To start in the crypto world it is good to be clear about which are the best tools to do certain tasks. That is why in crypto media we have decided to make a special section for the newest ones in the house, with the aim of answering questions like what are the best exchange houses (Exchange)? How can I register in one? How safe are they? Starting with Binance.
Binance is one of the fastest growing in the cryptocurrency exchange market, being the 10th largest encryption exchange in just 5 months. The growing popularity of Binance is due to multiple factors, from serving multiple languages, having a clean user interface and most notably, an extremely high performance (the speed of data processing). It is important to note that Binance is a crypto-only change, and doesn’t cater to Fiat deposits.
- 1 Why should I open a Binance Change account?
- 2 How to Open Binance Account?
- 3 How Can I Start Depositing To My Binance Account?
- 4 Curious Fact
- 5 What is the currency Binance (BNB)? And what do you use it?
- 6 List of commissions
Why should I open a Binance Change account?
Binance is growing at an amazing speed, and if this keeps up, it will be one of the largest encryption exchanges based on trading volume. Additionally, many new coins/tokens that just had an ICO would have a greater tendency to be included in Binance compared to another large stock market. So if you have lost an ICO and want to take a hold of a particular currency, Binance would be the recommended exchange option due to its large trading volume, which would mean better prices and a higher probability of your purchase orders/sale is full.
How to Open Binance Account?
Step 1: Go Binance website
Make sure the page has the bookmarks since there have been many cases of phishing sites that reflect the actual site. Or you can enter through https://www.binance.com and find basic information about upcoming events of the company, current market situation and the price of the main cryptocurrencies.
Already understanding this, you will access the upper right corner (red box) where you will find the registration button.
Step 2: Complete the registration process
Click on the “Registration” tab in the upper right corner of the web page and enter the necessary information. Check yourself and click “Register” to continue and you will receive a confirmation email.
Step 3: Enable 2-factor authentication (2FA)
A pop-up should appear on the screen the first time you log in, and immediately allow 2FA to increase your security. Here is a cryptocurrency Security Guide: 2FA activating.
Once you have finished you can start depositing your coins or cryptocurrency tokens into your Binance account.
How Can I Start Depositing To My Binance Account?
Step 1: Search “Funds” on the main page
On your dashboard (or the first page you see at the start of your session), click on the “Deposit / Withdrawals” button on the “Funds” tab in the upper right corner.
Step 2: Click on the currency you are going to deposit
Find the currency you wish to deposit and press the “deposit” button. It is extremely important only to click on the “deposit” button that is specific to the currency to be deposited. So if you are depositing Bitcoin (BTC), be sure to click on the “strong” button only for Bitcoin (BTC). This is because each currency address is different. You can only search for the currency in the search field to speed up the process.
Step 3: Transfer your currency to the produced address
The address to be sent to will be generated in the field under “Strong BTC Address” (assuming you are depositing BTC). So if you are transferring BTC from your portfolio or other exchanges to Binance, this will be the address that your BTC sends.
Step 4: View your history
The history of your deposit is shown in the “Funds” > “Deposits / Withdrawals” tab.
It is likely that starting the first time, a pop-up window will appear which will tell you about 2FA (2 Factor Authenticator or Factors of two steps) to know more about this security mechanism you can go to our article by clicking here.
At the home of the platform, you will find the details to change your account, generate your API key, link the 2FA and even associate your phone number to your Binance account. It is important to do the verification of personal data, where you will need your passport, license or any document that identifies you so you can use all the tools of your Binance account and expand your daily withdrawal limit.
The key areas of the platform are based on 3: The first is “Exchange” (located in the upper left corner) or exchange house where you will put trades with different cryptocurrencies offered by Binance. Once you click, you will see a pop-up window with the options “Basic” or “Advanced”. If you are starting in this world and you are familiarizing yourself with the platform we recommend the “Basic” option.
The second is “Funds” where you can see your funds both in Bitcoin and in dollars, also know the number of coins you have for each crypto. In the drop-down menu of “Funds,” you will find the option to know your deposit, withdrawals from Binance and the trades you have made.
The third is Orders, where the user can have a record of all purchase and sale movements made in the platform so that the merchant can have the information of the date, an amount in BTC, price in which bought or sold and quantity of alternative coins.
What is the currency Binance (BNB)? And what do you use it?
This is probably the first exchange house that has its own currency: BNB. BNB allows you to pay for the different types of fees within the exchanges that Binance includes:
- Operating commissions (charges incurred for buying and selling coins)
- Withdrawal rates
List of commissions
By using BNB currencies to pay the previous rates, you will get a significant discount, which gives you a 50% discount in the first year.
Not only that, but it can also be used to invest in BNB OICs listed in the Binance exchange. Binance has its own ICO platform that allows only BNB holders to invest in OIC that appears there, and the ICO usually lasts less than 60 seconds!
To complete, Binance is one of the newest trading platforms within the crypto market but in just a couple of months it has become one of the largest and most recognized in the industry, this is due to its solid equipment, high technology, and simplicity of use. By becoming one of our preferred exchange houses for the cryptocurrency trade.