Binance | How to Use Binance

Submitted by Jellywatcher (not verified) on Sun, 01/14/2018 - 23:27
Description and Comments

Want to know more about Binance ? Would you like to find a simple tutorial to get started with Binance, and find out how to use this platform?

Binance logo
Founded following an ICO launched in June 2017, Binance is a platform for buying and selling crypto-currencies of Chinese origin .

Unlike Coinbase, which allows to buy Bitcoins by credit card or bank transfer, this platform only allows to "trade" digital currencies between them . You must therefore hold cryptocurrencies (Bitcoins, Ethers, ...) in order to use the site.

If you do not have one yet, we will explain in this tutorial how to buy and send Bitcoins on the platform to "feed" your account.

Our opinion on Binance

Simplicity

confidentiality

Fresh

Reputation

The most :

A trusted platform
Attractive fees
Some crypto-currencies that are not found on other major platforms
The ability to withdraw the equivalent of 2 Bitcoins every 24 hours without identity verification
The least :

Not easy to pick up (but our tutorial should help you 🙂)
Low volumes in some markets
Click here to register on Binance
In short : Binance is a platform of Chinese origin launched in 2017. Even if its handling requires a certain time of adaptation, it is a question ofn reliable exchange site , which offers attractive fees .

It has become indispensable for many "crypto-traders", especially to obtain currencies that are not referenced at its main competitor, Bittrex .

4.7 / 5

Warning : This guide does not constitute an investment recommendation.
It is recommended not to spend more money than you could afford to lose. And if Bitcoin is often presented as volatile, it is even more true for most of the "altcoins" that can be found on Binance, especially because of less liquid markets.
In addition, we invite you to beware of "calls" that can be found on Twitter or groups of "pump and dump" , and not to speculate on the course of a cryptocurrency without having conducted research in depth about it.
We can not be held liable for any loss of capital, in connection with the reading of this article.

Contents
Opinion and presentation of Binance: what to think of this new trading platform?
Binance Tutorial: Registration, Securing and Depositing Digital Currencies
Step 1: Registration on Binance
Step 2: Secure the account with Google Authenticator
Step 3: Feeding your account by sending digital currencies
How to remove crypto-currencies from Binance?
Our tutorial to use the Binance exchange platform
How to buy a cryptocurrency on Binance?
To go further with Binance: increase of ceilings, use of "desktop" software and application
Increase its ceilings, to be able to withdraw more than 2 BTC per day
Binance desktop software
Download Binance smartphone app
Conclusion
Opinion and presentation of Binance: what to think of this new trading platform?
Before giving you our opinion on the exchange platform, here is a table presenting some information that might interest you :

Information about Binance

numbers

year of creation

2017

Number of crypto-currencies referenced

Around 85

Transaction fees

0.1%

BTC Deposit / Withdrawal Fee

0 BTC / 0.0005 BTC

Maximum withdrawal without identity verification

2 Bitcoins per day

Binance is a very popular cryptocurrency trading platform, which was launched in June 2017 by Changpeng Zhao , a Chinese entrepreneur.

Binance is the small site that goes up, up, ... When writing this article, he became world leader in terms of volumes traded, just ahead of his three big rivals, Bittrex , Bitfinex and Bithumb . A real feat, while the platform was founded just 6 months ago.

Unlike other platforms like Coinbase or Kraken, Binance does not allow you to buy digital currencies directly . Can not use fiat currencies such as the euro or the dollar to get coins . The site is content to offer the possibility to its customers to speculate on the value of crypto-currencies by exchanging them between them . A large number of markets allow the exchange of Bitcoins (BTC), Ethers (ETH), and Tethers (USDT) against other cryptocurrencies.

For their part, the deposits do not give rise to invoicing. However, it will be necessary to take into account the transaction costs related to the sending of cryptocurrency from your portfolio.

In addition, Binance offers extremely attractive fees , at only 0.10% on each transaction . For comparison, Bitfinex charges up to 0.2% of fees, and Bittrex retains 0.25% on each transaction. These fees can be halved using the currency created by the platform, the Binance Coin (BNB).

In early December, Binance added a feature that many expected: "stop-loss" , which can "limit the case" if the price of a digital asset falls sharply.

If the grip will not be obvious for beginners, Binance is a platform clear and pleasant to use. We have not encountered any slowdowns, and it is available recently in French.

Finally, we contacted Binance support a few weeks after starting to use the platform, and it was very responsive .

