Binance is one of the most popular crypto exchanges on the market. We prepared a review with the step by step guide how to open an account on the Binance and start trading the crypto.
Additionally, the Binance has in offer many newly issued coins which you don’t find on other popular crypto exchanges.
How to open a Binance account?
Step 1: Go to the Binance website
Go to the Binance website, once the website loads, check the SSL certificate to be 100% sure that you are on the correct website. There were many phishing websites which look like Binance. So every time check the URL of the website and the SSL certificate.
Step 2: Start the registration process
Click on the Register button placed in the upper right corner of the website. After that, the registration form will be shown. So fill the registration form with your email and password. Check that you are over 18 years old and click on the Create account button.
Step 3: Consider activating 2-Factor Authentication (2FA)
After registration, the popup with the information about 2-Factor Authentication should appear. Two-factor authentication adds an additional layer of security during the authentication process by making it harder for attackers to gain access to your Binance account.
How to start trading on Binance
To start trading the crypto-coins on the Binance, you have to deposit some coins first. You can deposit any coin which is accepted by Binance.
Deposits to Binance
If you want to deposit the coins to the Binance, after login click on Wallet link placed on the upper part of the website. Next click on the Deposit.
On the Deposit page choose the coin which you want to deposit. The wallet address, where you need to send your deposit is shown on the right side of the website.
After your deposit is sent, you have to wait a few minutes to credit the deposit to your Binance wallet. In most cases, you can find the information after how much network confirmations is your deposit credited to Binance.
Withdrawals from Binance
Withdrawals can be made similar to the deposit method. Go to the Wallet, click on the Withdraw tab and choose if you would like to withdraw Bitcoin, Litecoin or other coins.
After you choose, the coin, on the right side are fields for the recipient wallet address and the amount of the withdrawal. When you have filled all information, click on the submit button. After a click, there should be needed to verify the withdrawal by clicking on the confirmation link attached in the email from the Binance
All your withdrawals and deposits realized you can find on the Deposit & Withdrawal History tab. There you can find detailed information about all transfers which you realized.
Using the Binance Coins
Binance is revolutionary crypto exchange which has its own currency, called BNB. You can use it to pay for the different types of fees within Binance exchanges which include:
- Trading Fees (fees incurred from buying and selling coins)
- Withdrawal Fees
- Listing Fees
When you use BNB coins to pay for these fees, you will get a significant discount, which affords you a 50% discount in the first year.
You can also use BNB to invest in ICOs that are listed on Binance exchange. Binance has its own ICO platform that allows only BNB holders to invest in ICOs listed there.