BINANCE

VISIT BINANCE EXCHANGE

HISTORY

Binance is one of the largest and the best exchanges on the market, it’s based in and operates out of British Virgin Islands, Tokyo and Hong Kong. It was founded by Changpeng Zhao, who was the former co-founder and CTO of OKcoin, another cryptocurrency exchange based in Beijing, China. Binance is co-founded by Yi He, another member from OKCoin’s founding team, who decided to join Zhao at Binance. It started with a token-sale. Binance has its own currency abbreviated as BNB (Binance Coin). It started with a total supply of 200 million tokens. They raised $15 million in just the pre-sale, which kick-started the venture. Binance started soon after the pre-sale was over, and since then it has just continued to grow. Being launched in 2017, Binance is actually a new exchange but it has already gained a huge following and an impressive reputation. Reasons for this huge popularity include extremely low trading fees, all of the major cryptos are supported, a good interface and huge discounts when using its own coin (BNB) to purchase other currencies.

REGISTRATION

Signing-up on Binance is very easy, especially for new users who want to register for a Basic account. An advanced sign-up requires your government issued ID, which might take some time to verify. A basic account however, is almost instantly ready to use.

As for verifying your account, this is not needed if you only plan to withdraw more than 2BTC or the equivalent value in any other cryptocurrency per day. If you did require more, by verifying your account to level 2 you will be able to increase that withdrawal limit to 100BTC per day. This will require the uploaded of a government-issued photo ID and other things like your name and address will also need to be verified as well.

You can have your account verified to higher levels too which will increase your limits even more but doing so will involve getting in touch directly with the support staff at Binance.

FUNDING YOUR ACCOUNT

Binance is an only cryptocurrency exchange, so you can not connect your Bank account to your Binance account and make deposits or withdrawals.  To begin trading, you first need to fund your account. To do so, click on the Funds and then Deposits tabs. On the Deposits page, choose which cryptocurrency you’d like to fund your account. The best option is to deposit BTC or ETH  as they have most of the pairs with the booth. Binance provides you with a public wallet address to transfer the cryptocurrency from your other accounts. Once your account has some funds, you can start investing. Navigate back to the exchange dashboard by clicking Basic under the Exchange tab in the upper left-hand corner.

TRADING

Customers from any country are accepted to trade on Binance. There are two options for trading platforms on Binance: Basic and Advanced. There aren’t many differences between the two views with the exception of being able to do more detailed technical analysis in the Advanced view.