Binance Test & Experiences ▷ Everything about the Crypto-Exchange!

In this guide we show you how to open and set up your Binance account and how to use the Exchange. We always advise caution before investing in a crypto currency. We recommend that you do your own research before making any investments.

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What is Binance?

Binance is a crypto currency exchange, which was launched in July 2017 under the leadership of CEO Changpeng Zhao. Since then the exchange has experienced a rapid rise and is now the largest crypto currency exchange in the world!

Due to the surge in popularity, Binance was forced to reject new customer registrations in January 2018. While the exchange was closed to new customers, private deals were made for Binance accounts worth several thousand dollars! In the meantime, you can open accounts again free of charge.

Unlike Coinbase, Binance is an exclusive crypto-to-crypto exchange and does not allow fiat currency deposits.

Why should you open a Binance account?

There are many interesting old coins in which one can invest. However, you have to find a suitable exchange, as most exchanges only support a few Altcoins. Binance is the most popular place to trade Altcoins.

The exchange is known for its simple user interface, high trading volume and multilingual support.

How to open an account?

Binance Logo 3

Important facts about Binance:

  • Largest Exchange in the world: Binance is the largest crypto to crypto exchange in the world!
  • Huge selection of crypto currencies: The exchange offers you the possibility to trade with over 100 different crypto currencies.
  • User-friendly: The user interface is probably the most pleasant trading interface of all Exchanges. We believe this was one of the main reasons for the explosive growth of Binance.
  • Great mobile apps: Learn how to download and use the iOS app in our Binance App Guide.
  • Customer Support: Binance offers multilingual customer support.

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Register on Binance

  1. Visit the official website. There are many phishing websites that pretend to be Binance. To check that you are on the official website, make sure that "SECURE" is next to the URL. Then simply bookmark the page for future use and click the "Register" button
Binance Screenshot Website
Make absolutely sure that you are on the official website.
  1. Fill out the necessary information to create your account:
Registration binance
Registration page
  1. You will then receive a confirmation e-mail. Just click on "Confirm email" and make sure you are logged in to your account. You will then be asked to set up 2FA. Download either Google Authenticator or Authy to your phone.

IOS
-Google Authenticator: Download now!
-Authy: Download now!

Android
-Google Authenticator: Download now!
-Authy: Download now!

QR Code Scanning
Scan your QR Code

4. scan the QR Code on the screen in your Authenticator app

Listing Binance
Write down your backup key and keep it safe.

5. write down your Back Up Key on a piece of paper and keep it safe. This code is used to restore access to your Authenticator App if you lose your phone.

Activate 2FA
Enter your data to activate 2FA on the exchange.

6. in step 6, enter the key displayed, your password, and the 6-digit authentication code displayed on Authy or Google Authenticator.

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How to deposit currencies?

  1. Make sure that you are logged into your account. Click on the "Funds" drop-down list and then on "Deposits".
Coinbase screenshot
Deposit Navigation
  1. From the drop-down list, select the crypto currency you wish to deposit. You will then see your deposit address.

IMPORTANT: Make sure that you only send Ethereum to one Ethereum address, Bitcoin to one Bitcoin address and so on. Otherwise you may lose money.

Binance screen
Deposit example. BTC is used in the example.

How to transfer from Coinbase to Binance?

Simply log into your Coinbase account, click on "Accounts" in the navigation bar and click on "Send" in the crypto currency wallet of your choice.

Send Coinbase money

Now enter your Binance inpayment address as the recipient address and the quantity of coins you wish to send. As soon as you click on Continue, your coins will be sent to Binance.

Tip: If you use Coinbase to buy more exotic crypto currencies from Binance, we recommend that you only deposit Bitcoin or Ethereum. The problem with sending Litecoin or Bitcoin Cash to Binance is that you can only trade them against Ethereum, Bitcoin, Tether or BNB Coin.

How to buy coins on Binance?

1 First you need to select the right market; this depends on whether you have deposited Ethereum or Bitcoin on Binance. Select "BTC Markets" if you have deposited Bitcoin or "ETH Markets" if you have deposited Ethereum.

BTC Markets Binance
Localization of the BTC and ETH markets on the stock exchange.

2 To find the right market on the Binance exchange, you need to find out the official abbreviation for the crypto currency you want to buy. The easiest way is as follows:

Go to the Coinmarketcap website. In the search box, enter the crypto currency you wish to buy. In this example we use Cindicator.

Coinmarketcap Page
Find your crypto at Coinmarketcap.

Next, you will see 3 or 4 letters in brackets next to your coin's name in the upper left corner of the screen. This is the official abbreviation for your coin. In our example it would be: CND

3. enter the official abbreviation for the coin you wish to buy into the search field in Binance.

