What is Binance?
Binance is one of the biggest and leading online cryptocurrency trading platforms, where you can trade 50+ cryptocurrencies. Binance was founded in the summer of 2017, funded by a massive ICO (Initial Coin Offering) which ensured that the finances to run the trading platform were solid from the beginning and also ensured that they had a great starting database of users who wanted to support the site.
The users who invested in the ICO were given Binance's own cryptocurrency BNB as a “gift” for investing, which they could use to trade in the platform to invest in other cryptocurrencies. This led to massive trading volumes right from the start and at the beginning of 2018 they are in the top ten of the world in trading volume across different cryptocurrencies. You can see the trading volume of Binance's active markets here, where you can also see a general overview of the markets that they offer to their traders.
Binance offers multiple different languages for their users, ensuring that many can trade using their native tongue or as a minimum in the second language of their choice. This leads to fewer misunderstandings when you trade and allows you to trade safely and confidently.
What Can I Trade in Binance?
Binance allows you to trade different cryptocurrencies, including the most popular and some of the latest to the market. They do not have a fiat-currency to cryptocurrency trade option, as they have opted out of fiat currencies. Instead you can trade coin-to-coin and pair up cryptocurrencies in trades, the way that you prefer in comparison to how you think the market will move.
Cryptocurrencies are being added to the trading platform on a regular basis, as well as removed, to ensure that it is only the reliable coins with actual value that you will find in the platform. Should Binance decide to remove a cryptocurrency as a trading option, you will see that the wallet will be suspended and you will only be able to withdraw your coins, not trade or deposit them, to ensure that users don't think they are getting scammed.
Binance Trading Platform
Binance has a great trading platform, whether you are a rookie to the whole trading world or if you are a skilled and advanced trader who needs all the tools available to make the right trades. As a trader you will have the option to choose between the “basic” and the “advanced” trading platform, which is great for users as they can choose the one that they prefer and not have things shown that they don't feel like they need which can cause confusion.
In the basic trading platform you can see which cryptocurrency trading pair you are trading and the current buy orders for those, relevant to the current value of the pair. This could be the volume of a lower priced trade or the exact opposite and you can choose how many decimals you want to see in those buy orders. You'll also have the option to buy cryptocurrency when it hits a certain price limit, at the market price or even at a price limit, which executes your order as soon as it hits the specified price point.
You can also place a sell order for your coins, if you are looking to cash out on the profits made on your coin and invest in another cryptocurrency instead. This can be done by placing a sell order at a certain price point or at a price limit, which means that you have total control over when you want to sell and at what price you want to sell at. Furthermore you can also see the market trade orders as they happen in real time, you can see your own finished trades and finally you can see your current open buy/sell orders.
You will of course also be able to see the price point of the cryptocurrency you are trading, either against the pair or in USD. Furthermore you can see the highest price the past 24 hours, the lowest price the last 24 hours and also the total trading volume the past 24 hours. A deeper insight is also available as you have candlestick and depth graphs available on the site when you trade, allowing you to see how the market has changed in real time, the last minutes, last hours, last days or even last weeks. A quick overview of the market pairs is also available so you can easily find the next pair you want to trade.
The advanced trading platform is quite similar to the basic one, but allows you to go more in-depth with graphs, statistics and so on. There you are a wide variety of different indicators you can choose from and it also looks more like a typical trading platform in comparison to the basic version.
Can I Buy Coins?
Yes and no. Binance is a “coin only” trading platform for users who are looking to trade different cryptocurrencies in real time, which means that it is possible to buy different coins, for example buy Ethereum with Bitcoins, but it is not possible for you to deposit fiat money (USD, EUR etc.) into Binance and purchase Bitcoins or other coins.
If you are looking for a place to begin your cryptocurrency adventure from scratch, i.e. purchasing cryptocurrency with fiat currencies, then you need to start another place. You can have a look at our Bitcoin Exchange section, where some of the most reliable places to purchase Bitcoins and other cryptocurrencies are listed. You can also get in touch with us and we'll help you get started the right place to ensure that you get fair prices and a reputable place to start your adventure. You can get in touch with us here.
Can Binance Hold My Coins?
While we do not recommend that you stash your cryptocurrency coins in a trading site, due to the generally lower safety compared to offline wallets and such, it is possible for you to deposit your cryptocurrency into the site and keep them there. Binance is meant as a place where you only deposit and hold coins that you are looking to trade with, not as a cryptocurrency wallet.
