Binance Exchange Review

Binance exchange is one of the largest Crypto Exchanges in the world in terms of the daily volume of trading. It was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software.

Binance was initially based in China but later moved its headquarters out of China following the Chinese communist party’s increasing regulation of cryptocurrency. Throughout its history, the Binance Exchange has launched two cryptocurrencies that it developed itself: Binance Coin (BNB), launched in June 2017, and Binance Smart Chain (BSC), launched in September 2020. Binance Smart Chain operates using "Proof of Staked Authority", an amalgamation of proof of stake and proof of authority. It has 21 approved validators. Binance allows its users to pay fees on its exchange with Binance Coin.

Let’s go through some of the features of the Binance Exchange:

• The main platform features: Low fees, wide-ranging charting options, and hundreds of Digital Currencies
  
  
• Fees: 0.10% spot-trading fees, 4.5% for debit card purchases
  
  
• Number of cryptocurrencies supported: More than 500 for global buyers and sellers on Binance, and 80 for U.S. investors on Binance.US
  
  
• Security features: Two-factor authentication (2FA) verification, Federal Deposit Insurance Corporation (FDIC)-insured United States dollars (USD) balances for Binance.US, device management, address whitelisting, cold storage
  
  
• Types of transactions supported: Limit order, market order, stop-limit order, trailing stop order, post-only order, peer-to-peer trading, margin trading, one-cancels-the-other order, and more.
• Maximum trading amount: Limits differ based on the cryptocurrency purchased

How to Register on the Binance Exchange using the App

In this tutorial, we will go through the steps on how to register on the Binance app using email.

If you have already not installed the app available from the likes of the App Store and Google Play and once you have installed the app, you will have to register if you are new to Binance or log in if you have already registered on Binance.

1. Open the Binance App and tap [Login/Register].
2. Tap [Register]. Enter the email address and password you’ll use for your account, and the Referral ID (if any). Check the box next to [I Understand Binance’s Terms of Use] and tap [->].

Note: Your password must contain at least 8 characters, including one uppercase letter and one number.
If you’ve been referred to register on Binance by a friend, make sure to fill in the Referral ID (optional).

   3. Drag the slider to complete the Security Verification puzzle.

   4. You will receive a verification email in your inbox. Please enter the verification code within 10 minutes. If you can’t find the email, click [Send Code] to get another email.

Note: For your account security, we highly recommend you enable Two-factor authentication (2FA). Binance Supports both Google and SMS 2FA.

*Before you start P2P trading, you need to complete Identity Verification and 2FA authentication first.

How to Unlock My Account on Binance App

If your account is frozen or locked, you may unlock it via the website or app.

Please follow the steps below to reactivate your account using the app.

1. Open the Binance app, enter your account information, and click [Login]. If you have already enabled security verification, you may click [Get code] and enter all the required codes. Then, click [Reactive Now] to start the account reactivation process.
   
   

Note: If your account was disabled less than 2 hours ago, you cannot unlock it – please try again after 2 hours.

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   2. Please read the reminder carefully, and click on [Reactivate Account] to proceed further.

   3. you will need to pass security verification:

• Please click on [Get Code] and enter all the required codes.
• For account safety reasons, the Phone verification code and email verification code will be valid only for 30 minutes. Please check and enter the relevant codes in time.

   4. After clicking on [Submit], please follow the instructions to complete the different forms of verification below:

Note: Different users will perform different operations based on account status and related information.

   5. ID verification: Please choose the type of ID document, and scan it.

   6. Facial verification: Please pay attention to the tips and click on [Begin Verification].

How to Deposit Crypto on Binance Exchange App?

With the Binance exchange deposit function, you can transfer your cryptocurrency from other wallets to the Binance Exchange.

1. Open your Binance App and tap [Wallets] - [Deposit].

2. Choose the cryptocurrency you want to deposit, for example, USDT.

3. You will see the available network for depositing USDT.

Please choose the deposit network carefully and make sure that the selected network is the same as the network of the platform you are withdrawing funds from. If you select the wrong network, you will lose your funds.

4. You will see a QR code and the deposit address. Click to copy your Binance Wallet’s deposit address and paste it to the address field on the platform you intend to withdraw crypto from. You may also click [Save as Image] and import the QR code on the withdrawing platform directly.

5. You can tap [Change Wallet], and select either “Spot Wallet” or “Funding Wallet” to deposit to

6. After confirming the deposit request, the transfer will be processed. The funds will be credited to your Binance account shortly after.

How to Withdraw Crypto on Binance App?

With the Binance exchange withdrawal function, you can transfer your cryptocurrency from the Binance wallet to other wallets.

1. Open your Binance App and tap [Wallets]-[Withdraw].
2. Choose the cryptocurrency you want to withdraw, for example, BNB. Then tap [Send via Crypto Network].
3. Paste the address you want to withdraw to and select the network.

