Who Else Wants a Powerful Binance Guide?: The Ultimate Binance Review
Do you have a burning interest in digital currency trading but don’t know how to start? Or are you an expert cryptocurrency user in search of the best trading platform? See, with the continuous growth in the cryptocurrency arena, finding a reliable platform can be tiresome.
Indeed, cryptocurrency has participants from diverse regions. Some of the most popular areas include UK, Philippines, and South Africa. That’s why people flock to Reddit and Quora in search of the best trading platforms.
But does finding a trading platform have to be hectic? Of course no! That’s because Binance has got your back in digital trading.
Still not convinced? Read on
Armed with unique features, Binance provides a robust user experience compared to other platforms. Further, users have access to a wide variety of cryptocurrencies enabling smooth function ability.
Still, lost? Don’t worry; I’ll guide you
Binance, Who Are They?
Binance is a famous player in cryptocurrency trading. According to Wikipedia, Binance is the most popular trading platform with the most daily trading volume.
It has its headquarters located in Malta. But, its first operations began in China before the Chinese government banned all cryptocurrency trading.
Besides, Binance allows its users only to use its platform to trade. That means that it’s a crypto to cryptocurrency forum. Thus, before trading on the platform, you’ll need to have a specific cryptocurrency. Again, if you don’t have any cryptocurrency, you’ll need to purchase some before trading with Binance.
Further, it has its crypto denomination known as the Binance Coin. But most users refer to it as BNB.
1. First, You Have to Register
To do that, visit the official Binance Homepage and signup. Then, fill up the Email or Mobile details. Also, set up a strong password that you’ll easily remember. To ensure that hackers don’t access your account, you can use a blend of numbers and letters, including upper and lower-case letters.
Besides, you can note down the password somewhere for future reference.
Again, there’s an option for using the mobile alternative to sign up. In that option, you have to select the ‘Mobile’ option. Then input your mobile number with your country code. For example, if your country is Singapore, set the mobile code to match that of Singapore.
Then make sure you’ve read and agreed to the terms and services.
2. Prove You’re Human
Ninety-nine percent of the websites have to verify that you’re human. For Binance to protect your account, that’s the same case. To do that, they’ll ask you to complete the incomplete puzzle. So, slide the button at the lower end till it fits the puzzle.
Then Yay! You just verified that you aren’t a robot.
3. Verify Your Email/Mobile Address
At this point, you’ll have to prove that you have access to the used email or mobile address. To do that, Binance sends you a verification code to the specified path. So, for example, if you choose to sign up through email, a code is sent to the specified email.
Once done with the above steps, you’ll get a congratulatory message. The message welcomes you to the platform. That means you now have a free account.
4. Protect Your Account
“Can Binance be hacked?” you ask. Well, it’s essential to protect your account before worrying about hackers. Indeed, every platform has the danger of getting hacked. That’s why you need to go an extra step and protect your account.
For that, Binance has set up some protective measures to keep you safe and running. During the first login, they’ll ask you if you wish to activate 2FA. Again, don’t ignore this step, or you’ll end up lamenting later!
Further, activating the 2FA allows you to load cryptocurrency to your account. There are different ways of funding your account. For instance, you can load cryptocurrency from other platforms such as Coinbase.
How to Load Funds to Binance Account?
Are you stuck on trying to load funds to your Binance account? Well, that shouldn’t give you a hard time. If you’ve used other exchange platforms, it’s almost the same process. So how do you do it?
Here’s how to go about it!
I. Click on the ‘wallet option’ located in the upper right section. When the drop-down menu appears, click on the ‘overview.’ That should give you a page similar to what you see below.
II. Then, click on the ‘Deposit’ option. An additional pop-up will appear, as seen below.
III. At this point, you already have two sides. First, you have the liberty to deposit your crypto or fiat. Second, you can buy cryptocurrency via debit cards or peer to peer popularly known as P2P.
IV. But, in this section, I’ll focus on depositing crypto. So, click on the ‘Crypto deposit’ option. Then, they’ll redirect you to another page where you are to fill in the details of the crypto transfer.
At that point, you’ll need to choose the type of cryptocurrency coin you want. Next, ensure that you grab the correct crypto address because each cryptocurrency has a unique address. If you don’t want to suffer the loss of your investment, then ensure the address is valid.
V. In addition, you’ll now have to either scan the QR code or copy the address. But, for you to scan the QR code, you’ll need to have the exchange app on your mobile device. Also, you can use the wallet to scan the code.
Again, access your account by logging in after copying or scanning the code. Then, key in the address, and you’ll be able to move the currency to your Binance exchange account.
VI. Let’s take a look at how to move fiat to your Binance account. First, click on the ‘fiat deposit’ selection. This option is available after selecting ‘Wallet,’ then ‘Overview,’ and ‘Deposit.’
You’ll then get a pop-up asking for details concerning the fiat deposit. The pop-up will be similar to the image below.
Select your preferred currency to deposit the cryptocurrency. Then, you can go ahead and choose your preferred payment method. Once done, hit the ‘continue’ button.
VII. Since this is a new account, primary verification is compulsory. Follow the instructions and provide truthful information. Then, once you’re verified, you’ll be able to proceed with the deposit. Again, a pop-up similar to the one below will appear.
