how to use Binance | Moneymax

Whether you’re a seasoned crypto investor or a newbie, there’s no excuse for not knowing Binance. After all, it’s one of the leading crypto exchanges in the world. If you’re dabbling in virtual currencies and looking for a place where you can trade, Binance may make a good choice of platform. 

In this article, you’ll gather everything you need to know about this massively popular crypto exchange. It also comes with a short guide on how to use Binance. 

What is Binance and How Does It Work? 

how to use Binance - how Binance works

Binance is a crypto exchange founded in 2017 by Chinese-Canadian coder Changpeng Zhao or CZ. Various finance publications hail Binance as the world’s largest crypto exchange. And the company has the credentials to substantiate that. Binance claims that about 1.4 million transactions are executed on the platform every second, and its website sees an average daily volume of two billion.[1]

What makes Binance unique is that its exchange works in conjunction with other Binance-branded services, thus forming a sustainable ecosystem. Here are Binance’s other services: 

  • Trust Wallet: This is the official wallet of Binance where the exchange users can store their digital assets. 
  • Binance Chain: This is Binance’s blockchain software system, which is driven and run by community members around the world, such as developers and contributors. 
  • Binance Charity: Binance claims that this is the world’s first transparent donation platform. This foundation dedicates itself to innovating blockchain-powered philanthropy. 
  • Binance Academy: This is an open-access portal that provides users with learning resources and materials about crypto. 
  • Binance Info: This is a crypto encyclopedia that receives contributions from anyone. 
  • Binance Launchpad: This is a token launch platform that supports business people as they materialize their crypto projects.
    Binance Labs: This component identifies and invests in startups, entrepreneurs, and communities that show potential for helping the blockchain ecosystem grow. 
  • Binance Research: This is a repository of institution-grade reports and data insights that crypto investors can use for their trade. 

Read more:

Where is Binance Available? 

Binance is available on mobile and desktop devices. Its app is available for various operating systems, such as iOS, Android, macOS, and Windows. Moreover, you can access Binance via popular web browsers. 

See also: Compare the Best Cryptocurrency Trading Platforms in the Philippines!

How to Create a Binance Account

how to use Binance - how to register in binance

If you want to get your hands on crypto using the Binance app, you have to open an account first. The good news is this is surprisingly easy. Just follow the instructions below: 

  1. Go to Binance’s homepage.[2]
  2. Click the “Register” button found in the upper right corner of the page. 
  3. On the registration page, provide your email address and create a password.
  4. You’ll receive an email from Binance. Complete your registration by clicking the “Verify Email” link. 
  5. It’s recommended that you secure your account. So set up your two-factor authentication right there and then.

Related article: Trade Directly for PHP: An Intro to New Crypto Exchange BloomX

How to Get Your Binance Account Verified

Getting your Binance account verified is important since it determines your trading limit at the exchange. So, if you want to increase your trading limit, you need to complete Identity Verification first. Here are the things that you need to do: 

  1. Log in to your Binance account and click the “Identification” link. If you’re a new user, just go straight to the verification page by clicking the “Get Verified” button found on your homepage. 
  2. On the next page, you’ll find different verification levels. Click the “Start Now” button of your respective verification level. 
  3. Choose your country of residence. You’ll then find a list of verification requirements for your specific country or region. Click the “Continue” button. 
  4. Provide your personal information and click the “Continue” button. 
  5. Choose the type of ID that you’ll want to submit and its issuing country. The upload pictures of your ID. 
  6. Once you upload the pictures of your ID, you’ll be asked to take a selfie. Click the Upload File button to upload your image from your device. 
  7. Undergo complete face verification. Follow the system prompt and once you’re done, click the Continue button. Alternatively, you can click the QR code found at the bottom right part of the page. Scan it with your Binance app to finish the process. 
  8. Once you’re done with the process, wait for an email from Binance. In case your Identity Verification is denied 10 times within 24 hours, try again in the next 24 hours. 
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How to Fund Your Binance Account

You can add two kinds of funds to your Binance account: fiat money and cryptocurrencies. Below are the instructions for adding these funds to your account. 

Steps to Adding Fiat Money to Your Account

Fiat money is the legal tender issued by the government. In your case, it’s the Philippine Peso. Do the following to add money to your account. 

  1. On your homepage, click the “Wallet” link and then the “Overview” link.
  2. On the next page, click “Deposit.” Then, click “Deposit Cash.”
  3. You’ll be then directed to the Deposit page. Choose the currency and provide the payment details, such as the amount that you want to transfer. 
  4. Click the “Continue” button. 
  5. A pop-up window will ask for your confirmation. Click on “Confirm.”
  6. Copy the transaction’s Reference Code.
  7. Log in to your online banking account and start the transfer. Include the Reference Code in your deposit.

