Binance (Binance) — online cryptocurrency platform
In recent years, public interest in cryptocurrencies has grown significantly, their market has expanded, and the main digital assets have risen in price by several orders of magnitude. Virtual money has become a reliable asset that is used as a tool for saving money and earning. There is a demand on the market for trading platforms that allow you to make transactions with cryptocurrencies. One such platform is the Binance exchange.
Binance is an online cryptocurrency platform that combines the following features:
- blockchain networks;
- cryptocurrency wallet;
- mining pool;
- information center;
- educational resource, as well as other opportunities.
Here you can find out the rates of virtual currencies, analyze their dynamics, engage in spot, futures and margin trading, or simply make an exchange. A complete overview of the Binance exchange will allow you to get acquainted with the main functionality and features of this platform.
Binance was founded in 2017, its initial audience was about 20 thousand users. The traffic of the exchange was growing dynamically, and therefore, already at the beginning of 2018, it had to update the architecture to improve performance.
In January 2018, the exchange became the largest cryptocurrency platform in the world in terms of trading volume. Since 2020, the average daily turnover of funds has exceeded USD 3 billion and continues to grow. At the time when this review of the Binance exchange was being prepared, the number of transactions made on the site exceeded 1.4 million per second.
Registration on the Binance exchange
Before trading on Binance, the user needs to register on the platform website. You can create an account by following the simple instructions:
- Click the «Register» button at the top right of the page.
- Select country of residence.
- Select an account type by clicking «Create a personal account» or an organization account.
- Enter your email address and create a password to protect access.
- Specify the referral ID of the user who advised the exchange (if any).
- Provide consent to email marketing and access to data for marketing purposes or not to give it by checking the appropriate boxes.
- Proceed to the next page by clicking «Next» and send the verification code by email by clicking the «Send Code» button.
- Paste the code in the provided field and send it.
- Enter your phone number and on the next page click «Send code» to receive SMS.
- Paste the confirmation code in the provided field and send it.
At this stage, the main registration on Binance is completed, the user account is created. However, in order to access the site’s features and raise transaction limits, it is necessary to verify the client’s identity. This is a mandatory procedure, and the system will offer to do it immediately after registration.
Verification on Binance: what is needed and how to pass
Verification is needed to confirm user data and open access to the functionality of the resource. From August 19, 2021, this procedure is mandatory for all traders. The purpose of its introduction was the fight against illegal financial transactions and money laundering. To verify the data, you need to enter the Binance exchange and wait for the verification page to appear, and then:
- Click «Go now» to open the client profile.
- Indicate citizenship, first and last name, date of birth.
- Enter the postal code, residential address and phone number.
- Select the type of document used for verification. This can be an ID card, passport or driver’s license.
- Take pictures of the document with your webcam and send them.
- Take a selfie to match the face with the image in the document.
- Launch the camera on the computer and scan the face following the prompts of the system.
- Wait for the review of the application for identity verification.
If your computer does not have a webcam, you will need a smartphone for verification. To pass it, you need to install the Binance app from the App Store, Google Pay, or another software store. After installation, in the verification menu, you need to click the QR code icon in the lower right corner of the form and launch the application. You should scan the code in it, then launch the camera and scan the face there, following the instructions and voice prompts.
When passing verification, it is important to ensure high-quality shooting conditions so that photographs of documents are clear, even and without glare. If the pictures are unsuccessful, the procedure for sending documents will have to be repeated.
After passing the basic verification, the client will be able to deposit and withdraw fiat funds in the amount of $50,000 per day. A full verification of documents «Verification Plus» for advanced users lasts up to 10 days, but usually takes less time. After its completion, the limits for depositing and withdrawing fiat funds increase by $200,000 per day. There is a limit equivalent to $8 million per day for the withdrawal of cryptocurrencies.
How to enter the official Binance exchange
To log in to the Binance exchange, you must use the email and password provided during registration. Since the service provides financial services, multi-factor authentication is used for enhanced protection of user data. To enter your personal account, you will need both an email, a password, and a phone number. You can login in the following order:
- Click the «Login» button located in the upper right corner of the page.
- Choose an authorization method and enter your email or phone number and password.
- Pass the robot test by moving the missing puzzle piece to an empty spot in the picture.
- Send a verification code to your phone and enter it.
Phone login is similar, but double verification is required. In addition to the confirmation code sent to your phone, you must enter the code from the email. After that, the login to the Binance website will be completed.