Binance Tutorial: Registration, Securing and Depositing Digital Currencies
Before starting to "trade" crypto-currencies, let's look at the first 3 steps :

The inscription on Binance
Securing the account
Purchase (if necessary) and sending digital currencies to the platform
Step 1: Registration on Binance
We will first create an account on the platform.

To get started, make sure you have a security suite (anti-virus, anti-malware and firewall) up to date. It is better to exercise extreme caution when handling crypto-currencies ...

To go to Binance, just click on this link below (it will open in a new tab):

Click here to register on Binance
When you register, a " referral id " will be displayed - this one corresponds to our Binance account. The link above is a referral link - in other words, we will receive a portion of the fees charged by the platform for trading (not some of your crypto-currencies, rest assured). This does not change anything for you , since the fees remain the same (and attractive). We will not have access to your e-mail address or your identity.

If you do not want to support us or thank us, you have the opportunity to directly access Binance (by visiting binance.com), without going through our links. However, be careful (and this will apply for each connection) to advertisements appearing on Google: sometimes "scam sites" may appear . So always check the address that appears in your browser, and add the site to your favorites.

If the platform does not appear in French, simply click on the flag located at the top right of the page, and select "Français":

Translate binance To French
Then click on the "Register" link that appears at the top right of your screen:

Binance registration tutorial
You will then need to enter your e-mail address and set a password. It is of course recommended to opt for a secure password , and not to use a password that you would already use on other sites.

Binance platform registration button
You will then have to solve a "CAPTCHA" of this type (they should also regularly appear):

Binance Verification
Binance will then send you a message, intended to verify your e-mail address :

Verify email address binance
You will find in this message a button, which will allow you to validate your account:

Registration confirmation on Binance
Once your account is activated, all you have to do is click on the "Connection" link:

Binance Message Account Enabled
Here is the page that will be displayed:

Binance Connection Tutorial
Step 2: Secure the account with Google Authenticator
Here is the page that will be displayed:

Google Binance two-factor authentication
You should select Google Auth from both of these possibilities. If it is the only option offered to European customers, it is also the most secure . Indeed, malicious individuals who could have obtained your password could, in the process, contact your telephone company to obtain a copy of your SIM card.

It is strongly recommended to follow this step.

It's about putting in place a two-factor check . So when you want to connect to your Binance account, you will need to provide:

Your login and password (so far, nothing very new)
A temporary 6-digit authentication code , which will be displayed on your smartphone
Therefore, even if a hacker managed to break into your computer and steal your username and password, he would not be able to log into your Binance account .

Are you afraid of losing your smartphone, and not being able to login to your account? Rest assured: Binance will offer you a code, which will allow you to recover access in case of loss of your smartphone . Be sure to record it on paper and place it in a safe place (avoid writing that it is Binance).

While there are many applications that support two-factor authentication, Binance recommends (and we do too) the Google Authenticator app . Note that this one is not related to your Google account (it would have, if not, greater interest). You will not be able to recover access to this application if you lose your smartphone.

Do not hesitate to generate a backup (you can do it from the application), and possibly install it on a second device "emergency".

Google Authentiator Logo
Google Play app
App Store App
You will now be able to return to your Binance account.

If you closed the window, you can set up two-factor authentication by going to the page dedicated to your account:

Google Authenticator Binance activation
Here is the page that should be displayed:

Set up security Binance
The "Secret Key" will allow you to access Binance, in case you lose your smartphone. We recommend that you print it or write it down (avoid digital media at all costs), and place it in a safe place .

All you have to do is open the Google Authenticator app , to "connect" your smartphone to your Binance account. You will find a red (+) button at the bottom right of your device screen. Click on it and scan the QR code that appears on the screen.

You will then obtain a temporary "A2F" code that you will have to fill in the box provided for this purpose. You will also need to provide your password again. After making sure that you have copied your "Secret Key", you just have to click on "Enable 2FA" to confirm the implementation of the 2-factor authentication.

This icon should then appear:

Success Securing Binance Account
When you want to connect to Binance, you will need to provide your login, your password, and the 6-digit 2FA code that will tell you your smartphone.

Step 3: Feeding your account by sending digital currencies
As we explained in the introduction, Binance does not allow you to buy crypto-currencies. It will therefore be necessary to send digital assets to the platform.

In this tutorial, we will be interested in sending Bitcoins to Binance . Note that you can also transfer Ethers on the platform (the procedure is similar, it will then send them to your ETH wallet). It is also possible to deposit the other "altcoins" which are proposed on Binance: ADA, ADX, AMB, ...

