What is Binance? How to Register on Binance?
Binance is the world’s largest cryptocurrency exchange, established in Shanghai, China by Changpeng Zhao – CEO of Beiji Technology. Binance supports over 400 trading pairs on its platform. In which BNB (Binance Coin) is an internal coin issued by Binance to fund the development of Binance.
What is Binance?
Binance is one of the largest cryptocurrency exchanges in the world. Binance was founded by Changpeng Zhao (CZ) – former development manager at Blockchain.com. After conducting the ICO, Binance launched the trading platform in July 2017.
The name Binance comes from a combination of “Binary” and “Finance”. Meaning is to represent the emerging digital financial system.
Nicknamed “Bittrex Killer” (Bittrex was one of the most popular exchanges before Binance came along), Binance has since brought a breath of fresh air to the cryptocurrency sector.
Advantages of Binance
- There are currently more than 450 trading pairs on Binance. You can find most altcoins that want to trade on the exchange.
- Users who do not need KYC can withdraw up to 2 BTC / day. Other than those requiring KYC to withdraw money (such as Poloniex, …), you can use Binance for small transactions without providing too much personal information.
- Many listed coins, large volumes, good liquidity, etc. are the highlights of Binance.
- The utility of Binance Coin. BNB is used in many Binance products, such as using BNB to reduce trading fees on the exchange, buying IEO.
- In addition to the centralized exchange, Binance has decentralized exchange Binance DEX, whose own blockchain is Binance Chain with base coin Binance Coin (BNB).
- In addition, Binance has an official mobile wallet, Trust Wallet, with Binance Labs to invest and support projects.
- Providing many new products to the market. Such as Binance Futures.
Disadvantages of Binance
- Because Binance is a popular exchange in the world, Binance is also a target of very high hacking attacks. In 2018, Binance had some unfortunate incidents. In July, an anonymous coin traded for up to 96 BTC. This case is predicted to be hacked or it may be the price of Binance itself.
- By March 2019, Binance was hacked with 7,000 BTC to make the community suffer. However, thanks to the timely response and transparent handling of the CEO, this incident did not greatly affect the crypto market.
You can read more information about Binance here.
How to open a Binance account?
Step 1: Go to the official homepage of Binance.
Note: There are many fake Binance websites. Therefore, you should save the link above to make sure not to be confused.
Link here : binance.com
Click on the “Register” tab in the upper-right corner of the web page and enter the required information.
– Enter your email.
– Create a password.
– ID: 36428306
ID 36428306 This will give you a 50% discount on fees! (Every time you buy / sell coins, a small fee is charged by Binance. Only 0.05% trading fee)
Step 2: Complete the registration process.
Now you need to verify your email. An email with instructions on how to activate your Binance account is waiting for you at the specified e-mail address.
All you need to do is open the mailbox, click on the letter from the exchange, and then click the orange button “Verify Email”.
Then you will see a message that your Financial account is activated and ready to go. This means that you can log in and start trading in cryptocurrency.
Open official Binance website, click on the “Login” button in the upper right corner and enter your newly registered data (email address and password) and do not forget to click “Login” at the bottom.
A Capcha screen of Binance will appear. You just need to drag from left to right to match the image. Then, you need to go to the email registered above and click on the verification link sent by Binance to your mail.
Binance Robot Check
So you have created a Binance account successfully.
However, for better asset protection, AZCoin News recommends that you enable 2FA security as the next step.
Instructions to install 2FA Binance
To activate 2FA 2-step security, on your account page, click “Activate” for Google Authenticator as shown below. Next, click “Next Step” to continue. Then open the Google Authenticator app, scan the QR code displayed by Binance. Click “Next Step” to continue.
Binance also displayed a message asking you to save your 16-digit Key, to back up if you lose 2FA. After saving the Key, you continue to select “Next Step”. Finally, enter your account password, enter the code on the Google Authenticator app and click on “Enable Google Authenticator”.
Download Google Authenticator here
So the Binance account has been activated 2FA successfully!
Verification using Google is carried out through the mobile application “Google Authenticator”. So install it on your smartphone, whether it is Android or iOS (iPhone).
Click on “Google Check” to go to the setting that will take you only a few minutes. First, install the Google Authenticator app from the link on the left side of the screen.
Open this app on your smartphone and press “+” on the top panel to add a new account. In the leaving menu, select “Scan QR-code”, and then point the device camera at the QR-code on the Binance exchange page.
Now, every time you log in to your Binance exchange account, you need to enter the 2FA code from the Google Authenticator app, but the chance of hacking is reduced by a hundred times.
Identity Authentication — Account Verification (KYC) User Guide
Login to Binance
Please open the “User Center” click “Identification” (Identification)
For personal accounts, first please choose to complete identity verification. “Personal”
Please fill in your personal data and select a country and region.
Based on the country that issued your ID document, please choose a valid ID type. For most users, you can choose a passport or driver’s license.
In the case of a passport, you need to enter its number, which is located to the right of your photo and is located in an upright position. If you are using a driver’s license, its number is at the bottom of the list on the front side. In my example, the number has the following form: ABC123XXXX (letters before the numbers should be specified using the Latin alphabet).
In the event that you have taken your passport to pass the verification, you need to take two photos of the front side and the first page, where personal data should be clearly visible.
If you are using a driver’s license, then take a photo of the front and backside so that each letter and symbol are clearly distinguishable.
The third photo should contain your documents on the background of the face, as well as the inscription “Binance” with the current date, as in the example.
