This is an introductory article, targeted at individuals who have little to no knowledge about Binance and cryptocurrency.
This article explains the basic concepts of Binance, how to create an account with Binance and understanding the features of Binance.
Introduction
Binance is a cryptocurrency exchange and trading platform. It is one of the largest cryptocurrency platforms in the world, with a trade volume of billions of dollars daily. Binance allows users to trade hundreds of cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Bitcoin Cash (BCH) and a host of many other altcoins and tokens.
Binance owns two cryptocurrencies called Binance Coin (BNB) and Binance USD (BUSD) which are used to facilitate payment of fees on the platform and can also be used for trading.
Binance is used worldwide but it is limited in some countries like the U.K. and U.S. due to regulations.
A brief history of Binance
Binance was founded in 2017 by Changpeng Zhao, a developer who had formerly created high-frequency trading software. Initially based in China, Binance moved its servers to Japan shortly before the Chinese government imposed regulations on cryptocurrency trading.
In June 2017, Binance launched its own token, BNB, with an initial coin offering (ICO). Binance aims to bring cryptocurrency exchanges to the forefront of financial activity globally and is the largest cryptocurrency exchange globally based on daily trading volume.
Why use Binance?
Binance provides a platform where all users can buy, sell and trade cryptocurrencies. It offers a fast, secure, and reliable service with low fees and a wide selection of trade-able cryptocurrencies.
The platform also offers educational resources and research tools to help users make informed decisions about their investments.
Binance has also launched a number of other products and services, including a decentralized exchange, a payment solution, and a cryptocurrency wallet. These offerings are aimed at providing users with a range of tools and services to help them participate in the cryptocurrency ecosystem.
Above all, binance aims to facilitate the adoption and growth of cryptocurrencies by providing an easy-to-use and accessible platform for users around the world.
How to get started with Binance
The Binance app has two parts: the lite and professional version. In this article we’ll be covering the lite version and will touch the professional in subsequent articles.
Prerequisites
A mobile device or laptop (this article covers mobile users)
Steady internet connection
An active email address
Step 1
Search for binance on Google Play Store for Android users and iOS App Store for iphone users
Click on "install"
Step 2
Click on "Sign up"
you'll have the option of either using your email or phone number for the verification process.
Input your valid email address or phone number.
Input your referral ID (optional)
A verification code will be sent to your email address.
Step 3:
Set a secure and reliable password, a good suggestion will be a combination of letters, numbers and characters.
By this you have successfully created a Binance account.
you will automatically receive your Binance ID.
Getting your account verified
To assess Binance services you need to complete the identity verification
Binance offers a $20 cashback voucher once you verify your account.
Follow these steps to get your account verified.
Step 1:
Click on verify
Select your country of residence
Input the required details which includes your name, nationality, date if birth, home address, postal code, city etc.
Step 2:
Submit either your NIN (National identification number) or BVN (Bank verification number) for verification
Step 3:
You will be required to run a face verification.
Once face verification is complete, your binance account is active for transactions.
How to buy crypto with binance
Step 1:
Locate the Buy Crypto button on the home screen, it’s outstanding and will be easy to find
A list of available coins and their rates will be displayed
pick the coin you want to buy.
Step 2:
Input your bank details
Note: the account holders details must be the same as the details used during your verification process
Choose to buy either by quantity or amount
input either the quantity or amount
if you are buying by amount
Ensure to purchase up to 9000 worth of crypto as that is the minimum purchase price
Step 3:
you have the options of either paying by bank transfer (P2P trading), through card or bank accounts or from your fiat balance.
How to deposit fiat
Step1:
Click on the actions icon on the bottom navigation in the home screen
Click on Deposit, you'll be taken to a screen to choose between Fiat and Crypto Click Fiat.
Step 2:
Under the Fiat tab, choose your country's currency example NGN (Nigerian Naira)
Click on it to proceed
Choose between Bank transfer and E-wallet, both are without transaction fees but charges may apply on the merchant's end. Press continue after making a choice.
Step 3:
Fill in your bank details for the transaction.
Note: The details of the bank account should tally with the details used to verify your Binance account.
When done press Confirm.
Input your desired deposit amount and press Continue.
Step 4:
You'd be given a Merchant account to send the money to.
For the example, from the transaction below the merchants charge is #100 for #10000.
There are strict instructions to follow so you don't lose your bank account in the process, this is highlighted in red at the bottom of the screen.
After making the transfer to the designated account, click on the "I have paid" button.
The transaction will be verified and your balance will change with respect to your deposited amount.
Note: Do not use crypto related terms in your transfer references.
Features of binance app
P2p trading
P2P (peer-to-peer) trading is a binance service that allows users to buy and trade cryptocurrencies directly with each other without any intermediary.
This allows different payment methods like bank transfers, online wallet and cash deposits.
Fiat
Fiat is a government-issues currency just like Nigerian naira, US dollar etc.
Binance allows users to buy crypto using fiat currency through bank deposits or credit/debit card.
Note: not all cryptocurrencies can be traded with fiat currency
Trading
Binance allows users to trade different types of cryptocurrencies including Bitcoin, Ethereum, Binance coin and maan other altcoins and tokens.
It allows users to view market data, set price alerts and trade directly from the app.
Wallet Management
With the Binance app, users can manage their crypto wallets directly from the app, they can check their balances, view transaction history, trade and send and receive cryptocurrencies.
News and Analysis
This binance feature provides users with current news in the Blockchain world and analysis of the crypto market.
Security
Binance has tight security settings, which protects users data and accounts.
It uses two-factor authentication (2FA), biometric authentication and anti-phishing measures.
Buy Crypto
Users can purchase cryptocurrencies directly from the binance app by either using their credit/debit card, bank transfer or from their fiat wallet.
Staking
This feature allows users to stake their cryptocurrencies and earn rewards with that app.
Margin Trading
Users are allowed to engage in margin trading, which allows them to borrow funds which in turn increases their trading power.
Savings
The Binance app allows users to earn interest by depositing cryptocurrencies in Binance's savings account.
Visa card
Users who are eligible can apply for a Binance Visa card which allows them to spend their cryptocurrencies in the real world.
Conclusion
When thinking about diving into the cryptocurrency and Blockchain space, it is important that you
understand the concept of Binance and how it works.
To learn more about trading and investing in binance visit Binance Academy.