Binance - The must-have platform !
By Crypto Nation – 26 April 2020
Any investor in crypto-currencies, will at some point use Binance, one of the most popularand diversified crypto-currency exchange platforms on the market. To guide you through this platform, we will review Binance from its different angles. The part related to more advanced, leveraged trading is covered in a separate page, Binance Futures.
Created in 2017 by Changpeng Zhao, Binance’s platform has quickly established itself as the world’s leading exchange ! It offers the possibility to exchange more than 350 crypto-currencies, modern services, clean and simple interface, in short, all the right reasons to be interested!
Binance is one of the rare platforms that has an insurance fund.
Binance : Many sides to explore !
In this long and complete guide, you will find the following contents :
Introduction to Binance
You will quickly realize upon your first visit of Binance’s website that there is a lot of content. Here are the short reviews of the different menus available on the Binance website.
- Exchange: The heart of the page, the crypto-currency exchange platform, and the place where you will find savings, activities… This is the topic we will develop the most.
- Academy: The place to answer all your questions and wishes for knowledge.
- Broker: As the name suggests, Binance also offers its services as a broker.
- Charity: A place where you are free to make donations to associations or causes supported by Binance. Everything is donated in full, with transparency.
- Cloud: Binance offers dedicated services for companies that want to offer trading.
- DEX: Binance DEX is their decentralized finance platform (DeFi).
- Labs: This space is dedicated to the crypto projects of tomorrow.
- Launchpad: We will explain Binance’s Launchpad in detail later on. This is the place for pre-launching new projects. You can make great deals by supporting projects before they are launched on the exchange platform.
- Research: To access Binance’s analysis and reports.
- Trust Wallet: The official mobile wallet of Binance.
Registering with Binance
To open an account with Binance, simply start by clicking on the following link:
The registration process is quite simple. Fill in your email address, and a strong password, to ensure the security of your account.
The next line, referral ID, is pre-filled and allows you to benefit from a reduction of the exchange fees on the platform!
Then check your emails and fill in the code you got from Binance.
Once this is done, you will get your validated Binance account!
But before you find out more, use a double authentication method!
You can choose between Google Authentication, or SMS Authentication.
If you want to keep it simple, we recommend using SMS. But be sure to disable this security if you change your number.
Once dual authentication is enabled, you will be asked for a code each time you log in, in addition to your password.
Buying cryptocurrencies on Binance
Now let’s get to the heart of the topic, purchasing cryptocurrencies.
One of the many advantages of Binance is that you can directly buy crypto-currencies, or make a deposit in euros using a credit card! You will be charged 2% of your transaction, and your account will be credited instantly.
You can also credit your account using a bank transfer. There will be no fees for this method of payment, but the delay will be longer, and your bank may ask you for a confirmation of the transfer.
To make your purchase by credit card, go to the top left menu, Buy Cryptos > Credit/Debit Card.
You will see that the list of crypto currencies directly available by credit card is already quite long! For beginners we advise you to take Bitcoin (BTC) directly, or a Stablecoin like BUSD or USDT.
Enter your credit card information, then validate to proceed to payment.
In the case that you already have crypto-currencies and that you wish to deposit on Binance, here is the procedure to follow.
Go to the top left menu, Portfolio > Spot Portfolio.
Search for the relevant cryptocurrency in the list, and in the actions, select Deposit.
You will then get an address where you can deposit your cryptocurrency, in this case Bitcoin.
Please note: Never send a cryptocurrency other than the one intended to be received at the address concerned, at the risk of losing your funds!
Warning: Never send a cryptocurrency other than the one intended to be received on the address concerned, otherwise your funds will be lost !
In the opposite case, the withdrawal of cryptocurrencies to another Wallet has an almost identical procedure.
Go to the top left menu, Wallet > Spot Wallet.
Search for the relevant cryptocurrency in the list, and in the actions, select Withdraw.
You must then enter a destination address for this crypto-currency, and if necessary, select the network used. If the network is incompatible with the address used, a red message will tell you so.
Enter the amount to withdraw and take note of the fees that will be deducted from the amount collected. In our example, we withdraw 0.01 BTC from Binance, there will be 0.0004 BTC in fees so we will receive 0.0096 BTC on the address we entered.
All you must do is click on Send!
Trading, exchanging crypto currencies
Here we will see the basics of trading crypto currencies. If you want to go further, you will find a more detailed review here: Binance Futures.
In the Trade section of Binance, three categories will be of interest to us.
- Trade > Basic: As the name suggests, this is for very basic use. Use it if you don’t want too much hassle when you place an order, but we don’t necessarily recommend it.
- Trade > Fundamental: The section we will develop here is for beginner and intermediate use, we recommend you to use this for trading.
- Trade > Advanced: The advanced section doesn’t change much from the fundamental, the small differences are explained on the page dedicated to Binance Futures, which has the same display.
When you get to the Fundamental Trading page, a lot of information will appear. We’ll keep it simple :
We haven’t specified it in the following image, but at the very top left, we can see the relevant cryptocurrency pair (here BTC/USDT), and its associated statistics.
