🔥 Binance Test 2021: Exchange experiences & rating
In this guide we will show you how to open and set up your Binance account and how to use the Exchange. We always advise caution before investing in any cryptocurrency. We encourage you to do your own research before making any investments.
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What is binance
Binance is a cryptocurrency exchange launched in July 2017 under the direction of CEO Changpeng Zhao. Since then, the exchange has seen a rapid rise and is now the largest cryptocurrency 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 for Binance accounts worth several thousand dollars have been made! You can now open accounts again for free.
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 altcoins to invest in. 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 can I open an account?
Key facts about Binance:
- Largest exchange in the world: Binance is the largest crypto to crypto exchange in the world!
- Huge selection of cryptocurrencies: The exchange offers you the opportunity to trade with over 100 different cryptocurrencies.
- User friendly: The user interface is probably the most pleasant trading interface of all exchanges. We believe this was one of the main reasons Binance grew explosively.
- Great mobile apps: Find out in our Binance App Guide how to download and use the iOS app.
- Customer support: Binance offers multilingual customer support.
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Register on Binance
- Visit the official website. There are many phishing websites posing as Binance. To verify that you are on the official website, make sure that "SECURE" is next to the URL. Then simply bookmark the page for later use and click the "Register" button
- Fill in the necessary information to create your account:
- You will then receive a confirmation email. Just click on "Confirm Email". Make sure you are logged into your account. You will then be asked to set up 2FA. Download either Google Authenticator or Authy on your phone.
IOS
-Google Authenticator: Download now!
-Authy: Download now!
Android
-Google Authenticator: Download now!
-Authy: Download now!
4. Scan the QR code on the screen in your Authenticator app.
5. Write down your Back Up Key on a piece of paper and keep it in a safe place. This code is used to regain access to your Authenticator app if you lose your phone.
6. Enter your key shown in step 6, your password and the 6-digit authentication code shown on Authy or Google Authenticator.
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How do you deposit currencies?
- Make sure you are signed into your account. Click the Funds drop-down list, then click Deposits.
- Select the cryptocurrency you want to deposit from the drop-down list. You will then see your deposit address.
IMPORTANT: Pay attention ensure that you only send Ethereum to an Ethereum address, Bitcoin to a Bitcoin address, and so on. Otherwise, money could be lost.
How do you transfer from Coinbase to Binance?
Simply log into your Coinbase account, click on "Accounts" in the navigation bar and click on "Submit" in the cryptocurrency wallet of your choice.
Now enter your Binance deposit address as the recipient address and the amount of coins you want to send. As soon as you click Next, your coins will be sent to Binance.
Tip: If you use Coinbase to buy more exotic cryptocurrencies 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 for Ethereum, Bitcoin, Tether or BNB Coin.
How do you buy coins on Binance?
1. First you need to choose the right market; this depends on whether you have Ethereum or Bitcoin on Binance. Select "BTC Markets" if you have deposited Bitcoin or "ETH Markets" if you have deposited Ethereum.
2. To find the right market on the Binance exchange, you need to find out the official abbreviation for the cryptocurrency you want to buy. The easiest way is as follows:
Go to the website Coinmarketcap. In the search box, enter the cryptocurrency you want to buy. In this example we are using Cindicator.
Next, you'll see 3 or 4 letters in brackets next to your coin’s name in the top left 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 want to buy into the search box in Binance.
4. The trading screen can look quite complicated and overwhelming. Since you buy your coin with Bitcoin or Ethereum, you only get prices in ETH or BTC. Most of us work in € and you will likely want to buy the X € value of Y coin.
First you need 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. With € 500 we will receive around 3,8.000 Cindicator Coins. You need to be aware that the Binance fees are 0,1 for each trade.
5. To make the purchase, click "Market", enter the number of coins you want to buy and click the "Buy" button.
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What is the BNB Coin & what is it used for?
BNB is simply short for Binance coin. It is the official cryptocurrency of the exchange. The coin offers the following function:
- Fee reduction: The coin gives you a 50% discount on the transfer fees paid in Binance. Unfortunately, this discount only applies to the first year of use. There is a 2% discount in year 25, a 3% discount in year 12,5, a 6,75% discount in year 4, and no discount in year 5.
How can you withdraw your coins from the exchange?
Although we like Binance, you should never keep your coins on an exchange. This solves the problems of third parties and protects against potential hacker attacks.
We'll show you how you can withdraw your coins from Binance to your wallet:
1. Once you are signed up, click the Funds drop down list and click Payouts.
2. Select the coin you want to withdraw. Then enter your wallet address and the number of coins you want to withdraw. Click Submit and your withdrawal will then be processed in your wallet.
There are fees for withdrawing your coins from the exchange. These fees depend on the coin you want to withdraw. ExchangeBit is very useful here for checking fees.
Is Binance Safe?
Even though it is the largest cryptocurrency exchange on the planet, there are still unknown risks. There is no official explanation from the exchange on how user funds are actually secured.
Still, Binance has a very large and loyal fan base. The security of the platform is taken seriously.
Binance CEO Changpeng Zhao also has interview appearances Bloomberg made and was made in Forbes presented. This PR gives the company legitimacy.
The largest crypto exchange simply has so much to lose if a security breach occurs.
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Customer Support
Changpeng Zhao gave in one Bloomberg Live Interview admitted in January 2018 that the stock exchange did not expect the growth achieved. The fact that Binance closed the registration of new users in January 2018 suggests 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 available through a Online Form submitted to the exchange and responses will be sent to your email address. Sometimes replies can take a while, but the support is responsive and knowledgeable. As Binance is working on expanding its customer service team, we hope that live chat and phone support will be implemented soon.
Would you like to trade cryptocurrencies on Binance?
Limit orders and stop losses can be confusing. For this reason we have put together a guide that explains exactly how how to trade on Binance.
Summary
As the world's largest cryptocurrency exchange, Binance offers its customers access to over 100 different cryptocurrencies. The interface is also very user-friendly and the Binance fees are very low compared to other exchanges.
The biggest downside to the Exchange is its relatively slow customer support, but we are confident that this problem will be resolved. Another disadvantage is the lack of a listing of ICOs and small cap coins. If you want to invest in these types of coins, you will likely have to use a different exchange.
We have had good experiences with Binance and are very happy to host Binance Bitcoin-News.one To recommend to readers.
Frequently asked Questions:
Binance is a cryptocurrency exchange launched in July 2017 under the direction of CEO Changpeng Zhao. Since then, the exchange has seen a rapid rise and is now the largest cryptocurrency exchange in the world!
There are many interesting altcoins to invest in. 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.
Key facts about Binance:
IMPORTANT: Make sure you only send Ethereum to one Ethereum address, Bitcoin to Bitcoin address, and so on. Otherwise, money could be lost.