Binance Cryptocurrency Exchange Comprehensive Guide 2018 (updated)in Cryptocurrency
Binance is a crypto to crypto centralized cryptocurrency exchange based in Hong Kong which is moving to Malta in the near future. The crypto exchange's website supports 7 languages: Chinese, English, Spanish, Korean, Russian, Japanese and French. It makes Binance the international cryptocurrency exchange with QUOINE fintech company as a partner.
- How to sign up and create an account
- Binance security measures
- Binance interface
- Account verification
- How to Deposit Money into your Binance Account
- Available Cryptocurrencies and Fees
- Binance ICO and Decentralized Exchange
- Binance competitions
- Binance applications
- Binance customer support
- Binance Pros and Cons
- Useful Links
- Go to https://binance.com/
- Select "Register" in the upper top corner
- Complete the sign-up form, then click on the "Register" button
Binance security measures
The interface of the Binance cryptocurrency exchange is user-friendly, and it is easy to understand. Binance has two interfaces: for newbies (basic) and experienced users (advanced). You can select the one you need in the top left corner to the right of the crypto exchange title.
- Sell wall shows the current BNB short offers
- Buy wall shows BNB current requests
- Coins or cryptocurrency instruments — the list of supported coins. You can favor the coins you often use.
- Trading history — the recently completed deals
- Open orders — the orders you opened
- Buy/Sell section to trade your coins with Limit, Market, and stop-Limit mechanisms.
- The candlestick chart has also an installed market depth mechanism
The advanced interface includes more specific functions. Let's look at it:
- The candlestick chart also allows to learn the market depth and to use specific trading tools and indicators which you can select in the upper left corner.
- You can see here your open orders, order history, trade history and funds (your balance).
- Depending on the trading pair you selected you can see sell orders (red) and buy orders (green).
- The section displays the real-time exchange rate changes of the crypto coin you choose.
- The same buy/sell section with Market and Stop-Limit sections.
Binance requires a verification if you are going to withdraw up to 100BTC per day (account level 2). For level 1 you have a 2BTC withdrawal limit.
You can also choose the personal and an enterprise level of your account. For the personal one you will need to fill in the ID form:
For the enterprise level you will have to fill in the separate step-by-step form:
How to Deposit Money into your Binance Account
Binance is a trading platform, so to trade here you will need to deposit your account. On the main page select "Funds" in the upper right corner, then "Deposit".
Select the coin that your are going to deposit and send money from you cryptocurrency wallet to the address. Note that you can send only the crypto coins you choose, the system doesn't make a currency conversion:
You can also deposit or withdraw money using the buttons to the right of each cryptocurrency in the cryptocurrency list of your personal account section.
To withdraw crypto coins to your personal crypto wallet choose the "Withdraw" button in the "Deposits & Withdrawal" section:
Fill in the amount of cryptocurrency and then your personal wallet's address and click the "Submit" button:
Binance supports a great number of cryptocurrencies and constantly adds the new ones. It supports BTC, XRP, USDT, ETH, POE, DASH, ELF, ICX, BNB, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, ZRX, APPC & 80+ more.
The most widespread trading pairs are with BTC, BNB, ETH, and USDT:
As I mentioned above, Binance doesn't use fiats, but there is no any limitation for cryptocurrency deposits which are fee-free. The withdrawals depend on the blockchain condition and vary for each cryptocurrency. You can see the list of withdrawals fees here.
Besides, the usual fee for the deal is only 0.1 percent. If you pay fees with BNB you get a 50 percent discount, which makes them the lowest cryptocurrency exchange fees.
Binance ICO and Decentralized Exchange
Binance has plans to launch its own decentralized exchange where one of the key currencies will be their own Binance coin (BNB) the ICO of which already took place some months ago. Currently, the BNB coins are used to pay the discounted fees on the exchange. They also aim to buy back the coins by portions and destroy them thus reducing the supply and making the crypto coins more valuable.
"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."
As to the decentralized exchange, it is promised to be less-controlled, slower, but it will support almost any coin from the blockchain network.
“On the decentralized exchange, we’ll have less control. More likely anybody can list any coin. That’s the philosophy of the decentralized exchange, it’s freedom of choice, freedom of investments. But with freedom, there will be people who are scammers. That’s not something we can control,” said CEO Changpeng Zhao.
However, both of the exchanges will coexist:
"After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence. We stand here today because we believe that Blockchain technology will change the world. In the face of adversity, we have always elected to tackle issues head-on, instead of retreating. As such, we have decided to officially launch the development of the Binance Chain."
Binance has a trading competition program. To participate in one you should follow the crypto exchange's announcements. The trading competitions motivate users to buy new tokens. They make a list of users who have the largest amount of a new cryptocurrency and give presents or currency rewards to the mentioned number of them. Here is an example:
Binance customer support
Binance has a big customer support team which is available 24/7 via email tickets on the website's support section. Just select an issue from the suggested ones or take the "other issue", and describe the problem after that:
There also was a customer service phone number, but it doesn't work at the moment and is not provided at all on the website.
Nevertheless, there is a FAQ section with the answers on the most popular questions.
Actually, the Binance customer support service is known to be slow but it is not surprising taking into account the worldwide reach of the crypto exchange, the number of languages it support and the time they need to train the experts.
Binance Pros and Cons
- Basic and Advanced interfaces
- 80+ cryptocurrency support
- Multilanguage website and customer support
- Internal BNB token with reduced fees
- High speed — 1.4 transactions per second
- Low transaction fees, deposits, and withdrawals
- Competitions with rewards
- Desktop and mobile applications
- Collects user's information
- No phone support
- No fiats payments