Binance is a well-known and prominent cryptocurrency exchange platform where you can engage in buying, selling, storing, and trading various cryptocurrencies. This comprehensive guide aims to provide you with all the essential information about Binance. It covers topics such as how to sign up, access your account, and everything you need to know about using Binance.
Today, Infograb Arena will share all the crucial details about Binance. This detailed guide will equip you with the necessary knowledge to effectively use Binance. It will walk you through the process of registering for a Binance account, purchasing cryptocurrencies on the platform, selling them, and most importantly, trading on Binance.
What Is Binance?
Binance is a form of cryptocurrency exchange platform like offers a wide range of over 600 cryptocurrencies for users to trade, including popular ones like Bitcoin, Ethereum, Tron, USDT, Cardano (ADA), Chainlink, Polkadot, XRP, Stellar, as well as NFTs (non-fungible tokens), SHIB, DOGE, and more. Being the world's largest exchange, Binance provides you with the opportunity to access all these cryptocurrencies.
Millions of users worldwide trust Binance. On this platform, you can easily buy, sell, and trade various cryptocurrencies such as Bitcoin, Ethereum, Chainlink, Rune, Cardano, Binance Coin, SHIB, and more. Binance offers some of the lowest fees in the crypto industry. Additionally, you can explore an exciting selection of artwork and collectibles on the Binance NFT marketplace.
The Binance app is available to individuals who are not U.S. citizens or residents. If you are a U.S. citizen or resident, please make sure to install the Binance.US app, as it is specifically designed for users from the United States.
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Binance Registration - How to Create an Account on Binance
Before you can start using the Binance platform for buying, selling, and trading cryptocurrencies, the first step is to create an account. This grants you full access to the platform and its features.
To begin the registration process, simply click on the provided link that will take you to the Binance Registration page. Once you arrive on the registration page, you will be prompted to enter your email address and choose a password of your preference.
After entering the required details, click on "continue" and follow the prompts to complete your registration. This marks the completion of the first step.
Once you have successfully created your account, the next crucial step is to verify it. Account verification is necessary to fully utilize the platform. It is strongly advised not to deposit any funds or engage in any activities until your account has been verified.
To verify your account, log in to your Binance account. Sometimes, you will be prompted to complete the verification process. Follow the instructions provided to complete the necessary steps for account verification.
Binance Login: How to Log in to Your Binance Account
If this is your first time logging in, the initial step is to download and install the Binance app. You can find the download link in the Binance app download section of this guide.
Once you have installed the app, open it and select the "Login" option. You will be directed to the Binance login page. Enter your registered email address and password, and then click on the "Login" button. After clicking on "Login," you will be redirected to the authentication page.
To verify that you are a human user, follow the prompts and click on the "Send Code" button. An OTP (One-Time Password) will be sent to the email address associated with your account. Enter the OTP into the designated box and proceed to access your account.
Upon successfully logging in to your account, you can proceed with the verification process if you haven't already done so, following any prompts you may have received during the registration process.
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Binance Crypto Exchange Features
Binance is a cryptocurrency exchange platform that stands out as the largest in the world due to its unique features and benefits. In this section, I will explain each feature of the Binance crypto exchange platform in detail to help you understand them better and enhance your knowledge of the app's advantages.
1. Crypto Buy and Sell Made Easier:
Binance provides a platform that simplifies the process of buying and selling cryptocurrencies such as Bitcoin, Ethereum, Tether USDT, and more. By adding a debit or credit card, you can instantly purchase and sell cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and others. If you're from Nigeria, you can also fund your account via P2P.
2. Wide Range of Supported Cryptocurrencies:
Binance offers over 200 supported cryptocurrencies for you to choose from, including popular options like Bitcoin, Ethereum, Link, Tezos, Cardano, and Binance Coin. You'll always have access to new coin launches, keeping you at the forefront of the crypto market.
3. Emphasis on Security:
When it comes to depositing and withdrawing funds, security is of utmost importance. Binance excels in ensuring the safety of your funds and protecting your Bitcoin and other cryptocurrencies. They have implemented measures such as the Binance Secure Asset Fund for Users (SAFU Funds) to provide an additional layer of protection for your assets.
4. Earn Interest on Cryptocurrency Holdings:
One outstanding feature of Binance is the ability to earn interest on your Bitcoin and other cryptocurrency holdings. Through Binance Savings & Staking, you can enjoy some of the highest interest rates on the market. Stablecoin interest rates are consistently above 5%, surpassing what traditional savings accounts offer.
