Do you know what Binance is and how to use it?
Most likely not, which is what this guide is supposed to help provide you!
For starters, lets talk about Binance. It was founded in China in 2017 by Yi He and Changneng. Both worked at the OKCoin exchange before deciding to go off on their own to build a unique crypto exchange by themselves. But as they created it, the company was forced to leave the country by the Chinese government not too long after since China banned cryptocurrency trading. Since then, it’s had offices in both Taiwan and Japan, but right now it’s based out of Malta.
Binance has its own cryptocurrency that’s called Binance Coin (BNB). Their exchange was able to use an initial coin offering of Binance Coin to fund $15 million dollars in July 2017, with certain discounts offered to those who used BNB to pay trading fees (which will get explained later on). If you haven’t seen my previous blog posts, an initial coin offering, or ICO, is a simple way for crypto businesses to raise funds without having to use complicated methods like stocks or bonds.
Currently, CoinMarketCap has Binance as the second largest crypto exchange company right now and there has been more than $2.1 billion worth of cryptocurrency traded on the exchange in the last 24 hours! It’s good to note that Binance is a crypto-to-crypto exchange, which means that users can only use it to trade their cryptocurrencies on it. If you don’t own any, you’ll have to buy some in order to start trading on Binance. So if you’re thinking about using it, it’s best I you use an exchange network that offers you flat currency trading, such as Coinbase, CEX.IO or Coinmama. Fiat currencies are just the official currencies of nations like the Japanese Yen, US Dollar and so on.
Once you have some cryptocurrency to trade, you can do it with more than 200 coins and tokens on the Binance network. Now that you know what Binance is, it’s time to learn how to correctly use it. But before I dive into that, I’ll need to explain how you open an account.
How To Open A Binance Account
If you’re going to open a Binance Account, you’ll need to follow these simple steps and you’ll be trading in no time at all!
Register: The first thing you’ll need to do is get registered on Binance’s homepage. Click on Register and you’ll be redirected to the right page. 
You’ll need to provide your email and then create a password.
It’s best if you always use an email address that’s secure and one that you check all the time. Create a password with a mix of numbers, symbols and upper-and lower-case letters, too.
Always read the Terms of Use and then click Register to complete the process.
Prove you’re not a robot: You’ll be asked to finish a puzzle so to identify that you’re not a bot. Once that’s done, you’ll get an email and then click on Verify Email to finish the registration process. Now you have a Binance account. 
Secure the account: before you start trading, you’ll want to secure your account. When you login to the account for the first time, you’ll be asked if you want to setup what’s called a 2FA. It’s important that you say yes. You don’t want to skip it or else you’ll regret it later. This is a two-factor authentication that gives you extra security in the form of another password. You’ll enter your normal one and then a second code that can be sent to any mobile device by SMS.
How To Fund Your Binance Account
I’m going to use Coinbase for this tutorial, which is just one way to fund your Binance account. You can use a similar process for practically any other exchange you are sending funds from. I’ll use Ethereum (ETH) as an example of a cryptocurrency you can also use to fund your account.
Visit Coinbase: First you’ll want to have a Coinbase account so set one up if you don’t have one. Once there, click on Accounts. Then click on Send where it says ETH Wallet. From here, you’ll be asked to enter a Recipient, which is where the Ethereum will go.
You’ll sending it to a Binance, so you’ll need to have an Ethereum address in order to send the funds to.
Login to your Binance account: Once in your Binance account, go to the taskbar and click on Funds then Deposits.
Enter the cryptocurrency you need an address for. For example, I’m using Ethereum. This way Binance will create an Ethereum address for the funds to be sent to.
The ETH Deposit Address is where you’ll send your fund to so copy and paste that into the Recipient box inside your Coinbox account.
From here, you’ll then decide on how much you want to send to your Binance account and just click on the Send button. You’ll see the funds appear in your account as soon as the Ethereum network can process them.
I hope this tutorial on how to use Binance to open and fund an account was easy! Once you do that, it’s now time to trade on Binance.
How To Trade On Binance
There are two ways to trade on Binacne: Either using the Basic setting or Advanced setting. If you’re a beginner, you’ll wan to start by choosing the Basic option. This option ahs a simple layout that’s not complicated to understand. All the important information needed for trades will be displayed. But you have to remember that Binance is a professional trading platform, so even its Basic setting might be a bit complicated for some beginners. But once you get used to all the functions, it won’t take long to understand fully.
The Advanced provides expert traders with access to more features like the price charts and market data needed to make complex trades. Since my guide is for newbies, I’m going to go through the steps using the Basic setting. I’ll save the tricky stuff for a later day.
Now it’s time to start trading on Binance!
How To Do Basic Trades
Login to your Binance account first and foremost.
Click on Exchange and then select Basic.
Once you’re on Basic, you’ll see that it’s not as basic as you thought!
Choose a trading pair. This exchange has hundreds of different trading pairs. These are pairs of coins that Binance provides an exchange rate for. So let’s say that Bitcoin can be traded with 143 different coins. That means Bitocin has 143 trading pairs on the exchange. Since I’m using Ethereum, we can only trade with Ethereum as our cryptocurrency. But to find out what cryptocurrencies are offered for trading with Ethereum, you’ll need to select ETH at the top right corner. You’ll be able to see that it has 140 different trading pairs on this exchange. Now just select the coin you want to exchange for. So let’s say you want Ripple (XRP).
