The Binance exchange is a hugely popular platform for dealing with crypto, and for good reason. Its unique match of power and simplicity just cannot be found on elsewhere. Add to that the sweet possibility of halving your transaction fees, and you have got a combination that is very hard to resist.
The only grumble that people have with Binance is the persistent lag on its web version. This is a serious issue in the volatile crypto market, where the fate of a coin can reverse in seconds. While the iOS and the Android versions are free of this blame, not everyone is comfortable executing complex trades on the tiny screen of the mobile. You may prefer the comfort and control of their desktops or laptops instead, but not be lumbered with the web version.
Don’t worry, there is another option.
What few people know is that Binance also has a dedicated PC client, outperforming the website in all areas. Available on Windows and MacOS, it is the go to solution for anyone looking to trade with Binance on their PC.
So without further ado, let’s take a deep dive into its features.
Why Choose Binance In The First Place?
Binance is a young entrant in the crypto market. Starting operations barely a year ago, Binance has gone from strength to strength. It is now one of the biggest and most popular exchanges in the crypto world, with a trading volume in excess of $1 billion every day.
One of the biggest draws of Binance is the sheer choice of cryptocurrencies available and the exchange’s stellar reputation. Another is simplicity. Binance rejects the jumble of advanced trading options seen on other exchanges in favor of a straight-forward Buy/Sell, or Limit/Stop Limit transactions. These factors make Binance the natural go-to exchange for cryptocurrency investors after they start expanding their horizons from Coinbase.
The Binance Web Interface
When Binance launched, all it had was the web-based application. Unsurprisingly, a large majority of users still solely rely on it for carrying out their trades. Compared to the offerings of other exchanges, it actually holds up pretty well by. The web application still provides all the features that could be expected of a crypto-trading platform without overwhelming the user in an excess of information.
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The issues that occasionally do arise are mostly due to the limitations imposed by a browser-based delivery model rather than a failing on the part of the Binance team, and you would be hard-pressed to find a better out-of-the-box solution for trading crypto. That said, the issues are severe enough to cost an enterprising trader his golden chance to cash in on a favorable market opportunity, or more rarely, a gullible user his funds. So the company got down to work on a roadmap to create native applications for the most common user devices.
The Binance Mobile App
The first native interface to hit the market was mobile, where Binance launched apps for both the Android and iOS ecosystems. Possessing exactly the same features as the web-based solution, the apps had the added bonus of being optimized for the resource hungry mobile systems. They also take advantage of the native UI framework for a more slick experience.
While the Android package never faced any problems, the iOS version ran into trouble with Apple’s strict criteria and was pulled from the store many times. At the time of writing, it is still not available at the official store and can only be obtained directly from the Binance website itself. This does not mean the app is unsafe. On the contrary, it is a much safer alternative to accessing the Binance website on your iPhone. For a guide on how to install and use the Binance iOS app, click here.
The Arrival Of The Binance Desktop App
After three months of rigorous testing, Binance launched its eagerly awaited PC client for Windows, which copied the ‘advanced’ web interface in a more efficient and user-friendly way. The Mac version soon followed, meaning that Binance had a native application on every major platform. This is a unique achievement for a cryptocurrency exchange.
Soon after launch, the Binance desktop app became the mainstay of most exchange regulars, who noted its improved speed and lag-free performance as major positives for the application. And once the team added the multi-pair and multi-time interval support to the software, no one could any longer deny its superiority over the default option.
How To Get Started?
How To Download The Binance Desktop App?
Before installing the desktop app you will need to sign up for a Binance account.
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- The most popular crypto exchange on the planet.
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- Offers a specialized desktop app.
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Getting hold of the Binance PC client is pretty easy. After creating your account, simply navigate to the official Binance desktop client download page, and choose the correct version for your operating system. Install the application, and you are ready to go.
How To Setup The App
Step 1 Running the application brings up a small window asking for your account ID and password. Enter your login details and proceed. Alternatively, if you only wish to look at the prices, you can login as a guest as well.
