Binance App Test & Experience ▷ Everything about the desktop app!
The Binance Exchange is the biggest and most popular exchange all crypto enthusiast, and for good reason. The mix of functionality and user experience cannot be found on any other exchange. In addition, there are low transaction fees and the option to trade over 100 coins.
One problem with the current Binance web version is persistent delays. This is a serious problem in the volatile crypto market, where the fate of a coin can turn in a matter of seconds. While the iOS and Android versions are lag-free, not everyone wants to run their complex trades on a tiny phone screen.
Don't worry, there is another option.
Few people know that Binance also has its own PC client that surpasses the web version in all areas. Available under Windows and MacOS, the PC Client is the ideal solution for everyone who wants to trade with Binance on their computer / laptop.
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Advantages of Binance
Binance is a relatively new player in the crypto market. Binance started operations just under a year ago and has grown exponentially. Binance is the largest and most popular today Crypto exchange with a trading volume of over $ 1 billion per day.
One of the biggest advantages of Binance is the wide range of available cryptocurrencies and the excellent reputation of the Exchange. Another aspect is the simple user interface. Binance rejects complex trading options from other exchanges in favor of simple buy / sell or limit / stop-limit transactions.
These reasons make Binance the optimal entry point for crypto investors after their horizons from Coinbase want to expand.
The Binance Web Interface
When Binance came out, there was only the web-based application. A large majority of users are still only represented on the web platform.
In comparison to the offers of other exchanges, the web version of Binance holds up pretty well.
The web application still offers all the functions one can expect from a crypto trading platform without overwhelming users with excess information.
The occasional problems are mostly due to the limitations of a browser-based model and not a failure of the Binance team. So the company began developing native applications for the most popular user devices.
The Binance App
The first native interface was the Android & iOSMobile app. The apps have the same functionality as the web-based option. The apps had the additional advantage that they are optimized for the resource-intensive mobile systems. They also take advantage of the native UI framework for a better experience.
While the Android app never had any problems, the iOS version got into trouble with Apple's strict criteria and has been removed from the iTunes Store several times. At this point in time, the app is not yet available in the official store and for this reason can only be downloaded directly from the Binance website. This does not mean that the app is unsafe. On the contrary, it is a more versatile alternative than any other application option. If you are looking for instructions on how to install and use the Binance iOS app, please click here.
The release of the Binance desktop app
After three months of intensive testing, Binance launched its highly anticipated PC client for Windows, which copied the "advanced" web interface in a more efficient and user-friendly way. The Mac version soon followed, meaning that Binance had a native application on every major platform.
Soon after launch, the Binance desktop app became the mainstay of most traders. The improved speed and lag-free updates are important advantages when trading.
How do I download the Binance Desktop App?
Before installing the desktop app, you need to sign up for a Binance account.
Binance facts:
· The Most Popular CryptoExchange on the Planet.
Over 100 cryptocurrencies are available on Binance.
· Multilingual customer service.
· Binance offers a special desktop application.
Are you having problems setting up your Binance account? You will get all the answers in our ultimate Binance Exchange Guide.
The Binance PC client is pretty easy to get to, once you've created your account, just navigate to the official download page of the BinanceDesktop client and choose the correct version for your operating system. Install the application and you're good to go.
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How to set up the app
Step 1: When you run the application, a small window will pop up asking for your Account ID and Password. Enter your credentials and continue. Alternatively, if you only want to see coin prices, you can log in as a guest.
NOTE: These instructions assume that you already have a Binance account. If not, visit ours ultimate guideto get started with Binance.
Step 2: Now you have to solve the Binance-specialized Captcha. Drag the figure onto its slot to complete the puzzle.
Step 3: You will now be greeted by the Google Authenticator screen. Find your six-digit code and enter it to access the app.
Markets
In real life, the value of a coin is usually measured by its USD value. As with other pure crypto exchanges, direct Fiat conversions are not possible on Binance (although rumor has it that it will be rolled out later this year) so you will have to choose a base currency to compare your coins to. This is the concept of a coin market; pairing a coin with an established cryptocurrency for trading and tracking its prices.
Binance currently supports four different trading pairs: Bitcoin, Ethereum, Binance-Coin and Tether. Keep in mind that USDT is primarily used to park funds during a market downturn, so there are few trading pairs for Tether.
Division of the market screen
The list of trading pairs
This is just a list of all trading pairs for the currently selected market (can be selected from the tabs above) that shows the relevant market statistics for the individual coins.
Trade volume chart
The simple line graph shows the trading volume of the selected trading pair over time. Handy for analyzing interest in a coin.
Trading history
A continuously updated log of the transactions carried out on the platform. Note the color scheme: red represents a sale, while green represents a purchase. You will see this color system throughout the Binance app.
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The Fund section
As the name suggests, the “Funds” section shows you the coins you currently hold on the exchange, including those that you have deposited and those that you have bought.