Choose which trade type you want: Binance has three types of trade and you’ll need to choose which one you want to make: Stop-Limit Orders:
This type allows traders to buy or sell coins once they have reached a pre-determined price. Usually, pro-traders this one a lot.
Limit Orders: With this type, users can set the max price they want to pay for their coins or the minimum price they are willing to sell for. Traders can wait until a buyer or seller accepts this price.
Market Orders: This is the most common one and it allows traders to trade coins at their current market price. It’s the fastest and easiest way to get started. This is how I’ll continue the tutorial since it’s easy for newbies.
Choose how much you want to trade for: Once you’ve decided on the type, click on Market if you want the current market price and then enter how much Ripple you want to purchase. You can enter this figure as an amount or percentage of the Ethereum in your account. Select Buy XRP and you’ve officially completed your first Binance transaction as a trader!
You can continue this process to make future trades. But before you do, you’ll need to know about Binance trading fees.
Binance Trading Fees
You’ll be happy to know that Binance trading fees are actually some of the lowest around! Binance doesn’t charge you to make deposits because the exchange is cryptocurrency-only. So it avoids all the high fees that other exchanges that offer traditional currencies have to offer.
But you’ll still get hit with fees since Binance charges different fees for different cryptocurrencies. But they’re all still very low. So lets say you withdraw Ethereum, you’ll only be charged 0.01ETH. If you withdraw a Ripple, the fee will cost you 0.25 XRP. But Binance trading fees are capped out at 0.1% of each sale or purchase you make. And this fee becomes 50% lower if you used Binance Coin to pay them, so that’s a final fee of just 0.05%.
If you check out the trading fees of other competitors, you’ll understand why Binance is so popular for many traders. Bitstamp and Bittrex are also popular for their low fees, since they both charge 0.25% for each trade you make. That’s actually five times more than what Binance charges! So as you can see, these trading fees are one of the reasons why it’s so popular.
Now it’s time to talk about Binance and another great feature, which is security!
All About Binance’s Security Features
If you walk away with anything from my guide, walk away with at least this – how to use Biance safely! There are various ways that Binance users can better protect themselves against hackers and thieves and here’s some tips on how to do that while trading:
Use the two-factor authentication feature
This one is really important! It’s so important that I had to mention it twice to really drill it in your head.
Ignore requests from fakes
You might get requests from people claiming to be from Binance. You should never give out any information to them. No one from Binance will ask you for your passwords or 2FA codes. And they’ll never ask you to send coins to a “safe account.” Just ignore these requests if you do get them.
Use the official Binance site
Never click on any links to Binance in pop-ups or in your emails. Always use the official URL to the Binance site and bookmark it for easy access.
If you need to contact anyone at Binance for whatever reason, always us the contact information found on their homepage.
Have a strong anti-virus software
You’ll want to ensure that your device is safe, so make sure that you use anti-virus software. This way, using Binance will be a safer experience, and you’ll always safe while using your computer. Also, make sure that your devices are free from viruses and bugs when accessing your Binance account. Your account will only be as safe as the computer or device you’re signing on from.
You may have noticed that using a crypto exchange isn’t like using a regular bank. There are no helplines to call if you have a problem or a physical address to visit to speak to someone. You are solely responsible for the security of your account. So as a beginner to this, it’s vital that you stay safe.
Okay, so now that you’ve learned what Binance is, how to open an account, how to do Basic trades, trading fees and how to enhance security, it’s time to learn what kind of user Binance is perfect for!
The Kind Of User Binance Is Designed For
Binance was designed to appeal to a variety of users. The exchange is easy to use for beginners who take the time to learn the platform and offers enough coins and features to keep experts happy. I would totally recommend Binance to crypto traders of any experience level.
However, the only users who might struggle somewhat are first-time traders. These are users who don’t have any cryptocurrency and may not understand the basics of what crypto trading entails. So if this sounds like you, then you might want to sign up for an exchange like Coinbase. With that exchange, you’ll be able to purchase your first cyptocurrency with fiat currency in order to make simple and basic trades. After a while, you’ll be ready to tackle Binance!
But trading with Binance, you’ll be able to go from beginner to expert pretty fast thanks to its Basic and Advanced settings. You can start easy with Market Trades and then work your way up to Advanced levels. But whatever level you are at, Binance offers users a great selection of coins and the necessary market information you won’t find on other exchanges like it. But the one thing it doesn’t have is fiat trading, but that is about to change!
On June 28, 2018, the company announced it launched its first fiat trading exchange in Uganda. Users from Binance Uganda will be able to buy cryptocurrencies with fiat currencies for the first time! Once that feature is rolled out all across the Binance exchange network, users won’t need to trade anywhere else, in my opinion.
So I’ve spoken on how to buy Binance, who should use it, how much it costs and about its security features…so now all that’s left is some final words of wisdom.
Closing Thoughts
Currently, the cryptocurrency exchange market is pretty crowded. The ones that succeed are the ones that offer features every type of trader can enjoy. I think I’ve set that premise up pretty well in my Binance guidance and find it really the best platform. It really works, which is why it has a trading volume of more than $2.1 billion.
Many customers all over the world use it and that’s because it’s fairly simple and has loads of trading features.
Now it’s time for you to go out and try it on your own! I’d love to hear some feedback on how you liked it!
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