Go back to your Binance account. At the top right, in the "Funds" tab, select "Deposits Withdrawals":

Deposits and withdrawals on Binance
This is where you will have access to all of your portfolios. Not surprisingly, they are (for now) all empty.

Binance cryptocurrency deposit
As we told you, we want to send Bitcoins to Binance.

For this, we invite you to type "BTC" in the search bar, then click on "Deposit" on the line corresponding to Bitcoin (BTC).

Bitcoin deposit on Binance
A "deposit address" will then be displayed:

Sending Bitcoin to Binance address
This address is what is also called a public address . When you send BTCs to this address (from Coinbase, Coinhouse, Electrum, ... or any service / software allowing to send Bitcoins), these will be available on Binance. They can then be used to obtain other cryptocurrencies.

Note that you have the option to display a QR Code to facilitate shipments.

Beware of the "forks"!

As you can see, when we typed "BTC" in the search bar, another currency also appeared: Super Bitcoin . And with the arrival of many forks , the list could be longer when you consult this tutorial.

Therefore, we invite you to check carefully that this is the currency "BTC" . If you accidentally send Bitcoins to another wallet (for example, SBTC), they will be lost forever.

If you already have Bitcoins, just send them to this address . If you do not have one yet, we invite you to open the tab below:

How can I send Bitcoins to this address?
Sending crypto-currencies is good ... but removing them is even better!

We will look at how to withdraw funds from Binance . If you want to quickly exchange your Bitcoins / Ethers for other digital currencies, do not hesitate to go directly to the next part.

How to remove crypto-currencies from Binance?
In order to request a withdrawal, you must provide 3 information :

Removing Bitcoin Binance
Label : This is a name that you can assign to the address to which you want to send funds. This one will have no influence on the transaction : it will only help you if, later, you want to send again Bitcoins to the same address. For example, you can specify "Bitcoin Electrum Portfolio".
Address : This is the address of the Bitcoin wallet to which you want to send digital currencies. We urge you to be extremely vigilant , and to check carefully that this is the correct address . Even if Bitcoin network fees are important, it may be wise to make a first "test" before sending large amounts.
Available : This is the number of Bitcoins (or, more generally, fractions of Bitcoins) that you want to send to this address.
Note that the minimum withdrawal was set, when writing this article, at 0.001 BTC . The withdrawal fee amounted to 0.0005 BTC - a fixed amount, which did not depend on the number of Bitcoins withdrawn.

Our tutorial to use the Binance exchange platform
Binance offers two different interfaces:

Basic
Advanced.
For this tutorial, we have chosen to present the operation of the Basic version , since it will be easier to handle.

To access it, log in to Binance, click on "Market", then "Basic":

Binance Basic market tutorial
A page that may seem very complex will be displayed - but no worries, we will explain how to use it. Here is the one we get with the SALT / BTC pair (the operation is identical for all exchange pairs):

Tutorial buying and selling crypto-currencies on the Binance platform
On the left of the screen , we can find:

at the top , the pair that is exchanged (SALT vs. BTC), as well as the price at which the last exchange was concluded.
a little lower , sales orders (in red) and purchase orders (in green) that come closest to the market price. In the red part, it is the orders of the agents who wish to sell their SALT - in the green part, we find the orders of those who wish to buy SALT.
In the center of the screen , we can distinguish:

at the top , the variations of the price of the cryptocurrency through a graph (do not hesitate to modify it)
bottom , an interface to buy and sell cryptocurrency (we present it in more detail in the following tutorial)
On the right side of the screen you can access:

at the top , to a menu that allows you to go in a few clicks on other markets
below , at the last exchanges that have been made for the pair concerned
How to buy a cryptocurrency on Binance?
There is not one, but 3 different ways to buy a digital currency on the Binance platform.

Method 1 (the simplest): buy at market price (Market)

This first method is extremely simple, since it consists in buying at the market price. In other words, you can get your digital currency at the best price offered by a seller.

All you need to do is define the number of corners you want to get, and click on the "Buy" button:

Buy digital currency on Binance at market price
The advantage of this method: if you have enough funds, you can be certain that you can get the coins ordered .

Disadvantage ? You could have got them at a slightly more attractive price.

Method 2: The "Limit" Purchase

This method will offer you the opportunity to enjoy a better price . It is also interesting if you want to set up an order at a much lower price than the market. You could for example decide to buy SALT at 0.000750 BTC: if the price falls, another trader could agree to offer them at this price.

The disadvantage is that you may never be able to buy the digital currency you ordered.

