Undoubtedly, Binance stands out as the premier choice for those venturing into cryptocurrency trading. Established in mid-2017 and headquartered in Malta, Binance has solidified its position as a leading exchange platform.
But Binance isn just about trading cryptocurrencies. It also facilitates fiat currency trading and allows users to purchase Bitcoin and other cryptocurrencies using credit cards. Moreover, for seasoned traders, Binance provides access to its futures exchange, enabling trading with leverage.
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Quick navigation
- Why should I open a Binance account?
- How to open a new Binance trading account?
- Step 1: Go to Binance website
- Step 2: Fill in your email address and assigned password
- Step 3: Enable two-factor authentication (2FA)
- Step 4: How to deposit Bitcoin and other funds on Binance?
- Step 5: How to buy or sell cryptocurrency on Binance?
- What is Binance Coin (BNB) and what is it used for?
Why Choose Binance for Your Cryptocurrency Needs?
Since its inception in August 2017, Binance has emerged as a frontrunner in the ever-expanding realm of cryptocurrencies. Here why opening a Binance account could be your best move:
1. **Highest Real Volume**: In an ecosystem where inflated trading volumes are common, Binance sets itself apart by consistently reporting genuine exchange volumes. As of now, Binance boasts a commendable position as a leader in real adjusted trading volume.
2. **Extensive Trading Options**: Binance offers an unparalleled array of trading pairs coupled with optimal liquidity. While many cryptocurrencies are typically traded against Bitcoin, Binance provides numerous trading pairs against other major cryptocurrencies like Ethereum, Ripple, and Tron. Additionally, trading against fiat currencies is a breeze on Binance, with a wide selection of trading pairs against US-pegged stablecoins such as USDT, USDC, BUSD, TUSD, PAX, and more. Moreover, Binance facilitates trading of certain local fiat coins like the Russian Ruble and Turkish Lira.
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3. **Continuous Innovation**: Binance is synonymous with evolution. From launching its proprietary Binance blockchain, governed by the BNB token, to introducing its decentralized exchange and Binance Launchpad for hosting new projects via Initial Exchange Offerings (IEOs), Binance remains at the forefront of innovation in the cryptocurrency space.
4. **Enhanced Security Measures**: Recognizing the constant threat posed by hackers, Binance prioritizes security. Despite being a prime target, Binance has demonstrated its robust security protocols. In the rare instance of a security breach, Binance SAFU (Secure Asset Fund for Users) insurance ensures that users are compensated, safeguarding their funds effectively.
5. **Outstanding Customer Support**: Particularly crucial for newcomers to the world of crypto, Binance provides responsive and reliable customer support. Should you encounter any issues or have queries, Binance support team is readily available to assist you.
In conclusion, with its unrivaled features, commitment to security, and responsive support, Binance emerges as the top choice for cryptocurrency enthusiasts seeking a reliable and user-friendly trading platform.
How to Open a New Binance Trading Account
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Step 1: Visit the Binance Website
Simply click on the provided link to access the Binance registration form; it will open in a new window, allowing you to follow this guide simultaneously. It worth noting that aside from the website, you can also utilize Binance trading platform through dedicated apps for Apple iOS, Google Android, and Windows. However, ensure you download these apps exclusively from the official Binance website to prioritize security.
Step 2: Provide Your Email Address and Set a Password
Fill out a straightforward form with your email address and create a password. It essential to devise a robust password according to these criteria: a minimum length of 8 characters, including at least 1 capital letter and 1 number. Additionally, if you have a referral code, ensure to input it in the designated field to secure a 20% discount, an exclusive offer for CryptoPotato users. After confirming that you agree to the Terms, proceed by clicking the yellow “Create Account” button.
Following this, Binance will dispatch a confirmation email to the address you provided. Simply click on the link within the email to finalize the account setup process.
Step 3: Activate Two-Factor Authentication (2FA)
Congratulations on signing up! As a crucial step to enhance your account security, Binance prompts you to enable two-factor authentication (2FA) when you log in for the first time.
