The modern world is changing so fast, providing more and more new banking methods. With the implementation of cryptocurrencies, there occurred numerous services allowing people to trade their money. Binance is another site, which offers you to exchange the world. Sounds pretty impudent, huh?
The best cryptocurrency exchange presents 30+ currencies, multiple language and coin support, safety, high liquidity and performance. Besides, you can use the service not only in the online way (that can be not so convenient), but also downloading it to your desktop. This time Mac and Windows devices are supported.
Mobile users can choose another alternative. Get the special application on your iOS or Android device, looking for it in App Store or Google Play Market. Also, it is possible to get an APK file for Android gadgets. That is how you can obtain the desired coins anytime, being anywhere.
Signing Up on Binance
As any service, this one also can’t be used to the full until you create an account. For this very reason, you are to pass the registration and become a real user. Press the appropriate button and enter your valid email address and password. After that, you are to solve a puzzle and verify your identity.
Get a confirmation email and follow the link. Each time you enter the profile, you are to fit a puzzle. Now, get acquainted with Safety Risk Notice. There, you will first some pieces of advice to follow in order to avoid illegal and dangerous situations.
These are such points as never installing any plug-ins, making transactions to anyone from Binance support, etc. In order to make everything safer and more trustworthy for you, enable SMS and Google authentication, API private key and other facilities.
Verification Stages
The page with personal identity includes information for Chinese and international traders. The first group is to provide the last and first name, along with a valid identity card. Also, you are to present photos of your identity card front and back sides. The last pic should include your selfie with the card and a note.
All the other users have another pack of documents to show. Share your first and last name, mention the gender, country and territory and your passport/ID number. Speaking about the photos, there are required your passport cover and personal page. And, like in the previous case, a selfie with the ID and note.
Limits for Each Level
Each user account can pass through 3 levels. Every separate stage has its personal withdrawal limits, which you should obey. New members are on Level 1, naturally. They can redeem only 2 BTC in one day. The default starting amount is pretty low and numerous members would like it to increase, to tell the truth.
Though, the second level provides more favourable conditions, allowing you to cash out 100 BTC within 24 hours. The more, the better, as you know. That is why, once you turn to the third rate, you are going to relish higher limits.
Funds Depositing into Your Account
The process of depositing is rather simple. You are to select a coin from the list of allowed ones. Then send the crypto to the address, using QR code or simply copying the address. Choose the presented pairs and trade the coins thru your wallet or other exchanges.
The process of trading includes 0.1% fee, while depositing is totally free. You do not have to pay any extra charges in order to buy electronic money. What concerns withdrawals, there is a list of blockchain conditions, according to which the fee is established.
Trading Specifics on Binance Exchange
Having a certain sum of cryptocurrency, you are free either to sell it or buy more. Both operations are called trading, which allows you to do whatever you want with the coins. The Trading page includes some colorful graphics showing some statistics and figures. The FAQ page provides a separate section for transactions, with a detailed description of each stage.
There, you can observe the pair, min amount of unit 1, min price of unit 2, and the lowest order value. Besides the data of prices rising and reduction, you can also observe your own trading history. With all the previous orders saved, you have a chance to look through your progress and analyze the actions.
Order Types
When you decide to turn to real moves, pick the kind of your future order first. It can be limit or market price. What is more, there is such a function as stop-limit. It means you can either buy or sell a coin as soon as its price reaches a certain amount.
Currencies and Trading Pairs
The list of available cryptocurrencies includes up to 50 titles. Though, there are always several top options, which are mostly used. Binance points out BTC (Bitcoin), ETH (Ethereum), BNB (Binance Coin) and USDT (Tether). And if 3 of the presented titles are familiar to you. Let us figure out what BNB is.
This is a token created by Binance, which discounts trading fees. That is how you can get 50% in the 1st year, and more and more in the following periods. Using the coin for 4 years, you get 6.75%. You can even notice the privilege when observing the trading types. It is shown under the Fire sign.
Handling Fees
This point is interesting for each user, for sure. The trading fee is 0.1% for all tokens, except for BNB, which is 0.05%. At that rate, you get 50% discount, though, check the conditions once again, cause it may be changed at some point.
Making deposits is totally for free, and speaking about withdrawals, there are some differences. Each coin comes with its personal sums, so, view the table and see which alternative is more profitable for you. There are even free options, once you search.
Withdrawing Features Steps
As we have said, there is a full list of all tokens with their withdrawal fees. Besides, there is also mentioned the min sum you can redeem. For instance, you can cash out 0.002 BTC, paying only 0.0005 BTC for the transactions. The list data is constantly changing, according to the blockchain conditions. Please, be attentive and check out the terms before any transfer.