Binance Exchange Review: A-Z on how to register and use the platform

0
118

Here is the best Binance exchange review for newbies and experienced cryptocurrency traders or investors. Before we go further on this, know that Binance exchange is highly recommended for everyone.

Binance exchange has one of the lowest transaction fees among all cryptocurrency exchanges available and the platform is very easy to understand. You can get a Binance account by clicking on the link below.

START TRADING CRYPTO ON BINANCE

Clicking this button, you will be redirected to the user’s main registration page, which is binance.com and makes sure you are on the right URL with the secured HTTPS protocol. But, if you want to learn more about Binance exchange before registering, please continue reading this review.

Now, let’s learn about Binance through Coinbino!

What is Binance?

Binance was founded by Zhaochang Peng in 2017 with the major aim of providing a highly secured crypto exchange platform. Currently, Binance is the world’s largest cryptocurrency exchange in terms of trading volume, with more than 900 trading pairs. The company has its head office in Malta.

Read also>> How to Buy Bitcoin Fast and Make Money?

Binance exchange transactions Reviews

In our previous article, we highlighted some cryptocurrency exchanges with low transaction fees. Binance exchange is among them with a transaction fee of 0.1%.

Technical coins safety flooring can handle 14,000 orders per second. In terms of trading volume, this makes it the most promising exchange in the future.

A trusted cryptocurrency blog revealed that Binance, as at the time of writing this review, ranked first within 1 hour in Coinmarketcap as the only crypto exchange with the highest trading volume.

Binance supports the trading of major cryptocurrencies like BTC, ETH, BNB, VA, USDT, plus many altcoins.

Moving further, Binance has integrated many different payment methods: Visa, Master Card. This means that you can use your credit card to purchase cryptocurrency assets directly on the Binance exchange.

But Coinbino encourages you not to use this method because it is very expensive and requires 3-4% of the transaction fee.

Features of Binance Binance Exchange

Like most other cryptocurrency exchanges, Binance promises good security, user-friendliness and strong performance. Here are some features promoted by Binance:

  • Safe and stable: use a powerful multi-layer knowledge system
  • Supports multiple devices: supports web browsers, Android, IOS, HTML5, WeChat and other platforms.
  • High performance: 14,000 orders can be processed per second.
  • Multi-language support: Support English, Chinese, Japanese and Korean, Russian and Spanish. Of course, Vietnamese was also introduced on the website and app recently.
  • High liquidity: Provide a large number of cryptocurrency pairs with extremely high liquidity.
  • Support a variety of coins: allows trading more than 271 different cryptocurrencies
  • Highly experienced team: like I mentioned earlier; Changpeng Zhao founded Binance. The company stated that its team has extensive experience in Wall Street and crypto finance, and has a successful entrepreneurial record.
  • Proven product: Binance platform has been implemented on 30 existing interfaces. The platform supports all devices and multiple languages, providing a good user experience.

Features of Binance Binance Exchange

Binance transaction fees

As for the transaction fees, what I mentioned above is 0.1% for both taker and maker. If you use BNB for the transaction fee, the fee will be reduced to 0.075% or lower depending on the trading level. You can follow the diagram below.

Read also: How to Sell Bitcoin Online and Make Money from Trading?

Level 30-day trading volume (BTC) and holding BNB Maker and receiver Discount when paying with BNB
VIP 0 <50 BTC or> = 0 BNB 0.1000% and 0.1000% 0.0750% and 0.0750%
VIP 1 >= 50 BTC &> = 50 BNB 0.0900% and 0.1000% 0.0675% and 0.0750%
VIP 2 >= 500 BTC &> = 200 BNB 0.0800% and 0.1000% 0.0600% and 0.0750%
VIP 3 >= 1500 BTC &> = 500 BNB 0.0700% and 0.1000% 0.0525% and 0.0750%
VIP 4 >= 4500 BTC&>= 1000 BNB 0.0700% and 0.0900% 0.0525% and 0.0650%
VIP 5 >= 10000 BTC &> = 2000 BNB 0.0600% and 0.0800% 0.0450% and 0.0600%
VIP 6 >= 20000 BTC &> = 3500 BNB 0.0500% and 0.0700% 0.0375% and 0.0525%
VIP 7 >= 40000 BTC &> = 6000 BNB 0.0400% and 0.0600% 0.0300% and 0.0450%
VIP 8 >= 80000 BTC &> = 9000 BNB 0.0300% and 0.0500% 0.0225% and 0.0375%
VIP 9 >= 150000 BTC &> = 11000 BNB 0.0200% and 0.0400% 0.0150% and 0.0300%

 

Deposit Fees

Free. There are no fees for deposits.

