How does Binance work? If you are new to cryptocurrency, the inner workings of Binance can be confusing and intimidating. That’s why we’ve created this comprehensive guide.
We will take a deep dive into the various features of Binance, including account setup, verification, security measures, funding and withdrawals, and more. After reading this guide, you will have a solid understanding of how Binance works and be able to navigate the platform confidently.
What Is Binance?
Binance is a digital asset platform that allows you to buy, sell, and trade various cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and hundreds more. It is similar to traditional stock exchanges, but instead of trading stocks, you trade digital assets.
Digital assets, also known as cryptocurrencies, are virtual forms of currency that use cryptography for security. Cryptocurrencies operate independently of any central bank or government and are based on blockchain technology, which is a decentralized digital ledger that records transactions across a network of computers.
Binance was founded in 2017 and quickly became one of the world’s largest and most popular cryptocurrency exchanges. The platform is open to individuals worldwide and has a user-friendly interface that makes it easy for beginners to navigate.
To join Binance, you only need to create an account by providing personal information and completing a verification process. Once the account is set up, you can deposit funds into your account and start trading. More on these steps later!
Please note that Binance may be blocked or restricted in certain countries or regions. In such cases, you can use a Virtual Private Network (VPN) to access the exchange platform. However, it’s essential to use a reputable VPN service and be aware that using a VPN to access Binance may be against the platform’s terms of service.
Ready to take your crypto investment to the next level? Here is a step-by-step guide to get you started.
Step 1: How to Set Up A Binance Account
Setting up a Binance account is an easy process. To get started, go to the Binance website and click on the “Sign Up” button. You will be prompted to provide your email address or phone number and create a password. Alternatively, you can create your account with your Google or Apple email.
Step 2: How to Get Verified on Binance
After opening your Binance account, you will have to verify your account so you can start trading. All you will need is to log into your account and head to the account settings page. Then, follow the next steps.
The first step of the verification process is to provide your personal information, such as your name, date of birth, and address. After filling out the required information, you must upload a government-issued ID, such as a passport or driver’s license. The ID must be valid and in good condition, and all information must be clearly visible. After submitting your ID, you will join a live video recording to verify your identity.
Binance processes verification requests within 24 hours, but sometimes it may take longer. Once your account is verified, you can deposit, withdraw funds, and start trading on the platform.
After getting verified, remember to ensure your 2FA is set up to guarantee secure log-ins. In addition, also set up an anti-phishing code to prevent you from opening phishing emails.
Step 3: How to Fund A Binance Account
Now that you are verified, you will need to deposit funds to start trading on Binance. Binance offers a variety of deposit methods, including bank transfers, credit/debit cards, and cryptocurrency transfers.
To deposit funds, log in to your Binance account and click on the “Buy Crypto” button. You will find a list of available deposit methods. Select the deposit method you wish to use and follow the instructions provided. For example, if you choose to deposit via bank transfer, you will need to provide your bank account details and complete the transfer from your bank account to Binance.
If you choose to deposit via credit/debit card, you will be prompted to provide your card details and complete the transaction. When depositing via cryptocurrency transfer, you will need to provide the deposit address and complete the transfer from your external wallet to Binance.
Please note that different deposit methods have different processing times and minimum deposit limits.
Step 4: How to Buy Crypto on Binance
Once you’ve deposited funds into your Binance account, you can start buying cryptocurrency. The process is relatively simple, but it is best to familiarize yourself with the cryptocurrencies you want to buy. Remember, the cryptocurrency industry is volatile, and values can change rapidly and without warning.
Here are the simple steps to follow when buying crypto on Binance.
Step 1: Log in to your account and navigate to your trading page. You will see a list of all the trading pairs that are available on the platform. Select the trading pair that you want to trade. For example, if you want to buy Bitcoin, you could select the BTC/USDT (Bitcoin/Tether) trading pair.
Step 2: On the trading page, you will see the order book, price chart, and trading history. To buy crypto, you need to place a buy order.
Step 3: To place a buy order, you can use the “Buy” form at the bottom of the trading page. In the form, you will need to specify the amount of crypto you want to buy and at what price. You can choose to buy at market price, which is the current price of the crypto, or you can place a limit order, which allows you to set your price.
Step 4: Once the order is executed, the crypto will be added to your Binance account balance, and you can then hold, sell or trade it as you wish.
Step 5: How to Sell Crypto on Binance
Selling crypto on Binance is similar to buying crypto but in reverse. Once you have crypto in your Binance account balance, you can easily sell it for the currency of your choice.
Step 1: Log in to your account and open the trading page. Select the trading pair that you want to sell.
Step 2: You can use the “Sell” form at the bottom of the trading page. Specify the amount of crypto you want to sell and at what price.
Step 3: Once the order is completed, the funds will be added to your Binance wallet balance, and you can then withdraw them to your bank account or use them to buy other cryptos on the platform.
Step 6: How to Send Money to Your Bank from Binance
Once you’ve sold your crypto on Binance and the funds have been added to your account balance, you can withdraw them to your bank account. The process can be done in a few simple steps.
Step 1: Log in to your Binance crypto account and navigate to the “Wallet, then Withdraw” page. Select your currency, and then click BBK.
Step 2: Enter the amount you want to withdraw and the bank account details you want to withdraw to. Binance may require additional information, such as a bank account name and reference number, so double-check all the information before proceeding.
Step 3: Verify the withdrawal details and confirm the transaction. You will receive an email notification to confirm the withdrawal.
Step 4: Wait for the withdrawal to be processed. The time it takes for the funds to reach your bank account can vary depending on the currency, time of day, and the bank, but it usually takes between 1-5 business days.
It’s important to note that withdrawal fees vary depending on the currency and the amount you are withdrawing.
Step 7: How to Transfer Crypto to A Safer Wallet from Binance
Once you have crypto in your Binance account, you can transfer it to another wallet for safekeeping. Binance allows you to transfer your crypto to other wallets that support the same cryptocurrency. Some crypto wallets you can use include the Trust Wallet, software, and hardware wallets. Hardware wallets are the safest options because they store your crypto offline, where it will not get stolen.
Once you know your wallet addresses, here is how to transfer crypto from your Binance account to your crypto wallet:
Step 1: Navigate to your Binance account’s “Withdraw” page and select the crypto you want to transfer. Then, click on the “Withdraw” button.
Step 2: Enter your wallet address and double-check it before proceeding with the transaction. Understand sending crypto to the wrong address will result in the loss of your crypto.
Step 3: Confirm the transaction, and you will receive an email notification to confirm the withdrawal.
Step 4: Wait for the transfer to be confirmed. The time it takes for the transfer to be confirmed can vary depending on the network, but it usually takes a few minutes.
Overall, Binance is a reliable and secure platform that provides access to the world of cryptocurrency trading.
Setting up a Binance account, getting verified, funding the account, and buying or selling crypto are all straightforward processes that can be efficiently completed by following the steps above. However, it is vital to keep in mind that the crypto market is highly volatile, and it’s always a good idea to do your research, to be familiar with the platform’s features and functions, and to be aware of the risks involved.
Featured Image Credits: euronews.com