Binance is a cryptocurrency exchange service with the largest daily trading volume in the world. In this post, you will learn how to create a Binance account, how to deposit cryptocurrencies, buy and sell cryptocurrencies, withdraw cryptocurrencies, Binance P2P, and lots more.
What is Binance, and how does it work?
Created in 2017 and available in more than 180 countries, Binance is the largest cryptocurrency trading platform in the world.
Regardless of your expertise in crypto trading, Binance is the cheapest platform to go through, as it charges small service fees when compared to other cryptocurrency exchange platforms.
Is it safe to use Binance? How secure is Binance?
Yes. It is very safe to use Binance. It’s being used by millions of crypto traders and none of them has claimed to be defrauded by the service.
Speaking of security, Binance uses 2-Factor Authentication (2FA), which reinforces the protection of users.
On May 7, 2019, Binance was hacked by some black hat hackers, and more than 7000 Bitcoins were stolen from the platform. However, Binance claimed that all losses will be compensated for by its emergency insurance fund (SAFU).
What cryptocurrencies can you trade on Binance? Supported cryptocurrencies on Binance
Binance users can trade more than 500 coins and cryptocurrencies on the platform. Here are some of them.
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Binance Coin (BNB)
- Binance USD (BUSD)
- Basic Attention Token (BAT)
- Cosmos (ATOM)
- Dash (DASH)
- EOS (EOS)
- Nano (NANO)
- Paxos Standard (PAX)
- TRON (TRX)
- TrueUSD (TUSD)
- Tether (USDT)
- Stellar Lumens (XLM)
And lots more.
Binance mobile app download
First, you can click here to register a Binance account. Then you can use Binance on the web and also on your mobile phones. Android phone users can download the Binance mobile app from the Google Play Store.
Users of iOS devices can download and install Binance from the Apple App Store.
How to create a Binance account
2. You can use your phone number or email address to open an account on creating a Binance account. In this post, let’s use a phone number.
Press the “Mobile” tab and input your phone number.
3. Set a password for your account. It should have a minimum of 8 characters, including 1 uppercase character and 1 number. Once you’re done, click on “Create Account”.
4. A 6-digit verification code will be sent as an SMS to the phone number you provided. This code will be valid for only 30 minutes, and you must input it within this period.
5. Congrats. You have now created a Binance account and can start trading cryptocurrencies on the platform. Mind you, there are still some things to be done.
To increase your protection, you should strengthen your account security. Press the “Go to Dashboard” button to proceed to the security page.
On the next page, you should enable two-factor authentication (2FA). 2FA uses phone as well as Google verification.
How to deposit cryptocurrency to your Binance account
After you create a Binance account, you can start trading. But since it’s fresh, you have to buy or deposit some cryptocurrencies into your Binance wallet.
1. Launch the Binance mobile app and click on “Wallets”, and then on “Deposit”.
2. Choose the cryptocurrency you want to deposit. It can be BTC, ETH, USDT and lots more.
3. On the next page, all the available networks applicable to the cryptocurrency you select will be shown.
Select the deposit network that matches the network of the platform you are withdrawing your deposit from. If you select the wrong network, you will lose your money.
4. A QR code and a deposit address will be shown. Copy the Binance Wallet deposit address and paste it to the address field of the crypto platform you want to withdraw from.
You can also scan the QR code if that’s the method you prefer.
5. Send the amount of crypto you like to your Binance address, from the other crypto platform. The amount will reflect in your Binance account within a short while.
How to buy and sell cryptocurrencies on Binance: What is Binance P2P?
Binance Peer-to-peer trading (P2P trading), involves direct crypto transactions between Binance users. In a Binance account P2P, there’s no third party or intermediary.
This means that there are no trading fees or specific exchange rates. It all depends on the negotiation between the buyer and the seller.
Binance P2P supports local currencies in more than 150 countries of the world. You can learn more about Binance P2P trading here.
How to withdraw cryptocurrency from your Binance account
1. Launch the Binance mobile app and click on “Wallets”, and then on “Withdraw”.
2. Select the cryptocurrency you want to withdraw.
3. Paste the cryptocurrency wallet address you want to withdraw to and select the network.
4. Input the amount of crypto you want to withdraw. The Binance service fees will also be shown. Click on “Withdraw” to continue.
5. On the next page, you will be required to verify the transaction with 2-factor authentication. You should follow the on-screen prompts to continue.
6. Once you verify the transaction, the withdrawal will be authorized immediately.
Binance transaction fees and service charges
1. Purchase Fees
Whenever you buy a cryptocurrency with your debit or credit card, you can expect to be charged up to 4.5% of the transaction.
2. Trading Fees
Binance charges a trading fee of 0.1%. Also, a fee of 0.5% applies to instant buying and selling. The more the transaction, the more the fee.
3. Withdrawal Fees
Each coin and cryptocurrency has its own Binance withdrawal charges. Also, it changes from time to time, so we can’t mention a specific rate here.
How to contact Binance customer care
You can always contact Binance customer care for any complaints or enquires. They have a support team that will attend to you.
You can have a live chat with the Binance customer care team.