Binance is safely growing and leading the cryptocurrency ecosystem. This might be the best time to check it out
Every trader knows Binance Exchange — the number one crypto exchange ecosystem. The exchange platform, launched in 2017 does not just trade cryptocurrency and altcoin, it gives room for fiat-to-crypto currency conversion. The world is a huge and fascinating one to explore. As a beginner, this guide will walk you through the basics of the Binance exchange.
Binance is an ecosystem with fascinating features:
- Beginners should take the ‘Customer Support’ feature very seriously when making broker choice. The two words which best describe Binance customer support — reliable and responsive.
- Most traders (including myself) employ Binance as a standard for other networks. This is simply because it rarely provides a false volume amount to members.
- Binance also trades against US fiat currencies such as PAX, USDT, BUSD, and local fiat tokens like the Russian Ruble and Turkish Lira.
- Binance embraces evolution. Its Blockchain network was the first of its kind with a major crypto — Binance coin (BNB). It followed it up with the Binance Launchpad. Who knows, we might see a Binance crypto casino next.
- Binance provides traders with limitless trading pairs in contrast to other brokers who only trade against BTC. Trading pairs such as ETH/XRP, BCH/LTC, BNB/BTC, to name a few.
- If you will be trading in high volumes on Binance, you should consider adding BNB to your asset. Not just because of the 10% discount, it provides but for the sake of Initial Exchange Offerings (IEOs).
- Every broker is expected to have strong security and Insurance. As the number one crypto exchange ecosystem, Binance boasts of enhanced security, difficult for hackers to break down. Its SAFU insurance also reassures members of their safety.
Creating a Binance account is a simple 5-step procedure:
Step 1: Visit the Binance Website
Visit www.binance.com to access the registration form. If you plan on signing up via the mobile app, ensure you download from Binance’s official website.
Step 2: Provide your email and a unique password
Complete your registration by providing your email address and a unique password. ‘Unique’ in the sense that your password must:
Have a minimum of 8 characters (with a figure and an upper case letter).
If you are signing up via referral, you stand to enjoy 20% off for your initial instalment.
Read the Terms and Conditions and click on ‘I agree’ if you are on the same page with the regulations. Follow up your action by clicking the ‘Create Account’ icon.
In a matter of minutes, you should get a notification from Binance to verify your email. Click on the link provided in the email to verify the email is yours.
Step 3: Activate 2-Factor Authentication (2FA)
This is optional but I always advise traders to double their security via 2FA. This message pops up on your screen the first time you log in to your account.
Like I mentioned earlier, this step is not compulsory. However, it is necessary to stay safe from cloned URLs (phishing attacks) before making any deposit.
Step 4: Deposit Bitcoin, altcoin, and other funds in your account
With your account ready and fully protected, the next thing is to make a deposit. Making a deposit is easy. Head over to the ‘main menu’ at the top, click on ‘order’ to select ‘Wallets‘, and choose the ‘Spot Wallet’ from the list of wallet options.
Once you’re done making your wallet choice, Binance exposes you to all the offers they have for you. If you cannot find your trading pair, make use of the search engine to confirm the coin you intend to make your deposit in. Tap the ‘Deposit’ button and you will be redirected to your coin’s wallet page.
NB: The wallet address for each token is different. Hence, be careful when making any deposit to avoid issues.
Now that you are sure you have the right wallet address, copy it and paste on any crypto wallet. You can start by depositing a bit to see if it will reflect on your Binance account before depositing the remainder. This because each token has a payment processing speed.
To view your deposit history, go to the ending part of the deposit page to see how your transaction history looks like.
Step 5: Trade cryptocurrencies on Binance
You are almost there as this is the last and final step. Once your token wallet has been credited in any of the base currency, you can start crypto trading.
Trading happens only with your base currency. In other words, if you are looking to buy XRP using BTC, your base currency is BTC and your choice of wallet must be the BTC wallet. This wallet is not just useful for Binance, it can find be used to fund crypto gaming accounts and other digital wallets.
By now, I believe questions such as how and why you should create a Binance account must be out of the way. Instead, your focus is set on the tools you can leverage to make trading easier and safer. Happy trading!