After the hype in the crypto money market, many investors actually have questions like what is Binance, how to use Binance, how to open an account, how to deposit money. Because recent news have shown that crypto money outside of Bitcoin can also be a very important investment. Iota, Cardano, Litecoin, Ripple coins witnessed significant ups and downs. That’s why some of the bitcoin investment is now shifting to altcoins. Investors are taking the opportunity at altcoins where they can make more profit. The Binance Stock Exchange, which has a large number of subcontracts, came forward and became known. What exactly is Binance and how is it used?
What is Binance?
Binance is one of the world’s largest crypto-currency exchanges, offering hundreds of crypto-currency and a liquid market advantage that allows you to trade quickly. Especially with the start of the recognition of the alt-coins and the increasing demand for alt-coins by investors, Binance continues to progress to become the world’s largest coin exchange. Because the diversity of altcoins on the Binance stock exchange is not provided by many stock exchanges. It has also been able to quickly open accounts, make deposits, and withdraw cash very fast.
As a Chinese stock exchange, Binance is a Hong Kong-based stock market. So you can be confident that you will be able to go ahead without being affected by situations like the prohibition of bitcoin by China.
Binance is now the world’s sixth largest stock exchange with a trading volume of nearly $ 3 billion. Binance commission rates are very low compared to the other stock exchanges, and binance is an important factor in the comments and opinions being positive.
How to use Binance? First of all, we need to perform account opening procedures.
Binance account opening is easy and fast. In a very short time you can start an account by opening an account. First of all, we are going to Binage membership opening page by clicking here. As you can see in the image below, you can click the Register button from the upper right corner.
This step is followed by antitrust security approval. We need to place the puzzle piece by sliding the button on the right to understand that we are not a robot. As a result, you can see how many seconds we made and how fast we made it.
In this section, we want to open the mail to our mail address and click on the confirmation button for mail confirmation. Sometimes the incoming mails can fall into spam or unnecessary boxes. If we do not see your inbox, there is a benefit to look spam box. Then click on the activation link, our account will be activated.
Once we have completed the Binance account opening process, we can now log in with this account. When we click on login for login we will see the following screen. There’s a little warning to us at the top of the screen. He wants you to make sure that the address on the address bar starts as you see it. Because some viruses may lead to different sites. This can cause your passto be stolen.
After performing Binance input operation, the following warning screen appears. We want to set up two-step verification on this screen via Google Authenticator or via SMS. That’s why it’s security. However, SMS approval is only available for Chinese phone numbers. That’s why we are obligated to launch Google Authenticator. You can skip this step for now by clicking Skip for now but you will need to set up 2FA, ie two-step verification, for binance withdrawals. Because they will be able to make sure that your money is not taken by anyone else.
Binance Two-Step Verification — 2FA Transactions
We recommend that you do 2FA or two-step verification after completing Binance account opening and logging. If we click on Google Auth for this, the following screen will come up. By following the steps we see on this screen, we can establish a two-step verification.
First of all, we are downloading the Google Authenticator application from the market. Then we open this application and press the + button at the bottom right. You can scan the barcode or enter a provided key. If you select the scan barcode option, we read the barcode in the middle of the image above. In the other option, we enter the code located next to the barcode on the phone. Now, every time we turn on Google Authenticator, it will give us a 6-digit code. We can do this two-step verification by entering this code. So even if someone knows mail and password, someone else can not log in.
The point we need to note here is to give the bar code and the code next to us a note or to get the output. Because our phone may be stolen, corrupted, our access to Google Authenticator may be lost in this case. At this point, we will need this secret key to log in again. It’s important from the angle.
How to Make Binance Deposit Procedures?
We click Deposit Withdrawals and the following screen appears. Then we find the BTC Bitcoin option. Here we will use deposit and withdrawal buttons to deposit money in the account. We click on the Deposit button to deposit the bitcoin here.
Buying Altcoins in Binance
Binance does not support any fiat currency (USD, JPY, etc.) trades or transactions. Only cryptocurrency may be deposited and traded on Binance exchange. So, you can’t deposit USD or EUR to your Binance account. You can deposit Bitcoin, Ethereum and all altcoins.
Let’s say you’ve successfully completed all the steps and you want to get a subcoat with Bitcoin that you transferred. As an example, we will use the popular subcategory IOTA of recent days. On the site, we click on Exchange> Basic in the left-top menu. The page in the following photo will meet you.
To explain the above photo, we first click on the BTC icon on the top right, assuming that you want to buy BTC and IOTA, then choose IOTA / BTC from the subcoins listed below and see the IOTA / BTC page in the above photo. This page is the page on which we can purchase IOTA using our Bitcoins (BTC). We will perform our buying process from the green Buy IOTA section in the bottom-center of the screen. Icons like 25%, 100% there are asking how much of our Bitcoins will buy orders. For example, if we click on the 50% button, we receive IOTA with half of the Bitcoins we transfer, and the other half of the Bitcoins we transfer continues to be Bitcoin in our account.
After giving the purchase order, we will see our operation in Open Orders, which is below, and we will probably have received IOTA red in 10 seconds. If we stay in the Open Orders for a long time without the emulsion, it shows that the price of IOTA has changed and we can only get it when the order we have ordered comes back. You can cancel the transaction with cancel button and give new order.
Selling Altcoins in Binance
You’ve done everything until this stage, and the IOTA’s that you bought are worth as much as you want, and let’s say you want to sell and convert your coin to Bitcoin. We will do the same thing again, but this time we will use the red Sell IOTA button. All IOTA’s will be sold as Bitcoin, if you press 100% icon and Sell IOTA orders.
Binance Commission Fees
You pay commission for each transaction when you trade through the Binance exchange. Buying and selling are treated as two separate transactions. This is all the stock markets. The Binance commission rate is 0.1% of the transaction amount. In other words, the binance commission rate corresponds to 1 per day. Binance coin / BNB. This sub-coin is Binance’s own coin, and when you buy 5 for example, you will use your BNB coin for all subsequent coin trading and the commission rate is 50% lower for this coin. If you are willing to buy and sell continuously, we recommend that you buy BNB coin in small or sufficient quantities to pay less commission. You can buy BNB coin as in the above IOTA example. After that, you must enter your account and turn ON the setting of Using BNB to 50% discount. (It is already ON automatically but it is still worth checking.)
For example, suppose you buy 100 IOTA from 5dollars. In this process you will have a total transaction of $ 500 and you will be paid a commission of 1 dollar with 1 commission rate. Binance commission rates are very low compared to other stock exchange. It is therefore highly preferred.
Is Binance Safe?
With security measures like two-step verification and authentication, I can say that Binance is a safe stock market. They even try to remedy the security flaws that may be caused by a visit by frequently reminding them of the trip. Binance, which has a large number of altcoins, quickly became one of the world’s largest stock exchanges because of its reliability.