Read more: Coinbase Basics: How to Create a Coinbase Account, Trade Crypto, and More

Steps to Adding Crypto to Your Binance Account

In case you’re an experienced investor, you can transfer crypto from your existing wallets to your Binance account. Initiate the transfer by following these instructions: 

  1. On your homepage, click the “Wallet” link and then the “Overview” link.
  2. On the next page, click “Deposit.” Then, click “Deposit Crypto.”
  3. You’ll be then directed to the Deposit page. Choose the type of cryptocurrency that you want to deposit. 
  4. On the “Deposit Network” panel, choose the supported network. 
  5. Copy the deposit address on your clipboard. This address is found right below the QR code. 
  6. Log in to your other wallet or exchange account where the crypto will be coming from. 
  7. On the Withdrawal page of your other wallet or exchange account, paste your Binance account’s deposit address. Specify the amount that you want to send. After that, hit Send. 

Alternatively, you can directly buy coins using your credit or debit card. But if your Binance account’s fiat wallet is sufficiently funded, you can use the balance to buy crypto. Here are the steps:

  1. On your homepage, click the Buy Now button. 
  2. On the next page, choose the coin that you wish to buy. 
  3. Enter the fiat amount that you want to purchase. While you’re at it, you can choose the fiat currency that you want to use. 
  4. Choose the payment method (e.g. fiat balance, credit card/debit card, P2P). 
  5. Check the order details. Click on “Confirm” to proceed. 
  6. Wait for the crypto to be credited to your Binance wallet. 

How to Use Binance App for Trading Cryptos 

This section will serve as your guide on how to start trading in Binance. You can trade using the Binance app or website. At this point, it’s important to understand that Binance has several trading methods, which can be quite complex and overwhelming.

With that, this guide will focus on basic trading. Here are the steps you need to follow: 

  1. On your homepage, click “Exchange” then click “Basic.”
  2. Pick a trading pair. A trading pair consists of coins that can be traded for each other on Binance. For instance, if you choose an XRP/ETH pair, it means that you can trade Ripple for Ethereum and vice versa. 
  3. After that, pick your type of trade. Binance offers a few kinds of trades, such as market orders, limit orders, and stop-limit orders. For simplicity, this guide will focus on market orders. When you choose this order, you can buy or sell coins at their current market price. 
  4. Indicate the Buy or Sell amount. Then, click the Buy or Sell button. 

Binance FAQs

While you already have an idea of how to use Binance, you may still have some questions regarding the platform. Check out the frequently asked questions below if you want to clear some things up. 

1. Is Binance safe? 

For transparency’s sake, Binance became a victim of hacking in 2019. Hackers stole more than $40 million worth of Bitcoin from the exchange.[3] Despite that, Binance promised to cover all the losses with the help of its insurance fund. 

Since then, the exchange strengthened its security systems. Nevertheless, Binance encourages users to activate two-factor authentication. 

2. What coins can I trade on Binance? 

how to use binance - FAQs

Binance supports more than 150 cryptocurrencies. Other than the most popular ones like Bitcoin and Ethereum, you can trade the following coins and more at the exchange: 

  • Tether (USDT)
  • USD Coin (USDC)
  • Ripple (XRP)
  • Uniswap (UNI)
  • Cardano (ADA)
  • Solana (SOL)
  • Terra (LUNA)
  • Dogecoin (DOGE)
  • Avalanche (AVAX)
  • Polkadot (DOT)
  • Shiba Inu (SHIB)
  • Polygon (MATIC)

Read more: eToro for Beginners: A Quick Guide on Using This Crypto Trading Platform

3. I’ve heard about Binance Coin. Can you explain what it is? 

Binance Coin (BNB) is Binance’s very own cryptocurrency that serves as the exchange’s utility token. It was launched to offer investors discounts on fees on Binance’s platform. These days, people can use this crypto to process payments, buy online gifts, arrange trips, and pledge donations to charities. 

4. Does Binance charge fees? 

One of the features that draw investors to Binance is its low trading fees. They’re even considered some of the lowest in the industry. For instance, when you use Binance Coin for trading and payments, you also cut down your fees by 25%. Moreover, Binance doesn’t charge fees when you make deposits into your account. 

5. Can I store NFTs on Binance? 

If you’re investing in non-fungible tokens or NFTs, such as digital art or collectibles, the good news is that you can deposit them into your Binance account. You can do so by logging in to Binance’s NFT portal.[4] 

Read more: From Digital Art to Music: These NFT Celebrities are Earning Serious Money

Final Thoughts 

Learning how to use Binance can be quite overwhelming. What you’ve read here is just the tip of the iceberg. There are still a lot of things to cover, and we recommend that you look for supplementary materials such as Binance tutorials. 

When you buy or sell on the Binance trading platform, don’t rush things out. The learning curve can be quite steep, but you have to be patient to avoid costly mistakes and losses. 

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