Binance personal account
Interaction with the exchange is carried out through the Binance personal account, the entrance to which is opened by the icon in the upper right corner. It contains the following sections:
Toolbar. It contains general information about the profile and tools for managing your account. The account status and estimated value of assets, data on the last devices and addresses from which the entry was made, open orders, commission level and other useful information are displayed.
Safety. This section configures account protection. You can set a security key, link Google Authenticator, change your phone, email and password, manage devices and other operations. If you change the authorization data, some account operations (mainly withdrawals) are frozen for a day for security purposes.
Verification. It contains information about user verification and current transaction limits.
Referral program. The menu displays the user’s status in the referral program, statistics of invitations, information about the cashback and the percentage of the commission received by the user.
Awards Center. The section shows the rewards and bonuses received by the client from the exchange. There is also a menu for entering a voucher code designed to receive some kind of gift or privilege.
Job Center. In this menu, you can see the received service tasks, for which the user is entitled to a reward.
API management. Here you can create your own APIs to access the markets and other Binance information in real time through third-party websites and mobile applications.
The services of the Binance exchange that are not included in the «Personal Account» are available on the main page of the portal. There you can go to buy cryptocurrencies for fiat money, view the markets and current quotes, open the trading menu and access other services provided by Binance.
How to buy cryptocurrency on the Binance exchange
The Binance exchange supports hundreds of cryptocurrency assets, the list of which is updated periodically. To deposit virtual funds into the account, fiat money is used: dollars, euros, hryvnias, rubles, etc. You can buy cryptocurrency with several payment methods:
- replenishment from a bank card;
- bank transfer SWIFT;
- through third party payment services;
- for P2P — in a way determined by the counterparty;
- from fiat balance (no fees).
In order to buy Bitcoin on Binance or purchase another digital asset, you must proceed in the following order:
- Find the “Buy Cryptocurrency” button at the top of the site and hover over it to open a pop-up menu.
- In the pop-up menu in the corner, select the currency that will be used for calculations.
- Select a calculation method.
- Enter the amount in fiat currency for which the cryptocurrency will be purchased.
- Select the cryptocurrency you want to buy from the list. Its amount will be converted automatically.
- Enable the «recurring purchase» option if you want to make the payment recurring, or deactivate it if the transaction is one-time.
- Add a bank card, indicating its details (number, expiration date, CVV code).
- Click «Continue» after linking the card and proceed to payment.
- Confirm the payment (an additional confirmation in the bank application may be required) and wait for the cryptocurrency to be credited to the account.
In addition to buying cryptocurrency from the exchange itself, you can purchase it from other users using the P2P scheme. To do this, you must follow the above scheme. Having reached point 3, select the payment method «P2P trading», and then:
- Select «Buy» in the tab above the list of available offers.
- Specify the digital currency of interest to the left of the transaction type.
- In the list below, indicate the currency in which the calculation will be carried out.
- Click «Buy» opposite the offer and in the pop-up window and indicate the amount for which the transaction will be completed.
- Confirm the transaction by clicking «Buy» and follow the further instructions.
- Make a settlement with the seller, wait for confirmation of receipt of the transfer and receive the purchased cryptocurrency on the balance of the Binance exchange.
If there is no option of interest in the list of offers, you can create an ad yourself. Placement of orders with a fixed and floating rate is available, the choice of up to three payment methods is supported simultaneously. You can specify the total amount of the fund, the limit for one order, and other parameters. For beginners, this tool may seem complicated, but it is useful for advanced traders as it expands the possibilities.
Withdrawing funds from the Binance exchange
As with the purchase of cryptocurrencies, there are many ways to withdraw money from Binance. To receive funds in their original form to the wallet, you need to find the «Wallet» menu at the top right and hover over it to open the pop-up menu, and then:
- Select the «Fiat and Spot» tab.
- Find the cryptocurrency you want to withdraw in the list and click opposite it (on the right) “Withdraw”.
- Specify the wallet address and select the network corresponding to the selected cryptocurrency.
- Enter the amount of withdrawn cryptocurrency and confirm the operation.
- Confirm the operation again and go through two-factor authentication for security purposes.
- Wait for the transaction to be processed and digital funds to arrive.
To exchange cryptocurrency for fiat money and withdraw to a card from Binance, you need to act differently. First, you need to exchange a digital asset for fiat using spot trading or a quick conversion of funds. Both markets are located in the «Trade» section at the top of the page. After the cryptocurrency is exchanged for fiat money, to withdraw funds to a bank card, you need to:
- Select the «Fiat and Spot» section in the «Wallet» menu.