Please choose the network carefully and make sure that the selected network is the same as the network of the platform you are withdrawing funds to. If you select the wrong network, you will lose your funds.

Also Read: Binance Looks To Hire 2,000 Employees Amid A Slump In The Market

4. Enter the withdrawal amount and, you will be able to see the corresponding transaction fee and the final amount you will receive. Tap [Withdraw] to proceed.
5. You will be prompted to confirm the transaction again. Please check carefully and tap [Confirm].

Warning: If you input the wrong information or select the wrong network when making a transfer, your assets will be permanently lost. Please make sure the information is correct before you confirm the transaction.

6. Next, you will need to verify the transaction with 2FA devices. Please follow the on-screen instructions to complete the process.
7. After confirming the withdrawal request, please wait patiently for the transfer to be processed.

How to Buy Crypto with Credit/Debit Card on Binance Exchange Pro App?

To begin your trading journey on the Binance Exchange, you need to have crypto available on your Binance Account. There are several ways to do this such as third-party channels or buying crypto from other traders, also known as peer-to-peer (p2p) transfers.

In this tutorial, we will go through the steps to buy crypto using a Credit/debit card on the Binance Exchange:

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1. Get started by selecting [Credit/Debit Card] from the home screen. Or access [Buy Crypto] from the [Trade/Fiat] tab.
2. First, choose the cryptocurrency you want to buy. You can type the Cryptocurrency in the search bar or scroll through the list. You can also change the filter to see different ranks.
3. Fill out the amount you’d like to purchase. You can switch the fiat currency if you’d like to choose another. You can also enable the Recurring Buy function to schedule regular crypto purchases via cards.
4. Choose [Pay with Card] and tap on [Confirm]. If you have not linked a card previously, you will be asked to add a new card first.
5. Check that the amount you wish to spend is correct, and then tap [Confirm] at the bottom of the screen.
6. Congratulations, the transaction is complete. The purchased cryptocurrency has been deposited to your Binance Spot Wallet.

How to Buy Cryptocurrency on Binance P2P (web)?

To begin your trading journey on the Binance Exchange, you need to have crypto available on your Binance account. There are several ways to do this such as third-party channels or buying crypto from other traders, also known as peer-to-peer (p2p) transfers.

In this tutorial, we will go through the steps to buy crypto using p2p on the Binance Exchange:

Step 1:

• Go to the Binance P2Ppage, and
• If you already have a Binance Account, click "Log In" and go to Step 4
• If you do not have a Binance account yet, click "Register"

Step 2: Enter your email on the registration page and set your login password. Read and check the Binance Terms and click "Register".

Step 3: Complete Level 2 identity verification, enable SMS Verification, and then set your preferred payment method.

Step 4: Select (1) “Buy Crypto” then click (2) “P2P Trading” on the top navigation.

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Step 5: Click (1) "Buy" and select the currency you want to buy (BTC is shown as an example). Filter the price and the (2) “Payment” in the drop-down, select an ad, then click (3) "Buy".

Step 6: Enter the amount (in your fiat currency) or quantity (in crypto) you want to buy and click (2) "Buy".

Step 7: Confirm the payment method and amount (total price) on the Order Details page. Complete the fiat transaction within the payment time limit. Then click "Transferred, next" and “Confirm”.

Step 8: Once the seller has released the Cryptocurrency, the transaction is completed. You can click (2) "Transfer to Spot Wallet” to transfer the digital assets to your Spot Wallet.

You can also click (1) "Check my account" above the button to view the digital asset you just bought.

Note: If you do not receive the cryptocurrency 15 minutes after clicking "Transferred, next”, you can click "Appeal" and Customer Service will assist you in processing the order.

Binance P2P: How to Buy Bitcoin with Your Bank Account

If you are looking for a fast and convenient method to buy Bitcoin and other cryptocurrencies, you can try linking your bank account. Though Binance P2P supports more than 300 payment methods, including debit cards, credit cards and in-person cash payments, bank transfer remains one of the most used payment methods on the Binance Exchange platform.

The majority of the transactions are completed through Binance P2P than any other crypto peer-to-peer platform, because of its low fees, wide range of cryptocurrencies, and flexible payment methods.

Step 1: Tap [Buy] on the top left, select the fiat currency you want to pay with and then select [BTC], or the Cryptocurrency you’d like to buy.

Step 2: Tap the button on the top right. Filter the ads by selecting “Bank Transfer” in the drop-down menu. Afterward, choose the P2P ad that suits your needs.

Step 3: Enter the amount you want to purchase, tap [Buy BTC], and then press [To Payment Page].

Step 4: Select [Bank Transfer], copy and paste the required details from your mobile banking app, and then transfer the funds. These details may include a bank account number, bank name, branch information, or more. Once the seller receives your funds, they’ll then release the Crypto Assets.