The Binance Exchange - a beginner's guide

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Z Binancesooner or later, every user and cryptocurrency investor will come in contact. It is one of the largest and most recognizable brands in the industry. Please read the following guide to use all its features and services wisely.

The article is part of the free training - Cryptocurrencies how to start and survive? A course for everyone

What is Binance?

Binance is one of the largest and best cryptocurrency exchanges in the world. It was created as part of the ICO project. The team collected funds for launching the exchange by issuing ERC20 tokens named Binance Coin (BNB). Today BNB Faucet they have their own blockchain Binance Chain. BNB are accepted as a means of payment in many other projects, e.g. PundiX. However, their primary function is to pay commissions for trading on Binance, for listing cryptocurrencies on the stock market and tokens offered under IEO.

The stock market has grown very much and gained prestige in the 2017 year. Each project is dreaming to enter Binance. Every investor dreams that the project, which tokens have, has been listed on Binance, as it involves increased liquidity, access for millions of new investors, as well as speculative price increase on the day of entry. Today, Binance is a basic, international cryptocurrency marketplace, which only supports transactions in cryptocurrencies, as well as its local branch in Uganda and Jersey, serving deposits and withdrawals in traditional currencies. Currently, the decentralized version of the platform is planned to be launched.

Binance has moved to the friendly blockchain industry of Malta, where it is currently registered. charismatic CZ, head of the stock exchangeat the airport, the prime minister of the country greeted him. The stock exchange has a daily turnover in billions of dollars. It is characterized by a multitude of currency pairs, high liquidity, low commissions, good customer support and high trust of the cryptocurrency community. Every investor and traider sooner or later he will create an account there. The more that it can be done anonymously.

Binance - fees and commissions

Creating and maintaining an account na Binance it is fully free.

Payments na Binance also are free.

Buying and selling transactions for cryptocurrencies are subject to the exchange commission. The fee paid each time is only one 0,1% transaction values.

commission these you can lower it having an exchange token on their account - Binace Coin (BNB) - and mark in the options the willingness to pay commission with them, instead of in the cryptocurrency, which we make the current transaction. Currently, the commission payable in BNB is 0,075% transaction values.

This commission can be further reduced by obtaining the VIP status. This privilege is however reserved for regular users with a thicker wallet.

Practical Council 1 .: commission 0,075% for trading on Binance jest so lowthat it is not worth worrying about. Regardless of the discount for fees, BNB is always worth having on your account, so that no commission will be deducted from the purchased cryptocurrencies. Otherwise buying 1000 tokens, we get 999 pieces, which can be a bit annoying.

Withdrawals cryptocurrency from Binance they are subject to a fixed fee, regardless of the amount paid. This fee must cover the cost of the transferso its amount depends on the type of cryptocurrency to be paid, the current load of its blockchain and other factors. The amount of these fees changes daily and is always given before payment.

Practical advice 2.: payment for the withdrawal can be up to several zlotys! If you are transferring a specific cryptocurrency into your secure wallet, you have no choice but to pay. If, on the other hand, you send funds from the stock exchange to the stock exchange or pay for something, choose cheap and fast cryptocurrency. Bitcoin is discouraged, NEO (free payout), litecoin, XRP, stellar and nano are recommended.

How do I create an account on Binance?

• go to the website Binance.
• The website will automatically display in your language based on the IP address. If, according to our recommendations using the VPN service, select your preferred language in the upper right corner.
• Then press "Registration".

• Enter your e-mail address and a strong password, preferably containing upper and lower case letters, numbers and special characters like!, #, $,%, ^ Etc. Make sure you type the number 28872972 or enter it manually. Accept the rules of the exchange and click "register".

• Check your mail.
• Confirm the registration by pressing the link sent by Binance to your email address.
• Ready! Now you can log in to the marketplace.
• After the first login you will be informed about the safety instructions. Confirm familiarization with them.

How to enable double account security (authentication, 2fa)

A non-obligatory step, but highly recommended

After first logging in, it's a good idea to set up a two-step verification for your account. You will also be informed by Binance himself.

If you have clicked wrongly and want to find such an option, look at the picture below to find this feature. Click on your account (1 and 2) in the upper right corner, go to the security option (3) and select 2-F Authentication (4). Then activate this option (5).