NOTE: This guide assumes that you already have a Binance account. In case you don’t, head over to our comprehensive guide to getting started on Binance.
Step 2 The puzzle that now faces you is Binance’s strange, yet effective, take on the Captcha which stops bots getting access to the critical features of the exchange. Drag the piece to its slot to complete it.
You might have to do it a couple of times.
Step 3 You will now be greeted by the Google Authenticator screen. Fish out your six-digit code, and submit it to finally be taken to the app.
In the real world, the value of an asset is usually measured in terms of its USD value. As with other crypto-only exchanges, direct fiat conversions are not possible (though it is rumored to be coming this year), so you need to choose a base currency to compare against. This is the concept of a coin market; pairing a crypto coin with a more established cryptocurrency for trading and tracking its prices.
At the moment, Binance supports four different trading pairs: Bitcoin, Ether, Binance coin, and Tether. Bear in mind that USDT mainly serves as a way to park funds during a market downturn, and there are only a few trading pairs for it.
Breakdown of the Market Screen
The List of Trading Pairs
This is simply a list of all trading pairs for the currently selected market (choosable from the tabs at the top) showing the relevant market statistics of each. You can also use the search box if you are looking for any particular coin.
Trading Volume Graph
The plain line graph plots the selected trading pair’s trading volume over time. Handy for checking the interest in a coin.
A constantly updating log of transactions carried out on the platform. Note the colour scheme: red is for selling pressure, while green is for a buying pressure. You will see this colour system in use throughout the Binance app, letting you understand the situation at a glimpse.
The Funds Section
As the name suggests, the Funds section shows you the coins you currently hold on the exchange, including the ones that you have deposited and the ones that you have bought.
The Trading Screen
Now, this is where all the action takes place. It is more or less identical to the advanced trading interface on the web browser version of Binance.
As you can see, the only difference is the placement of certain elements, so veterans of the advanced exchange will already find themselves at home in the desktop app version of Binance. For those who are seeing this screen for the first time, don’t fear – it is easier than it looks. Read on as we break down the screen piece by piece.
Breakdown of the Exchange Screen
The first thing that stands out when you open the exchange is the graph, zigzagging crazily through the middle of your screen. Ignore it if it overwhelms you, it’s not necessary to begin with. But once you do get over the initial shock, you will find the chart provides you with a quick, visual representation of the state of the market and the performance of the trading pair currently selected.
The chart comes in two basic flavors: Candlestick, and Depth.
The Time Interval Bar
This is pretty self-explanatory. Toggling between different durations adjusts the chart accordingly, allowing you to compare the long-term vs the short-term performance of an asset.
The Multi Options Feature
You will also want to compare the performances of the same coin in several different markets, or across different time periods simultaneously. Beforehand, the user was forced to repeatedly search for and toggle the various trading pairs and the time intervals repeatedly. Binance later added the Multi options into the desktop app, saving much hassle and time. The options can be easily toggled from the shown buttons, resulting in something like this:
Quite useful, isn’t it?
A feature for expert traders, these options are only available in the advanced view of the Binance web app. Understanding what they do is a rather complex and lengthy topic and are beyond the scope of this guide. For now, let’s say that these indicators are used to make informed ‘predictions’ regarding the market movements, by taking into consideration a wide range of factors from the trading history. Clicking on any of the buttons modifies the chart accordingly, ditching the regular candlestick view for these more exotic charts. Only use it if you are interested in day trading, and know what you are doing.
Though empty for now, this is where your orders will show up, both during and after their execution. Active orders are displayed under the ‘Open Orders’ tab and can be canceled if you wish. A breakdown of completed orders are shown under ‘Trade History’.
On the top right corner, there is a list of orders set up by other traders for the selected trading pair which have not yet been executed. These are open orders. Red orders are sell orders, whilst the green ones are pending buy orders.
The trade history section does just what it says – it displays an updated log of recently completed trades for the selected trading pair.
