Binance is one of the most famous cryptocurrency exchanges that offers a secure and fast trading experience to its users. The exchange supports more than 200 cryptocurrencies.
Founded by Changpeng Zhao in July 2017, the Binance exchange was initially based in China, but due to increasing regulations, the company has now moved its headquarters to the European island nation of Malta.
Apart from supporting a huge number of cryptocurrency pairs, the platform offers a very low trading fee and advanced security features. Thus, within 2.5 years, the platform has gained significant adoption among crypto users and became the largest crypto exchange by trading volume in the world. Currently, the platform manages approximately an average daily volume of 2 billion with 1,400,000+ transactions per second.
BNB is the native token of the Binance platform and is used in paying transaction fees on the exchange.
We will make a series of guides exploring every detail of the Binance exchange.
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ToggleHowever, it has certain negative points:
To use the Binance Exchange, go to this page.
The application landing page looks like this.
The platform allows users to connect using two methods:
Choose option 2 if you are a new user.
If you are a new user and want to use the Binance exchange, then you can create an account for free.
Just click on Register, and a page will pop up that will ask you to provide basic details like your email address, an account password, and referral code (if any).
Users are required to verify their email address, and once verified, your account will be registered.
To ensure high account security, the platform recommends users to activate 2FA.
Click on verify 2FA, and the application will ask you to verify your phone number or Google verification.
For Google verification, users need to download the Google authenticator application from the Google Play store (Android) and verify the code appearing against Binance.
Once you have done these two steps, you can deposit funds in your Binance account.
If you are an existing user, you can log in by giving your email ID and account password.
Enter your credentials. It will send a verification code to your phone, and once you have verified, you can access the platform.
The platform offers numerous features and facilities to its users. We will view each feature in detail.
The dashboard looks like this.
You can see the following things on the landing page upon login:
The Wallet tab contains the account/assets details of the users.
Using the Wallet tab, you can check the following things:
You can see the following accounts in the overview tab.
You can easily see the different types of activities like deposit, withdraw, buy, transfer, etc. that you can perform on each account.
You can see your account balance summary (total) from the Fiat and Spot tab.
Users can also activate and add the BPLAY, JEX, and WazirX account.
The transfer facility is available to only those users who meet the below criteria:
If the transfer facility is activated in your account, then it will allow you to create up to 1,000 sub-accounts. Each sub-account requires you to provide an email address and password. And the sub-account can only be activated once you verify the email.
You can Freeze and Unfreeze all functions for a particular sub-account at any time. You can also change the sub-account password from your master account.
You can check the account transfer history from the Transaction History tab.
Using transfer, you can convert one internal account into another without any fee. However, there are certain restrictions regarding account transfers:
To transfer, you need to provide the following details:
From the Transaction History tab, you can see the following details:
Users can see their token holdings and the various activities that are allowed on the tokens from the Fiat and Spot tab.
Using Deposit, users can share the token address with other users to receive funds in their Binance account.
Binance allows you to deposit two types of assets:
Use crypto if you can want to share the address/QR of any crypto token.
Select your desired token, copy the token address, and share it.
Do not forget to select the appropriate network. Otherwise, you may lose your assets.
From the bottom of the Deposit tab, you can also check the deposit history.
Users can also deposit fiat currency in their Binance account. It supports the following payment methods which account holders can use to deposit money.
To deposit fiat, users first need to select the currency (if available) and then the payment method.
Enter your card details and proceed with the payment.
You can also check the fiat transaction details from the bottom of the page.
Users can withdraw assets using this tab. Binance allows you to withdraw fiat and crypto assets.
To withdraw tokens, users need to provide the following details:
Important: Users can withdraw up to 2 BTC per day if their profile is not verified.
You can check the withdrawal history of crypto assets from the bottom of the page.
Users can also withdraw fiat currency from Binance by using the following methods:
Users need to select the currency, amount, and payment method.
You can check the withdrawal history of fiat assets from the bottom of the page.
We will explore some more important features in our next article.
Resources: Binance
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