Install the application on your smartphone Google Authenticator.

Enable Double Account Security in Binance options (as shown in the figure above). Scan the QR code with the Google Authenticator application. A six-digit code will appear in it.

Each time you log in to Binance and withdraw funds, you will be asked to enter this one-time code. This code, based on a secret cryptographic algorithm, is calculated by the application on your phone every minute (no internet access is needed). This way, the thief has no chance of hacking into your account, as long as he or she does not have access to your cell phone or knows the secret algorithm.

Co importantif we lose or corrupt the phone or accidentally uninstall Google Authenticator, we will lose access to our Binance account. When reinstalling the application on the smartphone, we will need a recovery code to set the code again. It's worth to write down this code! It is provided when activating the Google Authenticator security on the Binance page.

How to deposit money and cryptocurrencies on Binance?

Na Binance you do not trade in traditional currency, such as PLN, USD or Euro. Cryptocurrencies are purchased for other cryptocurrencies, such as bitcoin and ether.

How to buy your first cryptocurrencies (eg bitcoin, litecoin or ether) for PLN? The easiest way is Bitbay! Here you will find our guide, step by step.

Do you want to buy your first cryptocurrencies with a card? Use the cheapest Coinbase exchange office.

Do you want to buy for euro or pound? Take advantage of Binance Jersey.

Next, the crypto-currency purchased should be transferred to your stock market account Binance, in order to buy another cryptocurrency or token, unavailable for PLN and USD.

• From the top menu of Binance (black bar) select "Means / Funds "and then"Donate / Deposit ". In the new version of the exchange, click on the icon of our account and then "Deposit / Deposit" (as in the screen above).
• By default, the bitcoin card and our address for BTC payments appear. If you want to deposit another cryptocurrency, click on the name Bitcoin (A) and choose from the list or enter its shortcut.
• After switching to the desired cryptocurrency, the address for the payment (B) of THIS specific cryptocurrency to our Binance account appears. Depending on the technology, the addresses may vary. Sometimes, in addition to the main address, you also need to provide an additional code or sub-address, without which our funds may be incorrectly credited. No worries. This information is always clearly marked on the "Deposit" window on Binance.

Attention! Do not mistake, for example Bitcoin BTC from bitcoin cash BCH, and after copying the address to the transfer, check if it is exactly the same as displayed in Binance.

Where can I copy the address for the transfer? If you want to deposit money at Binance from BitBaywhere you bought cryptocurrencies for PLN will help you BitBay guidewhere we show such an operation.

If you prefer to buy your first cryptocurrencies with a card, use the cheapest Coinbase exchange. Purchasing with a card on Binance is not profitable.

• After making a transfer to this address, our account will be credited, and in the "Deposit" tab it will be visible in the history of payments.

Congratulations! Your account has been credited. You can now exchange cryptocurrencies sent to others using hundreds of currency pairs offered by Binance. Among them there are also so-called stable coinyor cryptocurrencies that keep the price of the dollar (e.g. TUSD, PAX, USDS, USDC and controversial USDT).

Overview of Binance Features, Buttons, and Options

The Binance Exchange is convenient to use. We have many options to choose from, tailored to our preferences and devices. We can with Binance use with smartphone application, type program desktop with and/ or Web page. We will guide you through the most popular, browser version.

Press the tab "Buy/Sell Ads"In the upper left corner and select"primary”Version of the exchange that has a great interface and will be suitable for 99% of users. Let's see what it looks like:

• A - selected currency pair and basic information about the current price, its change in the last 24 hours, as well as the sum of the turnover
• B - catalog of available currency pairs; The top buttons allow you to select the currencies that can be purchased for a Binance token, i.e. BNB, for bitcoin (BTC), altcoins (ALTS, such as ETH), and stable coins (fixed-price tokens, USD). By entering the abbreviation of the cryptocurrency we are interested in in the search engine, we can easily find it here
• C - a list of pending cryptocurrency sell orders from a given pair on which the price chart is currently looking
• D - a list of pending orders to buy this cryptocurrency
• E - list of transactions from the last minutes
• F - chart type selection - basic, more professional or graphic size of pending buy and sell orders (C and D)
• G - selection of candles (what long period should one candle correspond to)
• H - candlestick price chart with moving averages
• J - chart of changes in volume
• L - chart for the more advanced
• M - menu for placing buy and sell orders
• N - list of our pending orders and transaction history

How to buy / sell cryptocurrencies on Binance?

