Binance Exchange: Everything You Need to Know About Binance Exchange

Currently, Binance Exchange is the fastest growing exchanges within the cryptocurrency market. 5 months after its introduction, Binance Exchange became the 10th biggest cryptocurrency exchange. The sudden rise in popularity in cryptocurrency emerges from several factors such as multiple languages, catering, clean interface and a high data processing speed. 

Being a crypt-currency only exchange, Binance does not cater for fiat deposits. 

Reasons Why You Should Open a Binance Exchange Account?

Binance is growing at an outstanding rate. If binance continues to grow at this rate, then it would ultimately become the biggest crypto-exchange. Moreover, many of the coins or tokens, which had an ICO, will have a high probability of being listed on Binance. What does this mean?

This means that in case you missed an ICO and would want to get hold of a specific coin, Binance is going to be the most recommended choice, due to its huge trading volume. The huge trading volume eventually results in better prices and an increase in probability of buying and selling. 

Opening a Binance Account

The first step in opening a binance account is finding an ideal and secure binance website. There are several binance softwares in the market, however, you should only join websites that you fully trust. Some of the most reliable binance websites include, Local Bitcoins(localbitcoins.com), Coin Base (coinbase.com) and Block Chain (blockchaineducation.com.au).  

Once you have identified a preferred website, you should then ensure that you bookmark the page, so as not to fall to the many phishing websites on the internet. Each time you try to access your preferred websites, you should always look at the sites, secure certificate to establish, whether the website is original. 

Sign-Up Process

To begin the sign-up process, click on register, which is normally located on the right hand corner of your preferred website. It is always advisable to have an extremely long and unique password, to secure your account fully. 

You should then verify yourself and the click on register. A confirmation email will be sent to the email address used during the registration process. 

Enabling the 2FA (2-Factor Authentication)

Upon logging into the account for the first time, a pop up will appear on the screen, prompting you to enable the 2FA. You should immediately enable the 2FA, to increase the security of your account. Once you have enabled the 2FA, you can now immediately begin to deposit cryptocurrencies tokens or coins into the Binance account. 

Depositing Funds into the Binance Account

Step 1: Deposit Page

On your dashboard, you should be able to see a deposit/withdraw button, on the right hand corner under the Funds tab. 

Step 2: Selecting the Preferred Cryptocoin

Look for the coin that you may want to deposit and then click the deposit button. It is extremely important to only click on the deposit button, next to the specific coin that you may want to deposit. Hence, if you want to deposit BTC, you should only click on the deposit button located next to BTC. To make the process much easier, you may search for the specific coin and then click on the deposit button.

Step 3: Transferring Your Coins

Upon clicking on the deposit button, an address is going to be automatically generated in the field underneath the BTC Deposit Address. Thus, if you will be transferring BTCs from your wallet, to binance, then this is going to be the address, where you will be sending your BTC to. 

Step 4: View Your History

History of the deposits made are available under the Deposits/ Withdrawals tab. 

Binance Coin: Definition and Uses

Binance is undeniably the first ever exchange, which has its own currency, known as BNB. Binance coins or BNB, allows investors to pay for the various fees, within the Binance exchanges:

• Withdrawal fees

• Trading fees 

• Listing fees

By using the Binance Coin in the transactions listed above, users will automatically receive a discount. In the first year, the discount amounts to 50%. Moreover, investors can also use Binance Coins in the various ICO’s which are listed on the Binance exchange.