The process of buying and selling Cryptocurrencies has never been easier. With many a Cryptocurrency springing up everywhere, all thanks to Blockchain technology, one needs an exchange market that has proven to guarantee the authenticity of the coins being traded and safety of the traders.
WHAT IS BINANCE
Binance is a Cryptocurrency exchange market with over 1.3 billion dollars in market capitalization. It has grown over the last few months to become one of the best exchange markets for Cryptocurrency. Its quick rise up the ranks of exchange market is due to its security systems that protects registered users and a wider range of Cryptocurrencies on its market, boasting of more than fifty “coins”.
Binance helps to bring those who have cryptocurrencies to sell in contact with those who want to buy. The ever dynamic state of the Cryptocurrency world mean that buyers and sellers need to know which cryptocurrency is doing well in the market and for how much it goes.
WHAT MAKES BINANCE DIFFERENT?
The Blockchain technology incubator that Binance uses is called Binance labs. This technology focuses on nurturing the promising Pre-ICO stage projects. It also accepts a wide range of new Cryptocurrencies for exchange. It offers a multi-tier and multi-tier system architecture.
When you visit the home page of the website, you would be welcomed with a live streaming of ongoing events in the market – the cryptocurrencies that are gaining and those that are losing, alongside their prices in Bitcoin equivalent. This information helps you navigate the waters of buying and selling on the platform.
You also have a live stream of the coins at the top and how much they go for as well as their available volume.
HOW TO REGISTER FOR BINANCE
When you go to the website (click here), you are taken to the homepage of Binance. There you would see two tabs at the top right corner of the page: “Register” and “Log in”.
It takes you to another page that asks for your email, password and referral ID.
The password is supposed to have a minimal of eight characters and an Uppercase character.
If you use a password without uppercase, it would show you this
After registering, a mail will be sent to you with a link asking you to confirm your email address.
When you click on the link, your account is verified automatically.
After that, you would be able to log in to your Binance account with your email and password.
This takes to your homepage. This is the first level and does not require you upload your photo ID. The drawback however is that only 2BTC can be withdrawn daily with the level 1 account.
The level 2 account however allows for up to 1000BTC daily withdrawal.
FUNDING YOUR BINANCE ACCOUNT
After registering, the next phase is funding your wallet.
At the top corner of the homepage, there is a tab for “funds”. Underneath the “funds” bar are “deposit” and “withdrawal”.
Click on the deposit.
When you click on the deposit, a tab appears asking you to select the coin you want to deposit.
When you click on the coin you want to deposit, a wallet address for Binance is created for you. This wallet address is specific to the coin you selected.
If you wish to deposit to your Binance wallet, you deposit only to the specific coin wallet address. Every coin has its own wallet so be careful not to deposit on another Coin’s wallet.
HOW TO TRANSACT ON BINANCE
After registering and funding your account, you can now move on to exchange
At the far right corner, you will see a tab for exchange.
Click on it.
It displays afterwards “Basic” and “Advanced” exchange. Click on the Basic exchange.
A page that shows the different coin pairings along with a chart is displayed.
Click on the pairings you want, like in the image above.
When you click on the pairing you want, a page would load that would display at the left hand corner of the page the prices that people are willing to buy and the prices they are willing to sell.
In the middle, a red font displays the last price that it was exchanged for.
At the bottom of the page is the “Buy” and “sell” tab.
Click on any of them. You can manually enter the prices you a wish to sell or buy.
The moment you finish with your order -either to buy or sell – it shows on “open order” section.
To see your new currency, head over to your “deposit” and “withdrawal” menu where you can withdraw it to the wallet you prefer.