If you new to 2FA, here what you need to do:
1. Download the Google Authenticator mobile app.
2. Once installed, open the app and either scan the QR code provided by Binance or manually enter your secret key.
3. After successfully linking your Binance account with the Google Authenticator app, you receive a 1-minute rotating 6-digit code.
4. Every time you log in to your Binance account, you be prompted to enter this code, adding an extra layer of security on top of your regular username and password login.
By enabling 2FA, you significantly bolster the security of your Binance account, mitigating the risk of unauthorized access.
Absolutely! Protect Yourself from Phishing Attacks
It imperative not to overlook this critical step! Protect yourself from phishing attacks by following these precautions:
1. Bookmark the Binance Homepage: Ensure easy and secure access to the Binance website by bookmarking its homepage. This practice not only simplifies your login process but also reduces the risk of falling victim to phishing attempts.
2. Stay Vigilant Against Phishing Attempts: Phishing attacks pose a significant threat to cryptocurrency traders. These fraudulent schemes employ fake URLs that mimic legitimate websites like Binance, tricking users into divulging their login credentials. To safeguard your account, always double-check the URL to ensure you on the authentic Binance website.
3. Enable Two-Factor Authentication (2FA): Before depositing any funds, it crucial to activate 2FA. This additional layer of security fortifies your account against unauthorized access, significantly reducing the likelihood of falling prey to phishing scams.
By adhering to these precautions and remaining vigilant, you can mitigate the risk of falling victim to phishing attacks and safeguard your hard-earned cryptocurrency investments.
Step 4: Depositing Bitcoin and Other Funds on Binance
Now that your account is securely set up, follow these steps to deposit Bitcoin and other funds on Binance:
1. Navigate to the Wallets Section: Utilize the top main menu and choose “Wallets.” From there, select the “Spot Wallet” submenu option. The Spot wallet is specifically tailored for regular Binance spot trading.
2. Access the Spot Wallet: Upon selecting Spot Wallet, you be directed to a screen displaying your spot wallet details. This screen serves as your gateway to managing your assets for spot trading activities.
Binance offers additional advanced features such as margin trading and futures trading, which you can explore at your discretion. However, for the purpose of depositing funds, focus on the Spot Wallet interface.
With your account now secured and the spot wallet accessible, you ready to initiate deposits and commence your trading journey on Binance.
At this stage, you gain insight into the extensive range of cryptocurrencies available on Binance and your current balance, likely displaying zero since you just starting out.
Here how to proceed:
1. Explore the List of Available Coins: On this page, you encounter a comprehensive list of all the cryptocurrencies offered by Binance. If you looking for a specific currency to deposit, utilize the search box to swiftly locate it.
2. Initiate the Deposit Process: Upon identifying your desired cryptocurrency, locate it in the list and click on the corresponding “Deposit” button situated within the same row.
3. Access the Dedicated Coin Wallet Page: Following your click, you be swiftly redirected to a dedicated coin wallet page tailored to your selected cryptocurrency. For instance, in this instance, let assume you opted to deposit Bitcoin.
Once on the dedicated coin wallet page, you encounter essential details pertaining to your Bitcoin wallet, including your unique deposit address and additional deposit instructions.
From here, you can seamlessly proceed with depositing your chosen cryptocurrency, facilitating your entry into the world of cryptocurrency trading on Binance.
On the right-hand side of the page, you find your newly assigned dedicated wallet address. This address is exclusive to your Binance account, meaning any transfers made to this address will be promptly credited to your account.
It’s crucial to note:
– Each cryptocurrency has its distinct wallet address. Be meticulous in ensuring you deposit only the specific currency designated for your wallet to prevent potential loss of funds.
– Copy the wallet address provided and paste it into your preferred cryptocurrency wallet. For first-time deposits, it’s advisable to transfer a small amount initially. Wait for it to arrive; you’ll receive an email notification, and the transaction will be visible on the coin wallet page within your Binance account. Only after confirming the successful arrival should you proceed with larger transfers.
– Bear in mind that the processing time for deposits varies for each coin.
Furthermore, your deposit history is conveniently accessible:
– Scroll down to the bottom of the page to view your past deposits for the particular coin, providing a comprehensive record of your transaction history.
