With new features added regularly, getting started on Binance can be a little confusing. Binance is one of the world’s most popular crypto exchanges when it comes to crypto offering.
Since its founding in 2017, Binance has grown to become the largest exchange globally as regards daily trading volume. The platform boasts 13.5 million active users worldwide, and it accepts Bitcoin, Ethereum, Litecoin, and more than 150 other cryptocurrencies.
No other platform comes close. You might want to have a look at the comprehensive Binance review we wrote, to help you to make an informed decision before joining the platform. Assuming that you are on-board and wonder how to use Binance to start your crypto journey, then this guide is your one-stop shop on everything you need to know, including how to transfer your cryptos from Binance to other exchanges or wallets.
The first thing you’ll need is to create a Binance account. Let’s get started.
Table of Contents
- How to Create a Binance Account
- How to Do KYC Verification on Binance
- How to Deposit Cryptocurrency on Binance
- How to Choose a Network When Depositing Cryptocurrency On Binance
- How Do I Buy Crypto On Binance?
- How to Post a Trade Ad on Binance P2P
- Trading Views/Settings On Binance
- What Are Trading Fees?
- How To Trade In Binance Spot Wallet
- How to Trade Binance Margin
- How to Trade Binance Futures
- How to Stake Crypto on Binance
- How to Earn on Binance
- How to Enter a Pool on Binance
- What Is Binance Coin (BNB)?
- What is Binance NFT Marketplace
- How To Secure Your Binance Account
- Frequently Asked Questions (FAQ)
How to Create a Binance Account
Creating an account on Binance is easy, and the process can be completed in little or no time at all. Here’s how:
#1. Visit Binance
The first step to creating a Binance account is first going on the Binance homepage to register an account.
You’ll find the register button highlighted in gold at the top right corner of the platform’s homepage. Click on it.
#2. Fill in Your Email Address
When you click on the “Register” button, it will redirect to the “create a free account page.” Fill in your unique email address and enter a secure password. There’s also a space below the password prompt to fill in an optional referral ID code if you’ve been given one while being invited by a friend to join.
#3. Verify Your Account with the Code Sent to Your Email
After filling in your email address and choosing a secure password, clicking on “create account” will lead you to verify your account. A verification code will be sent to your email address, or if you choose to receive it via mobile, it’ll be sent to your mobile contact.
Follow all the verification instructions to set up your Binance account. Once you’re done, buying your first cryptocurrency won’t seem like such a hard task.
How to Do KYC Verification on Binance
KYC means “Know Your Customer.” While email/phone number verification is the preliminary verification, KYC is the second level of verification that you have to undergo on Binance before you use most of the site’s functions and tools. Without completing the KYC verification, you may not be able to use most features on Binance.
*Update August 2021: All Binance users are now required to complete a KYC process.
Well, it’s not for Binance alone; it applies to most of the leading crypto exchanges in the world. KYC verification involves providing PoI (Proof of Identity) and PoA (Proof of Address) documents that will enable the platform to ascertain your genuineness.
As a matter of fact, it’s one of the regulatory requirements for Binance to operate in certain countries. Binance offers three levels of KYC verifications, which are:
To get started with the basic verification, go to the Binance homepage. Hover your cursor on the avatar at the top right-hand side of the screen. Then select Identification.
On the next screen, click on “Get Verified.”
You’ll get redirected to the next page, where you’ll see the three levels of verification. Click on the “Verify Now” under the basic verification.
The next screen that follows will require you to input your nationality, full name, date of birth, and contact address. If it’s successful, Binance will lift the deposit embargo on your account, allowing you to buy up to $300 worth of crypto.
You may proceed to the intermediate and eventually the advanced verification for higher deposit limits. The intermediate verification requires you to upload a picture of any acceptable and valid ID. Acceptable IDs vary according to countries and locations.
But typically, they include a driver’s license, government-issued ID, and international passport. You don’t need all of them; only one will serve. For the advanced verification, you need your bank statement or a utility bill, such as electricity, gas, broadband, or water service bills.
