What is Binance? Everything You Need to Know About!

Binance is a cryptocurrency exchange that facilitates access to various tokens for customers across the globe.  The exchange got its name from a combination of Binary and Finance. Binary is a mix of two things, and finance refers to the provision of funds.

The popularity enjoyed by Binance is traceable to its support for more than 270 cryptocurrencies. It is the largest exchange of its kind on earth.

As at Q1 2018, the user base was put at over 6 million, and the coverage extends across the continents of the earth.

Part 1: What can I do on Binance?

As a cryptocurrency exchange, Binance is open to users from across the world; who are keen to open an account and get it going.

Open an Account

You are allowed to open an account on Binance. You need to provide an email address and confirm the link sent to your inbox.  Go here to open your Binance exchange account.

After you click on the link, your account is confirmed, and you can log in.

Add money on Binance

You need to add money on Binance after your account has been verified. You cannot deposit fiat currencies like USD, Euro or JPY.

Only cryptocurrencies can be deposited on Binance from any other exchange, wallet or marketplace. Read more on how to add money on Binance exchange.

Sell on Binance Exchange

Binance is a marketplace for buying and selling of cryptocurrencies. You can sell your tokens at any time on Binance, and this is easy to do.

You only need to ensure that you swap your tokens for the cryptocurrency of your destination wallet before you send them out.

Go to this tutorial for a detailed explanation on how to sell on Binance.

Trade on the Exchange

You can trade on the exchange after your account is opened, and you have funded your account. You can proceed to choose the pair you want to trade in, and start reaping the benefits.

If you are new to Binance trading, you can read this detailed article on how to trade on Binance.

Withdraw from Binance exchange

As you start your trade on Binance exchange, like any user, you can withdraw your earnings at any time.

The process of remittance is not complicated, and withdrawals are processed within 24 hours. Here is the detailed link on how to withdraw from Binance exchange.

Part 2: Which cryptocurrencies does Binance support?

Binance supports more than 270 tokens issued from different parts of the globe. The base currencies you can use on the exchange are USDT, LTC, BTC, ETH and BNB, and few others. These major cryptocurrencies can be paired with other tokens for the purpose of trading.

You can have BTC/BCH, ETH/DASH, BNB/PPT, etc.

In total, the trades supported include 117 pairs for BTC, 114 pairs for ETH, and 6 pairs for USDT. If you hold a cryptocurrency that is not supported on Binance, you need to swap it for BTC or ETH before sending it to your Binance wallet address.

To access your wallet address on Binance, you need to locate the specific token and copy the address linked to it. Here are the steps:

  • On the Binance homepage, log in
  • Go to the funds tab
  • Click on the Funds tab to reveal the tab for Deposits/ Withdrawals
  • Click on the deposits tab
  • You will see a column of currencies on the drop-down menu
  • Click on the currency of your choice
  • On the row, of the currency, tap on the deposit tab
  • An address will be revealed next after your last action, preceded by the symbol of the currency. E.g., BTC for Bitcoin
  • You need to carefully copy this address
  • Send this address to anyone sending you the tokens. Or, you can go ahead and place it on the recipient wallet address tab on the source exchange for the tokens.

Go to Binance tutorial for beginners for more details on how to access your wallet address on the Binance exchange.

Part 3: Is Binance safe?

For anyone who is curious to know how safe Binance might be, this is the time to read on. It might interest you to know that accounts are verified and safeguarded using the 2FA (factor authentication) module.

With the 2FA, no transaction can be authorized except a notification with a confirmation link is sent to your phone or email. Some users are also required to use the Google Authenticator before transactions are permitted.

No matter where you live, you can use one of these control measures to ensure that no unauthorized access to your account is possible.

Other Safety Measures

The safety of Binance is boosted by:

Platform Design

The Binance platform is multi-structured for safety and stability with a multi-tier and multi-cluster algorithm.

High-Performance Optimization

Binance exchange is optimized for high performance with the capacity for the processing of 1,400,000 transactions per second.

This performance rate far exceeds the credit card upper limit of 100,000 transactions per second.

High Liquidity

In terms of liquidity, Binance is at the top limit with more than 270 cryptocurrencies quoted on the exchange.

