If we talk about a Binance exchange, we can see that it took the cake among other exchanges. It has some factors, which make it to get the 10th position in the lists of the best exchanges for different cryptocurrencies. A speed of the transactions is very fast, an interface is quite simple and easy to use. In addition, you can choose the language you are comfortable with. However, the exchange does not work with fiat money, transactions can be made only using the cryptocurrency.
Very often traders meet problems with exchanges, because they have a limited range of cryptocurrencies, which can be traded. For example, if you want to purchase Bitcoins and after to buy other currency that is not listed on the exchange you chose, you should make a lot of manipulations to complete your task. Also you can lose a lot of money on the fees.
Fortunately, Binance solved this problem. On Binance you can trade more than 45 digital coins, including the most popular like Bitcoin and Litecoin.
Binance gains momentum that is why it is important to register an account now, while this opportunity is accessible. This exchange can become a leader of the market very soon. Also new cryptocurrencies have a priority over popular ones to be listed first on the platform. So, if you lost your chance to participate in some ICO and you want to get some coin, Binance is a great reason to join. Because it has a big volume of tenders which will correspond to the needed prices and the higher probability of your orders to be done.
Below you can find the tips that will help you to open a desirable account.
Tip №1. Find a website of Binance
Be sure that the website is authentic. Due to the high popularity of this exchange, a lot of fraudulent websites have appeared to fool users. Check the certificate of the website and study the information. After you are sure that the website is original, save the link to keep your time in the future when you want to come back for other operations.
Tip №2. You need to register on the website
Find the right corner of the Binance website and push the button “Register”. Here you need to enter all the information that the website asks you. It is very important to enter a strong and reliable password as well as a real and working e-mail. After that the system sends the information to your mailbox. Open the letter and click the link to confirm a new account.
Tip №3. Allow 2FA (Two-Factor Authentication)
2FA will prevent your account from fraudulent operations and boost your security. If it is your first log in, the system will ask you to allow 2FA. If you do not have an application, then you need to download it from Google. After that, you should get a code that lasts only a minute. To complete this, the QR should be scanned.
2FA is an autonomous way of authentication, which increases your security. To log in, write your username and password. Two-Factor Authentication demands you to input a One-Time Password. You have it on your phone. It makes the account stronger and more difficult to break, because you need an additional verification from your phone.
It takes only a few minutes to set up and add an additional layer of security so that you can sleep at night.
In most cases, the password and the verification protocol are unique. Very often people have weak passwords, which are easy to forget. As well, there are cases when your password is stolen by means of phishing, network drawbacks, so 2FA helps you. 2FA assists to overcome this pity phenomenon. Even if someone broke your password, there is a probability that your accounting record will not be compromised, if you have activated your 2FA.
It does not take a long time to install the application and it presents you an additional level of safety to keep your dream at night tranquil.
Below you can find some steps:
Go to your application store on Iphone or Android and download the Google Authenticator Application;
Open your exchange website and log in. After find the section “Security Settings”, there will be “Two Factor Authentication”;
Using your phone activate your 2FA through the scanning of the QR code. On your account you have “Authenticator Code Field”, you need to write the 6-digit code generated from the application you have on your phone;
Well done! You have completed the task.
REMEMBER! When you set up Two Factor Authentication, do not forget to backup your private key. In addition, an exchange you use may ask you to choose between HOTP or TOTP options. The last one for 2FA is okay.
Now you understood that with a help of Two Factor Authentication you increase your security, however if you lost your phone you would not have an opportunity to enter your account without the proceeding of 2FA. So backup is an important factor. In case if you have failed to do this thing, you need to send a ticket of support to the 2FA accounts which can help you to solve this problem. As a result, it can take a lot of time, especially if an exchange is your main business, you can even have losses due to timeout.
Following these three tips, now you have finished with your account registration.
Tip №4. Investment to your account
Your account has a “Funds” menu on the top right corner, click on it, after find “Deposit Withdrawals” button and open it. Here you can find different coins, choose the coin you want to work with and click the button on the raw “Deposit”. Now you create a wallet that corresponds to your Binance account. Every coin has its own address, so be careful when you make a deposit, because if you make a mistake you will lose your funds. It is time to send your coins to the generated address.
For example, you want Bitcoin to be your deposited funds, you need to follow the given steps.
In the area called “The address of the deposit BTC” is a generated address where you should send your Bitcoins. This address will be utilized to transfer coins to your account using your Binance wallet or any other stock exchange.
Overlook your variant of the history. You can overlook the history of your investments (and removals) in the menu “Funds”, and then “History” on the list.
By the way, you should not pay a fee while you deposit your funds. The fee is taken only when you withdraw your funds. It depends on the currency you choose.
Tip №5 Buy or Sell transaction extraction
Your account has an “Exchange” button, choose “Basic Exchange”. On the right panel you have to select the pair of currencies for transactions. To make an operation faster, use the search field.
For example, you want to trade Bitcoin and Ethereum. You should find ETH/BTC pair in the menu. The orderbook you can find on the left panel, the last price is situated in the middle. In addition, you can find a chart, under which you can make a Buy or Sell option of ETH and BTC.
To purchase (Limit): establish a desired price, choose an amount (of the unit ETH or choose percent of your total BTC). Then total sum of BTC (cost) will be calculated automatically. To Sale ETH for BTC you need to choose the identical procedure, changing the name of cryptocurrencies.
If you want to purchase at the market price, choose Market from the top menu. Stop limit here has more advanced qualities. So allow to establish stop-loss or stop buy orders.
Now you have a full package of information. It is time to investigate by yourself the process of work with Binance
Something you should know about BNB
Binance Coin is the coin, which was created by the Binance exchange. You can use it to pay your fee while making the transactions on the exchange: withdrawal and listing fees, buying or selling coins fees. A usage of this coin has some advantages. For example, if your account exists only a year you will have a 50% discount, two years — 25%, three years — 12,5%, four years — 6,25%.
It is possible to use Binance tokens as the variant of investing in some Binance ICOs (Binance Launchpad). In the near future Binance wants to buy back its tokens from the open market. The exchange is going to use 20% of its profit to realize this task. As a result, the price for this coin will increase noticeably.
In spite of the fact that Binance is relatively a new digital exchange, its community develops fast. Because the platform presents a lot of benefits.That is why, here you can find great options to trade BTC and other currencies and take your advantage. At the same time you will begin to benefit from the fact that it has the lowest fees on the market of digital exchanges. Every trade will be charged only with 0,1 percent of the fee.