Trading Fees

If you do not use BNB (Binance Coin) to pay your trading fees, each trade will carry a standard fee of 0.1%.

For Margin trading fees and data, please refer to the Margin Data page.

For Futures trading fees and data, please refer to the Fee Schedule of Binance Futures.

Withdrawal Fees

Binance exchange withdrawal fees are dynamic and automatically adjusted based on the status of the market.

Binance Exchange Registration Guide

  • Step 1: Visit Binance and click on Register Now.  Next, you complete the registration form and check to agree on the Terms of Use box.  Finally, click register.
  • Step 2: Drag the button to confirm ( ||| ) to match the picture.
  • Step 3: Go to your registered email and press the Confirm registration button to confirm your registration.

If there are no errors, you will see “Account activation successful ” and you have successfully activated your account.

Instructions for enabling 2FA for account security

This is a very important function to protect the account. You can use 2-factor authentication via SMS or Google Authenticator.

For safety, I recommend using Google Authenticator. Because when you use SMS, network failures sometimes occur. You will not be able to log in.

Open Google Authenticator on Binance’s app

Go to Account->Security->Verify with Google. You can see the detailed steps in the following location to activate the Google Authenticator exchange account.

Enable Google Authenticator on the Binance website

  • Step 1: Download the Google Authenticator app available on the App Store and Google Play
  • Step 2: Scan the QR code provided by Binance. If you cannot scan it, you can enter it manually.
  • Step 3: Save the backup key. When you lose your phone, you can enter this key to use it as usual. If you do not save, it will take 7 days to reset Google Authenticator by sending a support ticket.
  • Step 4: Enter the login password and 2 numbers in the 6FA application

SMS authentication on Binance App

Go to your account, select Security -> authenticate via SMS. Enter your phone number and press to send a text message.

Check your mobile phone for the code sent. Enter the verification code, i.e SMS verification code or enter the Google Authenticator Code (if installed).

Finally, press the button “confirm”.  You are done.

Read also>> How to Earn Bitcoin Online Explained

Verify SMS on Website

Go to your account and then select the security as part of the same Google Authenticator above. But this time the button is pressed on the TAI SMS certification.

Enter your phone number, and then press the button to send text messages. Then, you enter the code in the “Verify SMS” box.

If you have enabled Google authentication, please enter the “Google Authenticator Code “. Finally, click the button “Allow message authentication”. The text message is complete.

Instructions for verifying KYC identity to increase withdrawal limit

Identity verification or KYC can help you increase the withdrawal limit from 2 BTC per day to 100 BTC per day. KYC can only be performed if your account has two-factor authentication.

Some documents need to be verified: citizen ID or passport. In addition, everyone needs to know the postal code of the place of residence.

On the Binance app

The KYC form on this app can only be used for personal verification. For business, you must verify on the website.

On your Binance app, go to account and select Authentication.

Step 1: Select KYC form

If you are not a marketing company, you can choose to become an individual.

Note: Only one of these two authentication forms can be selected. It is not possible to verify both at the same time.

Step 2: Enter basic information

Enter basic information and click the button Next.

Step 3: Enter residence information

Enter your residence information and click the button “Send personal information.”

Step 4: Choose a file type for verification

Here, I will choose an ID (Citizen ID). You can also choose a passport.

Step 5: Scan the front side of the CCCD card

Move the camera to fit the white frame.

Step 7: Check the front of the CCCD

Check whether the document you scanned is clear. If not, you can click remake scan again. If everything looks good, click “readable.”

Step 8: Scan the back of the ID card

Similar to front-side scanning.  Move the camera to match the card with the white edge.

Step 9: Check the back

Check if the back is similar to the front.

Step 10: Verify the face

Please click “Click to continue”. Then move the face closer to the camera so that it matches the circle.

You will see the words “Successfully uploaded”. Therefore, the complete KYC is completely completed on Binance App. All that remains to do is to wait for Binance’s approval.

Read also>> Investing in cryptocurrency, why should newcomers experience mining first?

On the website

Instructions for verifying KYC identity to increase withdrawal limit

If you are using your computer, simply visit your account, then choose safety. In this section confirm the identity, you choose accuracy.

Select the KYC form. If you are an individual, please select personal information. If you are a business, please select “Enterprise”.

Step 1: Enter your personal information

Fill in your full name, date of birth and residential address. If you don’t know the zip code, you can see the article below.