Binance with CND

4. the trading screen can look quite complicated and overwhelming. Since you buy your coin with Bitcoin or Ethereum, you will only get prices in ETH or BTC. Most of us work in € and you will probably want to buy the value of X€ of Coin Y.

First you have to find out how many coins you want to buy. (Use Coinmarketcap to see the price of a coin in €) If we wanted to invest 500 € in Cindicator, we just pull out our calculator and enter: 500/0.129951 = 3847.604097. So with 500 € we will get about 3,8.000 Cindicator-Coins. You must be aware that the finance fee is 0.1 for each trade.

5. to make the purchase, click on "Market", enter the number of coins you wish to buy and click on the "Buy" button.

Buy on Binance
Execution of a stock exchange buy order at market price.
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What is the NBB Coin & what is it used for?

NBB is simply the abbreviation for Binance-Coin. It is the official crypto currency of the stock exchange. Coin. offers the following function:

  • Fee reduction: The coin gives you a 50% discount on the transfer fees paid in Binance. Unfortunately this discount is only valid for the first year of use. In year 2 there is a discount of 25%, in year 3 a discount of 12.5%, a discount of 6.75% in year 4 and no discount in year 5.

How can you withdraw your coins from the stock market?

Although we like Binance, you should never keep your coins at an exchange. This solves the problems of third parties and protects against potential hacker attacks.

We will show you how you can withdraw your coins from Binance into your wallet:

1 Once you have logged in, click on the "Funds" drop-down list and click on "Withdrawals".

Binance payout
Withdrawal Navigation

2. select the coin you wish to withdraw Then enter your wallet address and the number of coins you wish to withdraw. Click Send and your withdrawal will be processed in your wallet.

Binance image
Replacement of the payout screen

Fees are charged for the payment of your Coins from the exchange. These fees depend on the coin you wish to withdraw. ExchangeBit is very useful for checking fees.

Is Binance safe?

Although it is the largest crypto currency exchange on the planet, there are still unknown risks. There is no official explanation from the exchange of how user money is actually secured.

Nevertheless Binance has a very large and loyal fan base. The security of the platform is taken seriously.

Binance CEO Changpeng Zhao has also made interview appearances on Bloomberg and was introduced in Forbes. This PR gives the company legitimacy.

The largest crypto exchange simply has so much to lose if there is a security breach.

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customer support

Changpeng Zhao admitted in a live Bloomberg interview in January 2018 that the stock market had not expected the growth achieved. The fact that Binance closed the registration of new users in January 2018 indicates that they had problems with customer support. However, these issues were resolved in a timely manner and the company is taking the right steps towards scalability in customer support

Support tickets are submitted via an online form on the exchange and responses are sent to your e-mail address. Sometimes answers can take some time, but the support is responsive and competent. As Binance is working to expand its customer service team, we hope to implement live chat and telephone support soon.

Would you like to trade crypto currencies on Binance?

Limit orders and stop losses can be confusing. For this reason, we have put together a guide that explains in detail how you can trade on Binance.

Binance Beautiful picture

Conclusion

As the world's largest crypto currency exchange, Binance offers its customers access to over 100 different crypto currencies. The interface is also very user-friendly and Binance fees are very low compared to other exchanges.

The biggest disadvantage of Exchange is the relatively slow customer support, but we are confident that this problem will be solved. Another disadvantage is the lack of listing of ICOs and small-cap coins. If you want to invest in this type of coin, you will probably have to use a different exchange.

We have had good experience with Binance and are very pleased to recommend Binance to Bitcoin-News.one readers.

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Frequently asked questions: 

Binance is a crypto currency exchange, which was launched in July 2017 under the leadership of CEO Changpeng Zhao. Since then the exchange has experienced a rapid rise and is now the largest crypto currency exchange in the world!

There are many interesting old coins in which one can invest. However, you have to find a suitable exchange, as most exchanges only support a few Altcoins. Binance is the most popular place to trade Altcoins.

Important facts about Binance:

IMPORTANT: Make sure that you only send Ethereum to one Ethereum address, Bitcoin to one Bitcoin address and so on. Otherwise you may lose money.

Do you want to trade crypto currencies with the best conditions?
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Get started on eToro, the test winner crypto broker from Bitcoin-News.one

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Your capital is at risk. Not ready yet? Read our Etoro test.

Callie Machalat

Callie Machalat of Bitcoin-News.one understands the information needs of crypto community members, traders, researchers and developers who are looking for reliable information to understand and participate in the crypto revolution.

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