- At the top of the section, find the «Output» tab.
- Enable the desired withdrawal mode (“Fiat Withdrawal”) using the switch at the top right.
- Select the withdrawal currency and payment method from the list of available ones.
- Specify the required data for sending a money transfer.
- Confirm the transaction using the code from SMS.
After the transaction is completed, the funds will be credited to the specified fiat account. Withdrawals to both bank cards and accounts are supported, as well as internal transfers to the user’s address.
Spot and margin trading on the Binance exchange
Spot and margin trading on Binance are the main options available to traders. The difference between them is that for spots, the client uses only personal funds stored in the wallet on the main account balance. In margin trades, a trader can use leveraged assets to increase potential profits.
In the spot trades menu, users have access to a large selection of tools that allow them to analyze the market and take part in trading. In particular, the functionality of the exchange provides for displaying:
- active ads;
- trading volumes of the selected pair per day;
- sell order books;
- buy order books;
- trading chart in the form of Japanese candlesticks and market depth indicators;
- selection of the type of trades;
- selection of the type of transactions;
- menu for buying and selling cryptocurrencies;
- current market indicators for trading pairs;
- list of the last completed transactions;
- important events in the selected market;
- trader’s open orders;
- transaction history for the last 24 hours.
In addition to trading tools, there are options for contacting support right in the spot trading menu. This allows you to quickly get help or find an answer to a question of interest, without being distracted from observing the market and transactions. The view of the trading menu can be switched: the exchange website provides a simplified display format intended for inexperienced clients, and an extended one for experienced traders.
Margin trading on Binance allows you to engage in crypto-currency trading with a quick attraction of borrowed funds for this purpose. When choosing a section, customers have two modes available: a loan mode, with the ability to borrow and use assets, and a repayment mode, in which you can repay the debt when the funds are no longer required. To start trading, you can transfer funds from the main account, which is available in the «Margin Wallet» section.
In the loan mode of margin trading, the system itself calculates the amount available for transactions, taking into account the funds available on the balance sheet. If there is not enough money in the client’s account to place an order, crediting is performed automatically. In the redemption mode, funds received from transactions are used to pay off debts after orders are closed.
Margin trading allows users to trade larger amounts than they have in their account. This is the main advantage of this type of trading. For example, when using a leverage of 10, you can use $10,000 in transactions, while having only $1,000 on your balance. Users have options x3, x5, and x10. A larger leverage can be used in the case of futures trading.
Futures and Derivatives on Binance
Since 2019, futures trading has been available on the platform, the subject of trading in which are changes in cryptocurrency quotes. For her, a separate account is opened on Binance, associated with the main one. All transactions related to derivatives are collected in a separate section of the same name located at the top of the site. There are all available types of trading. In the same menu, you can get help, tips and learn about Binance Futures.
The following types of trading are available in the derivatives section:
- USD-M futures with perpetual or quarterly contracts settled in US dollars (BUSD and USDT);
- futures on Coin-M with perpetual or quarterly contracts settled in cryptocurrencies;
- high leverage Binance tokens with no risk of liquidation;
- crypto options with low risk and high potential profit.
On the Binance exchange, futures offer the user a wide range of trading tools and options. The platform allows you to choose different trading pairs, adjust the amount of leverage, use price protection mechanisms.
To protect users, the site uses various methods. To protect beginners from big losses, accounts created less than 60 days ago can open orders with a leverage of no more than 20. In the future, after the term expires, the limits will be increased up to x125. To prevent the risks associated with immersion in excitement and compulsive (emotional) trading, temporary voluntary blocking of a futures account is available to clients.
Promotions and bonuses from Binance
To attract new traders, the exchange periodically holds promotions with incentive prizes. Within their framework, the client can receive money to the account and other gifts. Periodically, the platform also holds prize drawings among traders who have fulfilled the conditions of the promotion. These activities are one-time and limited in time. You can follow them in the Announcements section of the Binance website.
Assignments and vouchers
One of the types of incentives for traders are the tasks displayed in the personal account. They can appear there daily or weekly, depending on what promotions are currently taking place. By completing the tasks, users are rewarded in the form of a voucher, which must be redeemed in the reward center. As a reward, the user can receive a zero margin rate within margin trades, cashback commissions, an increase in the VIP level in the loyalty program, or money to the account.