Here we will align with the highest price offered by a buyer: 0.00829 BTC. We will indicate this sum in the box "Price", and inform the number of SALT that we wish to obtain:

Buy limit price on Binance
We then have to wait, to see if a seller accepts our proposal.

Note that we could have also offered 0.000835 BTC to get SALT immediately. It would also have been possible to offer a lower price, for example 0.000820 BTC , or even much less (but it would surely have been necessary to wait several hours before hoping to obtain them).

Method 3: the "Stop-Limit" Purchase

This method will allow us to buy digital currency only if it exceeds a certain price.

To do what ?

Imagine that we have just done a technical analysis. Following this, we could see that SALT was likely to enter an extremely bullish trend if its price exceeds 0.00900 BTC. We will therefore set up a "Stop-limit" order, which will allow us to buy them automatically if and only if their price exceeds 0.00900 BTC .

0.000900 BTC corresponds to the "Stop": it is the threshold that will trigger the purchase.

We must also fill in a "Limit", which concerns the maximum price at which we are ready to buy it. Rather than set it at 0.00900, and risk missing out on this purchase, we play security by setting a slightly higher limit at 0.000907.

Buy Stop Limit Binance
Binance will ask us to confirm our purchase:

Confirmation purchase stop limit Binance
We carefully read the text to verify that it is what we want: "If the price reaches or exceeds 0.000900 BTC, a purchase order of 10 SALT at the price of 0.000907 will be placed.

These "Stop-Loss" are also interesting to sell crypto-currencies . For example, you can request to sell your SALT if and only if the price of the digital currency falls below 0.000800 BTC. This is a feature commonly used by traders to "limit the breakage" in case of strong fuck of any of the assets they hold.

If you wish to have access to more tools, do not hesitate to use the Advanced version of the market. You will also find some basic tips for analyzing the charts by consulting our guide on cryptocurrency trading . And if you have questions, you can ask them in the comments, at the end of the article.

To go further with Binance: increase of ceilings, use of "desktop" software and application
Have you registered on Binance? Here are some other things that might interest you.

Increase its ceilings, to be able to withdraw more than 2 BTC per day
Binance allows new registrants to withdraw the equivalent of 2 Bitcoins per day .

You are a "big" trader, and you think this limit will not be enough? You have the option to have your account checked in order to benefit from a limit of 100 BTC per day. Note that you will have the possibility to increase this limit by sending a request to Binance by e-mail.

Increase in ceilings on Binance
Click on the "Send verification documents" link. You will have to specify:

your last name
Your first name
the identification number of your identity document
You will also need to provide a front and back copy of your ID , as well as a selfie of you holding this same ID and a note referring to Binance, with today's date:

Selfie Checking Binance
Binance desktop software
Binance released at the beginning of November 2017 its Windows software. You can download it from this section of Binance Support: https://support.binance.com/hc/en-us/articles/115002585651-Binance-Laun…

Note that it was not, when writing this article, available in French.

The installation proceeds in the same way as any other Windows software:

Windows Application Binance
Then you just need to provide your login, your password, and your temporary code 2FA (if any):

Windows Application Connection BInance
And this is what this software looks like, which is handy if you spend several hours a day on this digital currency trading platform:

Binance windows client interface
Download Binance smartphone app
Binance also offers a mobile application. At the writing of this article, end of December 2017, the application Binance was no longer available on the AppStore .

Note that some users complained of a lack of responsiveness of the application . Therefore, we encourage you to prefer the site or the windows application, and to use the mobile application if you have no choice, or that you intend to pass only a few orders.

Binance smartphone app
Google Play app

Conclusion
It's over for this Binance tutorial!

You have not found your happiness among the crypto-currencies proposed on Binance? Here is a list of the main platforms on which it is possible to "trade" digital currencies:

Bittrex (do not hesitate to consult our Bittrex tutorial )
Bitfinex
HitBTC
Liqui
Mercatox
Cryptopia
Do you want to buy a particular cryptocurrency?

To know where it is exchanged, simply go to CoinMarketCap . Here is what we got with the cryptocurrency Stellar Lumens, by clicking on the tab Markets (XLM and STR denote the same currency):

Know the exchange format on which to buy a cryptocurrency
We can turn to Bittrex , Binance or Poloniex , which are the 3 main platforms on which the XLM / BTC pair is exchanged. We suggest you turn, except in case of significant price difference, to the platform that offers the largest volume of exchange . In the case of Stellar Lumens, we would have favored a purchase through Bittrex .

Feel free to give us your opinion about Binance in the comments, or to ask us questions about this tutorial.

http://binance.exchanges.wiki/

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