Welcome to Binance Exchange
Being the leading cryptocurrency in the world, Binance caters to numerous crypto currencies for trading to its users.
Founded by Changpeng Zhao with a developer profession had created high-frequency trading software in the past. The exchange was initially China-based but because of the increasing regulation of cryptocurrency, it had to move out of China.
Introduced in the year 2017 by Changpeng Zhao, the exchange is now the largest exchange in the world as per daily trading volume. Benefits like multiple coins, low reduced fees etc., make it the best exchange among users to trade on. The exchange is also coming with over 180 fiat currencies in 2020 and have come up with its own Binance debit card making trading possible and accessible to everyone.
In 2005, Binance CEO discovered Fusion Systems in Shanghai, the company that created high-frequency trading systems for brokers. Later on, in 2013, he participated as a cryptocurrency wallet team member in a Blockchain.info. He even worked as a CTO at OKCoin, a platform for spot trading between fiat and digital assets.
Talking about the Binance journey, it was initially discovered in China but later on, it shifted its headquarters and servers to Japan because of a ban on crypto trading. By 2018, the company created its offices in Taiwan.
Establishments of Binance Exchange
- By 2018, the exchange became the largest cryptocurrency exchange with a market capitalization of $1.3 billion.
- Binance signed a Memorandum of Understanding with the Bermuda Government and later on with the Malta Stock Exchange to create a platform for security tokens.
- Binance introduced Binance Jersey in 2019, an independent entity from the parent exchange to expand its European influence. This Jersey-based exchange has fiat-to-crypto currency pairs to offer that include the Euro and the British pound.
- Binance along with the other three exchanges raised $32 million for a stable coin project in 2018. The reason to introduce stable coins is to provide a cryptocurrency without the volatility of Bitcoin and other digital assets.
In 2019, the exchange partnered with Israel-based payment processor Simplex to allow cryptocurrency purchases with debit and credit cards including Visa and MasterCard.
Advantages of Binance Exchange
Multiple crypto currencies
The main reason why Binance is a center of attraction among traders is many cryptocurrencies available for trading. There are over 200 cryptocurrencies on the platform including Ethereum (ETH) and Litecoin (LTC) to Cyber miles (CMT) and Zcoin (XZC).
During crypto-to-crypto, Binance Fees is the lowest as users are charged .1% with every trade. Also, deposits on the platform are completely free but withdrawals do cost money.
ICO Launch pad
The exchange is popular for listing new cryptocurrencies, once ICO gets finished making it the best exchange among its viewers.
Binance exchange is concerned about users’ security, therefore, they have created two-factor authentication (2FA) which needs to set up. Binance two-factor authentication is an extra level of security, sending code to your phone number whenever you want to log in, trade, or withdraw funds from the Binance exchange account.
High Volume Trading
The exchange is the popular and first choice to buy, trade and sell cryptocurrencies. The exchange has the highest trading volume.
Steps to open an account at Binance
If you want to open an account at the exchange, you can execute the below-given points hassle-free
- Open the Binance webpage and click on the login. The next step is to enter your email address and create a strong password which needs to have at least 8 characters including a number and an uppercase letter.
- Confirm the email address and here, your Binance account is ready.
- When you log in the first time, you will be asked to create a two-factor authentication. Therefore, enter your mobile number and complete the setup.
How to Buy and Sell Cryptocurrency?
If you want to buy crypto through the Binance fiat gateway, you can follow the below-given steps :
- On the exchange platform, you can accessibly bitcoin with cash along with the cryptocurrencies which are being catered on the platform by the exchange. With this service, a Binance user can use their credit card to direct purchase Bitcoin, Litecoin, Ethereum, Ripple, and Bitcoin cash via US dollars or euro. A Binance user can use their US dollars and convert them into stablecoin such as Paxos (PAX), or True USD (TUSD). You can convert your PAX or TUSD to cash too.
- Once you have bought crypto on this platform, you can use them to trade any of the cryptocurrency out of given cryptocurrencies served by the exchange offering 450+ trading pairs on Binance.