5. Price Change Alerts:
With Binance, you can easily monitor the price and performance of specific coins. Even if you're not actively watching the screen, you can set price alerts with a single tap. This ensures you stay updated on the latest prices and market trends.
6. Beginner-Friendly and Professional Interfaces:
Binance offers a user-friendly mobile app that caters to both beginners and experienced traders. You can effortlessly switch between the Lite and Pro interfaces with a single tap. Choose a simple interface or access advanced trading features, all within the same app.
7. Recurring Buys:
Binance has simplified the process of buying crypto by introducing recurring buys. You can set up regular purchases of Bitcoin and other cryptocurrencies, determining the amount and frequency. Binance takes care of the rest, ensuring your purchases are executed automatically.
8. Send, Receive, Buy, and Spend Cryptocurrency:
The Binance app allows you to easily send and receive crypto from friends and family using QR codes, wallet addresses, and other available methods. Additionally, Binance provides the opportunity to spend Bitcoin or BNB at over 50 million merchants worldwide when you sign up for the Binance Card (available in select markets).
9. Crypto Wallet for Storage:
Binance offers a convenient wallet feature within the app. This user-friendly wallet allows you to store your coins securely and monitor your cryptocurrency holdings. You can keep your coins in the wallet for as long as you like.
10. 24/7 Customer Support:
Binance understands the importance of customer support. They provide an active support team available 24/7 to assist users. Whether you're a long-time user or just starting out, you can access live chat customer support in eight languages, including English, Chinese, Russian, Spanish, Portuguese, Turkish, Korean, and Vietnamese.
By encompassing these features, Binance aims to provide a comprehensive and user-friendly platform for cryptocurrency enthusiasts of all levels of experience.
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Binance Account Verification - How to Verify Your Binance Account
To verify your Binance account, follow these steps:
1. Log in to your Binance account using your credentials.
2. Click on the profile icon located at the top left corner of the app.
3. Look for the "Not Verified" button and click on it.
4. You will be directed to the verification page where you will find a list of acceptable verification documents based on your country of residence.
5. Choose the document verification method that is most convenient for you.
6. If you select verification via ID card, you will be prompted to take photos of the front and back of your ID card, as well as a selfie of yourself. Submit these images for review.
7. The review process typically takes between 12 to 72 hours, during which your submission will be evaluated and either approved or disapproved.
How to Buy and Sell on Binance
Buying and selling cryptocurrencies is one of the primary functions of the Binance platform.
In this section, I will guide you on how to buy and sell Bitcoin and other cryptocurrencies on Binance.
If you're currently using the lite version of the app, I recommend switching to the pro version for a better experience. To switch to the pro version, click on your profile icon located at the top left corner of the app.
Next, click on the "Market" button at the bottom of the app. This will take you to the market page where you can see all the available coins on the platform. If you can't find the specific coin you want to buy or sell, use the search bar at the top and enter the name of the coin (e.g., BTC).
Click on the coin you're interested in, and you will be taken to a page similar to the one shown above. Select the trading pair you want to use and proceed. On the next page, you will see the "Buy" and "Sell" buttons. Click on "Buy" if you want to buy or "Sell" if you want to sell.
If you understand how to use a limit order, you can select it. A limit order allows you to set a specific price at which you want to buy or sell, and the order will be executed once there is a matching request. This is useful for those who understand technical analysis and have specific price targets.
If you prefer a market order, be cautious as it executes instantly at the current market price, but it may attract higher fees compared to a limit order.
If you're new to crypto and want to buy, you can still use a limit order. Simply select the limit order option and manually enter the current market rate. Proceed to enter the amount of the coin you want to buy or sell, and click on the respective "Buy" or "Sell" button.
Congratulations! You have now learned how to buy and sell on Binance.
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How to Trade on Binance
Trading on Binance involves the practice of buying low and selling high to generate profits. It requires a good understanding of technical analysis, including the interpretation of candle patterns and utilization of various analysis tools available on the platform.
Once you have acquired the necessary knowledge, you can begin trading on Binance by purchasing a particular cryptocurrency when its price is low and selling it when the price increases. The process of buying and selling on Binance has been explained in the previous section of this guide.
How to Send Cryptocurrency from Binance to Another Wallet
If you wish to send cryptocurrency from your Binance wallet to another wallet, follow these steps:
1. Log in to your Binance account.
2. Click on the "Wallet" button located at the bottom of the app.
3. Select the specific coin you want to send and choose the "Withdraw" option on the following screen.
4. When you click on "Withdraw," you will be directed to a page where you can select the network. If you are sending the coin to a platform, check the required network and make sure to select the appropriate one.