If you have just started trading and you don't own massive amounts of cryptocurrency yet, it can be fine to keep your coins stashed there so you can trade when you like. But if you start accumulating a larger portfolio of coins of a high worth, then we definitely recommend that you begin looking for safer alternatives. Those could be wallets that can only be accessed from your own private computer with a highly difficult password.
No matter if you decide to keep all your coins in Binance or if you are just keeping a small amount, you should always enable two-factor authentication. You can read more about this in the “Safety” section of this article.
It is quite easy to make deposits and withdrawals on Binance. To make a deposit, please choose the cryptocurrency that you want to deposit in the “Funds” menu and click the deposit button. Once selected, you will see your unique deposit address and from there you simply copy it to your wallet and decide how much you want to deposit and then send the funds. Depending on which cryptocurrency you are looking to deposit, the funds will be in your account within seconds to a couple of hours, all dependent on how many blockchain confirmations that are needed before Binance receives them. Information regarding how many confirmations that are needed is displayed in the cryptocurrency deposit page and should the funds not hit your account, you should always contact support.
For withdrawals the process is quite similar. You choose which cryptocurrency you are looking to withdraw from Binance, you choose the amount you want to withdraw and then you will be asked about your two-factor authentication code. Once you have written in the code you simply enter your wallet address and submit the withdrawal, the funds will then be available in your wallet within the preset amount of confirmations needed on the blockchain of the cryptocurrency of your choice. Should your withdrawal not hit your wallet, then contact the support who will look into if the funds were not sent or if there has been another error.
Are There Any Fees?
If you start using Binance as a cryptocurrency trading platform, you will be subject to different fees, depending on the situation. Binance needs to charge fees for their services in order to actually make any money and be able to run their company, which means that whether you are trading or if you are making a withdrawal, you will be subject to different fees, there are no fees on deposits though.
When you start trading, whether it be for a small amount or for a larger amount of money, every single trade will have a 0.1% of the total trade volume as a fee. This means that if your trade is worth 1 Bitcoin, you will be charged 0.01 Bitcoin once the trade has been finalized. It is of course possible to see the trade fee amount for every trade made and there's also a trade history menu where you can see all your trades done and the fee charged.
It is possible to get a discount on your trading fees on Binance however. If you are enable the feature where you use BNB to pay for the fees, you will receive a 50% discount on all trading fees for their first year, 25% the second year, 12.5% the third year, 6.75% the fourth year and from the fifth year and onwards you will no longer be eligible for a discount. It is important that you enable this feature before you start trading, so you pay less fees and thus earn more money.
There's also a fee for every withdrawal made from Binance. The fees are variable depending on which cryptocurrency you are trying to withdraw, to make sure that the fee is relevant in comparison to the value of the cryptocurrency you are withdrawing. Binance lists all their withdrawal fees on their website, so there will be no surprises when you want to withdraw and all withdrawal fees are adjusted accordingly with their blockchain conditions.
Safety is an important issue for Binance, who are always looking to ensure that their site is a safe place to trade. While we cannot go into depth about how they protect their site from DDoS attacks (Distributed Denial of Service), we can explain you what they do to ensure that your account will not be comprised and have your cryptocurrency stolen.
Like with all other trading platforms, Binance will ask you to register an account with your email and a strong password, to ensure that malicious users cannot try the easy-to-guess passwords to access your account. But besides that, Binance recommends at every login that you enable their two-factor authentication feature.
The two-factor authentication feature is very important to enable on your account, as it is the feature that will ensure that it will be much more difficult to hack your account and steal your coins. Binance offers two-factor authentication through SMS to your phone in selected countries and also Google authentication for those who prefer that or doesn't live in a country where SMS authentication is supported.
If you are not familiar with what a two-factor authentication is, it is basically a feature where you get a unique code either on SMS or through Googles app, which you have to enter in order to confirm withdrawals, password changes and everything else related to security. It provides an extra leg of security and should always be used.
Binance is one of the biggest trading sites in the world for cryptocurrencies and it shows in their support department. There are agents sitting ready to help you around the clock, through many different contact channels, allowing you to choose the method of your liking to contact them for any inquiry.
You can submit a ticket to them through their online helpdesk, where you can also find articles that answers the most common questions asked by users. You can also send them a Binance Telegram through their telegram service, you can send them an email, you can write to them on Facebook, DM them on Twitter or even contact them on Reddit.
Where do I Sign Up?
If you are looking to start trading cryptocurrencies with Binance, then you can register an account right here.