You want to buy cryptocurrencies but you don't know how you use it Binance exchange;
This guide will answer all your questions about How does the exchange work? Binance.
Let's start with the basics.
To register on the exchange Binance you can from here.
Table of Contents
What is Binance exchange?
Η Binance is the largest cryptocurrency exchange in the world, with a trading volume exceeding 2 trillion USD per day.
The exchange offers a wide range of cryptocurrencies to buy, sell and trade, including Bitcoin, Ethereum, Tether and over 400 tokens and coins.
Binance was founded in 2017 by ΤShangpeng Chao, a businessman from Hong Kong.
The exchange has since expanded to more than 180 countries and areas, with more than 100 million users.
| Web address: https://www.binance.com/ | Deposit methods: SEPA & Bank transfer (ACH), PayID, Debit card, Credit card, SWIFT, Cryptocurrency |
| Location: Cayman Islands | Minimum deposit: 0,00005 BTC / 0,00000001 USDT |
| Cryptocurrencies: BTC, ETH, DOT, ADA, DOGE & 600+ more | Trading Supplies: Maker: 0,015%, Recipient: 0,1% |
| Fiat currencies: USD, AUD, JPY, CAD, PKR, CNY, EUR, GBP and more | Mobile App: Yes |
Also, if you're into video, I've made a step-by-step guide on Youtube for how to register on Binance.
How Binance works
Η Binance works as an intermediary between buyers and sellers of cryptocurrencies.
Users can buy cryptocurrencies for example Bitcoin with fiat money, such as dollars or euros, or with other cryptocurrencies.
Binance offers various types of transactions, included:
- Spot transactions: Spot trading is the most basic form of cryptocurrency trading. Users buy and sell cryptocurrencies in real-time, based on the current buy and sell price.
- Leveraged trading: Leveraged trading allows users to open positions that are larger than their available balances. This can allow them to make more money, but also to lose more money in the event of a loss.
- Derivatives transactions: Derivatives trades are based on underlying assets such as stocks, commodities or cryptocurrencies. Users can bet on the rise or fall in the price of an underlying asset.
Advantages of Binance
Binance offers a number of benefits to its users, including:
- Wide range of cryptocurrencies: Binance offers a wide range of cryptocurrencies to buy, sell and trade.
- Reduced Fees: Binance offers reduced transaction fees compared to other cryptocurrency exchanges.
- Security: Binance uses a number of security measures to protect its users' money and personal information.
How to register on the Binance exchange
To register on the Binance exchange, you must log in from Binance official website and will take you to register.
You will enter your email or phone number and click the next button. You can also register with Google, Apple and Telegram.
Then you will click on your Profile and click on Unverified option.
And it will take you to the page to do a quick KYC
If you don't know What is KYC? It is the certification that you are a real user and not a Bot, also in recent years KYC has been required by Greece and Europe.
And with an ID card or passport you will be able to verify your account.
How to make a deposit on Binance
To do deposit to Binance You can do it in two ways.
Let me show you the first method in detail.
Deposit by card
You will go to class Buy crypto and you will select the button Credit/Debit Card.
and it will take you to enter your country, select visa or mastercard and press continue button.
Immediately after that, you will be taken to the page where you will enter your local currency and you can make a deposit from $15 to $12.000.
and then you will choose the cryptocurrency you want to buy like, USDT, Bitcoin, Solana and more.
and that was it, you will enter your card details and the purchase will be made within a few seconds.
Depositing Cryptocurrencies on Binance
The second way is to deposit with cryptocurrencies.
On the home page you will click on wallet button and you will select the Fiat and Spot category.
Then you will press the button Deposit Crypto and you will choose which cryptocurrency to deposit with.
For example, I have made a deposit with USDT with the TRX network.
and you will send the crypto to address which will show you.
Cryptocurrency Trading
After you have completed your registration and made the deposit, let me show you how to buy and sell cryptocurrencies .
You will click on the category trade/spot and it will take you to the page to buy cryptocurrencies.
To complete your purchase you must have purchased and have it in your wallet. USDT or USDC.
Then you will select the cryptocurrency you want to buy and click on the market option, enter the money you want and click on BUY button.
and that was it the purchase was completed.
The same process can be done on all cryptocurrencies that Binance has.
Futures Trading on Binance
If you are quite a beginner and don't know what the future trading I would suggest you not to bother with it because it requires quite a bit of study and a lot of time to learn.