VIP Loyalty Program
As part of the loyalty program, traders can level up by actively trading on the exchange. The greater the turnover of funds on the account for the last 30 days, the higher the status of the user. The reward for leveling up is a reduced commission. By default, it is 0.1% for most transactions, but when you upgrade your status, it can drop to 0.01%.
The third type of bonuses on the Binance crypto exchange is referral interest. From each new user registered using a link or referrer ID, you can receive a percentage of the commission paid by him for the services of the platform. Its value depends on the average daily balance of the inviter and can reach 40%.
To interest beginners, the referrer can set the percentage of payouts returned to the referral. So, if the referral percentage reaches 40%, then you can get everything yourself or divide up to 50:50 between the inviting and invited trader. In this case, both will receive 20% cashback commission.
Mining on Binance
Cryptocurrency exchange Binance has its own blockchain network, which is supported by a mining pool. By connecting your equipment to it, you can mine Bitcoin, Bitcoin Cash, Litecoin and Ethereum. In the future, it is possible to expand the list of supported digital assets, as the platform continues to develop dynamically.
At the time of writing this review, Binance is one of the largest blockchain systems in the world. Its hashrate is:
- BTC/BCH — more than 21 EH/s;
- ETH — more than 16 TX / s;
- LTC — more than 17 TX / s.
The exchange website provides detailed instructions for connecting all common types of equipment to the blockchain network. The platform commission depends on the cryptocurrency:
- BTC/BCH — 2.5%;
- ETH — 0.5%;
- LTC — 3%.
The income received from mining is paid out to customers daily. You can calculate profitability in the pool menu. There are calculators that automatically show the amount of the expected reward depending on the specified hashrate.
Other features of Binance
The functionality of the Binance platform is not limited to trading and mining. It offers customers a wide range of additional features:
- lauhchpad to launch your own new ICOs with the possibility of their subsequent placement, profitability farming and other operations;
- placement of crypto-currency deposits with a floating and fixed rate for a passive increase in capital;
- the BNB Vault platform, which allows you to receive passive income using internal BNB4 tokens;
- asset liquidity farming, which allows you to increase earnings;
- the Binance Earn section, where you can choose a ready-made investment project for investing virtual funds and passive income;
- staking cryptocurrencies, the interest rate for which is higher than for deposit investments;
- bi-currency investments that offer non-guaranteed, but higher, in comparison with the deposit, income received in the event of a fall or rise in the selected position;
- automatic investment of funds by buying cryptocurrencies, allowing you to receive passive income in the long term without additional interventions.
For settlements in cryptocurrency, the exchange supports the operation of its own Binance Pay system. It allows you to make transfers, pay for goods and services using digital assets without commissions and fees. This product can be called promising, as the number of cryptocurrency users is constantly growing, increasing the popularity and distribution of these payment instruments.
The Binance platform offers a very wide range of options for trading and other activities related to cryptocurrencies. Because of this, its development may seem difficult for a beginner. To make it easier to get started and answer frequently asked questions, the portal has a comprehensive FAQ section, as well as a Binance Academy section, which contains a large number of educational materials of various levels of complexity. It will allow you to comprehend the basics of stock trading, expand your knowledge in this area and constantly learn something new, increasing your level.
In case of difficulties, unresolved issues or technical problems, clients of the cryptoplatform have access to prompt communication with the support service. The support staff includes operators who communicate in different languages and are ready to consider the request at any time. To contact technical support, you can use the chat button located in the lower right corner of the page. Also, in order to improve feedback, the site has a system for sending requests. There you can ask a question that is not answered in the FAQ.
Feedback on the platform is another tool that allows you to communicate with the administration. Exchange employees regularly study the opinions of customers in order to improve the service and add requested features. In terms of the quality of technical support, the Binance exchange deserves high marks based on the results of the review.
Pros and cons of the Binance exchange
Binance is one of the world’s largest cryptocurrency exchanges, which has reached its current scale due to a number of advantages:
- a huge selection of currency pairs and markets;
- support for margin trading in various areas;
- availability of a p2p trading section;
- large leverage for futures transactions;
- loyalty program and referral program;
- own mining pool;
- mobile applications;
- features for investment.
The platform has only two disadvantages that cannot be called significant:
- mandatory verification;
- possible difficulty for beginners.
The abundance of pros and positive customer reviews makes the Binance exchange one of the best platforms for trading digital assets. The high level of its reliability and demand is confirmed by the size of the audience and large turnover of funds. These indicators, along with reviews, are the main signs that the exchange can be trusted.