About this guide: Our guide will let you know everything you need to start using the Binance exchange. We’ll show you how to open and setup your Binance account, how to use the exchange, how to reduce Binance fees and much, much more. We do always urge caution before investing in any cryptocurrency. Don’t invest money you cannot afford to lose. We encourage you to do your own research before making any investments.
- 1 Who Are Binance?
- 2 Why Open A Binance Account?
- 3 How To Open An Account?
- 4 How To Deposit
- 5 How To Buy Crypto On Binance
- 6 What is BNB Coin & What is it Used For?
- 7 How To Withdraw Your Coins From The Exchange?
- 8 Is Binance Safe?
- 9 Where Is Binance Based?
- 10 Customer Support
- 11 Want To Trade Cryptocurrency On Biance?
- 12 Conclusion
- 13 Useful Links
Who Are Binance?
Binance is a cryptocurrency exchange that launched in July 2017, under the leadership of CEO Changpeng Zhao. Since then, the exchange has had a meteoric rise and is now the biggest cryptocurrency exchange on the planet!
The surge in Binance’s popularity meant it was forced to shut its doors to new customers in January 2018. Whilst the exchange had its doors shut to new customers, private deals for Binance accounts were being made for $8,000! Fortunately, today you won’t have to pay an astronomical amount of money to get your hands on an account. You can open one for free and that’s the sort of price we like.
Unlike Coinbase, Binance is an entirely crypto to crypto exchange and do not allow fiat currency deposits. Don’t worry, we will show you the necessary steps to get your crypto on Binance later in this guide.
Why Open A Binance Account?
Most people don’t want to just use Coinbase to buy plain vanilla cryptos like Bitcoin, Bitcoin Cash, Litecoin or Ethereum. There are a lot of exciting cryptos out there, but you will need to use an exchange to get them. Naturally, the first place people will go to is the most popular exchange in the world.
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The exchange is known for its simple interface, high trading volume, and multi-language support. In recent times, it has got a reputation for only listing coins that they believe are solid cryptos. We believe that these factors that have fuelled it’s recent explosive growth.
How To Open An Account?
Binance Key Facts:
- Largest In The World: Binance is the biggest crypto to crypto exchange in the world!
- Huge Selection Of Cryptocurrencies: The exchange offers you the opportunity to get your hands on over 100 different cryptocurrencies.
- User-Friendly: The crypto to crypto exchange is the simplest we have ever used. We think this has been one of the main factors leading to Binance’s explosive growth.
- Great Mobile Apps: Find out how to download & use the iOS app in our guide.
- Customer Support: Binance offers email multi-language support for 🇺🇸 🇨🇳 🇯🇵 🇰🇷
Want an account on the worlds largest crypto to crypto exchange?
- Head to the official website. The are many phishing sites that clone the site. To check you are on the official site, make sure you see “🔒SECURE” next to the URL. Then just bookmark the site for later use and hit the “Register” button.
- Fill in the necessary particulars to create your account:
- You will then be sent a verification email. Just click “verify email”.
- Ensure you are logged into your account. You will then be prompted to set up 2FA. Download either Google Authenticator or Authy onto your phone.
- Scan the QR code on screen in your authenticator app.
- Write down your backup key on a piece of paper and keep it safe. This code is used to regain access to your Authenticator App, if you lose your phone.
- Enter your key shown in step 6, your password and the 6 digit authentication code being show on Authy or Google Authenticator.
🎉You have done it! Your account is good to go.🎉
How To Deposit
- Make sure you have logged into your account. Hit the “Funds” dropdown and click “deposits”.
- Select the cryptocurrency you wish to deposit from the dropdown. You will then see a deposit address, enter this as the recipient address when transferring the crypto from your wallet. IMPORTANT: Make sure you only send Ethereum to an Ethereum address, Bitcoin to a Bitcoin address and so on. Failure to do so could result in lost funds.
How To Transfer From Coinbase To Binance?
A common question we are asked is how to transfer from Coinbase to binance? Simply log in to your Coinbase account, hit “Accounts” in the navigation bar and click “send” on your chosen cryptocurrency wallet.
Enter your Binance deposit address as the recipient address and the amount of crypto you wish to send. Once you click continue, your crypto will be sent to Binance. Just sit back and wait for it to hit your exchange account.
💡 Top Tip: If you are using Coinbase to buy more exotic cryptocurrencies on Binance, we recommend only depositing Bitcoin or Ethereum. The problem with sending Litecoin or Bitcoin Cash to Binance, is that you can only trade these for Ethereum, Bitcoin, Tether or BNB Coin.
How To Buy Crypto On Binance
You have come to Binance to get access to one of the over 100 cryptos listed on the exchange. We will show you how to get your hands on your chosen crypto:
- First off you need to select the correct market, this depends on if you deposited Ethereum or Bitcoin on Binance. Select “BTC Markets” if you have deposited Bitcoin or “ETH Markets” if you have deposited Ethereum.
- To find the correct market on the Binance exchange, you need to find out the official abbreviation for the cryptocurrency you wish to purchase. The easiest way of doing this is:
* Head over to Coinmarketcap.
* Type in the cryptocurrency you wish to purchase in the search field. In this example, we will use Cindicator.
* You will then see a stats page for your coin. Next, to the name of your coin in the top left of the screen, you will see 3 or 4 letters in brackets. This is the official shorthand for your coin. In our example, this would be: CND
- Enter the official shorthand for the crypto you wish to buy, into the search field in Binance. Then just click on the pair to take you to the trading screen.