However, if you want to know more information, I will explain it in simple terms.
The Futures Trading on Binance allows users to speculate and from the rising price but also from the falling price of a cryptocurrency without owning the asset itself.
These are contracts. futures contracts with which you can trade with leverage in over 200 cryptocurrencies.
Let me show you now. how to do futures trading.
On the Binance homepage, you will go to Derivatives > USD-M Futures and it will transport you to the future environment.
However, there you should know some basic settings.
What is Cross and Isolated Margin?
When you trade with cross Margin uses all of the available balance in your futures wallet to cover potential losses, reducing the likelihood of liquidation but increasing the risk of losing all funds.
Now if you do futures trading with Isolated Margin It limits your risk to a specific amount you want for each position, protecting your account balance and is what I personally choose.
Leverage
In the leverage category, you can put as much as you want. (e.g., 5x, 10x, 20x) depending on the risk you want to take.
Higher leverage increases potential profits but also the risk of liquidation, so if you are a beginner, no more than 4x.
Types of Orders
- Market Order: It is executed immediately at the current market price.
- Limit Order: You set the specific price you want to buy or sell.
- Set Stop-Loss and Take-profit to limit losses and lock in profits automatically.
Finally, put in the money you want to make future trading and choose whether you will long η shorts, that is, whether you want to profit from the rise or the fall.
Tips for Safe Futures Trading
- Risk Management: Don't invest money you can't afford to lose. Use only 1-2% of your capital per trade.
- Low Leverage for Beginners: Start with 3x-5x leverage to reduce the risk of liquidation.
- Using a Demo Account: Binance offers a futures demo account to practice risk-free.
Binance Card
Η Binance Card was a Visa debit card that allowed users to convert and spend cryptocurrencies (such as BTC, BNB, BUSD) into fiat currencies at over 60 million merchants worldwide.
However, in recent years it has stopped operating in Europe and several other countries.
Also, if you are interested in crypto cards, I have written a detailed guide about them. Bybit card but also for nexo card.
Passive Income
The staking isIt is a process where you lock your cryptocurrencies on Binance.
In return, you receive rewards (rewards), usually in the form of additional cryptocurrencies.
It is a way to you earn passive income of your cryptocurrencies without having to sell them.
To enter staking, you will go to the category Earn and choose Staking, however in many countries this earn option is not available.
On Binance, staking offers two main options:
- Locked Staking (Locked Staking): You lock your cryptocurrencies for a specific period of time (e.g. 30, 60, 90 days) with a fixed annual percentage rate of return (APY).
- Flexible Staking (Flexible Staking): You can withdraw your cryptocurrencies at any time, but the returns are usually lower.
How to Withdraw from Binance
Now if you want to do from the Binance withdraw it is a simple process, whether it is cryptocurrencies or fiat currencies (e.g. euros).
Binance offers two main withdrawal options:
Cryptocurrency Withdrawal: Transfer cryptocurrencies (e.g., BTC, ETH, USDT) to an external wallet.
Fiat withdrawal: Transfer euros (or other fiat currency) to a bank account or other payment services (e.g., Revolut).
Fiat Withdrawal (Euro)
To make a withdrawal in EUR you must contact us at Fiat Wallet category you will find the eur and press it withdraw button.
Then you will choose the withdrawal method and transfer the money with the SEPA method.
However, if you have never made a withdrawal on Binance before, you will first need to deposit some money from the bank you want to send the money to.
and that was it, within a few minutes the money will be in your bank.
Security and Trust
On the Binance exchange, security measures are quite extensive, there is two-factor authentication (2FA), SMS Authentication, Anti-Phishing Code, and Device Management.
Also on Binance there is Safety Asset Fund for Users (SAFU), which fully compensated users after 7.000 BTC were stolen in 2019.
Below you will see basic tips to make your exchange more secure.
- Password – Use a strong password containing at least 12 characters, including uppercase, lowercase, numbers, and special characters.
- Double verification – Activate it two-factor authentication (2FA) to have extra security on your account.
- Your personal information - Never reveal your personal information. or your account password to anyone.
My Opinion on Binance
Binance is a powerful cryptocurrency exchange that offers a number of benefits to its users.
However, users should be aware of the risks involved in the cryptocurrency market before starting to use Binance or any other cryptocurrency exchange.
Disclaimer:
What we mention on the website Bitsounisproject is for educational and entertainment purposes, does not constitute investment advice.
The above links to the services mentioned may be affiliate links.
