Setting Up account in Cryptocurrency Exchange//Homework for Week #2…@besticofinder

A cryptocurrency exchange is a business platform that enables customers to trade other properties, such as traditional fiat money or other digital currencies, with cryptocurrencies or digital currencies.

In this post, I’m going to talk about Binance exchange.

Binance Exchange

Binance exchange is one of the popular cryptocurrency exchanges that offers trading in more than 100 virtual coins to its users. It offers services around the trading, listing, fundraising, and de-listing or withdrawal of cryptocurrencies.

Cryptocurrency enthusiasts willing to launch their own token can use Binance for raising funds through Initial Coin Offerings (ICOs)

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Majority of traders uses Binance for exchanging and trading cryptocurrencies because of its benefits and advantages over other exchanges.

This includes:

• Huge listing of alt-coins which allow users to exchange wide variety of cryptocurrencies.

• Another wonderful feature of Binance exchange is that they offer the lowest trading fees when trading crypto-to-crypto. Binance customers are charged 0.1% on every trade executed.

• Security of users funds are taken very serious by asking customers to set up two-factor authentication (2FA) when registering an account. Similarly, Binance website also uses the CryptoCurrency Security Standard (CCSS) to protect accounts of users.

• Binance offers a very high volume for its users to exchange cryptocurrencies. This simply means that its users have a better chance of selling their cryptocurrency immediately anytime of the day.

How to register on Binance Exchange

Firstly, opening an account in Binance is very simple as you are required to just input your email address and choose a strong password.

The password can be a combination of uppercase letters, numbers and special cases.

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But for a clear understanding of the process, the steps on registration goes as follows:
Visit Binance exchange using the link and then click on register

You will be required to enter your email address and choose a strong password you can’t forget. Binance recommend combination of letters for a stronger password (e.g. Paulsen1756#).

Finally, a confirmation link will be sent to your email address to complete and activate your Binance account.

After successful registration, Binance recommends you set up a two factor authentication (2FA) to protect your account from hackers having access to your account.

The 2FA set up can be done using your active mobile phone number, email address or google authenticator.

After successful setup of 2FA authentication, you will be required to enter 2FA authentication code when next you want to login to your account.

This code can be generated using google authenticator or Binance will send it directly to your mobile phone number and email address.

Depositing/ Withdrawing Funds at Binance

There are so many ways you can deposit or withdraw funds to your Binance account. Binance team are working and trying to improve every day for good customer experience in the platform.

Previously, customers are not allowed to purchase/deposit funds using their traditional currency via debit/ credit card. But recently, this feature have been added to allow users to easily purchase/ deposit to their wallet using debit/ credit card.

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Below are possible ways you can deposit funds at Binance exchange:

• Bank transfer
• Credit/ Debit card
• P2P trading
• Cash Balance
• Third-Party payment (Simplex and Banxa).

In the next post, I will be explaining these methods and also how to trade on Binance exchange.

Here's my homework @besticofinder.

I'm a member of team @steemalive and this is me

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Becky

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