- The trading screen may look pretty complicated and overwhelming. As you will be buying your crypto using Bitcoin or Ethereum, you will only be given prices in ETH or BTC. Most of us work in USD and you are likely to want to buy X$’s worth of coin Y. First, work out how many coins you want to buy. Use the coin page on Coinmarketcap to see the price of one coin in USD. If we wanted to invest $500 in Cindicator we just pull out our calculator and enter: 500/0.129951 = 3847.604097. So $500 will get us around 3.8k Cindicator coins. You need to be aware that Binance fees for each trade are 0.1. So it is best to round down the number of coins you wish to buy, to reflect this. In this example, we would enter 3800 as the number of Cindicator coins we are buying.
- To make the order, click “market”, enter the number of coins you wish to buy and hit the “Buy” button. You will see that the price will say “market price”, which means you get the current price the coin is trading at.
Congratulations, you have just made your first cryptocurrency purchase on the Binance exchange 😊 🙌 🎉 🚀
What is BNB Coin & What is it Used For?
BNB is simply the shorthand for Binance coin. It is the exchange’s official cryptocurrency. There are several reasons why you might be interested in getting your hands on some.
- Investment case: There will only ever be 197 million BNB ever made. It’s limited supply means that as the exchange continues to grow, so should the demand for the coin. A rise in demand should mean a rise in BNB price. Currently, Binance coin is trading at just $9 a coin, way off from it’s all time high of $24.
- Use case: The coin gives you a whopping 50% discount on Binance fees paid in BNB. Sadly this huge discount only lasts for the first year of use. In year 2 there is a 25% discount, year 3 a 12.5% discount, a 6.75% discount in year 4 and no discount in year 5. This means that you may wish to devise your own strategy when using BNB coin to take proper advantage.
BNB coin sound interesting to you? Just hop over to the Binance exchange to get your hands on some.
How To Withdraw Your Coins From The Exchange?
Although we like Binance, we do not keep our crypto on any exchange. We believe it is best to be in possession and have full control over our crypto. This solves the problems of third party trust and potential future exchange hacks.
We will show you how to withdraw your crypto from Binance, to your off exchange wallet:
- Once logged into you accounts click the “Funds” drop down and hit “Withdrawals”.
- Select the crypto you wish to withdraw, then enter your wallet address and the number of coins you wish to withdraw. Hit submit and your withdrawal will then be processed to your wallet.
Binance fees are charged for withdrawing your crypto off the exchange. These fees depend on the crypto you are withdrawing and change intermittently with each cryptos price movements. We find ExchangeBit to be very useful when checking fees in USD.
Is Binance Safe?
Although it’s the largest cryptocurrency exchange on the planet, there are still a lot of ‘known unknowns’. There has been no official statement from the exchange on how user funds are actually being secured.
Having said this, Binance has a very large and loyal following. We have no reason to believe that security is not being taken seriously and the exchange does offer 2FA.
The largest crypto exchange simply has so much to lose if there is a security breach.
Where Is Binance Based?
Another key question that is still to be properly answered is, where is Binance located? We have done a bit of research. CEO Changpeng Zhao’s Linkedin cites Hong Kong, Tokyo, London and Singapore as key locations for Binance.
It is possible to independently verify where Binance’s servers are located. Upon inspection, it appears that these are located in Tokyo. This does match up with Tokyo being a key location on Changpeng Zhao’s Linkedin profile.
“Enter a host name or an IP address: binance.com IP Address: 126.96.36.199 Name: AMAZON-NRT Handle: NET-52-196-0-0-1 Registration Date: 12/10/15 Range: 188.8.131.52-184.108.40.206 Org: Amazon Data Services Japan Org Handle: AMAZO-49 City: Tokyo State/Province: Postal Code: 150-0002 Country: JAPAN”
We have also looked at where the exchange is hiring. All job opportunities seem to be worldwide remote opportunities, except for roles in Taipei in Taiwan. This seems to indicate that Binance has a physical office there.
The reality is that most online businesses have worldwide teams and it certainly seems that Binance has taken this path. As cryptocurrency gains more legitimacy from world governments, we are sure that this mystery will be revealed in time.
Changpeng Zhao admitted in a live Bloomberg interview on January 2018 that the exchange didn’t expect the growth it has achieved. Zhao then went on to say “some of the other parts are not catching up, especially customer service”. That [the exchange] “ would like to provide the kind of customer service that Bloomberg is able to provide. But right now [Binance] can’t”. Zhao added “that we are actually ramping up and fixing [the problem]”.
The fact that Binance closed new user registrations in January 2018 does indicate that they acknowledge customer support issues. We think that customer support issues will be solved in time and that it appears the company is taking all the right steps.
Support tickets are submitted through an online form on the exchange and responses sent to your email address. Sometimes responses can take a bit of time, but support is responsive and knowledgeable. As Binance work on expanding their customer support team, we hope to see live chat and phone support implemented soon.
Binance Multi Language Support: 🇺🇸 🇨🇳 🇯🇵 🇰🇷
Want To Trade Cryptocurrency On Biance?
Limit orders and stop losses can be confusing. That’s why we have put together an awesome guide to show you how to trade on Binance. Its a truly simple process once you know how.
As the world’s largest cryptocurrency exchange, Binance offers customers access to over 100 different cryptocurrencies. The interface is also very user friendly and Binance fees are very low compared to other exchanges (even without using BNB coin).
The main drawback to the exchange is it’s relatively slow customer support, but we are confident that this issue is being solved. Another drawback is that the exchange doesn’t usually list coins coming straight out of ICO or list many small cap cryptos. If you wish to invest in these types of coins, you will likely need to use another exchange.
We have had a great experience on Binance and are very happy to recommend the exchange to Total Crypto users.