Steps to deposit cryptocurrency
If you need assistance from the team members related to tackling all kinds of technical issues, you can always talk to the team members. You can always call on Binance toll-free number which is always functional to guide you. Get support through email, chat or call from the team and eradicate all issues completely from the roots. Talk to the team anytime and get fruitful remedies which can be easily executed.
A user can deposit cryptocurrency through purchasing cryptocurrency via a Credit card. To start trading cryptocurrency on the exchange, Binance user needs to deposit funds into their Binance account.
The exchange supports 150 numerous cryptocurrencies and you have the freedom to choose any of those. If you want to deposit BNB and Trust wallet, visit the Binance homepage and click at the profile icon. The icon seems different to everyone and is created on the first two letters of your email address.
Once you activate, you will see your profile. Now, click on ‘Deposit’ and you will be directed to the deposit page.
Once you have reached the deposit page, select the coin you wish to deposit. Everyone knows that the exchange offers deposit support to 150 cryptocurrencies.
The coin selection is done on the left side of the screen, and the deposit details will be shown on the right side.
When you have selected the cryptocurrency to deposit, the deposit process varies for every coin. In the case of BNB, a MEMO is required at the time of depositing BNB to Binance exchange. After reading the warning, select ‘I understand’ and proceed.
The next step is that your BNB deposit address will be shown on the screen along with the MEMO. If you don’t want to add MEMO while depositing, it will be lost.
A MEMO is a must because the requirement of the BNB deposit address for all users is the same. This MEMO is a unique identifier assigned to every account that allows the exchange to identify a deposit and credit the account.
Common FAQs related to Binance
How to buy Bitcoin ?
If a Binance user wants to buy Bitcoin at Binance, they can do it through bank transfer, trade BTC, or credit card. A Binance user can buy stablecoins listed on the exchange through wiring money from your account to coins provider. Later on, you can use these stablecoins to buy Bitcoin on the exchange.
We all know that the exchange supports the deposits of over 200 cryptocurrencies, among them, you can exchange them with bitcoin at the best rates.
Binance users can directly purchase Bitcoin with a credit card on the exchange. It is the best route to buy bitcoin via debit card or credit card.
The best Bitcoin Trading platform: Binance
The exchange has a matching engine that supports around 1,400, 000 per second to ensure that crypto trading experience is reliable.
To trade crypto on Binance is quite accessible as you have to execute a few steps to buy bitcoin immediately.
Millions of users have complete trust in the Binance. It’s multi-tier and multi-cluster system architecture and SAFU insurance fund protect your account.
The exchange is the world’s most liquid cryptocurrency exchange with the maximum volume on many crypto pairs.
How to Deposit to Binance
If you want to deposit to Binance, visit the Binance website and login to your Binance exchange account. Once you have logged in, click Wallet – Spot wallet available on the upper right side of the page, and then, click on Deposit in the banner on the left.
Enter the full names of a coin/token that you want to deposit or select it from the list. In this example, we will be using BTC. In order to get the BTC deposit address for your account, click on copy BTC Deposit address and paste it on the address section where you have to withdraw your funds from.
you can click on QR code and use the platform’s mobile app to scan the QR code to complete your deposit to Binance.
At the time of depositing, deposit to the exchange is a withdrawal action from a corresponding platform or wallet. To deposit BTC to Binance, you have to choose to withdraw BTC from the corresponding platform.
While depositing a few tokens, it is advised to deposit the address and Tag section that might be required for your deposit to be credited. You need to make sure that both tag and deposit address and accurate and filled properly for your deposit to Binance to be successful.
Steps to resolve Google 2fa error
After adding Google Authentication code if you get notification of ‘2fa code error’, you need to follow the below-given instructions to resolve the following issues:
- You need to assure that you have to synchronize the time on your mobile device and your computer to log in.
- The next step is to browse the Binance Login page by using incognito mode on the Google Chrome web browser.
- After clearing the browser and cookies, the next step is to login from your dedicated mobile app.
- If you are failed to execute the above-mentioned steps, you can reset your Google Authenticator.
