How to Use Binance: A Step-By-Step Guide
How to Use Binance:
Open an account - Personal account.
Get verified. For documents proving your identity and after installing the application, go through visual verification.
Turn on additional protection in your profile - two-factor authentication.
Check out the Binance tutorials.
Replenish the deposit and try to open the first transactions.
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.
Start trading cryptocurrencies right now with Binance!-
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.
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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.
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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.
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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. Rates are up to 20%.
What is Binance in 2024?
Binance is a popular crypto exchange. This exchange platform boasts one of the largest markets of cryptocurrency around, with a current offering of about fifty currencies for U.S. residents and over a hundred coins in other countries. In general, the platform offers most altcoins.
Binance’s key pair trading volumes are the highest in the market. Fees for the platform are also notably low when compared to others. For example, Binance only charges a flat 0.1% spot trading fee, which is notably lower than Coinbase, which charges 0.5%. This spot trading fee can be reduced depending on the VIP level of the trader.
Binance also offers some investment opportunities. Users can purchase the platform’s altcoin, Binance Coin or BNB. The platform has a system set up for users who have a large volume of BNB that reduces the overall fees to trade on the platform, making it an excellent investment opportunity.
👍 Pros
• Key pair trading volumes are the highest in the market.
• Offers the most altcoins of any broker currently at about fifty.
• Tons of investment opportunities, such as Binance Pool and Binance Coin.
• Low fees when compared to other platforms.
• Tons of extra services to suit most investor needs.
👎 Cons
• Not available in Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, or Vermont.
• Account verification can be a bit difficult.
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
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
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. Navigate 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
Educate yourself. Before you make a deposit or start trading, it’s very important to learn as much as you can about cryptocurrency, trading, and the nature of the market. We recommend using Binance’s excellent education materials via Binance Academy. Here, you’ll be able to access tutorials, articles, and videos for free that will help you learn how to boost your income and find success with bitcoin.
Education on Binance
Step 5
Start small. 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. Unfortunately, Binance does not offer demo accounts or paper trading to their clients, but there are plenty of brokers who offer free demo accounts to try.
Trading Platform on Binance
How To Trade on Binance?
Trading on Binance is incredibly easy. Follow these steps to start the process of opening a trade.
Step 1
Deposit some money into your account. If you have cryptocurrency in a different wallet, you can deposit them easily into Binance Wallet. Navigate to Deposit on your homepage dashboard. You can choose from a wide range of sources, from US dollars to Bitcoin cash and more.
It’s worth noting that you should not share your Binance Wallet private keys with anyone, and Binance will not expect you to provide sensitive information.
How to Deposit Money on Binance
Step 2
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.
Step 3
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.
P2P Trading on Binance
Step 4
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 5
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. Research is key.
How to Reduce Your Trading Costs
There are a few ways that you can reduce your trading costs on Binance.
To start, you can invest in the company’s cryptocurrency to reduce your spot trading fee. The more BNB you purchase and the more USD you have in your account, the more you will save on fees. Traders receive a 25% discount on their trading fees if they use BNB to make purchases.
If this isn’t quite your style, you also have the option of using Traders Union’s affiliate program. This rebate program can help you reduce your trading costs in crypto trading by receiving a partial commission rebate from Traders Union. You can easily sign up for the rebate program via the Traders Union website, where you can open active Binance accounts using the unique affiliate link you are given. Binance will pay Traders Union a 20% commission for each transaction, and Traders Union will pay you 80% of that amount. Essentially, you avoid paying a big chunk of Binance’s commission fees with this program.
For example, let’s say that you pay a $10 commission for a trade. Binance will give 20% or $2 back to Traders Union, who will then give 80% of that fee, or $1.60, back to you. It’s an excellent and simple rebate program that can help you save a bit on fees.
How to Invest – Binance Passive Income Options
Binance has some seriously handy passive income options, all of which are based in crypto. Binance’s investment programs are designed to fit with the active trading lifestyle. If you have bought or sold cryptocurrencies, you’ll get an extra bonus that can be applied to your commission fees. Let’s break these programs down a bit more.
Lending and Staking
Lending is a specific investment program provided by Binance that can help those with individual deposit projects as well as structured products. Staking refers to the process of receiving more of a profit for storing crypto on a Binance account via the blockchain. Staking also provides to ability to integrate with the Binance Pool for the purpose of crypto mining.
