How to buy bitcoin in Binance

Posted on

Cryptocurrency exchanges are slowly becoming more commonplace, with millions of investors looking for the most seamless platforms on which to trade. However, some of the more useful options can be challenging and hard to understand. Below, we cover the basics of a popular platform in a Binance guide. This  tutorial covers a range of commonly asked questions about Binance that are sure to help you with your investment opportunities.

 

What is Binance?

Binance is an exchange that host crypto-to-crypto trades. This means that they do not accept real-world money, such as U.S Dollars (USD) or Euros (EUR). Binance is a China-based cryptocurrency exchange that gives users access to a robust set of trading tools, charts and security features. Following a successful initial coin offering (ICO), Binance began live trading in July 2017.

By offering both Basic and Advanced exchange interfaces, Binance makes it easy for beginners to execute simple trades, and provides professional traders with access to more complex options, such as margin trading.

Those who visit Binance for the first time will quickly notice that the platform offers two options for digital currency trading: basic and advanced. Neither the basic, nor the advanced versions are bound to be easy to use for complete beginners. However, anyone with a background in digital currencies and with a bit of knowledge into how exchanges work should be able to use the platform and its different services.

The main difference between the basic and the advanced version is that the advanced one offers more-in-depth technical analysis of digital currency value over time. At this time, the dashboard for the basic version offers several graphs and charts for the pairs that you’re trading, order books, and trade history.

The Basic view is nicely designed and well laid out, all the information you need is clearly presented with prices on the left, graphs in the center along with the buy and sell boxes and the trade history is presented on the right so you can quickly see what the latest trade prices were.

The advanced view uses a dark theme and makes the trading charts larger and the latest trade prices are displayed on the right with the buy sell boxes underneath.

Which you choose is a matter of preference really, I like the lighter colored basic view and find the layout a little easier to use.

 

How to sign up to Binance?

To use the exchange, users will first have to create an account. The process behind this is fairly simple and straightforward and you don’t have to verify your account for level 1 which is a 2BTC daily withdrawal limit. For level 2 which allows up to 100BTC per day, you need to upload a photo ID and wait till you are approved. There are higher limits still, but you will need to contact them directly to arrange that.

Time for verification can vary depending on how busy the site support staff are, so make sure to plan ahead if you wish to withdraw larger amounts and make sure this step is complete before depositing and trading large sums on the exchange.

Please, follow these steps for a quick and easy registration process.

  1. Visit Binance
  2. Click ‘Register’ in the top right-hand corner.
  3. Enter your name, email address, chosen password.
Binance, sign in, register

          4. Tick the box to drop the puzzle to its place to prove you are not a robot.

 

  1. Verify your email address by clicking on the link in the email you receive.
  2. Log in to Binance.

Optional but recommended to set up 2FA (Two factor authentication) once you hold any crypto in your Binance account.

 

How to deposit money to your Binance account?

Binance currently deals only with cryptocurrencies and does not offer fiat/cryptocurrency pairings. To buy bitcoin or another cryptocurrency with US dollars, euros, or another fiat currency, you will need to go elsewhere.

There are a number of exchanges (Kraken, Bittrex, Coinbase) that allow fiat/crypto trades, but Binance has announced that it does not plan to incorporate support for fiat trades.

  1. To deposit funds into your account, navigate to the “Funds” tab and choose “Deposits/Withdrawals”. From there you will see a list of supported currencies. Find the currency you wish to deposit (bitcoin is typically near the top) and click the “Deposit” button.
  2. You will be shown the deposit address for the currency of your choice. You can either copy the alphanumeric code or use the provided QR code. This is the address you will want to send your funds to.
  3. Whether you’re keeping your funds on another exchange or a third-party wallet, just go there and send the funds to your Binance deposit address, either by pasting in the code or via QR.
  4. Once you have confirmed the transaction, it will typically take a few minutes to process. You may not see the transfer register immediately in your available Binance balance. When a transaction is in the process of being confirmed, it may appear in the “In Order” tab.
  5. When the funds appear in your “Available Balance” tab, you can proceed with trading.

How to buy Bitcoin or any other cryptocurrency on Binance?