Knowing what the interface of the Binance exchange looks like, we can proceed to the first transaction.

For example, we made a PLN transfer from a bank account to our BitBay account. We bought Ethereum (ETH) on Bitbay. We then transferred ETH to the account Binance (the whole instruction in our guide), powering them in this way. So we have our capital at Binance in ETH, and we want to invest in the IOTA cryptocurrency.

From the catalog (B) we choose the pair we are interested in, namely IOTA / ETH, because we want to buy IOTA for ETH.

We will go to the page with the graph of changes in the IOTY price expressed in ETH. On the side of which currency pair we are, we see in the upper left corner (A).

We can buy IOTA right away using sales orders issued by other users (C). For this purpose, in the shopping menu (M), select the "Market".

We can see there the status of our account in ETH, for which we will buy IOTA. The only thing we have to do is enter how many IOTY items we want to buy. If we want to spend half of our ETH on this purchase, we press 50%, and Binance will calculate how much IOTA will get. Similarly, the other buttons with percentages. When we decide. We buy by pressing the green button. Voilà!

It is possible that the price of IOTY will change quickly and the order 100% will not work, because IOTA will pick up a little bit in a second and we will not have ETH to buy exactly the number of tokens that the system has calculated for the Quantity field. We can therefore use the Limit option, which is recommended.

"Limit" allows us to choose the price at which we want to buy or sell a given number of pieces of a given cryptocurrency. After clicking the green button "buy", our offer will appear in the column on the left side of the screen (D), waiting for the price to reach the level we set and there will be someone who will sell IOTA at the price at which we want to buy it.

Another option is Stop-Limit. This is a Stop-Loss conditional order.
Our offer Limit it will be issued automatically only when the price of a given cryptocurrency reaches the level set by us. We do not have to be on-line.

The easiest way to explain it is on the example of a typical one Stop-Loss (stop losing). For example, we bought bitcoin after 3500 $ and we hope that it will grow to 5000 $. However, we are not sure that this will happen. What will happen if the price of bitcoin continues to fall? We do not want to waste money. In this situation, we set the Stop-Limit order.

We can, for example, set that if the price of Bitcoin drops to 3400 $, our order will automatically appear. Bitcoin sales limit at 3399 $. This protection can save us from the situation that the price of bitcoin falls, for example, to 2000 $ when we sleep. We can also set a buy order if the price reaches a certain value.

In the same way you can sell cryptocurrencies on Binanceby using Limit, Market and Stop-Limit orders.

Overview of the Binance menu

All basic menu options are on the top dark bar.

You can check your account balance at any time by clicking on the tab Funds i Sale. There, on the summary page, next to each cryptocurrency you will find the buttons "a deposit","Withdraw","Trade". You will also find access to the deposit and withdrawal window directly from the "Funds" tab, as in the example of depositing cryptocurrencies on Binance described above.

Clicking on the manikin's number will display the total account balance expressed in BTC equivalent. By clicking on the account name, we will go to the main settings. You can change the password here, connect the payment option commission using BNB tokens, set authorization via SMS and Google Authenticator. A login history is also available.

Account verification on Binance is optional. The daily limit of withdrawals from an unverified account is Bitcoin 2.

Surely you will quickly find all the functions you need here. Eventually Binance is considered the best crypto-currency exchange in the world!

Successful investments!

The article is part of the free training - Cryptocurrencies how to start and survive? A course for everyone

Review of other Binance sites and products

In addition to its flagship and basic product, i.e. Cryptocurrency exchanges, Binance offers a number of different platforms and solutions useful for cryptocurrency investors. It's worth to read them.

You can access them by clicking on the menu logo in the upper left corner of the page, next to the Binace logo.

In addition to the Exchange, or the cryptocurrency market, Binance it also educational portal, charity fund, information page on the cryptocurrency market, incubator of block-office start-ups, ICO platform, publications in the form of reports and analyzes, as well as cryptocurrency portfolio.

Binance Academy - educational portal

Binance Academy is an educational portal in English language. contains dictionary concepts related to cryptocurrencies and blockchain technology. offers quizzes educational test.