Binance Earn
Binance Earn is a program that allows users to make passive income without a massive time or effort commitment. Binance Earn can also be useful for people who don’t know a lot about crypto. Basically, users profit from HODLing their assets and growing them. There are a number of products within Binance Earn, including savings accounts, DeFi staking opportunities, automated market makers (AMMs), etc.
Maker and Taker
This program reduces commission fees based on the trader’s activity. A maker would be an individual who sets up pending orders. A taker, on the other hand, sets market orders. A trader who is at VIP 0 won’t make very much in passive income, but someone who is at VIP 9 could make a significant amount. The higher you go, the lower your commission will be. Plus, those who purchase BNB will receive an additional 25% discount. If you want to know about other ways how to make money on Binance, read the Traders Union article.
Currently, the Binance maker and taker VIP program looks like this:
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VIP 0 - < 50,000.00 USD in addition to (or) 0 BNB
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VIP 1 - ≥ 50,000.00 USD in addition to 50 BNB
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VIP 2 - ≥ 100,000.00 USD in addition to 100 BNB
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VIP 3 - ≥ 500,000.00 USD in addition to 200 BNB
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VIP 4 - ≥ 1,000,000.00 USD in addition to 400 BNB
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VIP 5 - ≥ 5,000,000.00 USD in addition to 800 BNB
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VIP 6 - ≥ 10,000,000.00 USD in addition to 1500 BNB
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VIP 7 - ≥ 25,000,000.00 USD in addition to 2500 BNB
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VIP 8 - ≥ 100,000,000.00 USD in addition to 4000 BNB
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VIP 9 - ≥ 250,000,000.00 USD in addition to 6000 BNB
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VIP 10 - ≥ 500,000,000.00 USD in addition to 6000 BNB
Again, the more you are active on the platform and invest in BNB, the more you’ll make in passive income.
Binance Affiliate Program
Binance’s affiliate program is a great way to generate some extra passive income. Binance affiliates can make a maximum of $72,000 in bonuses per month.
To start, choose between spot and futures trading. The program makes it possible for you to generate unique referral links that can be used to invite your audience to register and trade different items on Binance. If a person clicks the link and registers on the platform, they’ll be automatically connected to you as your referee. From there, you’ll receive a special commission on each and every trade they make Binance, including Binance Spot, stocks, Futures, cryptocurrency, Binance Pool, or Margin trading.
It’s worth noting that the Binance referral program is mainly ideal for leaders in the cryptocurrency community, media writers, YouTube and Tiktok stars, influencers, and content creators in the investing link. To qualify for the affiliate program, you will need to have over 5,000 followers on social media, over 500 members in your community, or a user base of over 2,000. Media writers will need to verify their bylines on publishing sites.
Summary
Binance is a fantastic online platform for trading cryptocurrency, especially for beginners who don't quite know the ins and outs of the market. While Binance can definitely be a bit much with their product and service offerings, there's no reason to get overwhelmed. If new traders follow this guide, they will be able to adjust to the platform quite easily.
Binance is a great option for trading crypto because they offer the most altcoins in the industry. They also only charge a 0.1% spot trading fee, which is much lower than other platforms. Binance's key pair trading volumes are also the highest in the market. That's quite impressive, even if the platform's account verification policy can be a bit daunting.
Still, getting started with Binance is simple. Set up your account and follow the platform's instructions for identity verification. We recommend doing this through the app, as you'll have to take a few different photos. Be sure to secure your account with Google Two-Factor Authentication. From there, take the time to educate yourself on crypto and trading with Binance's Academy feature.
When it comes time to trade, start small. Don't put all your eggs into one basket, so to speak. Deposit money into your account or buy crypto with a bank card. Take a look at your VIP status and figure out what your short and long-term goals are for that status. From there, start buying the crypto of your choice. We also recommend playing with Binance's other products, which include a number of passive income opportunities. You can also reduce your trading costs by purchasing BNB and enrolling in Trader Union's rebate program. You can earn passive income via lending and staking, Binance Earn, and maker and taker protocols. The platform's affiliate program is also quite lucrative if you're a crypto influencer.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
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). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.