Trading on Binance is fairly straight-forward if you have used any other cryptocurrency exchange before. To get started, make sure you have deposited some funds

  1. To make a trade, visit the “Exchange” tab and choose either “Basic” or “Advanced”. For new traders, the “Basic” view may be easier to navigate.
  2. Choose the trade you want to make from the trading pairs tab. If you have deposited bitcoin to your account, you will have the option to buy many different cryptocurrencies with bitcoin. Binance also supports some trading pairs that use Ethereum as a base currency. If you want to take advantage of the BNB token for reduced fees on Binance transactions, you can buy BNB with either bitcoin or Ethereum.
  3. Once you’ve selected your desired trading pair, simply enter the desired amount of currency you want to purchase and set the price you’re willing to pay for it. Once you’ve confirmed the details, hit the “Buy” button to complete the transaction.
  4. When you’ve purchased a new currency on Binance, your funds will show up in that currency’s designated wallet in your account’s “Funds” area. To withdraw funds from Binance, you may need to take further steps towards account verification.

What are the fees of Binance?

At the time of writing, Binance trading fee is 0.1%. Those who choose to pay with the Binance token can get a 50% discount on the trading fee, which is absolutely great news. These are surely some of the lowest fees available at this time.

Binance ithdrawal fees tend to vary for each digital currency. For instance, 0.0005 is charged for Bitcoin withdrawals, and 0.005 is charged for ETH withdrawals. Here are some examples to give you an idea of the fees you will be paying for withdrawals:

COIN

CODE

Fee

Unit

Binance Coin

BNB

1

BNB

Bitcoin

BTC

0.001

BTC

Ethereum

ETH

0.01

ETH

Litcoin

LTC

0.01

LTC

Neo

NEO

Free

NEO

Qtum

QTUM

0.01

QTUM

Status

SNT

10

SNT

Bancor

BNT

1.2

BNT

Eos

EOS

0.7

EOS

Bitcoin Cash

BCC

0.0005

BCC

Gas

GAS

Free

GAS

USDT

USDT

50

USDT

 

When it comes down to transfer limits, there is no limit on the number of coins that you can deposit. However, without getting verified, users are limited in terms of how much they can withdraw. Verification will establish you as a level two users, thus lifting these limits and providing a lot more freedom when using the platform. The verification process requires users to provide Binance with their full name, country, gender, a photo of passport/government-issued ID, and even a selfie with the passport.

 

Can Binance be trusted? Is Binance safe?

While Binance is one of the newest cryptocurrency exchanges available on the market, it has quickly managed to attain a high level of trust from its users and the digital currency community. However, the exchange fails to provide users with enough information on how the funds are being secured, yet we like to believe that security is taken seriously. Two-factor authentication is available and is always a nice sight. It is however known that the platform offers a multi-tier and multi-tier system architecture.

 

Who owns Binance?

Binance is one of the newest exchanges in the industry. The company raised around $15 million in an ICOthis past July (2017) and immediately acquired 20,000 registered users as part of the raise.

Changpeng Zhao, CEO of Binance, has an impressive resume with years of experience in cryptocurrency. He was the Head of Development at Blockchain, Co-founder and CTO of OKCoin, and the Founder and CEO of BijieTech before working on Binance.

 

Where is Binance located?

Binance’s main office located in Hong Kong, although they don’t name any of their sites as HQ. There are offices at Taiwan, Japan, Korea and Malta. Binance plans to move its main office to Malta, where governamental support of fintech companies and up to date regulations may help the exchange to maintain its steep growth and reputation.

 

Is there Binance mobile app?

Yes. Both iOS and Android users can download Binance app from their app store.

It’s an easy to use, comprehensive application to trade on the go or to check cypto prices anytime, anywhere. After initial hiccups Binance mobile app is an established, stable trading platform that you can rely on.

How do I transfer Bitcoin from Coinbase to Binance?

  1. Log in to your Coinbase account and click Account on the Dashboard.
  2. Click on ‘Send’ on your BTC.
  3. Paste the Bitcoin address, that you have generated on Binance as described at ‘How to deposit money to your Binance account?’ section above.

Pros and Cons of using Binance exchange

          To summarize this Binance review, we think Binance is great place for newcomers to buy cryptocurrency.  Newcomers will find Binance easier to use than an exchange, while being able to use more payment methods.  However, we do recommend storing your cryptocurrency on a wallet you control, if holding large amounts.

Pros

  • Basic and Advanced exchange views
  • Huge list of Alt-coins
  • High liquidity
  • Low fees
  • Backed by an established team with a proven track record in crypto and finance
  • Low fees on transactions and withdrawals

Cons

  • There are mixed reviews on the customer support offered by Binance
  • No Fiat Deposits or Withdrawals
  • Because it’s a new platform, it’s hard to assess its long-term viability
  • Currently only Chinese phone numbers are supported for SMS 2-factor authentication
  • Binance does collect and store some user data, such as logging IP addresses

Leave a Reply

Your email address will not be published.