Fill up the section appropriately and hit the ‘next’ button. Ensure that the name you provide is the same as that on the bank documents. Failure to do that, you won’t be able to make deposits.
Once you’ve done that, Binance will send you a code you must attach alongside the payment. That means you’ll visit your bank’s website or application and initiate a payment to Binance.
How to Trade on Binance and Make Money?
Do you want to trade and make money on Binance? See, with lots of tutorials for beginners, everything appears simple. But, learning about how Binance staking works is a tiresome activity for many people.
That’s why I’ll show you how to trade on the platform in the easiest way possible.
But, trading on this platform can seem challenging the first time.
That’s because the platform is very professional. Thus, besides providing an excellent interface on its basic mode, the setting appears troubling for new traders.
How to Trade on The ‘Spot’ Section
- First, navigate to the taskbar and select the ‘trade’ section. Then, you’ll get a menu with all the specifics you need to have for trading. Now, we’re going to focus on the ‘Classic’ option because it’s easier for new users.
Now selecting the ‘Classic’ section on the trade menu, you’ll get a tab like the one below;
2. Scroll to the bottom of the pop-up page. Then, you’ll notice some options in rectangular forms. The options include ‘Spot,’ ‘Cross 3x’, and ‘Isolated 10x’.
Please note that those are the tools you’ll use to purchase cryptocurrency on the above page.
3. Again, click on the ‘Spot’ option. You’ll notice that other sub-options pop under that category. Those include ‘limit’ ‘Market’ and ‘Spot-limit.’
Now, the spot section represents the funds you own. For instance, let’s assume you possess 500 USD and 20 Litecoin in my funds. Next, use the ‘Buy’ section to buy Litecoin, Ethereum, or any other cryptocurrency section.
Further, you have the option to set the price. Thus, when prices change to your set amount, you can go ahead and buy. Additionally, on the other side, you have the option to sell. Thus, the section allows you to set the price for Litecoin. Therefore, you can sell it at a fixed cost.
4. The ‘Market Option.’ It allows the user to buy or sell at the current market price. That means you’ll only be able to sell or buy at the current market price.
5. Spot- limit’ option. It implies that you can either sell or buy your cryptocurrency if the price increases or decreases.
Again, you’ll notice that there’s an ‘OCO’ option under the’ stop-limit menu. In the OCO mode, when an order occurs, then the other order is aborted. For example, let’s assume you wish to purchase Litecoin at 500 USD. Then, if it surpasses 500 USD, you’ll buy it at the price of 501USD.
That means, if Litecoin increases to 500 USD, You’ll be able to complete the buying. But, if it goes behold 500 USD, then it terminates the previous order.
Besides, the selling side is also similar. For instance, if you set the selling price to 300 USD, you’ll be able to sell. Moreover, You’ll also sell if it goes to 150–149 USD.
So that’s it on the OCO mode. Indeed, if an order happens before, the other order automatically cancels.
How to Use the ‘Cross 3x’ on Binance?
· Let’s take a look at how to trade using the ‘Cross 3x’ option. This option implies that you can borrow currency and use it as funds. Clicking on the ‘normal’ section shows you the amount in your margin account.
· The ‘Borrow’ section. Clicking on that section allows you to identify the highest amount you can borrow.
· The ‘Repay’ section. This section allows you to repay the funds that you owe Binance. Again, the features in the sell section are still the same as previously explained.
How to Use the ‘Isolated Section’ of Binance?
This part is the last under the trade section. Again, the options in this tool are the same as those at the ‘Cross 3x’. Yet, in this section, you only have features for a specifically selected crypto. Thus, you’ll only be able to use a single cryptocurrency on trade.
Furthermore, please note that the features on this exchange platform appear complex. Hence, there’s a need to practice more to gain more experience and insight.
How Do I Withdraw from Binance?
1. Visit the ‘Wallet Section.’
After visiting the section, click on ‘Fiat and Spot.’ This section appears on the drop-down menu on the ‘Wallet section.’
2. Click on The ‘Withdraw’ Section
Once you click on that option, you’ll see a new page where you’ll be required to fill in your details. For crypto withdrawal, provide the following information;
· Your preferred coin
· The amount you wish to withdraw
· The network address on the exchange account
3. Withdrawing Fiat
Proceed to the upper corner and press ‘Withdraw Fiat.’
Once you’ve done that, you’ll get redirected to another page. The page will appear as below;
Now, ensure that you do the following;
· Choose your preferred currency
· Then, select the payment method to receive the payment
· Specify the amount you wish to withdraw
· Hit continue and provide the needed bank details
Who Hacked Binance?
At the onset of May 2019, Binance suffered massive losses. Hackers gained access to their systems and made away with over 40 million dollars. But, Binance stood firm and compensated all its users.
At the time, that answered the question, “will Binance refund if hacked?” Thus it’s clear that Binance is a safe platform to conduct a crypto exchange. But, again, extra security measures have been put to ensure that users have the best experience on the forum.
The Verdict
With continuous improvement in the world of technology, things are changing fast. Indeed, the business industry is adapting quickly. Hence, the cryptocurrency arena is gaining massive attention from different people.