Spot Trading Vs Futures Trading
If we talk about the futures market, one can see that the prices on the exchange platform don’t get settled quickly opposite to a traditional spot market. Here, two counterparties are going to make a trade on the contract along with settlement on future data at the time when the position is liquidated.
If you are planning to open a new trade in a futures exchange, there would be margin checks against collateral. There are two types of margin which should be completely understood by users before executing any step:
- Initial Margin
If you want to open a new position, collateral should be greater than the initial margin.
- Maintenance Margin
If your collateral and unrealized profit and loss fall get below your maintenance margin, you will be auto liquidated that results in penalties and additional fees. You also have the advantage of liquidating yourself prior to avoiding being auto liquidated.
Because of leverage, it is easy to knock out spot or hold risk with relatively small capital in the futures market. For instance, if you are holding 1000 USDT worth of BTC, you have to deposit a much smaller (50 USDT) collateral into the futures market, and short 1000 USDT of BTC to fully evade the positional risk.
Binance users should know that future prices are quite different from spot market prices due to carrying costs and return. Like many futures markets, the exchange has a system that encourages the futures market to convert the marked price through funding rates. This helps in encouraging long-term convergence of prices between spot and futures related to the BTC/USDT contract. The premier futures market called the Chicago Mercantile Exchange Group (CME Group) caters to a traditional futures contract but new exchanges are stepping toward the perpetual contract model.
Perpetual Contract Vs Traditional Futures Contract
- The major difference between a perpetual contract and a traditional Futures contract is that there is no expiration or settlement of perpetual contracts, otherwise, a perpetual contract is the same as a traditional Futures Contract.
- If considering a Futures contract for a physical commodity such as wheat or gold for instance. In traditional futures markets, such contracts are considered for delivery of the wheat, meaning that the wheat should be delivered as per the contract when the futures contract expires.
- For example, if someone is holding the wheat, resulting in carrying costs for the contract. In addition to it, the price for wheat might differ depending on how the distance between the current time and the future settlement time for the contract. Since the gap widens, the carrying cost of contract increases and the potential future price becomes uncertain, and the potential price gap between the Spot and traditional Futures markets increases.
- The Perpetual contract is considered as an attempt to have the advantage of a Futures Contract because of the non-delivery of the actual commodity at the time of mimicking the behaviour of the Spot market to reduce the price gap between the Futures Price and the Mark Price. It is considered as a market improvement when compared to the traditional Futures Contract that can contain prolonged or permanent differences vs the spot Price.
- To ensure long-term convergence between the Perpetual Contract and the Mark Price, funding is used. Below-term should be considered by traders to be aware of Perpetual Contract :
- Mark price – In order to avoid market manipulations and to be accurate that the Perpetual Contract is linked to the Spot Price, the Mark prize is being utilized to calculate unrealized profit and Loss for all traders.
- Initial and Maintenance Margin – Traders should be aware of both Initial and Maintenance Margin levels, especially the Maintenance Margin where auto-liquidation is going to occur. It is also strongly recommended that traders liquidate their positions above the Maintenance margin to avoid higher fees from auto-liquidations.
- Funding – Payments between longs and shorts in the perpetual futures market. The party which is payee and payer decided by the Funding rate. If the rate is positive, longs pay to get short and vice versa.
- Risk – Future Markets allow traders to put large orders not covered by their initial collateral also called Margin trading. Since the market has become technologically advanced, the amount of available margin has been increased. 、
If you want to avail more information related to the same, you can always contact the team of elite professionals who are there to assist you. Call on Binance helpdesk number which is functional and the team is helpful.
Google 2FA Guide
- How to enable Google 2FA?
When you have a login to the Binance exchange account, visit the account center and tap on enabling in the Google Authentication section. You will be directed to ‘enable google authentication’ page.
Step 1: To install a Google Authenticator
AT first, you have to download and install the Google Authenticator in the App Store for IOS or Google Play for Android. Once the installation is done, click on the next button to proceed further.
Step 2: Scan QR Code with your Google Authenticator app
You will see a QR code and a 16-digit key on the page.