How to Deposit Cryptocurrency on Binance
On Binance, users can deposit crypto from other external wallets like Coinbase and Trust wallet. Here’s how you can deposit crypto on the platform:
#1. Login to Your Binance Account
When on your dashboard/homepage, move your mouse to the Wallet tab and click on the Fiat and Spot button
#2. Next, Click on Deposit at the Top of the Screen
#3. Select the Cryptocurrency You Want to Deposit
Click the crypto tab at the top right-hand side of the screen. After that, choose the cryptocurrency or coin that you want to deposit.
#5. Select the Network Where the Crypto Will Be Deposited to
Next, you need to select the network where the cryptocurrency will be deposited if it is issued on multiple networks. Each network has its peculiar gas fees. Sending through the wrong network may lead to delays or even loss of funds.
So it’s advisable to use the same network from the sender and receiver. However, we dedicated an entire section to network selection. You can read on to learn more about it.
#6. Your Transaction Needs a Deposit Address and a MEMO
When you deposit BNB on Binance, you need to provide a deposit address and a MEMO. A MEMO is a special identifier that every account gets assigned.
BNB deposit addresses appear identical for every Binance user, but a MEMO allows Binance to recognize a deposit easier and credit the relevant account. So you need to copy and paste both the MEMO and the deposit address in the wallet (e.g., Trust Wallet) you wallet you want to deposit from.
#7. Open Your Cryptocurrency Wallet (Trust Wallet)
For the purpose of this guide, let’s use Trust Wallet as the sender’s wallet. Open your trust wallet and click BNB. Next, tap on the send button.
#8. Paste the Deposit Address and MEMO
The page that comes up next will have spaces where you can paste the MEMO and deposit address you copied. Then hit continue. There’s a choice to use your mobile phone to scan the QR code.
#9. Confirm Your Transaction
The next step involves you confirming your payment after sending it from your Trust wallet. Users can see the status of their transaction with a blockchain explorer like the Binance Chain explorer and EtherScan. Just look up the transaction ID (TxID) using the applicable explorer.
#10. Check Binance for Incoming Deposits
Sometimes due to either foreseen or unforeseen circumstances, fiat or crypto deposits might be unsuccessful. But if you follow all the instructions correctly, your cryptocurrency deposit should show up in your Binance spot wallet at once.
To check and confirm this, go to “Wallet” and then click on your “Transaction History.” You can see all incoming deposits here. However, the speed of the transaction depends on the type of network you used. While some networks, such as TRC20, have fast transaction processing time, others, like ERC20, are pretty slow.
In addition to cryptocurrency deposits, Fiat deposits should also show up in your Binance account as soon they hit it. Head on to your Fiat and Spot part of the Binance homepage to check if your fiat deposit has been reflected correctly.
How to Choose a Network When Depositing Cryptocurrency On Binance
As mentioned earlier, the network you choose will depend on the options that the external exchange or wallet provides you for your transaction. So suppose the external platform only supports and provides TRC20. It means that you must choose the TRC20 deposit network on Binance.
Selecting incompatible deposit networks will cause you to lose your funds. If you’re not too familiar with blockchain terminologies and networks, you might make a costly mistake when depositing cryptocurrency on Binance for the first time.
So it is important to cross check transaction details at all times as well as get familiar with the networks. Here are some network acronyms and what they stand for to help you out:
- Binance Smart Chain (BSC) is BEP20
- Binance Chain is BEP2
- Bitcoin Network is BTC
- BTC (SegWit) is Native Segwit (bech32)
- Ethereum Network is ERC20
- TRON Network is TRC20
How Do I Buy Crypto On Binance?
Buying cryptocurrency on Binance isn’t so difficult once you’ve set up your account and completed the KYC verification. There are several payment options to choose from when transacting.
However, using a debit or credit card is the most straightforward option for beginners and newbies. A second option involves the deposit of your funds into your fiat wallet from your bank.
