How to Use Binance: The Ultimate Guide

Choosing cryptocurrency exchange platforms isn’t an easy task. At the end of the day, you are choosing an exchange platform for crypto holdings and basically managing your assets.

Well, it isn’t a surprise that Binance is the leading exchange worldwide, with more than 28 million Binance users all over the world.

The platform is aimed at covering the needs of both beginners and experienced traders, so anyone can join the Binance app easily.

Of course, there are other trading platforms out there that offer similar features, such as crypto-to-crypto trading, a secure crypto wallet, and options for crypto businesses, but Binance takes it all one step beyond.

Pro Tip: Finding the right trading pairs, transaction fees, and overall features is not easy. We always recommend you do your own research before making financial decisions. You might as well start reading our Binance vs. Coinbase blog post before creating a Binance or Coinbase account!

What is Binance?

In short, Binance is a centralized crypto currency exchange where users can trade cryptocurrencies, buy crypto, sell crypto, and more.

Cryptocurrency exchanges such as Binance serve as an entry-level platform for all those users who want to get started right away with the enormous crypto market.

Binance offers a wide variety of features that make using crypto exchanges an easy procedure for all users. There are three secrets behind Binance’s success that all users must get to know:

• Binance fees are among the lowest of all the crypto industry;
• Binance’s website and mobile app are really intuitive to use;
• Binance has different financial products and crypto options, so finding a specific trading pair is easier on this platform than on others.

Binance Security

There’s a lot of noise around hacking in the crypto world, which creates an essential question in the mind of most newcomers: Is Binance safe? Are the security measures good enough to trade on Binance?

Firstly, Binance ensures that all user’s accounts are protected from any kind of hacking as long as they take care of their private keys and important information.

That being said, Binance protects investors and customers from undesired situations by adding specific security measures enabled in users’ accounts.

Nonetheless, it is safe to mention that the Binance wallet, being a hot wallet (directly connected to the internet), is not the safest option out there.

And that’s when Trust Wallet comes into the scene, but we’ll get to it.

It’s time to get started! You now know what Binance is for, so it’s time to use it. You can use both the mobile app and the Binance website - they are both intuitive and really easy to use.

Before signing in, be sure to use an email you have access to. Losing access to your Binance account is a rookie mistake that can become a headache in the long haul.

Create a Binance Account

Registering on Binance is elementary. Download the app or go to Binance website and create your account.

Binance will store your digital and USD assets on their platform. Therefore, you are initially trusting your funds to a custodial platform.

You can, later on, move these assets, but before you do so, there’s a step that can’t be avoided: verification.

Verify Your Identity and Set Up Your Crypto Wallets

Binance KYC Verification Process is a must in order to properly use all platform’s features. Once you create your account, you’ll realize that it’s partially limited to many types of transactions.

Of course, you could receive a partial amount of crypto and trade it, but one of the biggest advantages of Binance is linking your bank account or card to the platform.

The same goes for other features, such as Binance Launchpad. Bottom line, you can’t ignore verification. If you don’t want to provide your identity to the platform, then you might as well choose a decentralized exchange instead.

Binance Tax Reports are a must-do for many users depending on the country they live in. Fortunately, Binance offers tools for completing crypto taxes efficiently.

If you want to know how to use Binance, then you have arrived at the right place. Once you have created and verified your profile, it’s time to take a look at all the basic features available on the platform.

One of the main advantages of Binance is the fact that users have more than 500 cryptocurrencies and assets to operate with.

However, remember that you can’t proceed without adding a payment method. Debit and credit card payments are the keystone of the platform. Without being able to make credit card purchases, Binance would not be as popular as it is right now.

Buy and Sell Cryptocurrency

You can place market orders of a wide variety of options of cryptos. Before investing your money, it’s fundamental to check the current market price of the wallet you want to acquire.

When you buy crypto, the funds will directly go to your Binance Wallet Address. Later on, these crypto funds can be used to trade in the platform, which is the next point on our list.

Crypto-to-Crypto Exchange Trading

Crypto-to-crypto trading is a fundamental part of all exchanges out there. Binance allows users to set stop-limit orders depending on the trading volume of a coin.

A limit order can be set within the platform, which is a feature that both newbies and advanced traders can use to manage their funds. Of course, there’s a trading fee depending on the cryptocurrency trading operation that’s about to take place.

Other features besides setting a limit order, such as live price tracking, are aimed at a more experienced audience.

What’s more, sending crypto to another exchange, such as an external Crypto.com Wallet Address, it’s also effortless, thanks to Binance’s friendly interface. You just need the recipient box address, and you can deposit crypto from Binance to another exchange in just minutes.

Withdraw Crypto and Fiat Currencies

Users can Withdraw from Binance to Bank after they have successfully verified their account. There are withdrawal limits and withdrawal fees that we cover in the blog post we’ve written about this topic.

