|Top Country||United States|
More Info About Exchange
Choosing the right digital currency exchange is pretty tough now days. Especially in the cryptocurrency space where there is lierally hundreds of different exchanges. Most of them a completely useless and untrustworthy and were made by people just to make a quick buck from naive people.
Binance isn't one of them.
Launched in China in July 2017 Binance quickly became the most popular and trusted crypto exchange in the world. They are the top exchange with the most traded volume in the world, $1.5 billion is traded on Binance every single day.
Binance is a fairly new exchange, it's only one year old. But it already managed to turn from 0 to a billion dollar exchange in only one year and become the biggest digital currency exchange in the world.
Zhao Changpeng a Chinese-Canadian crypto billionaire is the founder and CEO of Binance who quickly became one of the most recognisable people in the crypto space.
So what exactly is Binance and why should you use it?
As I said in the beginning, Binance is a centralized digital asset exchange, but they are working towards becaming a decentrilized exchange in the future.
“After extensively researching decentralized exchange frameworks and analyzing existing implementations, we believe significant improvements can be made in providing Binance users with a level of trading experience to which they are already accustomed. Centralized and Decentralized exchanges will co-exist in the near future, complementing each other, while also having interdependence.”
Binance was first launched in China, but shortly after China banned cryptocurrencies so they were forced to move their base to Japan. Then came more trouble because the Japan's government said that Binance was not following their official regulations so they were forced to move again. This time to Malta in Europe because of their crypto-friendly government.
This was a very good move for Binance. After the news of moving to Malta, Binance also announced that they were working with Maltese banks to provide fiat to crypto exchanges on their platform.
Why should you use binance?
Well, mainly because it's a very great place to start whether you're an expert in trading or someone who just bought their first bitcoin.
Binance provides hundreds of trading pairs with BTC, ETH, BNB and USDT. They are adding more and more coins on the regular basis, so you will always find great projects to trade. And they have the highest daily trading volume, which is why it's a great place for trading.
They also provide one of the lowest trading fees which is 0,1%. But if you hold their BNB coin you will recieve 50% discount in trading fees which I strongly suggest you do, try holding at least 1 BNB coin at all times.
If you want to learn more about Binance fees check out this page on their website.
Binance also offers a Desktop client for Mac and Windows which is much faster and more functional than their website and it can save you a lot of pain sometimes.
On top of that they have and Android and iOS app as well for all the "on the go" traders.
You can find both the desktop and mobile download links here on their official website.
How to get started with Binance?
Well the first step is to register and account with Binance which you can do by clicking this link.
The sign up process is very simple so I'm not going to go through it. The only thing you need to make sure to do after you click the register button and confirm your email is to set up your 2 Factor Authentication. This is for your own safety.
After you completed your registration and you login to Binance this is what you're going to see:
Make sure sure the "Using BNB to pay fees" button is turn on and make sure your Google or SMS authentication is enabled.
Another thing you might want to do right now, depending on the amount of cryptocurrencies you hold is to verify your Binance account.
As you see when you first sign up you start with a level 1 account which allows you to withdraw maximum of 2BTC every 24 hours.
So if you need a higher limit of 100BTC per day you need to confirm your identiry by submiting verification documents to Binance.
Now that this is done, it's time to make a deposit. On the menu bar on top you will find a tab called "Funds", hover over it and click on "Desposits".
You will then be transfered to this page:
On this page you can select any currency from the available cryptocurrencies on Binance and make a deposit. Simply Copy the address like the one shown above and paste to the wallet you hold your currency and send your money here.
On the right side of the screen you will see your deposits history and current deposit status.
Depending on the currency you're trying to deposit it may take from few minutes up to few hours for it to show in your balance.
Now that you have funded your Binance account let's get into trading.
Binance has two different trading exchanges, the basic and the advanced. Let's start with the basic one.
I've drawn a red square on each section that I'm going to explain below, I've also numbered it so you don't get confused.
This section shows your trading pair in this case its Bitcoin(BTC) against Tether(USDT).Next where it says "Last Price" you will see two very similar prices, you're probably wondering why. It's because the price to the left which is $6377.14 is the buy price and the price on the right which is $6379.83 is the sell price.
Next to is you will see the 24h change in this trading pair, on the left it shows the change in dollars or satoshis, on the right you see a percentage change. This change is calculated by calculating the difference between the 24h high and low which you see next to it.
The last column you see in this section is the 24h volume which is simply the amount of money that has been traded during the last 24h period.
Also on the far right you will see two button in the corner, they are there for changing the view of the website from day to night mode and vice-versa.
