The increased popularity of crypto technology and the latest areas like decentralized finance (DeFi) and non-fungible tokens (NFTs) have led to the emergence of numerous exchanges to meet the surge in demand. Crypto exchanges are certain platforms where investors and traders can buy, sell, and trade different digital currencies like Bitcoin, Ethereum, Tether, and many other popular cryptocurrencies.
Among the numerous cryptocurrency exchanges, Binance stands out as one of the biggest crypto exchanges in the world. The platform was established in 2017, offering a straightforward and smooth user interface with a variety of features.
Before exploring the features of Binance, let’s look at some basics. This article will explore the basic aspects and features of Binance, offering an in-depth knowledge of this exchange to new users.
What is Binance?
Binance is a popular cryptocurrency exchange by volume across the world. The platform has users from more than 180 countries, making it one of the finest cryptocurrency exchanges among users. If you are a beginner you can simply navigate through the platform and you can also take advantage of the Binance Academy learning section to enhance your crypto knowledge.
Due to the increase in regulatory compliance rules, Binance has strengthened its regulatory compliance by establishing two-factor authentication and other reliable user verification methods.
There is a dedicated mobile application available for both iOS and Android as well as a desktop application compatible with Mac and Windows. If you are not interested in downloading the application, you can consider using the website version using a browser. However, the browser version might be slower when the exchange experiences large transaction volumes.
How to Create a Binance Account?
You have to create an account with Binance before buying your first cryptocurrency. Follow the below steps:
- Download the Binance application or go to the official website of Binance.
- Click on the ‘Sign Up’ button from the top right corner.
- Enter your email address. You can also sign up with your mobile number instead of email.
- You will receive a 6-digit verification code in your email or phone. Enter the code and click on Next.
- Create a strong password having at least 8 characters, 1 number, and 1 upper case letter.
How to Verify your Binance Account?
Binance is a centralized cryptocurrency exchange that requires users to complete identity verification to access the platform. Users also have to complete the KYC (Know-Your-Customer) requirements to transact money. The verification process is relatively straightforward, making it convenient for users.
To complete this verification process, follow these steps:
- Log into your Binance account
- Click on the ‘Get Verified’ button.
- You have to complete the basic, intermediate, and advanced verification steps.
- Provide your first name, last name, nationality, date of birth, street address, postal code, and city
- The intermediary level requires you to take and upload pictures of your government-issued ID (passport, driver’s license).
- After uploading the ID, you have to take a selfie to complete face verification.
How to Purchase Crypto on Binance?
You have to complete the KYC process to purchase crypto on Binance. Once you have completed the verification you can use the below methods to purchase crypto on Binance:
- Credit or Debit card
- Deposit funds into your Fiat and Spot wallet
- Binance P2P
- Direct bank transfer
Most of the users prefer credit/debit cards or P2P systems to transfer their money into the Binance wallet. The P2P system will show you the available seller based on the amount of cryptocurrency that you want to buy and your desired payment method. Once the buyer confirms your payment, you will receive the crypto to your account.
Kindly note that purchasing crypto on Binance using fiat currency is not allowed in some countries.
How to sell Crypto on Binance?
Selling cryptocurrencies on Binance is also a straightforward process. You can withdraw your money to your account or convert it and hold it in your Binance fiat wallet. To sell your cryptocurrency, follow the below steps:
- Go to the cash balance section on Binance.
- Click on the ‘Sell Crypto’ button and choose the desired cryptocurrency you want to sell.
- Enter the amount you want to withdraw and choose the fiat currency of your choice.
- Once you have successfully entered the amount, click on the Sell button.
- You will receive a confirmation message on your device. Once you confirm the request, the transaction will be processed and you will receive your money.
You can also sell your crypto using another method, called P2P trading. To do this, you have to transfer the crypto that you want to sell to your P2P wallet. Click the ‘Sell’ button and enter the number of tokens you want to sell. Choose your desired payment method and execute. Once the buyer makes the payment you will receive a receipt. Tap the ‘Confirm’ button after receiving your money to release the crypto to the buyer.
Binance Fees Explained
Players can deposit their money to Binance without worrying about any transaction fees. However, there are certain charges, particularly for withdrawals. The transaction costs vary depending on the cryptocurrency you choose. Using Binance Coin (BNB) for trading will help you reduce the fees by 25%. However, among other cryptocurrency exchanges, Binance comes with low rates and fees.
Conclusion
Binance remains a pivotal player in the cryptocurrency market, offering diverse trading options and earning opportunities while navigating the complexities of global regulations. Its rapid growth and innovative services continue to attract millions of users worldwide. Opening an account with Binance is relatively easy. If you are e beginner, don’t worry, Binance Academy is there to help you navigate through the intricacies of the Binance platform. Since cryptocurrencies are highly volatile, it is important to take precautions before investing.