Binance Cryptocurrency Exchange Comprehensive Guide 2018 (updated)

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.

Contents:

  1. How to sign up and create an account
  2. Binance security measures
  3. Binance interface
  4. Account verification
  5. How to Deposit Money into your Binance Account
  6. Available Cryptocurrencies and Fees
  7. Binance ICO and Decentralized Exchange
  8. Binance competitions
  9. Binance applications
  10. Binance customer support
  11. Binance Pros and Cons
  12. Useful Links

How to sign up and create an account

  • Go to https://binance.com/
  • Select "Register" in the upper top corner

binance registration

  • Complete the sign-up form, then click on the "Register" button

Binance security measures

After that the crypto exchange will suggest that you take measures to ensure your safety: activate 2FA (two-factor authentication), Google authentication, enable API and the Anti-pushing code. The architecture of the Binance platform includes ISO/ICO_27001:2013 and CCSS security protocols. The crypto exchange has a privacy policy where it points out that the exchange collects user information.
binance security


Binance interface

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.
binance interface

  • 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:
binance advanced interface

  • 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.

Account verification

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:
binance id form

For the enterprise level you will have to fill in the separate step-by-step form:
enterprice level binance


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".
binance depositSelect 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:

binance deposit

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.

binance deposit

To withdraw crypto coins to your personal crypto wallet choose the "Withdraw" button in the "Deposits & Withdrawal" section:
bitcoin withdrawal

Fill in the amount of cryptocurrency and then your personal wallet's address and click the "Submit" button:
binance withdrawal


Available Cryptocurrencies and Fees

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.

If you are launching an ICO and want to trade your tokens through Binance, you can Apply in the Labs section of the website.

The most widespread trading pairs are with BTC, BNB, ETH, and USDT:
trading pairs binanceAs 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.

binance withdrawal fees

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 competitions

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 competition sample


Binance applications

Eight months ago Binance released iOSand Androidapplications to trade cryptocurrency via smartphones.

Binance mobile appsMoreover, the crypto exchange has desktop clients for Windowsand Mac:
binance desktop apps


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:

binance customer support

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.
binance support

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

binance pros and cons

Pros:

  • 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

Cons:

  • Collects user's information
  • No phone support
  • No fiats payments

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