5. If you are sending the coin to an individual or another wallet you own, inform them about the network you intend to use so that they can provide you with the correct wallet address.
6. Once you have selected the correct network, you will see a box to paste the receiving wallet address.
7. Enter the amount you wish to send, paste the receiving wallet address into the provided box, and click on "Withdraw" to complete the transaction.
By following these steps, you can successfully send cryptocurrency from your Binance wallet to another wallet.
How to Receive Cryptocurrency on Binance
If you want to receive cryptocurrency to your Binance wallet, follow these steps:
1. Log in to your Binance account.
2. Click on the "Wallet" button located at the bottom of the app.
3. Select the specific coin you wish to receive and choose the "Deposit" option on the following screen.
After clicking on the "Deposit" option, you will be directed to a page where you can choose the network. If you are receiving cryptocurrency from a platform, check the required network and ensure that you select the corresponding one.
If you are receiving cryptocurrency from an individual or entity, ask them for the specific network to choose or inform them about the network associated with your receiving address. Once you have the correct network, you will be able to copy the wallet address. This unique wallet address is what you will use to receive the cryptocurrency.
Note: Each cryptocurrency has its own unique wallet address. You cannot use a Bitcoin wallet address to receive Tron, for example. Make sure to select the correct cryptocurrency and copy the corresponding wallet address as needed.
By following these steps, you can easily receive cryptocurrency to your Binance wallet.
Binance P2P Trading
Binance P2P trading, also known as Binance peer-to-peer trading, was introduced to address the restrictions imposed by the Nigerian government on cryptocurrency activities. This aspect of Binance is specifically available for Nigerians.
The Nigerian government has prohibited banks in the country from participating in crypto activities and has forbidden Nigerians from buying cryptocurrency directly from their banks. To ensure that cryptocurrency trading can continue in Nigeria, Binance introduced P2P trading. This feature allows Nigerians to fund their Binance accounts and withdraw to their Nigerian bank accounts without any complications.
What is P2P?
P2P stands for peer-to-peer, which refers to the process of buying and selling cryptocurrencies directly between individuals. In this system, you can purchase cryptocurrencies directly from your peers and also sell to them.
Peer-to-peer (P2P) trading on Binance refers to the direct exchange of cryptocurrencies between individual users, without the involvement of a centralized intermediary. In P2P trading, users can buy or sell cryptocurrencies directly with other users on the platform, creating a decentralized marketplace.
Here are a few explanatory examples of P2P trading on Binance:
1. Example of Buying: Let's say User A wants to buy Bitcoin (BTC) using Nigerian Naira (NGN). User A can browse the available BTC listings on Binance P2P and select a seller offering BTC for NGN. User A can then initiate a trade and send the agreed-upon NGN payment to the seller's designated bank account. Once the payment is confirmed, the seller will release the BTC directly to User A's Binance wallet.
2. Example of Selling: User B wants to sell Ethereum (ETH) and receive USDT in exchange. User B can list their ETH for sale on Binance P2P, specifying the desired price and payment method. User C, interested in buying ETH with USDT, finds User B's listing and initiates the trade. User C transfers the agreed-upon amount of USDT to User B's designated wallet address. Once User B verifies the payment, they release the ETH directly to User C's Binance wallet.
In both examples, the users directly interact and negotiate the terms of the trade. Binance acts as a platform facilitating these transactions by providing a secure environment, escrow services, and user ratings to help build trust between buyers and sellers.
P2P trading offers users the flexibility to trade directly with others, supporting a wide range of fiat currencies and cryptocurrencies. It provides an alternative method for buying and selling cryptocurrencies while promoting decentralization and peer-to-peer interactions within the Binance ecosystem.
There are various ways to trade cryptocurrencies, and peer-to-peer trading is one of them. The more common approach is to use centralized exchanges like Binance, where you can buy or sell cryptocurrencies at specific price points against other cryptocurrencies or supported local currencies.
Alternatively, you can engage in transactions with fellow cryptocurrency holders through peer-to-peer trading. This method allows you to swap your assets directly with others without the need to track charts and place orders on an exchange.
How to Trade via P2P on Binance
To engage in P2P trading on Binance, follow these steps:
1. Log in to your Binance account.
2. Click on the "Trade" button located at the bottom of the app.
3. Check the top section of the trading page, where you will find the P2P option. Click on P2P, and you will be redirected to the P2P trading page.