Several ICOs continue to get into the marketplace with added liquidity for the exchange to meet customers’ obligations.

Industry Collaboration

In the modern world, synergy and collaboration cannot be ruled out.

A wide range of leaders and resources available in the cryptocurrency space are at the disposal of Binance, and this is heartwarming.

Part 4: Why are there buy limits on Binance?

Stop limits on Binance were instituted to help the users of the exchange limit their losses when prices become volatile. In addition, this also serves as the benchmark to prevent any user from overshooting the available balance for each trading.

Stop-limits on the exchange can either be to sell or buy. Buy limits stop the user from going beyond the upper limit set for each trade. This reduces the risk of unprofitable trades and will prevent market wipeouts that can erode a user’s trading base.

At lower supports, a user can buy more units of his preferred token once the price drops below the break-out level. A sell limit also works in the same way as a sale is triggered when the set lower limit is breached to prevent further losses.

sell limit

The video link below explains the subject of buy limits in more details.

Part 5: Why is this exchange so popular?

The popularity of Binance stems from its support for a wide range of cryptocurrencies. Apart from its acceptance of users from all over the globe, its token support base is a major reason.

Many ICOs that have come to the market ended up with a listing on Binance in order to enjoy the support of the global market. The positioning of the exchange from its onset as a global player also resonated with cryptocurrency enthusiasts worldwide.

While Binance was not the first exchange to start off cryptocurrency trades, it has gradually earned the trust of many people. Binance introduced low trading fees, and its native cryptocurrency known as BNB is among the top 25 cryptocurrencies by market capitalization.

Part 6: Which countries does Binance support?

Binance started out with a focus on the Asian market with South Korea accounting for the bulk of its operations. The exchange has since broken out of its Asian mode. It now has a global reach made possible with multilingual support for Mandarin, English, Korean and Japanese languages.

You can open your account from any country on earth with the exception of China, whose nationals have been banned by government fiat. So, IPs originating from China are banned from the platform.

Part 7: How much are Binance fees?

Binance fees are chargeable for all withdrawals and trades.  Only deposits are excluded from charges on the platform. A standard o.1% of transaction value is levied on all trades except the user signs up for the use of BNB as deductible currency.

BNB usage gives the user a 50% discount on deductible fees,

When a withdrawal is made, the fees payable are:

  • 0005BTC is the Bitcoin charge
  • 01 ETH is the Ethereum charge
  • 34BNB is the Binance token (BNB) charge
  • 01 LTC is the litecoin charge
  • Other coins have their due rates.

You can read more here on the range of Binance Fees.

Part 8: How to trade on Binance?

Trading on the Binance exchange is made possible with a range of simple actions by the user. Here is the suggested approach:

  • Log in on the Binance homepage
  • Navigate to the markets on display
  • Click on the symbol representing your preferred market
  • The available pairs for the token you have selected will appear next
  • Click on your preferred trade
  • More trade options are available for BTC and ETH, at more than 100 each
  • Place an order by clicking on your preferred pair
  • You will see the three orders underneath the trade dashboard as stop-limit, market, and limit options
  • As you make your entries in the tab selected and press submit, the order will now appear under the tab for open orders.

To view a detailed explanation of the steps above, go to how to trade on binance

Part 9: How to contact Binance customer support?

Binance customer support is web-based, and this means that you need to log in to the support website before you can get help.

Here are the steps you need to follow:

Step1

Log in to the support website here

login

Step 2

Enter the topic of interest in the space provided

search

Or you can use the Frequently Asked Questions Database that is located below the ‘enter keywords’ menu shown above.

faq

  • You need to select the topic and click to open
  • If your queries are not answered, then you need to open a ticket

submit a request

  • When you click on ‘submit a request’, a drop-down menu will open below

select topic

  • Select your topic
  • State your issues clearly, and a customer support assistant will give you a response within 48 hours.

Conclusion

Binance has been one of the most influential driving forces behind the cryptocurrecny revolution hat has gripped the world in the past 12 months.

You too can become a recipient of the rewards available to those who buy, sell, and trade cryptocurrencies.