How to Use Binance
How to use Binance:
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Step 1. Register on Binance using your email or phone number.
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Step 2. Complete identity verification with ID, selfie, and proof of address.
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Step 3. Secure your account with two-factor authentication (2FA).
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Step 4. Deposit funds via fiat or crypto wallet transfer.
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Step 5. Buy, trade, or invest using Binance's trading and earning features.
Binance has taken the crypto world by storm. In just a few short years, they've become the biggest dog in the trading game. With so many coins to choose from, rock bottom fees and slick tools, it's easy to see the appeal.
That said, the interface can be intimidating at first. All the menus and buttons had traders wondering where to even get started.
This guide aims to simplify things and get you up and trading confidently asap. We'll walk you through setting up your account, verification, and funding so you can place your first orders. Along the way, we'll also share little tweaks that can save on costs and help your profits passively grow.
How to use Binance?
Using Binance is actually quite easy. Follow these short and quick steps to open an account and begin using the Binance platform. Keep in mind that to complete the opening of your account, you will need to provide some personal information, take a photo of your identification item of choice, and submit a PDF file of a recent bill that shows both your full name and current address. We recommend going through the verification process via the platform’s mobile app, but their desktop application works well, too.
Step 1 - Open an account
Start by registering your account on the Binance app, website, or desktop software. You’ll need your email or phone number to get started.
Account Opening on Binance
Step 2 - Complete verification
From here, you’ll have to complete your identity verification. This is tedious, but it is done to keep your account safe from fraud. You will need to submit a copy of your identification, which can be a passport, driver’s license, or other verified material. From there, you will need to upload a selfie and a PDF file containing a bill that has your full name and address on it. The longest this process will take is about ten days, but most people are verified in a day or two.
Verification on Binance
Step 3 - Secure your account
Go to the Security section of your profile and enable Google Two-Factor Authentication. This will take a while to complete, but it will add an additional layer of protection that will keep your funds safe.
Account Security on Binance
Step 4 - Deposit funds
When you first begin trading, don’t use a ton of capital. This is going to be a learning period. In fact, we recommend looking into demo accounts that can help you get a feel for the market without actually risking any of your money.
To deposit funds on Binance via fiat or crypto wallet transfer, log into your account and go to the "Wallet" tab, then select "Deposit". For fiat, choose your currency and payment method (e.g., bank transfer or card), following the on-screen instructions. For crypto, select your cryptocurrency, copy the provided wallet address, and send funds from your external wallet. Ensure you choose the correct blockchain network to avoid errors. Fiat deposits may take a few days, while crypto deposits usually complete within minutes to hours depending on network traffic.
Deposit funds on Binance
Step 5. Buy, trade or invest on Binance
To buy, trade, or invest on Binance, first create an account and complete verification. For buying, deposit funds via fiat or cryptocurrency transfer, then select the "Buy Crypto" option to purchase assets with your preferred payment method. To trade, navigate to the "Trade" section, choose from spot, margin, or futures trading, and place orders with the available trading pairs. For investing, explore Binance’s staking, savings, or liquidity pool features to earn passive income on your assets. Always ensure you're familiar with the fee structure and risk management tools available on the platform.
How to trade on Binance: full guide
Trading on Binance is incredibly easy. Follow these steps to start the process of opening a trade.
Step 1 - Get a feel for your VIP level
Since you’ve only just started, you will be at level zero. On the bottom right side of your dashboard, you can see what you need to do in order to reach a higher VIP level and thus save on spot trading fees. This section will show you what to do to reach the next level, as well as your current standing. This will change the more your trade.
Binance VIP benefits
Step 2 - Purchase cryptocurrency
Depending on the country you live in, you can deposit a wide range of fiat currencies such as USD or EUR via bank transfer or a card. Once you have deposited your funds, you can purchase crypto. If this isn’t ideal, you can also use a debit or credit card via Lite mode in the Binance app. Just as well, you can buy cryptocurrency through P2P (or Peer to Peer) methods. This process makes it possible to purchase cryptocurrency from other crypto owners directly.
Buy crypto on Binance
Step 3 - Play around with other Binance products
Once you’ve purchased your crypto, you can look into the other trading products available. The spot market is a great spot to trade crypto, including the platform’s own coin.
If you don’t necessarily want to trade but want to boost your cryptocurrency holding, you can give Binance Earn a shot. This suite of products and services is designed to help you boost your passive income. A few products in this suite include Flexible Savings, Launchpool, the Binance liquid swap, Locked Staking, and many more.
Step 4 - Keep learning
Continue trading while learning about the nature of the crypto market via educational materials, YouTube videos, paper trading, and more. The best way to become a successful trader on Binance is to continue learning once you start trading.