Finally, press the button. Then go to the next step.

Step 2: Verify ID

First, you click the button Start to start verification.

Select the Country and type of identity verification document. You can choose a Passport or Identity card (Citizenship Identification Card for Vietnam).

Here I will choose Passport. ID cards are similar, you just need to take a photo of the front of the ID, the back of the ID and the selfie.

You can shoot (Take a photo) or upload an existing image file. If your device does not capture clearly, I encourage you to choose a device that clearly captures and then upload the file.

Upload files by clicking Upload file with a cloud image and the arrow on the right as shown below.

If so, authentication is most likely to succeed.

You click “Choose file” and select the image to upload.

Check your image to see if it is clear. You must be clear and see all Passport information. Next, click on Confirm to the next step.

Upload your selfie by clicking the button Choose file.

Check if the image is clear on your face. Do not wear hats or glasses. Keep your face straight and look at the camera. After that, press the button Complete.

Step 3: Verify face

You can use the app or the browser to verify your face. If you cannot use the app, click “can’t use the App?”. Verify-in your browser to use the browser.

Instructions to top up the Binance coin

On the Mobile application

Step 1: You go to the “Fund” for an iOS device or “Capital” for Android devices. In section Exchanges, just select the Load button.

Step 2: Select the coin to be loaded by entering the coin’s name into the section “Please enter keywords”.

Step 3: Deposit coin into supply address

For example, my address is GAHK7EEG2NW….BTODB4A and have MEMO as 1079138711. I want to load 709 XLM coin.

Then I will send XLM from the coin storage wallets or withdraw from other exchanges. Here, I moved from Keybase wallet to the address provided by the exchange.

Note: When loaded, there are several cryptocurrencies that will have MEMO. You just have to be careful not to send your coin to the wrong wallet!

Some coins will take longer than others. If you transfer to the right address, there is no need to worry. It only takes a while to confirm.

Read also>> How to Manage Your Personal Finances Properly

On the Website

Step 1: Place your mouse on Wallet to show the drop-down menu.

Step 2: Select Fiat & Spot, when it loads, the default coin will be BTC.

Step 3: Click BTC (Bitcoin) in the word Coin. Enter the coin you need to top up.

Step 4: Select the appropriate Network. Which types of network common ERC20, BEP2, BTC. A coin can have more than one Network.

For example, XLM only has one Stellar Lumen so that people cannot choose another Network.

Step 5: Transfer coins to the address provided by the exchange. Wait for network authentication time is money will come into your floor wallet.

Note: When transferring cryptocurrencies with the wallet address, be sure to fill them in to avoid losing them.

How to trade on Binance

Trade coins or trading coins on Binance can be done either from a mobile phone or the website.

Some basic knowledge to grasp

Before anything, let us learn some basic knowledge concerning Binance exchange trading terms.

Trading order

To trade cryptocurrencies on an exchange, you must place a trade order. When you want to buy, place a buy order. If you want to sell, place a sell order.

A trade order is your request to let the exchange know how much you want to buy or sell. Some types of trading orders: Limit, Market, Stop-limit, OCO.

Market

The market is where all the cryptocurrencies are traded. For example, you buy and sell normally in Vietnam. The market here is the VND market.

The BTC market is the use of BTC to buy and sell other coins or tokens. The products that are traded at the exchange are other cryptocurrencies.

Trading pair

The trading pair is the price of one coin in relation to another. In the BTC market, there are pairs of transactions *** / BTC. Similar to the BNB market, there are pairs *** / BNB.

For example, we have ETH / BTC pair that you use BTC to buy ETH or you use ETH to sell BTC.

Read also>> Bitcoin Investment Guide for Nigerians [A Must-Read for Newbies]

Transaction interface on the Binance App

To enter the trade coin interface, go to the section Deal and select the section Exchanges.

  • Change trading pairs.
  • Where to view charts and switch to other markets of your chosen cryptocurrency.
  • Choose to buy or sell orders.
  • Select the order type.
  • Price options for trading orders and for placing orders.
  • Wall sold in the order book. Or simply the seller’s orders are displayed.
  • The current price of a coin.
  • Wall purchased in the order book. Buyer’s orders are displayed.
  • Adjust the display of the command prompt. Adjust the price’s decimal. You can adjust to show only buy wall or to display only sell wall.
  • Where to display and manage pending orders.

