Binance currently stands as the largest cryptocurrency exchange in the world in terms of trading volumes despite having been in operation for just over a year. Binance was launched in July of last year and from the time of its inception has managed to grow into the leading trading platform in the crypto sector.
Within its first year of operations, Binance has managed to get to the top of the pile by getting to over $10 billion in daily trading volumes. It also boasts of more than three hundred and seventy trading pairs as well as a listing of over a hundred and forty-three tokens and coins on its platform. It has maintained an appearance among the top five largest crypto exchanges in the world in terms of trading volumes.
It is important to note that Binance only facilitates crypto trading and does not support fiat deposits. Therefore to begin trading on this platform you need to already own fiat currency which you can buy on other crypto exchanges that support fiat trading.
Opening an Account in Binance
In order to begin trading on Binance you have to:
• Register for an account – To register you will go to the Binance homepage and click on the ‘register icon that is at the top right corner of the page. This will redirect you to another page where you will register using your email address.
• Verification of account – After registering the account, you will be sent a prompt to verify your email after which you will be able to log in to the platform as a user.
• Two-factor authentication security feature – after verifying the account the platform will prompt you to set up a 2FA which is an extra security feature i.e. a second code apart from the password that ensures you are the only one with access to your account.
Making a Deposit in Binance
To deposit funds into your Binance account follow the following steps:
➢ Click on the ‘deposits’ tab which is found under ‘Funds’ on the taskbar.
➢ This will redirect you to a deposit page where you can choose any coin listed on the platform to make the deposit in
➢ Once you have selected the coin, an address will appear where you are to send the deposits. Make sure to confirm that you are sending the right coin to the right wallet as sending the wrong coin could cost you funds.
➢ After this, you can check on the progress bar on the right end of your screen whether the deposit has been completed after which you can commence trading.
Trading on Binance
Placing an order – click on the ‘Exchange’ icon on the taskbar and select ‘Basic’. This will open the exchange platform which has various different crypto pairs to trade in e.g. if you select BTC/USDT, you will be choosing to purchase/sell BTC with/for USDT.
After this, you will select the quantity you want to buy or sell, depending on the various order options available. Confirm your values by going through them then click on the ‘buy’ or ‘sell’ to make it happen.
Making withdrawals – this step follows a similar procedure in that you will click on the ‘Funds’ icon on the taskbar then select ‘withdrawal’. This will direct you to the withdrawal page where you will input the type of coin and amount you wish to withdraw as well as the address of the wallet you wish to withdraw into. The final step is to click submit.