With these steps outlined, you well-equipped to navigate the deposit process seamlessly and securely on Binance.
Step 5: Buying or Selling Cryptocurrency on Binance
Once your funds have arrived or if you have a positive balance in any underlying asset like Bitcoin, Ethereum, or USDT, you’re ready to commence trading cryptocurrencies.
Here’s how to proceed:
1. Navigate to the Spot Trading Platform:
– From the main menu, navigate to “Spot” and select “Classic.”
2. Select Your Desired Trading Pair:
– On the right panel, locate and select the trading pair you wish to engage with. Utilize the search field for expedited navigation.
– Ensure to first select the underlying asset before specifying the pair itself. For instance, if you intend to purchase Ethereum (ETH) using Bitcoin (BTC), select BTC or BTC markets as the underlying asset.
3. Initiate the Trade:
– In this example, let’s assume you want to exchange your Bitcoin (BTC) for Ethereum (ETH). Begin by selecting the ETH/BTC pair market to proceed.
Once you selected the appropriate trading pair, you’ll be presented with a screen displaying essential trading information, including price charts, order book data, and trading options.
From this point, you can execute your desired trade, whether it involves buying or selling cryptocurrency, with ease and precision on the Binance platform.
On the Binance trading interface:
– The left panel showcases the order book, providing insight into buy and sell orders.
– In the middle, you find the latest price, facilitating real-time market monitoring.
– Beneath the price chart, you encounter controls for executing your orders.
There are three primary order types:
1. **Limit Order for Buying or Selling**: Specify your desired price, then determine the amount in ETH units or opt for a percentage of your total Bitcoin holdings using the provided scale (25%, 50%, 75%, or 100%). The total BTC value will be calculated automatically. Selling ETH for BTC follows the same process, albeit in reverse.
2. **Market Order**: For immediate execution at the prevailing market price, select “Market” from the top menu.
3. **Stop Limit Order**: A more advanced option enabling you to set stop-loss or buy stop orders. With this order type, you can stipulate purchasing ETH only when the price of ETH/BTC reaches a predefined threshold (e.g., “buy ETH/BTC at a limit price of 0.031 only when ETH/BTC is above 0.03”).
Regarding Binance Coin (BNB):
– Binance has introduced its native cryptocurrency, Binance Coin (BNB), during its Initial Coin Offering (ICO) in August 2017.
– Currently, Binance Coin ranks as the eighth largest cryptocurrency by market capitalization, valued at nearly $3 billion.
– BNB holds significant utility within the Binance ecosystem, serving as one of the most actively traded currencies on the platform and functioning as a payment method for various services.
– Holding BNB grants users an additional 10% discount on Binance trading fees (ensure to enable this option if desired). For traders engaging in high volumes on Binance, considering holding BNB is advisable, as it can result in substantial savings on fees. You can find the Binance fee schedule for reference.
Incorporating Binance Coin into your trading strategy can potentially enhance your overall trading experience and yield cost-saving benefits.
In addition to the fee discount, Binance Coin holders unlock access to exclusive opportunities within the Binance ecosystem. Here a breakdown:
1. **Participation in Initial Exchange Offerings (IEO)**: Binance Coin holders gain entry to the exchange lottery system, enabling them to participate in Initial Exchange Offerings (IEOs) through the Binance Launchpad platform. This allows users to invest in promising new projects launched on Binance, offering potential for significant returns.
2. **Token Burn Mechanism**: Binance implements a token burn mechanism, wherein 20% of its profits are allocated to repurchasing BNB tokens from the market. This strategic initiative aims to decrease the inflation rate of BNB over time, thereby enhancing its scarcity and potentially driving its value higher.
Furthermore, a special offer awaits:
– **2023 Special Offer**: As a Binance affiliate, readers of CryptoNews can avail themselves of a generous 20% discount on all Binance spot and margin trading fees. Simply utilize the provided link to register a new account and seize this limited-time promotion.
These perks underscore the multifaceted benefits of holding Binance Coin (BNB), ranging from fee discounts and participation in token sales to mechanisms designed to increase token value over time. Don’t miss out on these exclusive advantages available within the Binance ecosystem!
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