How to place a trading order

Step 1: People choose the coins they want to buy and sell at the place of changing trading pairs

Step 2: Choose to buy or sell

Step 3: Select the order type

Step 4: Set the price

Step 5: Click buy or sell

Example of types of trading orders

Limit order

The limit order helps you to buy a cryptocurrency at the desired price. The desired price is the Limit price.

For example, if I want to buy BTC at 7000 USDT, then I choose the BTC / USDT pair. Place a limit buy order for 1 BTC for 7000 USDT.

Market order

Market orders help you buy or sell quickly at market prices.

For example, I see the price of BTC increased by 10% compared to the price I bought. I want to sell immediately and don’t want to wait any longer. Now, I just need to place a market order to take profit.

Stop-limit orders

Stop-limit orders are often used to cut losses in case the price drops sharply. Reduce the risk of peak swing. Or buy when breakout resistance.

But often these commands are easily “fat hunted”. They will push the price to break the support or resistance and then return the price back to where it was.

For example, I bought BTC for 7000 USDT and accepted a loss of 100 $. To preserve capital and not incur any further losses. At this time, I will place a sell stop-loss order with a Stop price of 6910 USDT and a limit price of 6900.

The stop price or stop price is the condition for activating the limit order. This means that when the Bitcoin price drops to 6910 USDT the floor will automatically place an order of 6900 USDT.

The difference of 10 USDT used to deduct loss when the speed of dropping is too strong will not match.

Suppose BTC is a car. When this car met a price of 6910 USDT began to brake. The speed decreases gradually and stops at 6900 USDT.

If you set this difference too low, it will be difficult to execute the order if the price falls sharply.

Note:

  • The stop price is at the top and the price limit is at the bottom.
  • When selling the stop price> the limit price.
  • When buying stop price <limit price

OCO order

The combined order consists of 2 orders: limit and stop-limit command. It helps you to stop loss and take profit at the same time. It means that we have blocked upper and lower

Limit the risk of placing your order. The downside is that it also limits your profits.

For example, I bought Bitcoin at $7000/BTC and I want to sell it when it reaches $7300/BTC and also cut loss when it falls to $6900. The OCO order is right for me.

The limit order is the selling price (block above). A stop-limit order is the stop-loss price (even below). If one of your orders is activated, the other will be cancelled.

Note:

  • Buy order: Price limit <current price <stop-limit price.
  • Sell ​​order: Price limit> current price> stop-limit price

Instructions to withdraw coins on Binance

Here I will guide you to withdraw the Stellar Lumens (XLM) coin. Several other cryptocurrencies are a little different, but the fundamentals are the same.

On mobile application

Locate the page “Fund” on IOS or “Capital” for Android. Next, click directly on the coin you want to withdraw or click on the button “Withdraw”.

I often use the direct click on the coin to withdraw because my coin amount is very easy to find. In case, you have too many coins, you should click “Withdraw” and find the coin you need to withdraw.

After clicking on the coin you want to withdraw. It will appear as below. Click the button “Withdraw”.

Read the note of the cryptocurrency you want to withdraw. Next, press the button” I understand. Proceed”.

Enter the exact address of the coin to withdraw. Then you press the button “Withdraw”.

Enter the 2FA verification code that you have installed. It could be SMS or Google Authenticator.

Notice of withdrawal request will be sent to your registered email. Open your mail in another tab to check.

You check the withdrawal address information. If everything is correct then please press the button “Confirm Withdrawal”.

If clicking the button does not work, you can click on the link provided by Binance.

Often the link does not work you copy the part Verification code. You return to the application and click on the part you have framed above. Assuming the copied code is complete.

If everything is done right, then you’ve successfully withdrawn your coin.

On the Website

Log in to your Binance account and click Trading wallet (Deposit & withdrawal).  On the page “Money“, enter the coin you want to withdraw. Finally, click the button “Withdraw”.

Enter the exact address you want to ship. Then you press the button “Send”.

The remaining steps are to enter 2FA which we have covered above. And validate email. You can see the draw on mobile because it’s the same. So you have made a successful withdrawal request already.

Conclusion

Binance exchange is one of the largest cryptocurrency exchanges in the world, with good security, safety and low transaction fees, plus extremely fast transaction processing as well as high liquidity. Binance will also be a good choice for you if you need to buy or sell these altcoins and trading BTC or ETH.

Ok, this is all about the Binance exchange review. Hope you learn a lot from it, and it gives you more exciting new options when trading virtual currencies.

You can share this article with your friends to encourage us and leave your questions below in the comment section if any. Thanks

LEAVE A REPLY

Please enter your comment!
Please enter your name here