You can also buy from friends using the P2P option as well. Let’s take a look at each of these methods one after the other:
How to Buy Crypto with Credit/Debit Card
#1. Login to Your Binance Account.
First, you need to log in to your Binance account. Then on the homepage banner, you will find a “Buy Now” button in gold. Click on it and select “credit/debit card.”
#2. Enter Amount of Fiat Currency You Will Spend
Binance offers users the chance to buy crypto with a wide variety of fiat currencies. So the next thing to do is to enter the amount you will be spending. After this, the system will automatically display the amount of crypto that your fiat amount can get you. To progress, click on “Continue.”
#3. Select Your Preferred Payment Method
Next, you need to select your preferred method of payment. Since you’re buying with a credit/debit, click on “Visa/Mastercard” then “Continue” to progress. Follow all the instructions and fill in your card information to process payment.
#4. Confirming Your Order
After adding your card and following all the instructions for processing payment, you need to check your payment fees and details to confirm your order in a minute. This is done because the market can be volatile.
The amount of crypto you’re purchasing would be recalculated according to the current market price. So to see the new order amount, click on “Refresh.”
#5. Verifying Payment
Binance will then redirect you to your bank’s OTP transaction page, where you will follow on-screen instructions for payment verification. When this is done, you will see the crypto you purchase in your Binance Spot Wallet.
How to Buy Crypto with Cash Balance
Cash balance is the amount in fiat currency you’ve got in your Binance account.
#1. Login To Your Binance Account
To buy cryptocurrency with your cash balance, you need to first log in to your Binance account. Then click on “Buy Now” on the homepage banner and select “cash balance.”
#2. Enter In The Fiat Amount
Next, enter the fiat amount you will be spending. After this, the system will automatically display the amount of crypto that your fiat amount can get you. To progress, click on “Continue.”
If you don’t have enough balance in your account for the amount of crypto you want to buy, you will get redirected to the “Deposits” page to make a deposit.
#3. Confirm Your Order
You need to check your payment fees and details to confirm your order within a minute. This is done because the market can be volatile. The amount of crypto you’re purchasing would be recalculated according to the current market price.
How To Buy Crypto With P2P
#1. Login To Your Binance Account
As always, first, log in to your Binance account and click on the “Buy crypto” tab on the top left corner of the screen. You’ll see options for Credit/Debit cards, P2P Trading, Cash Balance, and Third-Party Payment. Click on P2P trading. Or you can simply click on the “Buy Now” button on the homepage banner.
#2. Enter In Amount You Want To Buy
The next step is to fill in the amount of fiat currency that you’re willing to spend. After that, the system automatically displays the total amount of cryptocurrencies you can buy.
#3. Choose Payment Method
Here’s where you need to choose and select your desired payment method, which should be P2P. After selecting, click “Continue” to move ahead.
#4. Binance Will Match Your Buy Order
After choosing the payment method, Binance’s system will match your buy order with a seller’s ad on the market. To make the transaction smooth, transfer the funds within whatever time the seller specifies. When you’ve transferred the fund via your bank app or online banking platform, click “Transferred” then “Next.”
#5. The Seller Checks For Receipt Of Payment
Finally, the seller checks their account to see if they received your payment within the specified time. If so, they release the crypto to your account, and the P2P transaction is completed.
How to Post a Trade Ad on Binance P2P
#1. Login to Your Binance Account
First, you need to log in to your Binance account, click on “Trade,” and click on P2P to move to the P2P trading page.
#2. Find and Click the Post New Ad Button
Look for the “more” button on the top right side of your screen. Click on “Post new ad” when it comes up.
#3. Choose Your Ad Type
Next, you need to choose the ad type for your trade. Are you trying to buy or sell? In addition, select the crypto asset you need a trade ad for as well the fiat currency.
#4. Choose the Type of Pricing
After choosing the ad type, you can also select either fixed pricing or floating pricing. Then choose the price, total trading amount, order limit, and add three methods of payments. Buyers have to complete the payment within the payment time limit set by the seller, or the order gets canceled.