How to invest – Binance passive income options
Binance offers different ways to earn passive income through crypto investments. These options are designed for both active traders and long-term holders, helping users grow their digital assets while staying involved in the market.
Lending and staking
Binance lets users earn interest by lending their crypto through fixed or Flexible Savings plans. Staking allows users to lock their coins to support blockchain networks and get rewards. There’s also DeFi staking for extra returns without the hassle of managing complicated wallets.
Binance Earn
Binance Earn is a simple way to make passive income. Users can earn by holding their crypto in savings accounts, farming liquidity, or staking coins. The longer and more assets you hold, the more rewards you can get.
Maker and taker
Binance lowers trading fees based on user activity. If you set buy/sell orders (makers) or complete trades instantly (takers), you’ll get better rates as your trading volume grows. Holding Binance Coin (BNB) gets you even lower fees.
VIP program
The Binance VIP program is for serious traders and big investors. Higher trading volumes and larger BNB balances mean lower fees, priority support, and access to special events. Climb the VIP levels by trading more and holding more BNB.
On-chain yields
Binance’s On-chain Yields program makes earning rewards from blockchain projects easy. You can stake coins directly into supported projects and earn without leaving the Binance platform.
Binance affiliate program
Binance's Affiliate Program lets content creators and influencers earn commissions by promoting Binance's services. Affiliates can make up to 50% commission on Spot trades and 30% on Futures trades for each user they bring in through their unique links. There's also a Futures bonus program where affiliates can earn up to $72,000 monthly, depending on the fees their referrals generate.
To join, you generally need a solid online presence, like having over 5,000 followers on social media or a community with more than 500 members. Binance offers dedicated support, marketing materials, and potential bonuses to help affiliates boost their earnings.
Binance pros and cons
👍 Pros
• Binance ranks among the top platforms for trading volumes in major cryptocurrency pairs.
• It offers over 380 cryptocurrencies and 1,320 trading pairs worldwide, with U.S. users having access to 150+ digital coins.
• Users can explore various investment options like staking, savings, and liquidity pools.
• Holding Binance Coin (BNB) unlocks fee discounts and access to special token sales.
• Trading fees start at just 0.1%, lower than many competitors, with extra savings for high-volume traders or those paying with BNB.
• Binance covers a wide range of investor needs with features like advanced trading tools, tutorials, and customer support.
👎 Cons
• Binance.US isn’t available in some U.S. states, including New York, Texas, and Vermont, among others.
• Some users find the identity verification process a bit complicated, as it requires government-issued IDs, selfies, and proof of address documents.
Use tools offered by Binance
If you’re new to Binance, try automating your trades using its built-in trading bots. Head to the “Trade” tab and check out “Strategy Trading”, where you can set a bot to buy low and sell high automatically within your chosen price range. This keeps your trades active even when you’re busy. Also, use Binance’s “Auto-Invest” tool to schedule regular crypto purchases. This way, you won’t have to worry about timing the market — you’ll slowly build a portfolio without constant monitoring.
You can also try “Liquidity Farming.” It’s a way to earn passive income by adding funds to specific crypto trading pairs. Pick stablecoin pairs like USDT/USDC for lower risk and consistent rewards. If you want even more potential returns, check out the “Dual Investment” feature, where you can lock in crypto at a specific price and earn bigger payouts based on how the market moves. These tools are perfect for boosting your earnings while keeping risks in check.
Conclusion
Using Binance isn’t just about trading —i t’s about making the platform work for you. Try features like automated bots, liquidity pools, and Dual Investment to boost your returns. Keep exploring new tools and testing different strategies as Binance updates its offerings. The key is staying updated and using its features to fit your goals. Your crypto journey starts with your first trade but gets more exciting as you discover smarter ways to invest.
FAQs
What’s the difference between Binance and Binance US?
Binance US only serves US customers and has fewer trading options due to regulatory compliance, while Binance serves global users with more assets and features.
Is KYC required to trade on Binance?
Light KYC is needed to allow withdrawals over a certain limit. Full KYC requiring ID upload may be needed in some jurisdictions to ensure regulatory compliance.
How long does identity verification take?
Verification times can vary from instant to 10 days depending on document quality and volume. Most users are verified within 1-2 days.
How can I earn interest on Binance?
Check out Binance Earn where you can earn interest by depositing coins into flexible and locked savings accounts for terms like 1 month.
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Team that worked on the article
Parshwa is a content expert and finance professional possessing deep knowledge of stock and options trading, technical and fundamental analysis, and equity research. As a Chartered Accountant Finalist, Parshwa also has expertise in Forex, crypto trading, and personal taxation. His experience is showcased by a prolific body of over 100 articles on Forex, crypto, equity, and personal finance, alongside personalized advisory roles in tax consultation.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).