How to use Binance: a guide to getting started !

Heard of Binance, but not quite sure how it works? Take a look at this guide to find out more about the world’s biggest cryptocurrency trading platform.

Binance's supremacy in the world of cryptocurrency trading is undeniable. With over 35 million users from all over the world, the platform offers the most diverse selection of crypto assets. Constantly rising, Binance has a trading volume of over USD 2 billion per day. 

How to use Binance to make cryptocurrency deposits

The Binance platform offers a complete wallet to store your cryptocurrencies. Moreover, it is possible to buy virtual currencies there directly, without having to go through a third party exchange.

To deposit your cryptos with Binance, you need to log into your account. Then click on "Wallet" to access your wallet menu, then "Overview". This will take you to the page for depositing, withdrawing and transferring cryptocurrencies. In this case, click on "Deposit" and then "Deposit Crypto". You will then have to select the virtual currency you want to fund and the virtual network from which you want to transfer your crypto funds to Binance.

The platform offers several choices of network types. Be very careful not to make a mistake and lose your funds ! 

Binance allows you to withdraw your assets from the following networks :

  • BEP2 : to deposit funds from the Binance channel.
  • BEP20 : to source cryptos from the Binance Smart Chain (BSC).
  • The ERC20 : to deposit funds from the Ethereum network.
  • OMNI : refers to the OmniLayer that runs through the Bitcoin network.
  • TRC20 : for funds stored on the TRON network.
  • BTC : to deposit funds on Binance from the Bitcoin network.
  • BTC (SegWit) : concerns funds belonging to the Native Segwit network (bech32). The latter is characterized by an address starting with "bc1". You can withdraw or send Bitcoins to SegWit (bech32) addresses.

Example : You have USDT on another platform and you want to transfer them to Binance. Select the ERC20 Ethereum network. Indeed, USDT is based on ERC20 tokens. Thus, the choice of the network depends on the third party platform where to make the withdrawal. It is therefore advisable not to systematically select the cheapest option. Instead, choose the one that is supported by the external wallet. Otherwise, you risk losing your tokens. For example, ERC20 tokens can only be sent to an ERC20 address. Similarly, BSC tokens can only be received by a BSC address.

In order to make the actual deposit on Binance, all you have to do is copy the destination address specified by Binance. This address is available in the external platform's send field. Then confirm your withdrawal request and wait for the transaction to be confirmed. The time frame varies depending on each blockchain and the fluidity of its network. Cryptos will be credited to your Binance account when they have reached 12 confirmations at the network level.

You will be able to click on "Transaction History" to view information about all your transactions. In addition, the platform always notifies its users by SMS and/or email about their recent deposits.

How to use Binance to buy cryptos

Once you've deposited money into your Binance account, you'll be able to buy cryptocurrencies immediately. If you are using the web version of the platform, start by setting your preferred payment method. Then click on "Buy Crypto" and then "P2P Trading". On the page that opens, click on "Buy". Click on the crypto you want to buy, then filter by price and payment methods. Then simply click on the ad that suits you and press "Buy". You will then have to enter the amount in fiat currency or the quantity of cryptos to buy. Then click on "Validate". 

Payment must be made via the payment method specified by the seller, otherwise the seller will not release the cryptos. However, you can contact the seller directly via the Binance chat service. Once the payment is made, click on "Confirm". When the cryptos are released by the seller, the transaction is finalized. You can then click on "Transfer to Spot Wallet" to deposit them into your wallet. In case of any problems, click on "Call" to get the platform's support service.

To buy cryptos via the mobile app, simply click on "P2P Trading" on the homepage. The procedure is then the same as on the web platform. 

How to use Binance to sell cryptocurrencies

From the web platform, click on "Buy Crypto", then "P2P Trading". On the next page, click on "Sell", then select the cryptocurrency you wish to trade. Then specify the quantity or amount in fiat currency. Next, determine the payment method, and then click "Sell". At this point, the status of the transaction is "Payment to be made to buyer". When this status changes to "To be released", make sure you have received the payment, then click "Confirm Release" and "Submit" to release the sold cryptos.

The process is virtually the same for selling cryptos from the Binance mobile app.

How to use Binance to withdraw cryptocurrencies

Users can transfer their cryptocurrencies out of Binance to a third-party platform. To do this, click on "Wallet", then "Fiat and Spot", then "Withdraw/ Withdraw". Then click on "Crypto". Select the crypto and the network you wish to withdraw to. 

Copy the receiving address specified by the external platform into the Binance withdrawal field. Specify the amount to view the cost of the transaction and the funds you will receive. In order to confirm the transaction, you must follow Binance's verification instructions.