#4. Add Some Vital Info for Your Ad
The next thing you should consider doing is adding some important information to your ad. Some of this info are remarks, counterparty conditions, and auto-replies.
Remarks act as a reference for users before they place their orders. Counter-party conditions will not let users who failed to meet the conditions place an order.
Auto-reply helps you send a message automatically to the counterparty when they place an order. You can click on “post” on the bottom right corner of the screen after setting up the conditions of your trade ad.
#5. Review Your Ad Details To Confirm Post
After adding some vital information to your ad, you need to thoroughly review the details before clicking on “Confirm To Post.” Your ad gets posted after a 2-factor authentification (2FA). Go to the “My Ads” tab if you need to see the status of your ad.
While you cannot change the ad once you close it, when it is published, you may edit it, turn it online or offline, or close it.
Trading Views/Settings On Binance
For beginners, trading on Binance can be a little confusing, but the platform makes it easier by allowing two trade settings: Basic and Advanced.
Basic makes cryptocurrency trading for beginners more streamlined and easy. The basic trading setting on mobile devices uses a simple layout that is easy to understand.
Only vital information as regards trading is displayed. While it may still appear a bit complicated for any newcomer to the cryptocurrency space, the basic trade setting won’t take long to understand.
Advanced trading is a lot more complicated than basic settings. Expert crypto traders receive access to all the market data and price charts they require for their trades.
What Are Trading Fees?
Crypto exchanges charge users trading fees to complete their transactions. One major reason Binance stands out from the crowd is that it charges some of the market’s lowest trading fees.
However, the platform doesn’t charge users for making deposits. This is because Binance has its focus on facilitating all things cryptocurrency and avoids high charges by fiat trading offers.
Withdrawal fees on Binance for the variety of cryptocurrencies it accepts are also low when compared to the market. Popular and reputable competitors like Bitstamp and Bittrex are known for their low trading fees, and they charge users 0.25% on every trade.
This figure is still two and a half times more than what Binance charges at 0.1% for every purchase or sale made. It gets even cheaper at 0.05% if you use the platform’s coin, Binance Coin (BNB), to make your payments.
How To Trade In Binance Spot Wallet
Once more, let’s reiterate the fact that Binance is one of the world’s largest online exchanges. On the platform, users trade several cryptocurrencies that Binance allows. Also, Binance provides traders with a crypto wallet so they can store their funds and cryptocurrencies as well.
To trade, you must have created a Binance account and completed all the relevant KYC requirements. After this, you can fund your cryptocurrency wallet and begin trading. Here’s How to trade in Binance:
#1. Login To Your Binance Account
First, log in to your Binance account from the Binance homepage.
#2. Choose Basic/Classic
Go to the taskbar on your account page and click on trade. Choose the “classic” option to enable the simple and easy-to-use interface.
#3. Select Trading Pair
After choosing the classic interface, you’ll find several trading pairs listed on the platform. Binance offers these trading pairs of cryptocurrencies for an exchange rate. A trading pair is a combination of two different cryptos. One of them is the currency you have, while the other is the currency you want in exchange. Trading pairs are represented using their respective two cryptos’ abbreviations, separated with the “/” sign.
For instance, Bitcoin is BTC, Ethereum is ETH, Cardano is ADA, Polkadot is DOT, Binance Coin is BNB, and Shiba Inu is SHIB. An example of a crypto trading pair is DOT/BNB. In this example, the first coin is Polkadot (DOT), while the second is Binance Coin (BNB).
Based on conventional standards, the first currency is called the “base” currency while the second is the “quote” currency. The decision of which coin comes first or last is dependent on the exchange’s preference; n this case, Binance’s preference. But it doesn’t affect your transaction adversely.
The quote currency is the main currency being referenced. That means if you enter a buy trade using DOT/BNB pair, it means you want to buy DOT using BNB. In the same vein, if you enter a sell trade on DOT/BNB, it means you want to sell DOT to get BNB. So choose your preferred currency pair and proceed further.