This small window is where you will be actually performing your trade both for buy orders and sell orders. We’ll cover this in more detail in the next section.
How To Trade On The Binance Desktop App?
For the sake of simplicity, Binance offers only three kinds of trades: Market, Limit, and Stop-Limit. Each of these types of trades has its own use case and advantages, so strap in as we go into detail on each one.
A market order is the simplest of trades. Here you just buy or sell a coin at the at the current market price on the exchange. It is also the quickest method, and almost always executes immediately. Use it when you’re in a hurry to take advantage of market opportunities or liquidate your holdings.
The process itself needs little explanation. Simply enter the amount of the crypto you wish to buy and click on the Buy button. Alternatively, if you wish to sell, toggle the ‘Type’ button to have the interface change its colors. Once you click either the buy or sell button your trade will then be processed.
Have you ever wondered how those self-proclaimed cryptotrading experts manage to get into the market when the prices are at their lowest and sell as soon as they reach a peak? Do they sit in front of their PCs 24/7, stalking the markets for the perfect opportunity to make a killing? No. They use limit orders.
A limit order is a nifty little tool that ensures that you can get the best deal, whether you are buying or selling. This is how it works:
Suppose you want to buy BTC at the lowest price possible. While it is currently trading at $6500, you see the possibility of that dipping under $6000, and would like to buy only when it hits that level. What you need to do, is to enter the price you are aiming for in addition to the quantity, and place the order. The order will remain on standby until the market hits your specified price point, at which point Binance will carry out your trade at a price that is better or equivalent to it.
That’s a Limit order. Used properly, it can be a powerful tool for maximizing your profits on the platform.
Stop limit orders are a way of minimizing your losses. If you buy Bitcoin at $6,000, chances are that there is a certain amount of loss you are willing to take before calling it a day. With a limit order, you can limit your risk and automatically sell out of your position if it hits a certain price. For example, you may buy Bitcoin at $6,000 and only be willing to have exposure to a 10% loss. You can achieve this result by setting a stop limit order at $5,400 in this example.
Most savvy traders do use Stop Limits to limit their potential losses. After all, you are not going to be correct on every trade and using a stop limit is a great way to limit losses if trades go against you.
How To Lower Binance Fees?
Every time you make a trade on a cryptocurrency exchange you will be paying fees. While the fees at Binance are already one of the lowest in the market (0.1% per transaction), the fees can be reduced further by paying them in BNB coin. Also, BNB coin is one of the most popular trading pairs on the exchange and can be used to trade in and out of many different cryptos. This means that it might be a good idea to always have some BNB coin on hand and ready to use in your Binance account.
For a detailed overview of the BNB Token, check out our detailed guide.
The Advantages Of The Binance Desktop App
This is by far the greatest advantage the PC client has over the browser-based version of the Binance exchange. On the web browser version, the exchange can be extremely laggy, to the extent that price peaks can come and go before they even register on your screen. This can cause serious losses for investors, as they fail to make the most of every opportunity that comes their way. However, the speed and optimization of the desktop app means that you won’t have to put up with laggy data ever again.
While Binance has left no stone unturned when it comes to making their web based interface as secure as possible. What you need to know is that the browser-based version remains vulnerable to certain kinds of attack that are only possible against a website. It is true that enabling two-factor authentication can mitigate many of the issues. However, the best way of securing your trading activities is to move to the native desktop application. Some users go as far as to install the client on a separate virtual computer, to sandbox it against any malware or threats. This is an option to consider when you start trading big time.
A native interface built for desktop always looks better than something that is not optimized for a particular device. Nothing beats the responsiveness and the efficiency of a standalone application, be it for the mobile or desktop.
There is little doubt that the Binance exchange desktop application is the best way to trade if you are using a desktop. With its formidable combination of surprising speed and impeccable security, Binance’s desktop app client is the unquestionable king of cryptotrading applications. We recommend you take your trading to the next level with this Binance trading solution.