Binance has been working since 2017 after the successful ICO, which collected more than 15 million dollars. It is a cryptoexchange, where can to place a Buy or Sell Order of various altcoins. Of course, this is a Chinese stock exchange, but de facto and de jure, it is located in Hong Kong — here is another cryptocurrency politics. Therefore, do not worry so much if you hear some negative news from China — mostly they do not apply to Hong Kong. So, Binance is a relatively reliable exchange. Now it takes the top cryptocurrency turnover.
Firstly, you need to find the site of the exchange. Be careful: check the web address from the browser’s address line. You can go to a new fraudulent site, where fraudsters steal all your money. The safest way to go to the right site – click on a link above.
After that, you can enter in the account on the exchange through the «Log In» button on the main page. Here, the exchange will remind you to check the correctness of the website address again.
Additional protection here is in the form of a puzzle. You pull it, insert it into the area where there is not enough piece of the picture.
Binance offers Affiliate Program with 20–40% commission for each referral transaction.
Firstly you are asked to carry out two-factor authentication. This is necessary to secure your account, and until you do this, you will not be able to work with the exchange. Therefore, I advise you to take your mobile phone, set the Google Authenticator and do it:
- Press the Google Authenticator;
- Download and install the Google Authentication app;
- Scan QR Code;
- Save Backup Key — without it, you will lose access to the site if you lose the phone;
- Fill the 3 fields — Backup Key, user’s password and password from Google Authenticator.
Now, you have enabled two-factor authentication.
Verification for the removal of restrictions
After registration, the user gets the first level. This means that he cannot withdraw more than 2.5 bitcoins per day. If the user wants to withdraw to 100 bitcoins per day, he needs to be verified. However, what you do need is Identify the person by using a passport scan and photo of the user with a piece of paper, where you need to write «Binance» and the current date.
For deposit funds, you need move to the tab Funds => Deposit. Here you choose the currency for Deposit and get a payment address. Send the selected currency to this address. You cannot make a deposit in a fiat currency.
Cryptocurrency appears on the balance after receiving confirmation from blockchain. You can see all the history of deposits in Funds => Transaction history => Deposit. There is no commission for deposit.
To withdraw funds, you need move to the tab «Funds» => «Withdraw». Here you choose the currency for Withdraw and enter a payment address. The selected currency will send to this address.
Cryptocurrency appears on the balance after receiving confirmation from blockchain. You can see all the history of withdraws in «Funds» => «Transaction history» => «Withdraw». There is no commission for Withdraw.
For buying other cryptocurrencies, you need move to Exchange menu. There are two options: basic and advanced for ordinary and advanced users, respectively.
In basic option, you see main trading panel with offers to buy or sell tokens. They are an alternative to the cryptocurrency. Binance has its own token, which is growing or falling in price
So, you see the current value, maximum and minimum price, the volume of trading and their dynamics. In the center, there is a chart of the currency pair. On the right is a list of all currency pairs, available on the exchange.
At the top, you can select the main cryptocurrency for trading tokens: BTC, ETH, BNB, USDT.
To exchange BTC, which we have, for SALT, for example:
- In the search field above currency pairs we write the name of the token: «SALT»;
- Now select the SALT token from the search results;
- Fill in buy orders. You can also choose a balanced percentage to buy a token — 25%, 50%, 75%, 100%;
- Click the corresponding button at the bottom.
How to reduce commission
Transaction exchange fee — 1%. If you pay the commission in BNB, your commission will be halved every year. The commission option is configured through the fire icon near the commission. This option is set by default if tokens BNB are on the account. Also, you can reduce the commission if you register for the affiliate link.
If you have BNB tokens on the balance sheet, you will receive a percentage of the income of the exchange every month.