#4. Choose Your Kind Of Trade
The next step is to choose the kind of trade that you want to make. Binance offers users the choice of three kinds of trades that serve different purposes. You can either choose a Limit order, Stop-limit order, or Market order. Here’s what they let users do:
- Limit Orders: limit orders allow Binance users or traders to buy/sell the specific price they are willing to buy/sell at. After choosing this price, users will wait until a buyer accepts that price.
Here’s what the buying and selling interface for limit orders looks like.
- Binance Stop-limit Orders Explained: Stop limit orders are usually used by expert traders. A stop-limit price triggers an order, but the order may not be fulfilled at that exact price. For instance, suppose a stop-limit order is set for the $42.5 mark.
Once the price gets to that point, the order will start. But at times, the order may not be completely fulfilled at the price before the market adjusts. So the remaining part of the order will be fulfilled at the prevailing market price, which could be higher or lower than the stop limit.
Here’s what the buying and selling interface for stop-limit orders looks like.
- Market Orders: Market orders are usually fast and simple. It allows users to trade their cryptocurrency at the current market price.
Here’s what the buying and selling interface for market orders looks like.
#5. Select Your Trading Amount
Select the desired trading amount you want to trade with if you are satisfied with the current market price. Next, click on the market and fill in the amount of the cryptocurrency you’re willing to buy.
This can either be entered as an amount of your cryptocurrency or a percentage. Then you can click on buy to finish the transaction. When trading cryptocurrency on Binance, users are charged trading fees.
How to Trade Binance Margin
In addition to trading in Binance spot, users can also trade Binance Margin on the crypto platform. Margin trading is common in commodity and stocks markets and now in cryptocurrency markets.
Margin trading is great and popular among markets with low volatility, such as the International market for Forex. So what is Binance margin trading? It is a technique of trading assets where traders use funds that a third party provides.
Margin trading permits crypto traders access to larger sums of funds or capital needed for trading. This allows them to leverage whatever position they are in.
What this does is that it magnifies your trading results and helps you make a bigger profit than you normally would from successful trading. In margin trading, the other traders (or sometimes crypto exchanges, which is Binance) that provide the funds earn interest depending on market demand for margin funds.
To trade on Binance Margin with the borrowed capital, first, go to the exchange page and click on the “Margin” tab. On the margin trading environment, you can enter different trades using stop-limit, market, OCO, and limit orders.
How to Trade Binance Futures
Futures are one of the most traded crypto derivatives in the crypto world despite only being adopted in late 2017. Binance futures allows traders to be exposed to digital currencies without having to own them.
In effect, it is similar to futures contracts that involve commodities or stock indices where investors risk the future values of an asset. Although traders do not own any digital asset they trade Binance Futures; they resort to using cash instead of physically dealing in cryptocurrency when the futures contract expires.
One significant part of Binance Futures trading is that it protects users against the unfavorable effects of the high volatility of cryptos and negative price changes. However, with high volatility, traders can still buy the assets when the prices are low and sell them when their prices grow.
Trading Binance futures is a direct process and can be done with ease, especially for existing Binance users. So how do you trade Binance futures? Here’s how:
#1. Open A Futures Trading Account
The first step to trading Binance futures is first opening a futures trading account on the platform. Make sure you’ve enabled Two-factor verification to be able to put funds in your futures account.
To open a futures account, click on the “Wallet” tab on your account homepage and then click on Futures. Follow the instructions that come next until the setup is complete.
#2. Deposit Your Funds
Next, deposit funds in cryptocurrencies that Binance Futures supports, USDT, or BUSD. Know that Binance Futures supports a wide variety of cryptocurrency assets used as collateral.
#3. Choose The Futures Contract You Prefer
After depositing your funds, you need to select your choice of the futures contract. Two types of futures contracts are available on Binance: COIN-M Futures and USDⓈ-M Futures.