The Binance Academy website regularly publishes films and information articles, explaining the secrets of technical analysis and more.

Binance Charity Foundation - a charity

Binance Charity Foundation is a non-profit charity fund that collects funds in the form of cryptocurrencies. Anyone can make a donation. Donations are also passed through cryptocurrency projects, as well as Binance itself and its CEO CZ.

The Foundation aims to fight poverty and improve the quality of life of people from developing countries.

Binance Info - CoinMarketCap competitor

Binance Info is a portal where we can find all the basic information about almost all crypts in the market. It is a competition for the most popular coinmarketcap portal and Polish coinpaprica.

In addition to current cryptocurrency courses and their percentage volatility, Binance Info features tradingview charts that enable technical analysis. The card of each cryptocurrency contains a brief description of the project, the composition of the team creating it, as well as links to useful information and the latest information on the progress of the project.

Binance V-label (Vlabel)

Binance V label is a "gold badge", a seal of quality awarded to projects, joined Binance's investor information program. Each team that undertakes to update and verify the information available on the Binance Info website is awarded this distinction.

Binance Labs

Binance Labs is an incubator of entrepreneurship. It supports the most talented, selected creators who want to create a cryptocurrency project.

Binance Labs directly supports financially selected projects. It helps in determining the strategy regarding the issuance of initial tokens, as well as their subsequent management. It helps legally and technically in the organization of ICO. He mediates in recruiting team members and also supports technically selected cryptocurrency projects that are just starting with interesting ideas.

Binance Launchpad - IEO or ICO on Binance

Binance on your dedicated platform Launchpad ICO organizes carefully selected projects. This form of sale of tokens as part of the initial issue on the cryptoclosure exchange is called IEO, i.e. Initial Exchange Offering. Tokens sold via Binance immediately go to the exchange, and - due to the high interest - their sale is strictly limited and subject to a certain procedure.

Read more about Binance Launchpad in a dedicated article

Binance Research

Binance Research is a service aimed at publishing high-quality reports on the status and changes of the cryptocurrency market. These reports are directed primarily to institutional investors.

Trust Wallet - the official Binance wallet

Wallet Trust wallet was bought by Binance. Now it is promoted by the stock exchange as the official Binance wallet.

Trust Wallet is a mobile wallet, installed on smartphones with Android or iOS software. It allows you to store many of the most popular coins and tokens such as bitcoin, litecoin, Ethereum and tokens ERC20, Binance Coin and others.

Binance DEX - decentralized exchange

In addition to the traditional cryptocurrency market, Binance develops a decentralized exchange, i.e. decentralized exchange - in brief DEX.

The platform is intended to allow for lower costs of maintaining the stock exchange, while also listing 10 times more projects and pairs.

Our stock market guide Binance DEX can be found here.

Binance 2.0 - new look and leverage

A new version of the well-known version of the Binance exchange. In addition to cosmetic patches in the appearance of the platform, new features will appear.

The most important of them is the ability to play the lever (that is for borrowed money), which is what we observe inexperienced investors, because in this way you can reset your account very quickly.

Binance Jersey - Buy Bitcoin for Euro or Pound!

You want buy bitcoin and/ or ethereum too euro EUR or pounds GBP?

You can do it on Binance Jersey. Registered in this European tax paradise, Binance's daughter company, i.e. binance.je makes it possible to buy and trade these best known crypts in EUR and GBP pairs.

Registration on the Binance Jersey website is done exactly the same as on the regular Binance (see description above). The only difference is that account verification your personal data is mandatory. Without it, it is not possible to pay or withdraw any funds due to international anti-money laundering and terrorist financing regulations.

The whole menu Binance Jerseyas well as the stock website, all buttons and graphs look exactly the same as in the case of the regular Binance, so you can handle without a problem, after reading the above guide.

Binance Uganda

With a view to users from Central Africa, and in particular about the residents of Uganda, a local version was created Binance Uganda.

Inhabitants of this country, it offers the opportunity bitcoin trading and other cryptocurrencies in pairs with the Ugandan Shilling, or UGX.

Binance Singapore

Binance Singapore is a local version of the Binance Stock Exchange trading in pairs with the Singapore dollar SGD.

The article is part of the free training - Cryptocurrencies how to start and survive? A course for everyone