How to use Binance to make a fiat deposit or withdrawal

At Binance, users have the option to buy cryptocurrencies directly with money. However, to do so, it is necessary to fund your account. Indeed, the platform allows you to make deposits with a total of 60 fiat currencies, including EUR, USD, and GBP.

You can transfer your funds via SEPA Bank Transfer, SEPA Instant and credit cards. Also, note that at Binance, all deposits are free. The SEPA transfer service is available on weekdays only, while the UK SEPA Instant is available 24 hours a day.

To make a deposit, log in to your account, click on "Buy Cryptos", then on "Bank Deposit". Then choose the payment method. Then select the relevant currency and enter the amount you wish to deposit to Binance. Now click on "Continue" to complete the transaction. This will take you to the detailed information page for the transfer.

On the Binance platform, withdrawals via credit transfer are subject to a fee of €0.80 per SEPA transaction. The fee is GBP 1.5 for transactions via SEPA Instant. However, the limits depend on your level of verification. 

To withdraw, click on "Wallet", then on "Fiat and Spot", then on "Withdraw". Then click on "FIAT", select your currency, specify the withdrawal amount and choose the payment method. Then follow the confirmation instructions to complete the transaction.

Binance allows you to choose between different payment methods: bank transfer, credit card and debit card. However, the options may vary from country to country. Also, the costs for card withdrawals are more expensive.

How to use Binance to trade cryptocurrencies

To trade cryptos on Binance, click on "Trade" in the top menu. You will then have to choose between the two operating plans of the platform. Specifically, you will have the choice between the "basic" version and the "advanced" version. Note that the latter option is recommended if you want to benefit from all the features of Binance in a single window.

To get started trading, all you have to do then is start by selecting from the cryptocurrencies offered on the homepage. You can also click on "Trade" and then choose your virtual currency or specify it in the search field. Clicking on a cryptocurrency will take you directly to its trading page. There you will find Binance announcements, 24 hour trading volume, order book for buy/sell, candlestick chart, trading types (spot, cross margin, isolated margin), order types (limit, market, stop-limit, stop-loss), trading pairs, your trading history...

By default, the order type is "Limit". This means that when the market price reaches the amount you have specified, your order in the order book will be executed. For an immediate order at the current price, you should use a "Market" order. On the left side of the page, "Buy Crypto", you can specify the number of BTC you want to use to buy other cryptos. On the right hand side, "Sell Crypto", enter the number of equivalent BTC that you want to sell.

Placing a stop-limit order on Binance means that the limit order will be sent to the order book as soon as the price reaches or exceeds the stop price. For buy orders, it is therefore necessary to set a price below the limit price. For sell orders, the stop price must be higher than the limit price. To place a stop-limit order, click on "stop-limit" in the trading window. Then set the stop price, limit price and the amount of tokens to be bought or sold when the condition is met.

How to open an account with Binance

Registration is essential to use the services provided by Binance. The platform offers three account opening procedures to its future members. They can register via a mobile phone number, an email address or its mobile application.

Registering on Binance using a mobile number 

Registering on the platform via a mobile number is one of the easiest ways to register. Simply visit the exchange website and click on register. This will take you to the "Open a free account" tab. Then click on "Mobile" and fill in the field below with your mobile number. Make sure that the international code for your country is specified on the left. 

The next field will prompt you to create a password for your Binance account. Note that you will need to choose a password that is at least 8 characters long. For added security, include uppercase characters and at least one number in your password. In the next box, which is optional, you can then insert your referral ID if you have one.

Before you sign up, read the platform's service agreement carefully. This will ensure that you have a better understanding of how Binance works and the guarantees it offers. If you are happy with the terms of use, check the box "I have read and accept the terms of Binance services” and click on "Create an account".

To finalize your subscription form, you will be directed to a security check. This consists of completing a puzzle by manually dragging the missing element via a cursor located under the image. Thus, the platform can make sure that you are not a robot.

The Binance platform performs a second verification by sending you a 6-digit code to the specified mobile number. You will have to send this code back to the platform within 30 minutes. What should you do if you haven't received an SMS verification code? Simply click on "Resend" and the platform will send you another one. 

It is also possible to use voice verification. To do this, simply click on "Please try voice verification". This will allow you to receive a call from the system to verify that the number you have entered is valid. After this step, your registration is complete! You can now access your account. 

Please note that you can increase the security of your Binance account to a maximum. To do so, log in to your account and go to your dashboards. You are advised to activate the two-factor KYC authentication (2 FA) from the first time you use it. This security system is based on Google Authenticator and mobile identity verification.

Using Binance by registering with an email address

To register via an email address, you must also go to the website. Once the window opens, click on "Register". When the registration page appears, the email procedure is activated by default. If not, click on the "Email" tab. You will then have to fill in the first field with your email address, and the next with a personalized password. 

