Binance

Binance is right now the leading exchange if calculated by volume (via Coinmarketcap). And considering they just launched in 2017 it’s been a very impressive ride to take them to the 1st position. They have been doing a lot of things right in the fairly short time they’ve been around. And at the forefront of all this is their well known and liked CEO Changpeng Zhao, or CZ.

What we like about Binance is the exchange itself which is very straightforward and somewhat easy to use, depending on your previous experience with trading platforms and crypto. Overall the focus on the UX, provide good updates and communication and they have proven to be secure and safe to use in a somewhat sometimes sketchy crypto market.

Binance is one of the world’s leading crypto exchanges, with an average daily trading volume of $1 billion dollars (March 2019). It has made an name for itself in the crypto community for it’s quick rise to fame, CZ and its willingness to innovate in the space. Binance in 2018 moved to Malta, a country trying to position itself as the world’s most Blockchain friendly country in the world. Binance is not the only exchange doing so, seeing OKEx also making the move in 2018.

Binance officially launched their fiat to crypto earlier in January 2019, called Binance Jersey. Taking their next step to further (Binance announcement) label themselves as one of the leading crypto exchanges in the world. There’s also been rumors flying around that Binance are going to launch a Fiat to Crypto platform in Argentina in the near future (News BTC).

Binance launched their first Fiat to Crypto platform in Uganda actually, the exchange was launched in October 2018 (Cointelegraph).

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How to get started

If Binance seems interesting and you wonder how to get started using the exchange, we’ve put together an easy to follow guide here below.

  1. Go to Binance’s website using this link HERE
  2. Put in your details to register an account
  3. Approve the confirmation email that gets sent to your account
  4. Enable 2-Factor Authentication (2FA). A pop-up should appear on the screen the first time you log-in, and immediately enable 2FA to increase the security of your account.

And your good to go. You need to deposit cryptocurrencies to make trades at the exchange.

 

How to get started with Binance Jersey – The Fiat trading exchange

The process is very similar and you register at www.binance.je with the same signup process

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Fees

Trading

Binance have different trading fees depending on your account level. There is a general level and then there are 8 VIP levels. It’s all determined based on your trade volume at Binance. They have also added benefits to holders of their own coin, BNB – Binance Coin. If you have enough BNB in your account and you have selected BNB to be used for trading fees then you get a discount of about 25%, which is very handy for most traders, especially the bigger ones.

Withdrawals

Unique per coin, check list here.

Deposits

Free

For the full list of fees for both trading and withdrawals please click here.

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Supported coins

Binance definitely supports most of the coins that you could want to trade out there. In total they have 410 coins available for trading on their platform. Obviously not all will have that much trading volume, that’s up to us the users to provide. Binance is often quite early on with adopting coins, but there might be instances when a new coins is not available on Binance but on a smaller nisched exchange.

Check coins and volume on Coinmarketcap.

  • BTC
  • XRP
  • VET
  • ETH
  • NEO
  • ETC
  • BNB
  • USDT
  • TRX
  • DASH

And many more

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Withdrawals & deposits

Withdrawals and deposits to and from Binance works pretty much like any other exchange. When you have registered an account you go to the Deposits & Withdrawals section and there you have all the coins supported by Binance. Each coin has an address connected to your account that’s unique just for you.

To Deposit

  1. Go to the Binance website (www.binance.com),  Click [Login] from the menu and enter your details to log in.
  2. Click on Funds in the menu and then deposits
  3. Select a coin/token to deposit from the drop down menu
  4. For example Bitcoin – you’ll then see a Bitcoin address and an option to show a QR code to scan – copy this address
  5. Go to the wallet where you’re sending your Bitcoins from and paste the address you just copied in and send

To Withdraw

  1. Go to the Binance website (www.binance.com),  Click [Login] from the menu and enter your details to log in.
  2. Click on Funds in the menu and then withdrawals
  3. Select a coin/token to deposit from the drop down menu – for example Bitcoin
  4. If you don’t have a Bitcoin recipient address you need to add a new one
  5. You then need the address of course and name it something (the name is for your record only)
  6. After you have added an address you use it from the drop down menu under Bitcoin withdrawal address
  7. And then when ready and selected an amount and address you can hit submit
  8. After that you get sent an email to your account to verify this withdrawal – click on this email
  9. Done!

Deposit / Withdrawal for Binance Jersey – The Fiat trading exchange

The process is pretty much the same for Binance Jersey (www.binance.je). And you currently can withdraw and deposit EUR and GBP on the exchange. Connect a bank account and the process should take 1-2 days max for withdrawals and deposits.

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Security

Binance has proven to one of more reliable and secure exchanges.

4 security tips listed as below:

  • DO NOT give your password to anyone!
  • DO NOT call any phone number for someone claiming to be Binance Support!
  • DO NOT send any money to anyone claiming to be a member of Binance.
  • Enable Google Two Factor Authentication!

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Restrictions

Binance does not specify which countries are supported and which countries are not supported. With regards to U.S traders, Binance makes no mention of any kind of prohibition policy concerning U.S based customer

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