Binance Exchange Guide
Binance is one of the fastest-growing platforms for trading digital currencies. In a short time it built a strong presence, and it reached the tenth position among the best mobile crypto trading platforms in the world. Within five months it became a preferred choice for many traders, largely because it is developed continuously to make the interface easier to control, so a trader can carry out tasks without needing deep experience or advanced skill. For more, read about Bittrex Crypto Exchange.
What makes Binance stand out from other platforms?
- A crypto trading app that supports many world languages, including Arabic, English, French and others.
- A clean, simple user interface that is easy to control and pleasant to use.
- The platform executes trade orders and processes all orders at high speed.
- It allows trading in digital currencies only, which means it does not support deposits in fiat (paper) currencies.
What you gain after opening a Binance account
The platform has built a large user base around the world, and new traders join it every day. It also lists and updates many new digital currencies frequently, unlike some other platforms that add a new coin only after long intervals, so on Binance you are likely to find the digital currency you want.
How to open a Binance trading account
You can open an account on Binance in a simple way that does not take much time. Go to the platform through its official website.
Complete the sign-up process, enter all your required data and information in the registration fields, and set a strong password made up of symbols and hard-to-guess words so that no one can breach your account.
Then click register, and check your email for the activation message. Click the activation link to activate the account, and you can now log in easily.
After that you move to the deposit step. Go to the “Deposit Withdrawals” option listed under the funds menu, open the “Funds” list, then click the tab and choose “Deposit Withdrawals” from the top.
All the currencies you are looking for will appear. Choose the currency you want to deposit and click the “Deposit” button. As soon as you do, a new dedicated wallet is created (a wallet that belongs to your Binance account), and you will have a separate wallet address for each currency. Make sure you deposit to the correct currency, because any mistake with the wallet can lead to a complete loss of funds.
You can now send the specified amount of the chosen currency from your wallet or platform to the new address shown on Binance. The detailed steps follow below.
How crypto trading works on Binance
The table below is a short guide to the basic steps for getting started with crypto trading on Binance. It covers the process from start to finish: registration and verification, depositing funds, choosing pairs and markets, placing orders, and tracking how your assets perform. It also explains how to withdraw when you want to exit the market. It is a useful tool for beginners who want to understand the basics of trading on Binance.
| Step | Description |
|---|---|
| Registration and verification | Visit the official Binance website and register a new account, then complete identity verification. |
| Depositing funds | After verification, you can deposit fiat currencies such as the dollar or the euro, or digital currencies such as Bitcoin, into your account. |
| Exploring the interface | Get familiar with the Binance user interface, which offers a set of tools and options that help with crypto trading. |
| Choosing pairs and markets | Select the pair you want to trade, such as BTC/USD, then go to the market that matches it. |
| Placing orders | Use preset order types such as limit orders or market orders to start trading. |
| Tracking and analysis | Monitor market movement and the performance of your assets, and use technical analysis tools to make informed decisions. |
| Withdrawing | When you want to exit, you can withdraw funds to your bank account or your digital wallet. |
Step one: Registering on Binance
Register an account on Binance by downloading the Binance mobile app, by visiting the website, or through the Binance desktop app, using your email or phone number, as follows:
- Go to binance.com and click Register.
- On the registration page, enter your email address and create a password for your account, then read and agree to the terms of service and click Create Account.
Note: your password must contain a mix of numbers and letters, and it must be at least 8 characters long with one uppercase letter and one number.
- Complete the security verification.
- The system will send a verification code to your email, and you must enter the verification code within 30 minutes. If you cannot find the email in your inbox, please check your other mail folders too, or click Resend Email to send it again.
- You have now successfully registered on Binance.
- To improve your account security, click Go to Dashboard to enable two-factor authentication (2FA), including phone verification and Google verification.
Step two: Depositing crypto on Binance
If you already hold a digital currency in another wallet, you can deposit it into your Binance wallet by following these steps:
- Go to the Wallet option.
- Go to the Overview option.
- Go to the Deposit option.
- Choose Deposit Crypto.
- Choose the deposit currency.
- Choose the network type for Tether (USDT), which is shown clearly under your wallet address, the wallet you will transfer from into Binance.
- Enter the details carefully, then click Confirm to complete the process.
- You will then find the deposit details in the transaction history, as shown in the image.
Note: you should never share your Binance wallet account passwords, private keys or 2FA codes with anyone, and Binance will never ask you to reveal sensitive information.
