New To Crypto: Learn About Binance Cryptocurrency Exchange

Related Topics

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

In cryptocurrency there is never a dull moment. Leaning new systems and applications is the order of the day. Whether you are tech savvy or a minnow, you have to keep learning new technologies.  Digital money marker exchanges keep coming up and it is important to keep up with the trends. Binance is one of fasted growing exchanges and here is how to buy and sell on their platform.

What are the key Binance Features?

Exchange features are the basic tools that a user has to familiarize themselves with. Without these, you will not be able to do much; however, you need to be sure of what you are looking for rather than the outcome. With the platform, you can trade with Bitcoin cash and Bitcoin gold and the trading fee is 0.1% and you get global support. However, you can use BTC, NEO, BNB, ETH and LTC when you are depositing to your Binance wallet or account.

Binance had its humble beginning in China in July 2014 through one of the most successful Initial Coin Offering (ICO) and it has grown over the years due to its innovative trading tools, security and live trading charts. It has an option for beginners as well as advanced user interface. This makes its adoption easy and fast because you learn from the basic to complex trading features.

What Operating Systems Run the Binance Application?

The compatibility models of the exchange platform enable users to trade on the go; it is compatible with PC client, iOS, Android, Web, WeChat and HTML5. You have two options to be onboard the platform, you can choose to download the mobile application create an online account depending on what is convenient. Creating an account and funding it with supported currencies is free. Withdrawals may attract some fee based on individual currencies.

Binance does not accept trades in fiat currency but you can use other cryptocurrency pairing to transact business. If you are trading with fiat currency, you will have to use other exchanges. They have made it clear that they do not plan to support fiat currencies on the platform in the future.

How trade on Binance Exchange Platform

To trade on the Binance exchange, you need to register first; your account gives you the gateway to access their platform. The process is simple and you can access it through their official website. Once you register, you need to verify your email address for the account to become live. You use your email address or user ID to access the features.

The dashboard is easy to navigate and to deposit or withdraw you just click the Deposit/Withdraw button and you follow the prompts. You choose the currency of your choice and the deposit address. You can choose the QR code or alphanumeric address for your deposit. The address is generated automatically and is the one you fund.

You can receive funds from other exchanges or wallet using the Binance address as long as the cryptocurrency is accepted. After you confirm your transactions, it takes a few minutes before it shows in your wallet. Once it appears on your balance, you click on the “In Order” button.  If you are a beginner, start with the basic account; it is easy to navigate.

Trading with the company’s application is very easy; all you have to do is choose your currency from the trading pairs on your dashboard. There are many options available to trade as long as you have funds in your account. However, if you are using the Binance currency (BNB) to trade, you enjoy reduced fees per trade.

Once you have decides and selected the currency you are buying, enter the desired amount of purchase and set your buying price. Once you are sure the details you entered are correct, hit the “Buy” button and the transaction commences. Once the transaction is verified, your currency will pear on the “Funds” areas of your account.

How secure is Binance?

The platform is highly secured by the use of CCSS and ISO/ICO_27001:2013protocols. However it is your responsibility to go for additional authentication levels. With cryptocurrencies, security begins with the user. However, the two-factor authentication on the platform is only possible using Chinese phone numbers.

To download your Binance App, you can visit their official website using your browser. Once you create and fund your new accounts, you can start trading. If you are always on the go, you can get the App from Google Play Store or iOS. For the Chines users, WeChat is the easiest to access the platform.

Sign up today for our free weekly newsletter!