Raise your hand if you’ve known little about Binance by now. To be going on with, I’ll answer on the following questions: Should you download the exchange first? And how? And I honestly couldn’t think of a more diverse option set to prepare ourselves for running buying, selling crypto processes later on.
Everything is totally thought-out for Android and iOS device holders, easily having got onto the Google Market or the App Store, you may come over to loading of the official application. Sure, if you’d like to have it on your computer, there are different PC-clients for Windows and MacOS owners to get first.
I truly feel that advanced system architecture, high performance and liquidity, multi language customer care, multiple coin maintaining are not everything people expect the best exchange platform to be – delays, mobile app work troubles, a great focus on the Chinese group of clients – have to be completely made up.
The table shows kind of exactly what we get right now. It is advantageous and disadvantageous altogether, and below, you can even see everything for yourselves.
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Available Markets on Binance
While below it was a shallow overview of Binance capabilities, there are in-depth details you have to be aware of. 4 basic cryptos are: BTC, ETH and LTC, BNB. The last mentioned has been issued by the exchange itself (habitual act, isn’t it?).
And in order to promote which, people, we are suggested to pay fees with. The trick is that, using BNB, you save 50%, 25% and so on. For 4 years, your expenses on withdrawing, trading, currency charging would have significantly been decreased.
Fees and Limits
Digging deeper, I assume that fees and some limits on units, orders, amounts have been disposed. Up until now, it seemed like the Binance user may start at 0.001 unit at the very least, with a starting price at 0.000001, ETH can be traded to BTC, when BNB totals 1 minimally to 0.01 ETH at the minimum price – 0.00000001.
Consider trading charges just as for regular currency, for BNB. The difference is in withdrawing transaction as depositing goes free, trading requires a fixed fee – 0.01%. Unless you have BNB, then the exchange charges that commission in the crypto by default. BTC or BNB go with 0.0005, 0.34 withdrawal fees accordingly.
Verification and Security
I also decide to take my concerns to security, herewith verification measures as being the weakest spots of the digital world. I have been assured about 2FA fidelity plus security protocols, CCSS and ISO/IOC if they tell you something.
Instead of 2FA, you may avail of Google Authenticator that is needed for withdrawal or first deposit operations within Binance.
Trading on Binance Exchange
It offers 2 (two) modes for trading which bothered me as they have differences in their interface and what is presented there. I was surprised with the platform order types progresses after I saw that I could easily run through their history.
Buying
I did some searching and revealed that buying crypto on Binance started with account creation and logging into it by entering some details about yourself. Then you enter a market of the crypto you are going to buy and enroll BNB or another currency for paying.
It was ten display sections which show visibility of processing. Look around for a buy area to type an amount and a price suitable for you and complete the operation by clicking on the “buy” button.
Selling
The sale paragraph exists for a reason! One should decide on details of the selling prior entering all the fields. Worried that you may have lost, I completed the guide for you:
- enter the market again
- fill in a deal
- begin sale
Now you are willing to do whatever it takes to sell, buy or trade!