The Binance cryptocurrency exchange is not the only platform for working with digital currencies. However, it is extremely popular and is a leader among cryptocurrency exchanges. Thanks to its wide range of features, it is an excellent option for both beginner and more experienced traders. Let’s take a closer look at how to start working, how to buy cryptocurrency on Binance, how to withdraw crypto from Binance, and other useful details.
Binance Exchange: Overview and Advantages
Binance is a large cryptocurrency exchange founded in mid-2017. It is an undisputed leader in the cryptocurrency industry, which confirms its reliability. Its leadership among other platforms is due to the following advantages:
- Wide variety of trading cryptocurrency pairs.
- Deep order book (“market depth”).
- Large number of financial instruments.
- Accessible and user-friendly interface.
- Opportunity to reduce trading commission fees.
- Supports fiat currencies, digital currencies, e-wallets, and bank cards.
- Possibility of trading directly with other users through a P2P platform.
- Operates legally and in compliance with regulations.
- Passive income opportunities available.
Every trader can find a financial instrument that suits their needs on this platform.
BNB Cryptocurrency
Binance Coin (BNB) is the platform’s own token, launched in the same year as the exchange. Initially, its price was $0.10. One major advantage of using this token is the reduced transaction fees for trading operations.
Initially, about 200 million BNB tokens were issued. Currently, around 140 million remain. According to the plan, tokens will continue to be burned until the number reaches 100 million. After that, the tokens will be transferred to the platform’s own blockchain. This periodic token burning helps to increase demand and raise the price of BNB.
BNB is ranked among the top 5 cryptocurrencies by market capitalization. In May 2021, BNB’s market capitalization was approximately $95 billion. By mid-year, it stood at around $53 billion. Despite this decline, it continues to hold a strong position in the top 5.
New Cryptocurrency on Binance
Despite the extensive list of available cryptocurrencies on the platform, new coins still appear from time to time. Over the past few years, the following have been added:
- GMT — the token of the STEPN project, a Move-to-Earn-based game. As of May 2022, GMT’s market capitalization was about $835 million. This token is intended for transactions within the game pool and allows users to earn up to $100 per day simply by walking.
- AVAX — the native token of the Avalanche project. The creators aimed to develop a blockchain platform that combines the security of Ethereum with high performance.
Which Crypto to Buy Today on Binance
Cryptocurrencies with strong potential:
- Polygon (MATIC) — a Layer 2 solution for decentralized application platforms on Ethereum. Polygon is a developing blockchain system designed to enhance and scale the Ethereum network. With Polygon, any user can create their own blockchain for any purpose.
- Loopring (LRC) — allows DEX (decentralized exchanges) to choose between recording transactions on-chain or off-chain at any given moment. Access to on-chain data, combined with ring miners and order rings, guarantees improved DEX performance.
- Chainlink (LINK) — designed to solve the problem of securely connecting smart contracts to real-world events and data sources.
Cryptocurrencies on Binance with a Long History:
- Ethereum (ETH) — this digital currency attracts interest not only for investment purposes but also as a platform for a wide range of promising virtual economy projects.
- Ripple (XRP) — a cryptocurrency project used for cross-border settlements, especially for large-scale (multi-billion) transactions between major financial institutions. Another advantage is its ultra-fast transaction processing speed within the Ripple system.
- Cardano (ADA) — a platform that is fully decentralized and operates with open-source code. Key features include anonymity and the absence of restrictions.
- Stellar (XLM) — its distinguishing feature is the ability to connect different systems and blockchains. It is an optimal tool for low-fee transactional exchanges.
- Bitcoin (BTC) — used both as a long-term investment asset and as a medium of exchange on all cryptocurrency exchanges and platforms.
Trading Cryptocurrency on Binance
The Binance platform offers several hundred different cryptocurrencies, which positively impacts the variety of trading pairs available. However, all trading operations are accessible only after creating a personal account. Therefore, the first step is to complete the registration process.
Registration Process
During registration, a window will appear where you need to choose your preferred method for creating an account — either by phone number or email address. Then, you must create a secure password according to the platform’s password requirements. After that, confirm your registration using the unique code sent to your email or phone. Once completed, you will have a personal account on Binance.
Identity Verification
Next, a window like the one below will appear. Here, you will need to complete identity verification by providing your personal information. Upon completing this process, you will gain access to more useful features and increased transaction limits.
Identity Verification
After entering your personal information, you will need to complete the final step: upload your identification document and a photo. Once this is done, the identity verification process is complete. Then, you must wait until your information is reviewed. After the verification is approved, you will gain full access to all platform features.
Account Protection
Before topping up your account, it’s important to think about securing your personal profile. To do this, go to your account, then select “Security.”
Here you can select one or several account security options:
- Addresses. Save withdrawal addresses with optional notes.
- Security Key. A USB device used for securely storing passwords. You must register on a special service to use this method.
- Login and withdrawal confirmation via SMS or email. When enabled, the system will request a verification code sent to your phone or email for login and withdrawal actions. You can also change your email address in this menu.
- Google Authenticator. Adds an additional security layer for withdrawals and account protection.
- Device Management. You can log in from a personal computer or via the mobile app.
- Anti-Phishing Code. Ensures that all emails received are genuinely from Binance.
Binance also provides the ability to change your password and monitor account activity for enhanced security.
Topping Up Your Binance Account
In your personal account, go to the “Main Account” tab. Here you will see your account balances. In the far-right column “Action,” you will find buttons for buying, depositing, withdrawing, trading, earning, and exchanging. Choose “Deposit” next to the desired account and click it. A wallet address will appear where you can deposit your funds. Only you have access to this address.
How to Buy Crypto on Binance with Rubles
At the top of the page, find the field “Buy Crypto.” Then click “Credit/Debit Card.” In the “Spend” field, choose Rubles. In the “Receive” field, select the desired stablecoin such as USDT, BUSD, or USDC. Then click “Continue,” enter your card details, and complete the purchase.
How to Withdraw Crypto from Binance
It is not recommended to keep all your funds on the exchange; you should periodically withdraw them. To withdraw crypto or fiat from Binance, go to your Main Account and click the “Withdraw” button next to the desired asset. A window will appear where you need to enter the amount and withdrawal address. After confirming the transaction, the funds will be sent to the specified address.
How to Withdraw Crypto from Binance to a Wallet
Let’s go through a detailed example, where we will withdraw Binance Coin (BNB) to the TrustWallet crypto wallet.
1. Log in to your profile on the platform. Then select the “Wallet” tab, followed by “Fiat and Spot.”
2. Click the “Withdraw” button.
3. Next, select the “Crypto” tab and choose the cryptocurrency you want to withdraw.
4. If the cryptocurrency exists on multiple networks, you must select the correct network for withdrawal. Binance Coin (BNB) is available as both a BEP-2 and a BEP-20 token. So, if you are withdrawing to a BEP-2 wallet address, be sure to choose the BEP-2 network. Be extremely careful, as a wrong choice may result in losing your funds.
5. Then, open the TrustWallet app and select BNB.
6. Click “Receive.”
7. Copy the BNB receiving address.
8. Paste the copied address into the “Recipient’s Address” field. Double-check the entered data and click “Send.”
9. Then click “Send Code.” A code will be sent to your email address to confirm the operation.
10. Enter the code and click “Send.”
How to Sell Cryptocurrency on Binance
On Binance crypto exchange, you also have the opportunity to sell virtual currency for fiat money and withdraw your earnings to a bank card. Here’s how:
1. Log into your account on the exchange and go to “Buy Crypto.” Then select “Credit/Debit Card.”
2. Click “Sell” and select the fiat or crypto you want to sell. Enter the amount and click “Continue.”
3. Next, you need to choose a payment method. Click “Change Card” to either select a previously linked card or enter new card details. Remember that the platform allows saving no more than five cards. Only Visa cards are supported.
4. Then, check the payment details and click “Confirm” within 10 seconds. After this time, the value and amount of cryptocurrency you will receive will be recalculated. The “Refresh” button lets you check the latest market rate.
5. Next, you need to check the status of the operation.
- After the transaction is processed, you will be able to view the details by clicking the “View History” button.
- If an error occurs during the transaction, the crypto will be credited to your spot wallet in BUSD.
Trading and Earning on Binance Crypto Exchange
Binance is a crypto exchange that allows not only trading operations but also opportunities to earn.
First, you need to choose a trading pair. There are crypto pairs with Bitcoin, altcoins, stablecoins, and fiat currencies. After selecting the trading pair, the system will display the current asset prices, the order book, and other important information.
On the P2P platform, you must also choose between crypto or fiat. You will then select a payment method and an offer. In this case, the transaction will occur through an escrow service.
Binance Platform Offers Users 3 Trading Options:
- Basic Trading.
Here, you can exchange one cryptocurrency for another. On the “Trade” page, a list of transaction methods will appear. Click “Basic.” Then a window will pop up where you need to specify the cryptocurrency you want to sell, the price, and the token you wish to acquire. All calculations will be done automatically by the system. If you agree with the calculated values, confirm the operation. The transaction is complete.
- Classic Trading.
This functionality is a bit more advanced, but the user-friendly interface makes it easy to navigate even for beginners. In the “Trade” tab, click “Classic.” Then choose a crypto pair and go to “Market.” Enter the amount and click confirm. Upon completion, the funds will be transferred to your account.
Limit Orders — one way to close transactions. You set the price at which you want to buy or sell a certain number of tokens. Once the token reaches the set price, the transaction is automatically executed.
There is also an OCO (One Cancels the Other) order, combining two limit orders for advanced trading strategies.
- P2P Trading Platform.
Here, all transactions are conducted directly with other users. To perform transactions, you must pass identity verification and set up your payment method in your profile. You can choose an offer from the list or create your own, specifying the price, asset type, and deal limits.
Binance Trading Fees
The main advantage of Binance is its minimal trading fee and no deposit fees. The basic trading commission is 0.1%, while many other exchanges charge over 0.2%. Using Binance’s own token (BNB) can reduce the commission by an additional 25%. Keep in mind that some assets may have individual fee structures. As with most platforms, Binance charges a fee for withdrawals.
Conclusion
In conclusion, Binance rightfully holds its place as one of the best cryptocurrency exchanges. It offers users a convenient, intuitive interface, a wide range of cryptocurrencies, and financial instruments. Additionally, the platform provides extensive opportunities for research and education. All funds and assets are protected by a high level of security.
Read more in the cryptocurrency section.