In General, you should have 3 pictures: documents separately on both sides and documents with your selfie and the inscription “Binance” with the current date on a separate sheet. So the administration of crypto-exchange can make sure that the verification is a real person.
Upload photos to the relevant sections and check the form if you have completed everything correctly and without errors.
When you’re ready, click the Submit button at the bottom of the page. Now you have to wait for a response from the exchange. On average, the verification process on the Binance takes from 15 minutes to 2 hours, so be patient.
You’re done, your account is now verified!
Photos must be in PNG or JPEG format (.jpg. Jpeg. Jpe. Jfif. Jif).
Photos must be clear and high resolution, with all information clearly visible.
Photos and documents may not be edited or manipulated.
Color photo only.
The document presented must be original (not a copy)
There are no watermarks on the photo
ID must be valid (for example, passports that have expired will not be accepted).
Your face must be clearly seen.
Only one person per photo.
Handwritten notes must say “Binance” and the current date.
After you have successfully uploaded the required photos, your page will switch to face verification. Please click “I confirm that this is me” to continue the process.
Check whether the internet is interrupted or whether APP is being blocked by any security software.
Synchronize time on your mobile or computer.
Please don’t wear hats and glasses.
Please verify with good lighting conditions.
Please do not photoshop your photo and give it a timestamp.
After you complete the above process, please patiently wait for 1–3 days for the results.
Be sure to complete the entire ID verification process within 15 minutes, and never refresh the browser during the application process.
You can try the ID verification process up to 3 times per day. If your application is rejected 3 times a day, please try again after 24 hours.
How to deposit at Binance?
Once fully registered, it’s time to deposit funds so you can start trading.
Click the upper right corner -> Funds -> Deposits Withdrawals -> Deposit and select the coin you want to deposit (usually BTC, but you can deposit whatever coin is accepted at Binance).
There you can find the deposit address, copy and paste it on your wallet or exchange you want to transfer from. Once you make the transfer it will take some time until you see your balance updated at Binance, don’t panic. Remember: transferring from an exchange usually takes longer than directly from your own wallet (considering you add the same fee).
How to trade at Binance?
Once you have transferred your bitcoins or any cryptocurrencies you can exchange them for other cryptocurrencies. It may seem complicated but it is not. There are five options for trading: basic, classic, advanced, OTC, and P2P. Select Basic: it has all we need to start.
There you’ll find a lot of hard to understand numbers, but it’s easy to understand once you know what the different sections are:
On top of all the sections you can find the header, where you can log in / log out, contact support, change language… Below the header there are 10 useful sections to trade:
2-Current trading pair behaviour during the last 24 hours
5-K Line and Market Depth
6-Type of order
9-Switch area of other trading markets / trading pairs
10-Latest completed transactions price
Go to section 9 and look for the coin you are interested in. You can type the name or ticker of the coin in the search box so it shows up. Remember to first select, on the top right of the section, what coin you are using to buy it. You can buy altcoins with Bitcoins (BTC), Ethereum (ETH), Binance coin (BNB) or Tether (USDT), though you have more trading pairs (more options to buy) with BTC.
I recommend to buy some BNB first, remember you will have a 50% discount on fees (during first year) if you use your BNB to pay them, so you need to have some. How many BNB to buy? BNB acts like another cryptocurrency, so buying when it dips would be the most efficient way of using them. But consider this: Binance will use quarterly 20% of profits to buy back BNB from the open market and destroy them, so it’s a deflationary coin and it’s price should go up (providing demand remains the same or higher).
Now imagine you want to buy some Ripple currency with your deposited bitcoins: click on BTC to get the BTC pairs and type XRP (the Ripple ticker) in the space below “Favorites”, XRP/BTC should show up.
Then click on XRP to access to the XRP trading chart. You can set a trading pair (XRP/BTC in this example) as favorite for easier access later on by clicking on the star next to it.
After studying the chart and deciding you do want to buy some XRP, click on the type of order you want to fill: Limit, Market or Stop-Limit. What are the differences:
-Limit order: you enter the amount you want to buy and the Price you want to buy at. Order will only fill when another trader picks it. If you think XRP Price will fall a 10%, you can set a buy order at a price 10% cheaper than the actual one, so when it falls your order will get filled. But if the price doesn’t fall so much or goes higher you will be left with no XRP
-Market: here you only insert the number of coins you want to buy and the system will start filling the cheapest sale orders until it buys your coins. This is the oposite case as the previous one: you take the limit sell orders already introduced in the market by other participants.
-Stop-Limit: here you set two different prices: the first one (stop) will trigger the buy or sell order and the second one (limit) sets the maximum price your coins will be bought or sold at. You are telling the system: if this specific (stop) price is reached, sell the coins at this maximum (limit) price.
This website is simple and easy to use, and offers you some shortcuts to how much of your available BTC you want to use for the purchase. If we want to buy as much as we can on Ripple, select the 100% option.
You also have the option to manually enter the coins you want to buy. If you don’t know how many XRP you can buy, you can select 100%, so you see the maximum coins you can buy. Then you can manually insert a smaller desired amount.
The Total Box shows how much of your available BTC you are using to buy those coins at the given price.
You can buy and sell Bitcoin by Fiat at Binance P2P here.
Binance exchange is a name that is familiar to everyone in the cryptocurrency market. Binance can quickly gain popularity in the mainstream segment as a pioneer: issuing first coin coins, issuing a first ref reward policy, or leading an IEO selling movement.
Hopefully, through this article, new participants can understand the Binance exchange in the simplest way, as well as longtime friends understand some of the new features of the exchange.
You can trade at Binance here.