If you want to buy and sell, follow this step
Choose “Basic Exchange” under the trade option, then select the pair you want from the left side or use the search field for quick navigation, and pick the desired trading pair, ETH/BTC. You will then notice the following:
First: the left side shows the buy and sell orders, and in the middle you see the latest update of the currency price.
In the center you see the price chart for the currency, with a place to buy or sell Ethereum against Bitcoin below the chart.
If you want to set a buy price, set the desired price and specify the amount of Ethereum or the percentage of Bitcoin.
The total Bitcoin you will pay is then calculated automatically.
If you want to sell Bitcoin for Ethereum, follow the same steps in reverse.
If you want to buy at the market price, choose Market from the top menu.
There is also a more advanced option that lets you set a stop-loss price or stop your buy orders, called “Stop limit”.
Spot trading on Binance for beginners
After getting your first digital currency in your Binance wallet, you can start exploring the platform. In the spot market you can trade hundreds of digital currencies, including Binance Coin.
If you are not interested in trading but still want to grow your crypto savings, you can try Binance Earn, which offers a range of financial products to grow passive income, including Flexible Savings, Locked Staking, Launchpool and Binance Liquid Swap, among others.
Fees on Binance
Binance charges fees on trading and withdrawals, while deposit fees are completely free. Its trading, deposit and withdrawal fees are among the reasons many traders prefer it over competing platforms. The fees are split as follows:
- Deposit and withdrawal
- Trading
The platform holds many major and minor currencies, but some are especially popular because of their high liquidity and their reputation among traders:
- Bitcoin (BTC): the original and most well-known currency in the crypto world.
- Ethereum (ETH): a high-liquidity currency and the most popular after Bitcoin.
- Binance Coin (BNB): the native token of the Binance platform, used to reduce fees and in many other applications.
- Ripple (XRP): a currency popular among traders who deal in international transfers.
- Cardano (ADA): one of the rising digital currencies, seen as having strong prospects thanks to the technology it offers.
- Polkadot (DOT): a relatively new but fast-growing currency with a strong community.
- Litecoin (LTC): one of the oldest digital currencies, still widely known.
- Chainlink (LINK): a currency focused on smart contracts and oracles.
- Dogecoin (DOGE): a currency that started as a joke but gained wide fame, especially with support from well-known figures such as Elon Musk.
- Uniswap (UNI): one of the best-known currencies in decentralised finance (DeFi).
Keep in mind that the crypto market is highly volatile, and popularity and value can change quickly. It is always better to do your own research before deciding to invest or trade in any digital currency.
Pros and cons of the platform
| Category | Pros | Cons |
|---|---|---|
| Variety | Support for a wide range of digital currencies | The large number can be confusing for beginners |
| Security | Multiple security layers, such as 2FA | Has been targeted by attacks in the past |
| Fees | Low fees compared with other platforms | Fees on withdrawals |
| Usability | Intuitive user interface | Can be complex for new users |
| Liquidity | High liquidity, which makes trading easier | |
| Support | Technical support available around the clock | Replies can be slow at peak times |
| Apps | Mobile and desktop apps available | |
| Extra features | Such as futures, staking, savings | These features can be confusing for some |
The table above gives a broad view of the pros and cons of the Binance crypto trading platform. It covers several important categories to weigh when choosing a trading platform, such as the variety of available currencies, security levels, fees, ease of use, liquidity, technical support, and extra features like mobile apps and advanced services such as futures trading and staking.
Frequently asked questions
Is Binance trustworthy?
Binance applies a high level of security across its transactions. It offers two-step verification, and it can require the account to match Google verification. It also holds the balance during person-to-person buying and selling of currencies to confirm that the amount reaches you.
Is Binance halal or haram?
When discussing the religious ruling on Binance, the discussion is really about the transactions carried out on it. The first is trading in digital currencies, and the ruling differs depending on whether trading uses financial leverage or not. There is also a difference of opinion on the ruling for dealing in digital currencies in the first place.
How do I withdraw my money from Binance?
Binance offers several ways to withdraw. The easiest is the person-to-person trading feature it provides, which is fully secured, with Binance safeguarding the funds for both parties.
Is trading digital currencies halal or haram?
Scholars differ on the ruling for digital currencies, treating them as a newly developed type of financial transaction. One group has said they are permissible, while another has said they fall among prohibited transactions.
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