Binance: a beginner’s guide

What is Binance

Binance (affiliate link) is the world’s largest crypto exchange, with a community spanning more than 180 countries. The Binance exchange offers a range of features suited to new users, and it’s very easy to use. There’s also Binance Academy, an educational platform that can deepen your knowledge of crypto.

Binance provides a wide range of services covering the needs of everyone from crypto beginners to advanced users. Because of increased regulation in some countries, Binance has adapted to the new rules by introducing reliable user verification and limiting some services, such as those related to security and high leverage in trading.

How to verify your Binance account

Since Binance is an exchange, you need to verify your identity. This is required to comply with anti-money laundering and counter-terrorist financing rules.

The process is simple: log in to your account, select “Identity Verification” and follow the verification steps. You’ll need personal documents such as a photo of your face, an ID card, a driver’s license or a passport. You’ll then be asked to upload a photo of your face and proof of address.

If you run into any problems, Binance’s support team is there to help.

How to deposit money on Binance

The Binance exchange lets you deposit money in up to 50 different currencies. You can do this either by bank transfer or with a debit or credit card. If you choose a bank deposit, you can buy crypto and start trading in about 24 hours; if you choose a card instead, you can buy crypto right away. Most deposit options are free, easy and very convenient.

How to transfer crypto to Binance

Depositing crypto on Binance may seem complicated to beginners, but the following steps make it simple:

1. Copy your Binance wallet address and paste it into the platform (such as Coinbase) you’ll be withdrawing from.
2. Choose the cryptocurrency you want to deposit (e.g. BTC).
3. Choose the right protocol (e.g. BTC, ERC20, TRC20, BEP2, BEP20) depending on the platform you’re sending from.
4. Click the withdraw button and complete the verification process (if required).

CAUTION: make sure you choose the right protocol so you don’t lose your crypto. Confirming the request takes a little time because of blockchain traffic. You can check your transaction history to track your deposits.

How to trade on Binance

Binance offers significant advantages to its users. You can swap cryptocurrencies in real time, easily and quickly. There are different types of trading, depending on your experience.

For beginners, the Convert feature is recommended. You enter the cryptocurrency, the amount and the currency you want. After the trade, the fees are deducted.

The easiest way is real-time spot trading. There are options such as Market, Limit, Stop Limit, Trailing Stop and OCO.

• “Market” lets you buy or sell instantly at the current price.
• “Limit” lets you set the trade price.
• “Stop Limit” lets investors set a level at which they want to buy or sell and the prices at which they want the order to be executed, depending on how the market moves.
• “Trailing Stop” adjusts the stop price based on the market price, helping you limit losses as the value moves up and down.
• “OCO” (One-Cancels-the-Other) lets you place two orders at the same time: a “Take Profit” and a “Stop Loss.”

During periods of volatility, trade execution may be affected. Whales also move prices. There are several ways to buy crypto: with fiat by linking your bank card, and with Binance P2P (peer-to-peer), where you buy crypto from other users.

How to sell crypto on Binance

You’ve bought crypto and now you want to cash out your profits. Selling on Binance is simple. Withdraw your profits to your account or convert them to stablecoins in your Binance wallet. To sell your crypto, go to the pair you want, e.g. BTC/USDT, select “Sell,” enter the amount and click “Sell.”

Alternatively, you can use P2P trading. First you need to move your crypto to your P2P wallet. Click “Sell” in the top menu, enter the number of coins you want to sell, choose the payment method and execute. The trade will show as “pending payment” until it has been paid and confirmed. Once you receive the money, click “Confirm” to complete the trade.

Binance fees explained

Binance only charges fees for withdrawals and deposits. In some cases, such as crypto withdrawals, the fees vary depending on network conditions. If you trade and pay your fees with Binance Coin (BNB), your fees will be reduced by 25%. For withdrawals, the cost varies by coin. Binance’s success is tied to its low prices and the reduced fees it offers when you use BNB.

How to withdraw crypto from Binance

Withdrawing crypto from Binance to another wallet is simple, although there may be a delay because of network congestion and blockchain confirmation. To do it, log in to Binance, go to “Wallet,” click one of your wallets (e.g. Fiat and Spot) and then “Withdraw”. There, choose “Withdraw Crypto”. Since some coins run on several networks, make sure you choose the right network. Then copy the wallet address and submit the request. Finally, click “Withdraw” to complete the process.

How to withdraw fiat from Binance

Binance supports many fiat currencies. To withdraw money, log in to your account, go to “Wallet” and select “Fiat and Spot.” Select “Withdraw” and then “Withdraw Fiat”. Choose the currency and payment method you want. The process varies by country. Enter the amount and confirm the withdrawal. Usually, the money will reach you within 30 minutes, with a withdrawal fee. Before you finish, you’ll need to complete a two-step identity verification.