The difference between them is that in the former, the contract is margined and settled in fiat currency, while in the latter, the trade is margined and settled in the asset being traded.
#4. Select Suitable Leverage And Place Orders
Next up, you need to select the suitable leverage for your futures contract. The more leverage a trader has, the less money they need to put into a position.
#5. Place Orders
After selecting the leverage, you can then place orders in line with the different order types that are available on Binance Futures. Some of the orders you can select for your first futures contract are buy-market orders or buy-limit orders.
How to Stake Crypto on Binance
Binance offers users several opportunities to earn while on the platform, and staking crypto on Binance is one way to do so. Staking is simply locking your cryptocurrency for a while so you can receive rewards.
It involves holding your funds in a crypto wallet to support the operations and security of a blockchain network.
More often than not, you can stake your cryptocurrency right from your traditional wallet, such as TrustWallet. At other times, exchanges like Binance will offer staking services that you can use.
Staking on Binance allows you to earn rewards by just holding your coins on the crypto exchange. There are no fees involved, and you can enjoy lots of other benefits that holding your crypto on Binance affords users.
On Binance, you can only stake Proof-of-Stake (PoS) coins. At the start of every month, staking rewards are delivered to users who stake their cryptos. To check past distributed rewards for a coin, go to Historical Yield on the project’s staking page. Here are some steps to guide you on your first crypto staking:
#1. Create A Binance Account
Head on to the Binance homepage and create a Binance account. Make sure you complete all the necessary registrations, including two-factor authentication (2FA).
#2. Deposit Your Coins
Next, deposit the coins or cryptocurrency you want to stake into your Binance wallet. You can always buy more of the digital asset on the crypto exchange.
#3. Go to Binance Earn
Navigate the page to the Binance Earn page through the dropdown menu. To do this, click on Finance, then Binance Earn.
#4. Search For The Coin
The next step in staking crypto on Binance is to search for the coin through the search box at the top left side of the screen. You can see some ranking coins in the list below the search button. You may also use the search button to find the coin you want to stake faster.
#5. Complete Product Selection
Next, complete product selection by looking for the staking product in the available list you find in step 4. When you find your desired coin or token, click on the “Stake” button to the right end of the row.
#6. Choose Locking Period
After clicking on stake, you need to select the locking period for your stake, usually 15, 30, 60, or 90 days. The locking period is how long you’re willing to leave the coin staked without withdrawing. Also, choose the amount you want to stake. For a coin like Binance’s BNB, 0.0001 is the least amount, and 50,000 is the maximum.
#7. Confirm Your Transaction
Finally, confirm your transaction after you’ve accepted your staking agreement. Once you’ve done this, the amount of the crypto you choose will be automatically deposited from your spot wallet into the staking portfolio.
You can now relax and start earning passively on Binance via an annual percentage yield (APY)! You can always withdraw or trade with the staked BNB by simply clicking on redeem earlier.
However, if you wait out the locking period, the coin and the profit automatically get deposited into your account.
How to Earn on Binance
Binance allows its users to save their funds and grow their cryptocurrency assets. The platform permits them to do this without requiring much effort, knowledge, or even time. Some of these methods of earning on Binance are passive incomes that allow you to make a profit from not only literally hodling your asset but growing it as well.
Besides, most of these tools will require users to earn by buying tokens via Binance P2P and sending them to Binance Earn. The Binance Earn tab is a great tool that users can use to generate an income passively. Here are some ways to earn on Binance:
#1. Locked Savings
Locked savings on Binance Earn is a way for users to block their funds for a specific, period typically between 7 to 90 days. Within this time, their funds won’t be made available for their use. Its key features are limited access to frozen assets and slightly higher interest rates than in flexible savings.
#2. Flexible Savings
For Flexible Savings, users receive interest rewards for simply keeping their funds in a wallet for some time. If they change their mind, they can always make a withdrawal of their deposit. So if you have idle cash lying in a low-interest savings account, flexible savings will help you earn off it.
#3. Locked Staking
Locked staking is a bit similar to locked savings, but there is a key difference between the two Binance Earn features. In locked staking, the user is offered rewards in exchange for the crypto they stake. Locked staking releases the funds of the user after 48 to 72 hours.
Launchpool is a platform on Binance Earn that allows users to mine new tokens launched on the crypto exchange. They can send their funds or assets to the pool to mine a new token to finance their launch. Assets invested are blocked, but users won’t lose control of them and can always withdraw them anytime they wish.
Activities are also another cool way to earn on Binance. On Binance, Activities are offers and events on the exchange that are valid for a limited time. They are usually more profitable than locked savings. However, you may need to be very attentive to news on Activities, so you don’t miss out on them.
#6. Binance Liquid Swap
Binance liquid swap is a tool that allows users to become something called an Automated Market Maker (AMM) by depositing tokens. By doing so, they provide liquidity and earn interest on the exchange of the particular token.
#7. BNB Vault
BNB vault is stress-free and safe Binance Earn took for users who don’t want to enter the complex world of crypto-assets and their slightly complicated strategies.
#8. Dual Investment
Dual investments allow users exposure to 2 currencies in exchange for a higher yield but within a short period. With dual investment, users have the flexibility to select their desired APY, deposit duration, and even strike price. This is all depending on the relevant conditions.
How to Enter a Pool on Binance
Mining crypto is one way to get your hands on these valuable digital assets. But nowadays, it can be a bit difficult to do so by yourself with the chances seemingly low. Entering a crypto mining pool gives you the opportunity to combine your computing skills and might with other miners’.
So when the pool on Binance successfully mines a block, all the miners involved will receive a share of the crypto. Rewards are shared in proportion, according to the miner power each miner provides.
Entering or joining a pool is not so complicated, and you can begin by first configuring your software to partner with different miners. In effect, you need to sign up for an account and then connect to a mining pool server.
Users with a mining rig can begin mining cryptos like Bitcoin with Binance Pool. If you need an idea of how much profit you could accrue daily, go to the Binance Pool page.
What Is Binance Coin (BNB)?
In July 2017, during an initial coin offering (ICO), the world’s leading crypto exchange launched an internal token, Binance Coin (BNB). BNB was launched to facilitate cryptocurrency trading on the Binance exchange platform.
Besides, the funds raised during its ICO have helped build the platform and carry out needed upgrades to the platform’s ecosystem. So Binance offered 20 million BNB tokens to its investors, and 80 million went to the founding team.
An extra 100 million tokens were left with the participants via the initial coin offering process. In all, the token has a cap of 200 million BNB tokens. With a market cap of around $56 billion (as of August 5th, 2021), Binance Coin is, by market cap, the 3rd most valuable blockchain token in the world.
In the first quarter of 2021, the coin hit an all-time high of $690.93. Apart from existing on the Binance smart chain, BNB also runs on the Ethereum blockchain using the ERC 20 standard.
What is Binance NFT Marketplace
Non-fungible tokens (NFTs) are the not-so-new kids on the block within the exciting cryptocurrency and digital asset space. Unsurprisingly, Binance has caught the bug as well with a new platform dedicated to all things NFT.
The Binance NFT marketplace is a new platform where all forms of collectibles and digital artworks can be traded. The platform is powered by the Binance blockchain community and tech and allows both creators and collectors to interact, launch, and trade non-fungible tokens.
Binance users can access the Binance NFT marketplace from their regular Binance account. New users need to create a Binance account to be able to do so. In the meantime, only selected Binance partners and artists can use the minting feature just like some other NFT marketplaces.
However, the platform has plans to make it accessible to all in the nearest future. All Binance users will be able to mint or create their own NFT artworks.
How To Secure Your Binance Account
Security is a very important part of the crypto space. All the reputable crypto exchanges in the world strive to keep their users’ info and funds safe online as they transact, and Binance is no different.
Binance has several in-built security features that users can utilize to keep their funds and personal info safe from intruders. So if you’re using Binance, here are some ways you can keep yourself safe and secured on the platform:
#1. Use A Unique and Strong Password
While creating your account, you will choose a unique and strong password. Always make sure the password you choose is very unique and hard to guess.
Mix it up with uppercase, letters, lowercase, and symbols. Also, make sure you keep this password safe, do not disclose it to anyone else, and try to change it as regularly as you can.
#2. Set-up 2-Factor Authentication (2FA)
Two-factor authentication is one feature you should look to enabling as soon as you set your account up. The 2FA gives your account an additional layer of security besides your unique and strong password. In short, if hackers can crack your password, they will fall short when it comes to accessing your physical 2FA device for logging in.
SMS authentication or Google Authenticator app are some crucial aspects to it.
Binance generally recommends Google authentication, and you can complete it in 5 simple steps too. To access the 2FA setup page, log in to your Binance Account and click on the avatar on the top right-hand corner of your screen.
Then select security. It will lead you to this interface:
You may then proceed to set up any preferred 2FA method you deem fit.
#3. Check Your List Of Devices Authorized Access To Your Binance Account
Another way to secure your Binance account is by regularly checking the devices that have authorized access to your Binance account. To see this information, go to the security page. Then scroll down to device management and click on manage to the list of devices with which you have accessed your account.
Devices you no longer use or don’t recognize should be removed from the device management list. Removing a device means it will no longer be able to access your account on that device unless, of course, you allow it to via email confirmation.
#4. Enable Anti-Phishing Code On Binance
Enabling or adding anti-phishing code to your account attaches a code to every email you receive from Binance. Hackers can create a fake email address that appears similar to the one Binance uses to send to users.
However, this code will be displayed at the top of every email you receive so you can tell the difference between a fake email and the original ones Binance sends users. So you won’t be a victim of phishing attacks when you enable anti-phishing codes for your email. Your notification emails will be from Binance only.
#5. Managing Withdrawal Address with Address Management
Address management is another key security feature that Binance offers users. This feature allows users to put a limit on the number of wallet addresses they can withdraw their funds to. So enabling it will mean that every new withdrawal address will need an email confirmation to be placed in the whitelist of addresses.
#6. Make Sure You Protect Your Devices with a Solid Antivirus
Using a solid antivirus can do your security a world of good and reduce the risk of online attacks against your privacy and funds. It is safe to conclude that whether it is a mobile phone or a personal computer, your Binance account is only ever as secure as the device you access it from.
This is why you need to make sure all your authorized devices are safe from viruses and bugs that might endanger your privacy and online safety.
Binance is the world’s leading name when it comes to crypto exchanges. With over 13 million active users around the world, the platform keeps expanding and serving its customer base. The platform has some of the industry’s lowest trading fees, charging five times less of what some other big guns charge users to process transactions.
Although like every crypto platform, they’ve had a few bumps with hackers and intruders on the web. But Binance still boasts of one of the strongest security for users in the crypto space. Getting started on Binance isn’t difficult, and with the mobile app, you have a choice to make between using the mobile app or using Binance on the web.
Frequently Asked Questions (FAQ)
Yes, it is safe to keep your money on Binance. The exchange has strict security protocols that have shielded it against several cyberattacks from hackers following past incidents and experiences.
No, you must verify your email/phone number when you register on Binance. Also, you must undergo basic KYC verification before you can deposit money on the platform.
depends on your country and its regulations towards Binance and the crypto world at large. While fiat withdrawal is available in some countries, others have suspended it. However, Binance users can still withdraw funds through the Binance P2P platform.
You can use other exchanges like Coinbase, eToro, CEX.io, and several other exchanges.
Yes, US residents can use Binance. However, it’s not the regular Binance other countries use. In 2019, the United States banned Binance based on regulatory reasons. In order to remain in the US market, Binance and a team of investors opened Binance.US.
It’s a different exchange that meets the regulatory demands of the United States Financial Crimes Enforcement Network and every other relevant law in the US. So, US customers use Binance.US comfortably.