BINANCE REVIEW AND TUTORIAL

Published in

Satoshi and the hare

11 min readNov 9, 2018

Whether you are a professional trader or just starting out with cryptocurrencies, Binance offers a wide range of tools to get in touch with digital asset markets. It is originally a cryptocurrency exchange from China that gives users access to a robust set of trading tools, graphs and security functions. After a successful first Initial Coin Offering (ICO), Binance began trading live in July 2017. Recently they moved their head office to the crypto-friendly island of Malta in the EU in response to the harsh regulations in China. Although the company is still fairly new on the market, it has managed to gain huge popularity thanks to the impressive number of trading pairs, professional attitude, low trading fees and an intelligent CEO who puts the power of community and reputation into practice. Non-English speakers will be happy to know that Binance offers multilingual support such as Dutch, Chinese, French, Korean and Japanese. Currently, Binance is the largest exchange with regard to the trading volume.

CEO Changpeng Zhao has founded Fusion Systems Shangai in 2005, the company built high-frequency trading systems for brokers. In 2013 he joined Blockchain.info as the third member of the team of the well-known cryptocurrency wallet. He also worked at OKCoin as CTO for less than a year, a platform for cash trading between Fiat and digital assets.

A nice feature of Binance is that they regularly hold competitions where you can win a number of fantastic prizes. By offering basic and advanced exchange interfaces, Binance makes it simple for beginners to carry out simple transactions and offers professional traders access to more complex options, such as margin trading. Binance created their own trading engine that can process 1.4 million transactions per second. That is much faster than any other cryptocurrency exchange at the moment and explains why so many traders switched from other exchanges to Binance. The trading platform is compatible with:

Web
iOS
Android
HTML5
WeChat
PC client

The last advantage that Binance has on its competitors is the extremely low fees charged — only 0.1% per transaction. In addition, you can lower the trading costs even further if you use their native Binance currency — BNB.

Binance also has some very interesting side projects. Binance Labs is the incubation program of Binance that wants to support top teams in the initial phase of their project and helps them to start their best ideas. In particular, Binance Labs incubates, invests and supports crypto-entrepreneurs, blockchain projects and their communities. Their mission is to solve the problems that are most important to the ecosystem and to change the world for the better.

The Binance-initiated Blockchain Charity Foundation (BCF) also launched its blockchain-based donation portal at the UNCTAD World Investment Forum. Although the platform aims to make a number of charitable organizations transparent, the BCF platform will specifically promote the progress of the UN Sustainable Development Goals (SDGs). During his keynote presentation at UNCTAD’s World Investment Forum, Zhao noted that transparency brought about by blockchain technology will promote all UN goals for sustainable development.

Binance launchpad, on the other hand, offers ICOs the opportunity to include their projects in their platform, so that users can purchase their tokens before they enter the Binance exchange. Binance also announced that it is launching a new division called Binance Research. The newly formed division aims to generate ‘in-depth analysis and data-driven insights into digital assets through unbiased, research reports of institutional quality’.

Properties

Trading volume ranking: # 1

Deposit methods: Crypto-Crypto

Cryptocurrencies: 388 trading pairs (https://coinmarketcap.com/exchanges/binance/)

24Hr volume (01/11/2018): 517.291.295 EUR

Trading costs: If you do not use BNB (Binance Coin) to pay your trade costs, each transaction carries a standard fee of 0.1%.

If you use BNB for transaction costs, you get an extra discount. If you have BNB standard in your account, your trading costs are automatically deducted from your BNB balance. (See: https://support.binance.com/hc/en-us/articles/115000583311)

For other options to reduce costs (such as maker/taker/volume discounts), or to view the trading costs of your account, you should consult the rates overview. (https://www.binance.com/en/fee/schedule)

Deposit fee: no fee

Withdraw fee: The withdrawal costs are dynamic and are adjusted automatically based on the market’s status. For the current recording costs, please consult the rate overview. (https://www.binance.com/en/fee/schedule)

Security

The Binance platform architecture includes ISO / ICO_27001: 2013 and CCSS security protocols. For account security, Binance offers SMS 2-factor authentication and Google Authenticator to verify payouts and security adjustments. Binance also created a “Secure Asset Funds for Users” (SAFU) in which it will store 10 percent of all trading costs to cover losses in extreme situations. So far, Binance has always succeeded in solving any form of hacking activity, so no funds from users have been lost.

Mobile application

Binance has a very good working Android and iOS application. It is one of the best in the crypto space. Although the Binance mobile app is quite functional, it still can not be compared to the impact of trading on the web or a PC-based client. Moreover, since it is a mobile connection, there is the possibility of delays in the order. That being said, the Binance mobile app is much better than the competition. It is much more functional and is one of the few apps we know that has a full mobile charting function.

Customer support

For an exchange to be successful, it requires a great customer support team that is able to answer all user questions and requests in a timely manner. Although the support section at Binance can use a bit of work, the team is responsive and capable of providing professional assistance to traders in need. Support tickets are submitted via an online form on the website and answers are sent by e-mail. There is currently no live chat support or a phone number where customers can contact the support team.