How to Buy on Binance P2P
Once you are on the P2P trading page, follow these steps to make a purchase:
1. Check the icons located at the p2p trading page, you will see some navigations named buy and sell. Just click buy in the binance top page of p2p trading page.
2. Check the list of vendors and look for the vendor with a high number of completed trades and a high success rate. This indicates a reputable and reliable seller.
3. After identifying the preferred vendor, click on the "Buy" button associated with their listing.
4. Follow the prompts provided to complete the trade.
By following these steps, you can trade via P2P on Binance. Ensure that you review the details and reputation of the seller before proceeding with any transactions.
How to Sell on Binance P2P
To sell on Binance P2P, follow these steps:
1. Click on the "Sell" option to place an order.
2. Wait for the buyer to transfer the payment to your designated payment receiving account.
3. Log in to your payment account (e.g., your bank app) to verify that the payment has been received.
4. Once you have confirmed the receipt of payment, click on "Payment Received" to release the cryptocurrency to the buyer.
• Important Notification for Binance P2P Trading
To protect yourself from scammers, never release your cryptocurrency before actually receiving the payment. Be cautious of anyone claiming to be customer support who tries to convince you to release crypto before receiving payment. They are likely scammers and should be ignored.
It's crucial to understand that once the seller confirms the order and transfers the assets to the buyer, the transaction is considered completed and cannot be disputed. Please note that Binance does not take any responsibility for transactions conducted outside of the platform.
Binance App Download
To download the Binance app for Android or iPhone, use the direct links provided. Make sure you have already signed up for a Binance account as per the instructions in the registration section of this guide.
Pros Of Binance
1. Wide Range of Cryptocurrencies: Binance offers a vast selection of cryptocurrencies, including major coins like Bitcoin and Ethereum, as well as a variety of altcoins, allowing users to diversify their investment portfolio.
2. High Liquidity: As one of the largest cryptocurrency exchanges, Binance provides high liquidity, ensuring that users can easily buy or sell their assets at competitive prices without significant slippage.
3. User-Friendly Interface: Binance offers a user-friendly interface, making it accessible for both beginners and experienced traders. The platform provides different trading views, order types, and advanced charting tools to cater to different trading preferences.
4. Security Measures: Binance employs robust security measures, including two-factor authentication (2FA), withdrawal whitelisting, and cold storage for funds, to enhance the security of user accounts and funds.
5. Binance Coin (BNB) Benefits: Binance has its native cryptocurrency called Binance Coin (BNB). Holding BNB offers various benefits, such as reduced trading fees, participation in token sales, and staking rewards.
Cons Of Binance
1. Limited Fiat Support: Binance offers limited support for fiat currencies, which means users often need to purchase cryptocurrencies elsewhere and then transfer them to Binance for trading.
2. Regulatory Concerns: The cryptocurrency industry is subject to evolving regulatory frameworks, and Binance has faced scrutiny from regulators in some jurisdictions. This regulatory uncertainty can impact the availability and accessibility of Binance services in certain regions.
3. Complex for Beginners: While Binance provides a user-friendly interface, the world of cryptocurrencies and trading can still be complex for beginners. Understanding concepts like wallets, trading pairs, and order types may require a learning curve for newcomers.
4. Customer Support: Binance has faced some criticism regarding its customer support response times. During periods of high demand, it may take longer to receive support or resolve inquiries, which can be frustrating for users.
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FAQ (Frequently Asked Questions) about Binance:
1. Is Binance safe to use?
Binance implements strong security measures, such as 2FA and cold storage, to safeguard user accounts and funds. However, users should also take personal security precautions, such as enabling 2FA and using unique, strong passwords.
2. Can I buy cryptocurrencies with fiat currency on Binance?
Binance supports the purchase of cryptocurrencies with select fiat currencies through its Binance Fiat Gateway partners. Availability varies depending on your location.
3. What are the trading fees on Binance?
Binance charges a trading fee of 0.1% per trade. However, if you hold Binance Coin (BNB) in your account, you can use it to pay for trading fees at a discounted rate.
4. Can I withdraw funds from Binance to my bank account?
Yes, Binance supports withdrawals to bank accounts for select fiat currencies. However, this service is usually limited to specific regions and subject to certain requirements and fees.
5. Does Binance have a mobile app?
Yes, Binance provides a mobile app for both Android and iOS devices, allowing users to access and trade on the platform conveniently.
Conclusion
Binance is the largest cryptocurrency exchange platform globally. With the information provided in this guide, you should be able to use the platform confidently and without encountering any problems. It's recommended to familiarize yourself with all the aspects discussed in this guide to have a successful experience on Binance.
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