy. In this guide, I will show you exactly how to do it. You must read this guide completely before starting the process to fully understand what is required of you to complete it to be verified on Binance.

Step 1: Log in with your email address or phone number to your account at binance.com by clicking on the email or phone link in your account confirmation email. You will see a blue button labeled “Account Verification.” Click on it.

Step 2: You are now taken to the next screen, where you must enter your name and date of birth. Once you completed this step, click on “Next.”

Step 3: You are asked to upload a scan or photo of your government-issued ID (Passport, driver’s License etc.) and proof of residence. The image must be clear enough that Binance staff members can read all information. Verifying that your identity matches the ID is necessary, which helps keep the account safe from hacking attempts and fraudulent activity. Once you’ve uploaded your picture(s), click Next.

Step 4: The next step is one you would normally skip in this guide, but Binance does not allow people to withdraw funds if they do not verify their identity. Binance has a strict policy on this, so you must complete this step to be able to withdraw funds from your account. Follow the instructions on the screen to submit your ID and proof of residence documentation.

Step 5: You are now ready to be verified by Binance. It will take about 20-30 minutes for them to review your request for verification. Once approved, you will get an email from them confirming the approval and 11-digit verification code, which you need to enter in step 6 below.

Step 6: Go back to the screen where you entered your ID and proof of residence information to complete the verification process and click on ‘Submit.’ It may take up to an hour for them to review your request for verification. Once you have been verified, you will get a confirmation email from Binance with your new 11-digit verification code. Please enter it in the field provided by Binance.

Binance Margin Trading Guide

Margin trading is one of the most lucrative ways for people to earn extra cash on this exchange and is one of its best features. Traders can trade their crypto funds in large amounts with very low fees.

To make a trade, you must first deposit funds into your account. For this guide, we will assume that you have made a deposit using either a credit card or a bank account. You will also need to find an online exchange that allows margin trading, which Binance does not qualify for.

For example, Ethereum is an ERC20 coin, meaning you can hold it on several different exchanges, including Poloniex and Bittrex but not on Binance because they don’t have the facilities to allow margin trading. However, this will be changed soon, so keep an eye out for announcements in the next few days.

Security

Binance is a cryptocurrency platform that allows users to exchange their crypto assets with each other. The exchange is designed to enable investors to buy and sell cryptos conveniently, leading to the company becoming one of the most successful in cryptocurrency. The deal has a few advantages over other similar businesses on the market. The company was founded by Changpeng Zhao and a team of international experts who have an aggregate experience of more than 20 years in web development, systems architecture, security and blockchain technology development. Binance offers its services worldwide through an easy-to-use interface available in multiple languages, including English, Chinese, Japanese, Korean and many others. As a result, all users can use the platform regardless of their location and language. The exchange is fully functional on all devices, including desktop computers, laptops and mobile phones. It means you can use the business from your office or home when using a computer and on the move when using a mobile device.

How to trade on Binance

Now that you have your account verified and money deposited, it is time to trade. The interface is quite simple; you search for the coins you want to buy or sell by typing their names in the search bar on the top left corner of the page. Once the cash is selected, you can choose the amount of money you want to trade. Select the market or market you want to change and choose the type of order that suits you. If you’re going to buy coins, then click on “BUY.”

To sell coins, click on SELL. You can also choose other payment methods like a wire transfer from your bank account, allowing you to fund your credit card with cash. If you are completing a wire transfer, it is advisable to wait a few days for the transaction to be processed and verify your account as soon as possible since there may be delays at banks during holidays and weekends in case of bank holidays.

Registering on Binance

You may need to register on Binance if you want to contribute your funds to the trading platform. First, go to the website. Next, sign up using either your email address or Google or Facebook account by clicking on either of the two options given. The email address has to be valid as a security measure and to prevent scammers from taking over users’ accounts. After you are registered, you will receive an email with a link that will take you to the next page, where you have to verify your account by uploading proof of identity so that they can verify your identity and check if your account is real or not. It will take 10-15 minutes before you start trading on the exchange.

Binance fees

Binance offers several trading pairs and coins that can be traded on the platform. All teams are sold against Binance Coin (BNB), the native token of the exchange, with BNB being used as a base currency for all trades on the sale. The native token was introduced in 2017 as Binance joined hands with its initial coin offering (ICO), which also occurred in 2017. The ICO raised around $15 million to help kickstart the development and growth of the company. The company has kept its transaction fee at a very affordable rate compared to similar platforms. The standard Binance transaction fee is only 0.1% of the trade’s total value, which is quite low compared to other exchanges. Therefore, users can trade as much as possible on the platform without worrying about high costs.

Customer Support

Binance offers its customers a comprehensive range of support services. The exchange has social media accounts on Twitter, Facebook and Instagram, which users can use to get general information related to the platforms services, trading and cryptocurrencies such as Bitcoin, Ethereum and Litecoin, among others. The exchange also has a comprehensive FAQ section on its site that provides users with complete answers to all their questions. In addition to the FAQs, Binance also has a knowledge base that provides even more detailed explanations on how to use the platform and make transactions on the exchange. The knowledge base also provides answers to commonly asked questions by users. Binance also has an active presence in forums such as Reddit, where it answers any questions about cryptocurrency posted by platform users and other crypto exchange forums. Finally, Binance offers a live chat feature that allows you to get real-time support from the exchange team for any queries or issues regarding your account or withdrawals/deposits on the platform.