This section is the order book. This shows the sell and buy order that are currently placed. The numbers in red are all the sell orders, the numbers in green are the buy orders and in the middle you will see the market price of the asset. You can use this to judge where to place your buy or sell orders.
Using the image above as an example let's say there is a huge buy order at 6377.14(on the above image it's only 0.33BTC but let's imagine it's 30BTC) it will take a very long time for this order to get filled and if you wait long enough the price might go up higher because a lot of other people don't want to wait for this huge order to get filled so that theirs can be filled so they end up placing their order higher and higher. So if you see a huge buy or sell order like this you might want to place an order just a little bit higher or lower and get it filled immediately.
Here you will find a list of all the trading pairs available. You can select you favourite pairs by clicking the start next the its name. This section also displays the current price of the asset and its percentage change in the past 24 hours.
This is the trade history. You can either see your recent trades there or trades of the entire market for the asset you're currently on, in this case BTC/USDT. You can see the recent purchases or sales that were made by other people.
This section shows the chart for the asset selected, here it shows the hourly chart for BTC/USDT. You can change the timeframe from 1 minute chart to a monthly chart, whatever suits your strategy. This is the original chart from Binance but as you can see there is a "TradingView" tab where if you click it, it will display the same chart but from TradingView.com, you can use this feature if you want to put some indicators on your chart.
Now for the chart explanation, the original chart displayed here will always have these 5 indicators. 3 Moving averages, the volume and the MACD.
The 3 Moving Averages displayed are:
- yellow: 7 MA
- pink: 25 MA
- red: 99 MA
The volume indicator is always displayed right below the candlestick chart. And the MACD is displayed below the volume. I'm not going to explain how these indicators work in this article since its not what it is about.
This is the section where you will make your purchases or sales, so let me tell you exactly what each area means.
"Limit" orders - this is the most used type of order you will use. Here you can manually set the buy or sell price that you want. Simply enter your desired price and select the amount you want to buy/sell or the total amount you want buy/sell and place the order and wait for it to get filled.
"Market" orders - I don't usually advise using market orders for buying or selling your assets, use limit orders instead. Why? Because you can't select your own price for buying or selling in a market order, if you use this option it Binance will use the market price that is shown in section 2 to place an order for you.
"Stop-limit" orders - This is where you can place stop losses or take profit orders for your asset. Unfortunetly Binance only allows one of them at a time so you can either place a stop loss or a take profit order at one time which is not very handy. I suggest using stop loss only.
This section shows all your open orders that you currently have.
Now that you have the basic understanding of Binance let me go through the advanced part. To access the advanced verion of the Binance exchange, slide your mouse to the "Exchange" tab in the menu and click on "Advanced", this is what you will see:
There is no need for me to explaing every single section again because they are pretty much the same so I just used the same numbers for the same sections as for the basic exchange, just scroll up if you need to.
You might be wondering what is the difference between the basic and the advanced version, they are pretty much the same except for the darker color.
Well if you look closely at the chart you will see there are two extra tabs you get now, "Tools" and "Indicators" this is for the advanced traders that know how to use and read them.
Those are all the available tools and indicators on the advanced Binance platform. As you can see you have pretty much everything you need, anything from simple trend lines to Fibonacci Lines or the advanced indicators such as the RSI. Before you start using any of those make sure you at least have a basic understanding of what each of them does. I'll explain each one of them in a different article some time in the near future.
Binance Competition, the biggest giveaways you will ever see
Another thing Binance is the best at is doing competitions! Each competition they do is worth at least few hundred thousand dollars and some even go over the millions.
This is the current competition running on Binance, to be honest it's a pretty small copmpetition giving Binance standards but they do competitions one after the other and you can qualify for each one of them very easily, all you need to do is just trade a certain amount of a certain coin during a certain period and you're done.
As I said this is a very small competition, Binance often holds giveaways where you can win Lambos, Ferraris, trips around the world, iPhones, MacBooks and tons of other stuff. Honestly they giveaway stuff worth millions every single month.
Pros & Cons
|Crypto exchange with the highest trading volume in the world||Slow customer support|
|Frequently adds new coins||Website is sometimes a little laggy|
|Supports a most of the airdrops||No support for fiat (yet)|
|Low trading fees|
|Mobile app and desktop client|
Overall I strongly recommand Binance to everyone, it's simply the best exchange that was ever created as of now. It's simple to use, it has a lot of features that will help you trade and grow your portfolio, and of course you can't forget the incredable giveaways. If you sign up on Binance using this link you will help my website grow, which I really appreciate and thank you for.