You need to open the Google Authenticator app, click on the ‘+’ symbol on the right-hand side to scan the QR code or you can enter the 2fa 16-digit key.
Step 3: Protect the backup key
You have to secure the 16-digit key that is used to re-bind your account if you have no longer access to the previous Google Authenticator.
Step 4: Enable Google Authentication
You have to fill in your password and the Google authentication code when you come back to the Binance page. Moreover, you will require an SMS Authentication code if SMS 2FA is enabled.
- How to reset your SMS authentication?
- If you want to reset your SMS authentication and your SMS is functional, you have to log in to the Binance account and click on the Security tab, and then on, disable button next to SMS authentication.
- If you haven’t received SMS codes normally, select reset SMS Authentication by executing below-given steps.
- Visit the security verification page and begin the reset process by tapping on the ‘Lost access to verification’.
- Now, you have to select the unavailable security item and click on reset to step on the next step.
- Once the verification is done, click on the Submit button and check the email verification code in your email and it will be in use for the next 30 minutes.
- Enter the phone number and SMS verification code and click on reset. After clicking, the system will send you the SMS verification code to your new phone number. The code will be valid for the next 30 minutes.
- For ID verification, click on the next to start it. You have to choose the country along with the select ID type. The next step is to upload the front page of your ID document. Also, upload the back page of your ID document and have a picture of yours with the face being visible.
- For facial verification, you can go through the PC browser or through scanning the QR code with the app on mobile devices.
- For Android users, you have to open the Binance mobile application and click on the scan icon on the upper left corner of the app home page or directly visit the account page and click on the scan.
- For iOS users, open the binance app and navigate to the home section and click on the scan button or scan symbol on the upper right corner on the home page.
To deal with all kinds of Binance issues, users can always have a conversation with the team members who are always there to guide you. You can always call on Binance support phone number which is always functional to assist you. You can always contact the team members anytime to handle all technical issues in the fraction of time. Reach out to the team anytime for availing quality results that can be easily executed. Connect with them anytime to handle troubles related to the exchange.
Common Email issues
- How to change account email?
- If you want to login to the Binance account to change email, you need to execute the steps. When you have logged in to your Binance account, tap on the account icon and go to Security – 2fa – Email Verification – Reset. You have to read all the reminders and after that click on the Next button to initiate the process.
- If you still have access to your original email, click on the Get code to continue. You will receive an email on your original email address. You need to enter that 6 digit e-mail verification code and click on Submit. The next step is to enter a new email address and password and click on Confirm. Tap on getting code and the confirmation mail will be sent on your new email address. You need to enter a new email verification code and also, other 2FA verification codes, then click on Submit. Your submission will be notified through email once it has been completed successfully.
- If the original email address is inaccessible, click on ‘Lost access to verification’ on the page, where you have to enter the previous email verification code. If Google/SMS verification is unavailable, you can opt to reset multiple security items option. The next is to enter the required 2FA verification codes and click on Submit. Enter the new email address and click on Get code. At last, the system is going to recognize your account information and level.
Security questions related account verification
If your account is Lv2, you have to complete face verification. Complete face verification on your PC or via Scan on the Binance mobile app to scan the QR code. If your face verification is done on the app, click on ‘I have completed this on my phone’ to continue further. Once the complete face verification has been done, the submission will be reviewed.
If you are unable to login Binance account to change the email address
- Enter your email address and password on the login page. At the time of the security verification page, click on loss access to verification. If you don’t have Google/SMS verification, you have the option of resetting multiple security items.
Enter the 2fa verification codes and click on Submit. Enter the new email address and click on “get code”. Now, enter a new email 6 digit verification code and click on reset.
Security questions about verification
Once the verification is done or if the account is Lv2, you have to pass through the face verification. Face verification cab is completed on your PC or via using the ‘Scan’ function on the Binance mobile app to scan the QR code. If you have completed the face verification on the APP and the verification is done, you can click on ‘I have completed this on my further’ and continue ahead. Once completing the face verification, the submission will be reviewed.