Binance site and user registration
The Binance cryptocurrency exchange, whose headquarters are located in Hong Kong, has rapidly reached the TOP sites in terms of trading volume, although a year has passed since its opening. This was facilitated by several factors, the key of which are the site’s functionality and management, one of the leaders of which is the legendary financier Yee Hye. Just the news that he is joining the project has raised the company’s capitalization by 40%. The influx of new users has become so high that, in January of this year, Binance even closed new registrations for a certain time and upgraded its equipment under increasing loads.
The exchange interface is customer friendly, intuitive and relatively simple. There are 6 languages available, including Russian, although the translation has some “flaws” and is far from complete. Therefore, those users who have a minimum command of English will be more comfortable using the English interface.
There are no nuances here – specify email, password, if you want a referral link, confirm the captcha. Account activation is carried out by the link sent by e-mail.
To start full-fledged work on the exchange, users should undergo verification, which has three steps. For the first one, you should connect your mobile phone number or use Google verification.
After the first stage, the amount of funds withdrawn will be limited by a limit of 2 bitcoins per day. For most users, this is more than enough.
You can increase the limit of withdrawn funds to 100 BTC daily by going through the next stage of verification, providing passport scans and a signature sample, or legal information if trading is carried out on behalf of the company.
If this limit is not enough, then you need to contact support and fulfill all their requirements, the amount of which is determined personally for each of the clients.
Deposit and withdrawal of funds
It is necessary to start trading on the exchange with the deposit of funds. You can top up your account with bitcoin or one of about 50 altcoins – it’s impressive, isn’t it? At the same time, you cannot replenish the account with fiat money. When replenishing, you need to go to the deposits section and select the necessary currency, after which the wallet address for replenishment will be provided.
Be careful, as errors and transactions of inappropriate cryptocurrencies can lead to their complete loss.
It is very convenient that under the replenishment form there are links to available pairs with the participation of a particular cryptocurrency.
The withdrawal of funds within the established limits is similarly carried out.
Trading on the Binance Exchange
To start bidding, you should log in and go to the ‘Shopping Center’.
As you can see, you can choose the main interface or advanced (in the current translation, this menu item will look like “advance”).
There are no special differences between the interfaces, but if you are going to use analytical tools, the second option is preferable.
Next, select the pair we need, a list of which is presented at the top of the screen.
On the left side you can see a graph of the change in rates and configure markers, time intervals and many other parameters. The tools for statistics and analytics on the exchange are very well.
You can choose one of 2 types of orders:
- Limit, they are executed when a certain course is reached;
- Market, orders executed at the current rate;
- Stoplimit, where stop is the price of the start of transactions, and the limit is its restriction.
The popularity of Binance is largely due to the speed of order processing, which is at the level of almost 1.5 million per second, which is the result that most competitors can only dream of.
As for the commission, this is one of the advantages of the exchange. It is only 0.1% of the amount of the order, and if you use your own tokens, then in general 0.05%.
Binance Exchange, like any top-level project, provides high liquidity with extremely fast closing orders. Relative disadvantages include the lack of support for classic currencies and certain difficulties with account verification. Most users’ reviews of Binance are extremely positive. The platform works with an incredible amount of cryptocurrencies (about 50 today) takes a small commission on transactions, provides statistical data and analytical tools. In a word, everything that is necessary for successful trading is here. The security question remains open – after all, the exchange has not existed for so long, and there is no detailed information on this on its website. One can only assume that it is at the highest level, as well as the exchange itself in the ratings.