- On the left side, we can see the order book which lists all the orders that are positioned on this crypto-currency pair. In red the sell orders, in green the buy orders. You can see the price, and the quantity to sell/buy.
- In the center is the price evolution graph of the cryptocurrency, in this case Bitcoin. First, we advise you to use the Trading View, which can be selected at the top right of the chart. We can see on the upper left corner that the time scale selected is 4 hours. Each candle on the chart represents 4 hours. A green candle indicates that there was more buying during this period. A red candle indicates more selling was done during this period. Below the chart, you can see the volume traded.
- Below this space is where you can place your orders. To buy, in our case Bitcoin, enter your price, and the quantity you want to buy for the given price. The Total box will show you the amount to pay. You can also directly enter the amount you want to spend in the Total box. This way you can see how many Bitcoins you can get at a certain price for a certain amount spent. We will focus on two types of orders here. The Limit order allows you to specify your buy or sell price, it requires very little fee, and is the one we recommend. And the Market order, which will trade at the market price from the moment you place your order.
- At the top right are the different trading pairs on the Binance platform. You can add them to your favorites by clicking on the small star. You can also sort them by Variation, to see which are the best rises of the day, as well as the biggest falls.
- The box below shows you all the latest trades made on the selected pair.
- The last box gives you information about various market activities. It will show you the strongest bullish/bearish, big buys/sales, record prices…
Below all these items you will find:
- Your open orders.
- Order history.
- Trade history.
- Your funds.
Savings and activities offered on Binance
In this section, we will dive into the savings activities to see how to invest your funds to receive interest directly on the Binance platform.
This isn’t optimized in terms of income, but it is a very simple way to benefit from interest rates on numerous crypto currencies.
For investments with even more interesting rates, we recommend you go visit the following pages:
Back to Binance
To discover their offers, go to Finance > Binance Earn.
On this page, you will have access to several types of investments:
- Flexible Savings: Allows you to have small interest rates on numerous cryptocurrencies every day without funds being locked in. Without any minimum amounts required to access it.
- Locked Savings: Higher interest rates than savings but less crypto-currencies available, however the funds will be locked in for the time indicated.
- Activities: Boosted interest rates according to events proposed by Binance. The minimum price to enter is not always accessible for everyone and spots are often very limited.
- Locked Staking: To keep it simple here, we’ll say it’s roughly the same as locked savings. To learn more about staking, check out our Just Mining and Feel Mining pages.
- Staking DeFi: Very interesting rates on BTC, BNB, BUSD, USDT and DAI. Places are very limited. Please note that the security on these investments is less advanced than the other types of stacking.
After clicking on Flexible Savings, here is a part of the page you will see. You can see that there are more than 50 cryptocurrencies where you can enjoy minimal interest rates.
You can also set up automatic transfers, from your Spot account to the Savings account.
If you scroll down further on this page, you can see the different savings categories listed.
Binance also offers a financial product called “Dual Investment“. A specific page is available by clicking here.
This product allows you to deposit a cryptocurrency (for example, USDT) and earn a return based on two assets (for example, USDT or BTC). Dual Investment has a high return, but also high risks. The annualized return is fixed, but the final payout will be influenced by the price of the asset at delivery and the strike price.
Benefits of BNB
BNB, Binance Coin, is the official cryptocurrency of Binance, and its native asset of the Binance Chain. It is very useful to have it on the platform, for three main reasons:
- Reduced exchange fees.
- Participation in the Launchpad.
- Increase cashback from the Binance Visa card (explained in the next pages).
As you can see, using BNB for exchange fees reduces them by 25% !
You can access the Launchpad page via the main menu. On this page, there are two categories available to you:
– Launchpad: Pre-launched cryptocurrencies, which you can potentially buy at very low prices. This is if you have a certain amount of BNB in your account. This is not open to all wallets, but it’s a guaranteed good deal for those who can afford it. The price will explode once listed on the exchange! Everything is explained in detail directly on the Binance Launchpad pages and may vary depending on the project.
– Launchpool: This is a softer method. You can stake cryptocurrencies with Binance’s partners in exchange for good interest rates. These interests are paid in the form of pre-launched crypto-currencies, or cryptocurrencies that have just been listed. If you have extra BUSD, SXP, or BNB, we advise you to invest them here.
Binance’s Visa Card
Just like its rival Crypto.com, Binance offers a Visa card to pay everything in crypto!
This card, available digitally and physically, allows you to make all your purchases directly using cryptocurrencies. This is an advantage over Crypto.com since with Binance, you don’t need to convert your cryptos into fiat to pay with it. Instead, you can pay directly in BUSD, BNB, SXP or BTC!
You want more? Just ask. Binance offers just like Crypto.com, cashback for all your purchases, directly credited in BNB. The cashback rate depends on the amount of BNB in your account. It can go up to 8%!
Our conclusion on Binance
The leading cryptocurrency exchange platform deserves its spot at the top! With its very low fees, and the numerous services it offers, it’s a must!
Don’t forget that if you want to go further with Binance, you can find more information on the Binance Futures page. But before you get started, register with Binance first!