Note that here again, the password you choose must be 8 characters long and consist of numbers and letters. Remember that including a capital letter and a number strengthens the security of your account. The last field is optional and is always dedicated to the insertion of a possible referral ID.

Before checking the box below, please read the Binance Terms of Service carefully. Then click on "Create an account" to validate your registration form.

You will then proceed to the security verification steps. The first one consists in manually completing a puzzle and allows the platform to recognize possible robots. The second step is to check that the email address you have specified is valid. To do this, the system will send you a 6-character verification code by email, which you will have to enter on the platform. However, this code is only valid for 30 minutes. 

In case you did not receive any verification code in your inbox, first check your spam folder. If there really is nothing, ask the system to resend the code by clicking on "Resend email". 

Once you have completed the verification code for your email address, you will have finalized the opening of your Binance account. You can now log in to your dashboard with your email address and password. 

To further secure your Binance account, activate the 2FA two-factor authentication system when you first log in. 

Opening a Binance account via the application 

Binance allows traders to manage their accounts from anywhere, thanks to its mobile application. Moreover, it is possible to perform all the procedures for opening an account via the app. When you open the application, you will find the "Login/Register" button. Press it and then click on "Register". You will then be presented with the registration page with three fields. 

In the first field, enter your email address, then create a password in the second. Remember that the platform requires an 8-character password with at least one capital letter and one number. Again, the third field is optional and is reserved for a possible referral ID.

For this registration method, it is also essential to carefully read the service agreement offered by the platform. To do this, press the "Binance Terms of Service" option at the very bottom of the page. Once you have read the contract, check the box to specify that you are happy with all the terms.

Upon validating the Binance registration form, you will then be directed to the verification steps. The platform will first ask you to drag a puzzle via a slider to complete an image. This step serves the platform to authenticate that you are not a robot. 

The second step is to check that the email address that was sent to the system is valid. To do this, the system will send you a 6-character code in your inbox. However, this code is only valid for 10 minutes. We advise you to check that it has not been moved to your spam folder. If you have not received the email from Binance, click on "Resend Code" and the system will send you another one.

Once your email address is confirmed, your Binance account is created and accessible. When you first log in, increase the security of your account access by activating the 2FA verification protocol. You can choose between Google Authenticator and phone verification (SMS or voice call).

How to use Binance with an unlimited account: identity verification procedures

If your Binance account is not verified, you will have limited access to the platform's features and will not be able to upgrade to the higher VIP levels. Furthermore, your right to withdraw BTC will be limited to 2 per 24 hours. 

Where can you verify your Binance account ?

In order to receive a verified Binance account, you must go through a series of identity verification steps. To complete this process, first log into your account. Then click on "User Center" and then "Login". On new accounts, you can also click on the "Get Verification" tab. This is displayed on the home page.

The following page outlines the different levels of verification, as well as their withdrawal deposit limits. In particular, the system classifies users into three levels: "Verified", "Verified Plus" and "Enterprise Verification". 

Note that access to unlimited use of Binance requires validation of "Verified" status. 

Also note that the withdrawal limits vary depending on the country of origin of the user. However, the platform allows you to change this setting via the "Country/Region of residence" button. 

Complete your personal information to get a verified Binance account 

To begin the Verified identity verification process, click "Start Now". Then select your country of residence. Please note that the country and region you specify must match the information on your identity documents. When you do so, you will be taken to the list of documents required to verify a Binance account from your country. 

The procedure generally includes the following steps : 

  • providing your personal information
  • providing your national ID
  • running facial recognition 
  • submitting proof of address to the system. 

Please note that the personal information entered on the site (surname, first names, date of birth) must correspond to the information on your identity documents. 

Mandatory verification on Binance: ID and facial recognition

To prove the veracity of your personal data, you need to upload clear scans/photos of both sides of your identity documents. To do this, choose the type of ID you have and the country that issued it. You can use a national ID card, passport or driver's license, for example. However, some options may vary from country to country.

In addition to these ID photos, the system will also ask you to take a selfie to perform a facial verification. For this, it is recommended to avoid wearing a hat or glasses, or using graphic filters. Also make sure you have good lighting in the selfie. 

These procedures reflect the Binance platform's compliance with regulations imposed by regulators. The system also offers the option of scanning a QR code to complete the facial verification from a mobile phone.

Personal data on Binance

At Binance, verifying a new account takes about ten days. During this time, they will review the data you have submitted to the system. Once the review of your file is complete, you will receive an email notification of the result.

Note that the system imposes a 15-minute delay to complete the personal information until the facial verification. Above all, avoid updating the browser during the procedure. If the operation fails, you are allowed 10 attempts per day. Beyond that, the operation will only be accessible after 24 hours.