The trading screen
The trading screen is more or less identical to the advanced interface in the web browser version of Binance.
As you can see, the only difference is the placement of certain elements. For those who see this screen for the first time, fear not - it is easier than it looks. Read on as we break down the Exchange screen piece by piece.
Overview of the Exchange screen
The charts
As soon as you open the Exchange screen, you will be instantly overwhelmed with complicated charts. Once you get over the initial shock, you will find that the chart gives you a quick, visual representation of the market condition and performance of the selected trading pair.
The chart is available in two basic variants: candlestick and depth chart.
Candlestick chart
The candlestick chart may seem complex, but the visualization is very simple: the transition from opening and closing prices is shown, along with a thin “candle” for the biggest ups and downs during the period. The diagram conveys a lot of data and gives an impression of the “trading mood” and expectations.
Especially as a beginner, you should learn how to properly read the candlestick chart to get the most out of your trades.
Depth chart
A depth chart is mainly used by experienced traders to analyze “market sentiment”. It shows a visualization of the order book on the buy and sell side. As always, green stands for buy orders, while red stands for sales.
The time interval bar
Switching between different maturities adjusts the chart accordingly so that you can compare the long-term with the short-term performance of an asset.
The multi-options function
Previously, users were forced to search and toggle the various trade pairs and time intervals over and over again. Binance later added the multi-options to the desktop app, which saves a lot of effort and time. The options can easily be switched using the buttons displayed.
Indicators
Indicators are a complex feature in the advanced Binance view. In order not to go beyond the scope of the guide, we will not go into further detail on this feature. Only use indicators if you know what you are doing.
Order history
This is where your trades are displayed, both during and after they are executed. Active orders are displayed under the "Open orders" tab and can be canceled if necessary. A list of the completed orders is shown under "Trade History".
Open orders
In the upper right corner is a list of the orders placed by other traders that have not yet been executed. These are open orders. Red orders are sell orders while the green ones are pending buy orders.
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Trading history
The Trade History section displays an updated log of recently completed trades for the selected trade pair.
Trading window
In this little window you will place your trade for both buy and sell orders. We'll explain this in more detail in the next section.
How can you trade with the Binance Desktop App?
For the sake of simplicity, Binance only offers three types of trades: market, limit and stop-limit orders. Each of these types of trades has its own use case and certain advantages.
Market orders
With a market order, you simply buy or sell a coin at the current market price on the exchange. It's the fastest method and almost always runs right away.
Just enter the amount of the coin you want to buy and hit the Buy button. Once you click the Buy button, your trade will be processed.
Limit orders
A limit order is a nifty tool to get the best buy and sell offers:
Suppose you want to buy BTC at the lowest possible price. While BTC is currently trading at € 6500, you see the possibility that BTC may drop below € 6000. Because of this, you only want to buy when BTC hits that limit.
Now place a limit order with the desired BTC quantity and the desired price. The order remains ready until the market has reached your set price point.
Used correctly, limit orders can become a powerful tool in maximizing your profits.
Stop limits
Stop-limit orders are a way to minimize losses. Let's say you want to buy Bitcoin for € 6.000. With every purchase there is a maximum loss that you are willing to accept. With a limit order you can limit your risk and automatically sell your position as soon as your coin reaches a certain price. For example, you can buy Bitcoin for € 6.000 and only be willing to face a 10% loss. In this case, you place a stop limit order at € 5.400.
Most experienced traders use stop limits to limit their potential losses. After all, you will not be right on every trade, and using stop limits is a good way to minimize damage when trades against you.
How can you lower the Binance fees?
Every time you make a trade on a cryptocurrency exchange, you pay fees. While the fees at Binance are already among the lowest on the market (0,1% per transaction), the fees can be further reduced with payment ofBNB Coins. In addition, the BNB Coin is one of the most popular trading pairs on the exchange.
For a detailed overview of the BNB token, please read our BNB Coin Guide.
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The advantages of the Binance desktop app
Speed
This is by far the greatest advantage of the PC client over the browser-based Binance version. In the web browser version, the exchange can be extremely slow, so price spikes appear before you can act. This can lead to serious losses for investors. The speed and optimization of the desktop application results in a more pleasant trading experience.
Safety
Security is arguably one of Binance's top priorities. However, you still need to be aware that browser-based versions can still be vulnerable to certain hacking attacks. However, two-factor authentication alleviates many problems here.
In our opinion, the safest method is still the native desktop application.
Ease of use
The native user interface developed for the desktop is optimally adapted for trading.
Conclusion
There is no doubt that the Binance Exchange Desktop app is the best trading application. With its impressive combination of speed and impeccable security, the Binance desktop app client is the undisputed favorite of crypto trading applications. Bitcoin-news.one is in favor of using this exchange.
Frequently asked Questions: