Binance Beginners Guide
Binance is a fully functioning cryptocurrency exchange with a huge range of services. You can use Binance to:
- Buy, sell, or trade cryptocurrency
- Set up recurring buys
- Earn passive income
- Access advanced features such as crypto derivative products, limit orders, and peer-to-peer trading
- Trade non-fungible tokens (NFTs)
- Participate in Binance’s Launchpad and Launchpool to get exposure to new cryptos
- Access portfolio insights, plus live tracking and alerts
- Keep track of your tax obligations with its tax reporting tool
Registration
To open an account, go to the Binance home page and click on “Register” on the top right-hand side of the home page. (As shown below).
In order to create a free account, you may open an account linked to your email address or mobile.
Complete the information requested. This includes either email address or mobile number and password. If you are a referral you may also enter the referral ID.
Acknowledge that you have read and agree to the Terms of Service and then click “Create Account”.
Binance will send you a verification code to your email address. Enter the code and hit “enter”.
You may now deposit funds in order to begin trading. Binance allows you to either deposit cash, crypto, or buy crypto with your credit card.
Users will need to complete the verification process, however, to be able to use all deposit methods.
For demonstrative purposes, we have selected “Deposit Crypto”. From the dropdown menu under “Coin”, you may also select the crypto that you wish to deposit. We have chosen Bitcoin.
Copy the address or scan the QR code from your Bitcoin wallet from which you wish to transfer Bitcoin, choose the amount, and complete the transfer. Once your Bitcoin wallet is funded on the Binance exchange you are ready to trade. Please note that, if you choose to deposit fiat currency or purchase by credit/debit cards, you must first complete the Identity Verification process.
Post-Sign-Up Verification
In order to complete the “Identity Verification” process, go to your account dropdown menu shown by the arrow and select “Identification”.
Upon the completion of the verification process, your withdrawal limit increases to 100 BTC. You may also make a fiat currency deposit that will have limits in place upon completion.
You will need to provide the following in order to complete the verification process:
- Primary country of residence.
- First and last name.
- Date of birth.
- Residential address.
- Photo of your ID.
- Selfie to verify your identity.
When you are ready to complete the process, click “Verify”.
- Step 1: From the dropdown menu, select your primary country of residence and then click “Start”.
- Step 2: Enter your first and last name, Date of Birth, and residential address. Also, choose your nationality from the dropdown menu. Then click “Submit & Continue”.
You will now need to verify your identity. Please ensure that you have your Photo ID to hand.
- Step 3: Click “Start” and choose your ID’s country of issuance and ID type, either passport, driving license, or ID Card.
- Step 4: Either upload a file copy of your ID, take a photo of your ID or opt to use mobile if easier. We have opted to upload a copy. Upon uploading, click “Confirm”,
- Step 5: Upload a selfie. Check to ensure that the picture is in focus and that your whole face is visible. Then click “Complete”.
If there are any issues with the information provided, you will be asked to try again. Until the process is complete, limits on deposits and withdrawals will remain in place.
Post Identity Verification Deposit
Upon completion of the verification process, you may make fiat currency deposits. In order to make a fiat currency deposit, go to the Buy Crypto dropdown menu on the top left-hand side of the home page. Select “Bank Deposit” and then select your chosen method of payment, complete the details, and finalize the transaction.
Binance recommends Bank/Card Deposit. Here there is a flat deposit fee of £1.95 in the case of GBP deposits. For Visa and Mastercard deposits, there is a 1.8% deposit fee.
Do note the limits that are in place for bank deposits. In the case of GBP, the limit is £460. For Visa or Mastercard, the deposit is a higher £4,600.
Supported Cryptocurrencies
Aave (“LEND”), BAT (“Basic Attention Token”), Binance Coin (“BNB”), Binance USD (“BUSD”), Bitcoin (“BTC”), Bitcoin Cash (“BCH”), BitTorrent (“BTT”), Compound (“COMP”), Cosmos (“ATOM”), COTI (“COTI”), Dash (“DASH”), Dogecoin (“DOGE”), EOS “EOS”), Ethereum (“ETH”), Hedera Hashgraph (“HBAR”), ChainLink (“LINK”), Litecoin (“LTC”), Maker (“MKR”), MATIC Network (“MATIC”), NANO (“NANO”), Paxos Standard (“PAX”), Qtum (“QTUM”), Stellar’s Lumen (“XLM”), Synthetic Network Token (“SNX”), TomoChain (“TOMO”), Tron’s TRX (“TRX”), TrueUSD (“TUSD”), USD Tether (“USDT”), VeCHain (“VET”), and Zilliqa (“ZIL”).
Traders can locate the cryptos and pairings supported by Binance across the mainstream Binance trading platforms:
These range from the “Basic” trading platform to the “Advanced” platform.
It is worth noting, however, that not all of the cryptos are available on the Margin, OTC, P2P, and Futures platforms.