Starting a bank transfer is really easy on Binance, so getting fiat currency from your crypto operations is usually easier on Binance than on other platforms.

Pro Tip: Thanks to its low fees regarding withdrawals, Binance is used as an intermediary for withdrawing fiat currency from decentralized exchanges. For instance, if users want to Withdraw from Trust Wallet to their bank, they would need to send the funds to Binance first.

Your Binance account has unlimited potential! There are other features that can help you enhance your crypto experience if you use this exchange, and we’ll show them all to you right away.

Trust Wallet

Understanding the limitations of their native wallet, Binance decided to acquire and back up Trust Wallet.

Trust Wallet serves as a separate application where users have total control of their asset’s private keys. It’s a decentralized environment that serves as a Bitcoin, Litecoin, or ETH deposit address - it’s your choice.

Hence, if you want to store your coins or tokens in a non-custodial wallet, then Trust Wallet is definitely for you.

Read Also: Trust Wallet offers unlimited possibilities for all those who want to ensure the safety of each one of their crypto. We’ve written a Trust Wallet Beginner’s Guide - check it out so you can get started with it!

Binance Trading Fees and Other Fees

Users need to pay fees whenever a crypto operation takes place on Binance. Overall, Binance charges low trading fees and withdrawal fees if we compare them with other exchanges in the market.

All transaction fees depend on the trading pairs of the operation. Thus, determining the trading fee is a matter of many factors that include the state of the network, amount of cryptos, and more.

If you want to learn more about Binance trading fees, click here.

Binance Coin (BNB) and Binance Ecosystem

Binance has created its own blockchain network called Binance Smart Chain. The native token of this network is called Binance Coin (BNB), which is fully optimized to offer fast transactions and low fees for all those who operate with it.

Binance Coin aims at solving common problems that happen with Bitcoin or Ethereum trading pairs, such as network congestion and high fees that interfere with users’ economic goals.

Pro Tip: Binance Smart Chain presents itself as a really efficient network to manage operations in. It’s possible to learn how to Add Binance Smart Chain to MetaMask - you are just one click away from doing so!

Binance Peer-to-Peer Trading

The connection between cryptocurrencies and fiat money needs to be more efficient right now, and Binance knows it.

That’s why Binance P2P has created an environment where allowing transactions between fiat money and BTC, EHT, BNB, and other cryptos is easier than ever before.

This payment channel charges zero fees, which is why it is starting to rank itself as a more than great alternative for those businesses that want to have a deeper connection with the crypto universe.

Pro Tip: Among other financial alternatives and products offered by Binance, it’s possible for users to access Bitcoin and Crypto loans. These loans do not affect the user’s credit score, so they might as well present a great opportunity for those who want to open their way through the crypto universe.

One of the things that users love the most about Binance is the fact that their servers are steady and hardly fail.

Nonetheless, that doesn’t mean that you can’t face specific problems related to your Binance account - for example, when Binance deposit fails.

Before you rush in and decide to delete your Binance account, let’s see what’s happening with the platform first.

Binance Withdrawal Suspensions

From time to time, Binance might suspend specific cryptocurrency withdrawals.

You might encounter Binance withdrawal being suspended during times of high volatility as it happened few times in the past.

Binance Academy

Binance Academy is an enormous source of crypto knowledge that anyone can have access to.

Are you facing a problem purchasing Bitcoin? Perhaps you can find an answer in the academy. Don’t you know how to set a good slippage tolerance for a certain operation? Let Binance Academy come to your rescue.

Their guides and articles are written in a way that everyone can quickly comprehend the dos and don’ts of the platform. Don’t hesitate to check it out!

Binance Customer Service

If you can’t find a proper solution for your problems in the Binance Academy, then it’s time to send a message to the Binance Support Team.

Is your account restricted? Are you facing issues while trading coins? Did the verification process fail? Binance Support is ready to assist you no matter what.

Nonetheless, some users say that Binance Support Team takes a while to answer back, so take that into consideration before submitting a request.

Binance Alternatives

Binance is not the only feature-rich exchange in cryptocurrency world.

We prepared Crypto.com vs Binance comparison article as well as Binance vs Coinbase - they might be handy in case you want to find something else.

Final words - there’s a reason why Binance is the absolute king of crypto exchanges. Their low fees, wide variety of options, and overall features create an environment where everyone can feel comfortable investing their money.

The best part is that you can now count on GrowFollowing for reliable Binance-related information, so it’s up to you to decide!

FAQ

Can I Send Crypto from Coinbase to Binance?

Yes, and you can Transfer from Binance to Coinbase as well - you are not limited to only one exchange! However, be sure to carefully think about where to store your assets before doing so.

Can You Enable Two-Factor Authentication on Binance?

Yes, you can. User Protection is one of Binance’s top priorities. Hence, enabling Two-Factor Authentication will definitely enhance the safety measures on your account, which is crucial nowadays.