Binance Exchange

binance exchange

These are the 3 requirements for each exchange:

  • Liquidity: A lot of trading volume -> High Liquidity -> Easy to buy in & sell
  • Coin Offering: An exchange offering low market cap coins is obviously a must for LCC trading
  • Stability: We do not want our exchange to go offline during a rally or crash.

Let’s see if Binance meets these requirements.

What is Binance?

Binance is the fastest growing cryptocurrency exchange. In just over 6 months it became one of the top 3 highest volume exchanges.

The daily trading volume on the platform is currently between 3-4bn USD.

binance market cap

On this page you can read my review and experience about the Binance Exchange.

Why Binance?

There are so many exchanges out there. What makes Binance so special?

  • Binance is a popular cryptocurrency exchange with a wide variety on coins. This makes it one of the best platforms to buy low market cap coins before they reach the other major exchanges and go up in price.
  • Because of its high trade volume, Binance has a very high liquidity of most trading pairs. Need to sell/buy coins fast? This is your platform.
  • Binance offers the standard BTC, ETH & USDT trading pairs. But the platform also has its own cryptocurrency BNB. This coin can be used as a 4th trading pair, or to pay and reduce your trading fees.
  • The standard trading fee is 0.1%, which is much less than half of Bittrex 0.25%. When using BNB to pay your trading fee, this fee is reduced to only 0.025%

binance exchange

The platform also has some technical advantages over other platforms.

  • The platform can process up to 1.4 million orders per second.
  • Binance has a mobile app, which is very user friendly (but uses a lot of mobile data).
  • Besides a mobile app, Binance also supports most browsers, HTML5, WeChat and many other platforms.
  • Offers 2FA or text message verification

binance mobile wallet

Some extras if you are still not convinced:

  • Supports English, Chinese, Japanese & Korean.
  • Strong Team, with advisors like Da Hongfei (CEO of NEO)

How to create a Binance account

When you go to Binance you will be presented with the following screen:

binance trading platform

First, click Register in the top right corner.

You will see the following form:

binance signup form

Next, fill in all the necessary information: email, password & agree to the Terms Of Use. The random number is the grey box is the referral information for Binance.

 

Now, Click on Register

Like most sites these days, Binance requires you to verify your email.

binance verify email

After verifying your email, continue to Login with your email address and password.

verified

After logging in, a popup asking for extra security will show. I definitely suggest using 2FA for more advanced security. This makes it nearly impossible to get hacked. Make sure you write your 2FA code down incase you lose your phone.

2fa

Transferring Bitcoin to Binance

On your dashboard, click on Funds -> Deposit & Withdrawals in the top right corner.

On the Deposit & Withdrawal page, search for “BTC” exactly. Those 3 letter B-T-C and not a single more (these are other coins).

Click the Deposit button for BTC – Bitcoin and copy your deposit address. This is the address you will send your Bitcoin to start trading on platform.

It is the same for all other coins.

deposit bitcoin binance for neo

 

After sending money to 

After some time (can take up to an hour some days), our Bitcoin will have arrived on Binance. You will now see your BTC balance in Deposit & Withdrawals.

Buying cryptocurrency on Binance

I will take NEO, one of my favorite long-term coins, as an example.

Use the top menu and click on Exchange -> Basic.

This is where all the trading happens. It might look scary, but it is much easier than it looks.

On the right side of the screen you have a small search box. Type in NEO and press search.

In the table under “Pair” you should now see NEO/BTC. Click on this.

binance - neo chart

Afterwards go down to the boxes under the chart. We are currently only going to use the left one with the green “Buy NEO” button.

The three important fields in this form are: Price, Amount & Total.

DO NOT manually change the price. One small mistake here, like accidentally removing and 0 and making the price 0.04957 instead of 0.004957 can make you lose money real quick. Leave the price as it is, this the price NEO was last traded at.

Change the amount to how much NEO you want to buy. You can use the 25%, 50%, 75%, 100% to automatically fill in the field with the percentage of your current BTC balance. If you want to put all your Bitcoin in NEO, click on 100%.

The total field is greyed out and will show you exactly how much NEO you will get for that price.

After you double checked everything, click on “Buy NEO”.

Congratulations, you have now bought your first NEO!

Or wait… If the price went up after you landed on the Exchange screen, you might have to wait a bit for the price to go back down.

If you want to buy immediately without waiting, click the lowest red number on the right. This will change your “Price” in the form. Now you just have to click on Buy NEO again to complete the trade!

You can always cancel your order if you scroll down a bit, setting/cancelling an order does not cost anything.

Coins available on Binance

Like I mentioned earlier, Binance has a wide variety of coins. While its focus is mainly on cryptocurrencies from the Chinese market, it will often be the first big exchange to add new coins from anywhere.

Show all coins on Binance

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