Future plans

On September 15 came the announcement of the co-founder of Binance and CEO Changpeng Zhao (also known as ‘CZ’): One of the largest global crypto exchanges will start testing a crypto-fiat exchange in Singapore. Although no further details have been provided, the crypto-fiat exchange in Singapore is likely to support the local Singapore dollar. A closed beta test was carried out on 18 September, after which CZ shared the hope that the platform could do its work within a few months.
Neufund — an equity fundraising platform on the blockchain — has revealed that it is working with both MSX and Binance “to create a regulated and decentralized, global exchange for the listing and trading of tokenised securities alongside crypto-assets.”
Binance opened a bank account in Malta, together with a new head office, paving the way for the introduction of fiat-crypto pairs. The representatives of Binance then referred to the plans of the exchange to open a platform in Malta for this purpose. Changpeng Zhao also praised the “active and transparent crypto-regulations” on the island.
On 12 August, Binance LCX — a joint venture between Binance and Liechtenstein Cryptoassets Exchange (LCX) — announced the launch of a fiat-to-crypto exchange. The new trading platform offers trade between Swiss francs (CHF) and euro (EUR) against large digital currency pairs and then adds more trading pairs after approval by the regulator. The Binance team promised to deliver and maintain the technology platform, while Binance LCX would include customer support, legal requirements, due diligence, Know Your Customer (KYC) and anti-money laundering (AML) compliance and communication with the government.
next, to all these plans for the future, the company also comes closer to launching a decentralized exchange (DEX) that would allow buyers and sellers to trade tokens directly without the exchange acting as an intermediary. the DEX would work on Binance’s own blockchain, where the company itself would serve a number of nodes. Zhao said that when the nodes are used in transactions, this would result in some of the network costs, while the company would benefit from increased use of the DEX as well because this could make the BNB token of Binance more valuable since BNB will be used as a gas be on this decentralized exchange.
Binance decided to use its BNB tokens as an investment vehicle under the leadership of its incubator Binance Labs. The fund stated that it would only have important heavyweights on board as partners, with members requiring at least $ 100 million in asset management.
Binance is actively expanding to the African market, CZ said that the work on the company in Uganda is progressing very quickly, thanks to strong support from the government, regulators and industry.

Pros and Cons

+ user interface (choice between basic and advanced)

+ liquidity

+ security

+ low costs

+ high number of trade pairs

- No FIAT Crypto

WEBSITE BINANCE (Referral): https://www.binance.com/?ref=10353531

The Binance guide

Use the link below to register for Binance. This is a referral link, thank you for registering via this link!

https://www.binance.com/?ref=10353531

Click on ‘Register’ on this page

Then enter your Email and desired password. Then tick the box and click on Register.

Solve this sliding puzzle (This serves to prevent the use of bots)

Then check your email to make a final confirmation

When you click on ‘verify mail’ you get the message that your Account has been activated, click on ‘Log in’ Then enter your login details

Then read the warnings about phishing and hacking and tick all the different warnings. Then click on ‘I understand, continue’

You will then see the option to activate 2FA (2-factor authentication). We definitely recommend this, as this makes your security immensely stronger. 2FA or Two Factor Authentication adds a different security level in addition to your password. So even if someone hacks your password, unless they also have the Google Authenticator code of the app, they can not log in. Click Google Authentication.

Then follow the different steps to install the app on your mobile phone. Scan the QR code with your Google app and write the keycode in a safe place. If you lost your mobile, you can recover your 2FA on a new mobile phone. Then enter your Login password and the code you see appear on the google authenticator application. Then click on ‘enable google authentication’

Your account is now secure.

If you wish you can now do further verification to level 2, but this is not necessary if you do not want to collect more than 2BTC at a 24hr timespan.

From now on you can trade at Binance. As mentioned earlier, it is not possible to trade at Binance for Euro, so you have to follow the steps via Kraken, for example, to send crypto to your Binance account. The explanation can be found in our introduction article 2. https://www.facebook.com/notes/kryptly-malta/buying-and-storing-your-first-cryptocurrency/575170472913584/

By way of example, we will continue on this article, and send ETH to our binance account from Kraken. You can find the address of your Ethereum account at Binance at Funds> Deposits> Ethereum. You can visualize the different steps on the images below.

You enter this address with the ETH Withdrawal in Kraken and then you send the desired ETH. Within a short time, the ETH will appear in your Binance balance

Then we can start trading!

Go to the Exchange tab and click Basic and you should see the screen below. Do not worry about all those numbers! They may seem chaotic, but for this basic manual we will ignore them.

Like FOREX trading, Cryptocurrency is traded in pairs. It will always be ETH / BTC, BTC / XVG, BTC / WTC, etc. Most coins are traded against BTC, although some also support other pairs such as ETH and LTC.

For our example, we will use the coin XVG.

Click on the ETH tab on the right (highlighted below and search for XVG)

Click on the XVG / ETH link to go to the page below.

3. Go to market

4. Set the desired amount (the number of coins or the total percentage of your ETH balance are your two options)

5. Click on buy XVG

Congratulations, you now know how to buy altcoins using ETH.

But what if the altcoin does not have ETH as a pair? We then have to exchange our ETH for BTC and then we can trade in the usual way again. To do this, we need to click this time on the BTC tab that is located right next to the ETH that we have clicked on earlier.