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What is Binance? How to use Binance exchange for newbies (2022)

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What is Binance? How to use Binance exchange for newbies (2022)

What is Binance?

Binance is the world’s largest centralized cryptocurrency exchange founded in Shanghai, China in 2017 by Changpeng Zhao – CEO of Beiji Technology. Binance is a very large volume exchange, according to 2020 statistics, Binance has recorded a record with a 24-hour trading volume of $15 billion .

The transaction fee on Binance exchange ranges from 0.012% – 0.1% depending on the limit, the more the transaction volume, the cheaper the fee, I will explain more clearly in the next sections.

Currently, Binance exchange supports trading for more than 700 trading pairs on the platform, of which BNB is the native coin issued by Binance. Users can directly pay fiat money (Fiat) to buy Coins right on the exchange through P2P trading.

Of all the cryptocurrency exchanges, Binance can be seen as having the most diverse ecosystem. Includes: spot trading, leveraged trading (Margin), futures contracts (Futures), options contracts (Options), P2P peer-to-peer trading, Binance Launchpoodle, Binance Launchpad and more to come this is Binance NFT.

What is Binance? How to use Binance exchange for newbies (2022)

Review of Binance exchange

Advantages

Some advantages of Binance exchange are:

  • There are more than 1000 trading pairs available: This is a huge number. Almost the Altcoins that you want to trade are available on the Binance exchange.
  • Multi-language support: In particular, Vietnamese is one of the earliest languages ​​developed by the exchange. Besides, Binance has a team and a Telegram channel dedicated to supporting Vietnamese. Make it easy to use Binance exchange, no language barriers.
  • Up to 40% commission bonus program: In fact, Binance is the pioneer exchange that rewards refs for you. Thanks to that, you will have a fairly large passive income if you invite many other people to join the floor.
  • Without KYC, you can withdraw up to 2 BTC/day: Unlike other exchanges that require KYC to withdraw money (like Poloniex ,…), you can use Binance for small transactions. without providing too much personal information.
  • Vast cryptocurrency ecosystem.
  • User Asset Protection Fund (referred to as SAFU): 10% of trading fees on the exchange will be transferred to this fund to insure your assets.
  • There are many types of transactions for you to skin in the game: Trade spot, margin, OTC or P2P on Binance.

Defect

Because it is a popular cryptocurrency exchange in the world, Binance is also a very high target of hacking attacks.

In 2018, the Binance exchange had some unfortunate incidents. Specifically, in July, an anonymous coin had a transaction of up to 96 BTC. This case is expected to be hacked by hackers or possibly because Binance itself took advantage of the price.

Binance’s Vast Ecosystem

If before, Binance was merely a cryptocurrency exchange, now Binance’s ecosystem has been expanded, including:

  • Binance CEX : A centralized exchange of crypto- assets and Blockchain, with many trading forms such as Binance Margin, Future, P2P…
  • Binance Institutional : Allows VIP traders to access professional OTC trading and exchange services. Binance’s experienced team works closely with many other market participants.
  • Binance DEX : Decentralized Exchange.
  • Binance Research : Specialized in market analysis and reporting.
  • Binance Academy : Provides all knowledge about Crypto and Blockchain market.
  • Binance Charity : Charity Foundation.
  • Binance Labs : Investment Fund.
  • Binance Broker : The brokerage program includes: Widget broker, API broker, and exchange broker.
  • Binance Cloud : Helping businesses build their own exchange.
  • Binance Launchpad : Platform for issuing tokens.
  • Trust Wallet : Binance’s official crypto wallet.

To learn more about the above products of Binance, visit the link below: https://www.binance.com/en

How to Register at Binance

How to Register with Mobile Number

1. Go to Binance.com and click [Register].

What is Binance? How to use Binance exchange for newbies (2022)

2. Click [Mobile] and enter the mobile number and password for your account, and the Referral ID (if any). Read and agree to the Terms of Use and click [Create Account].

What is Binance? How to use Binance exchange for newbies (2022)

Note:

For account safety, the password should consist of at least 8 characters, including 1 uppercase character and 1 number.

If you’ve been referred to register on Binance by a friend, make sure to fill in the Referral ID (optional).

3. Complete the Security Verification.

What is Binance? How to use Binance exchange for newbies (2022)

4. The system will send an SMS verification code to your mobile phone. Please enter the 6-digit verification code within 30 minutes. If you can’t receive it, click [Resend], or click [Please try voice verification] to use voice verification instead.

What is Binance? How to use Binance exchange for newbies (2022)

5. Congratulations, you have successfully registered on Binance.

What is Binance? How to use Binance exchange for newbies (2022)

6. To enhance your account security, click [Go to Dashboard] to enable two-factor authentication (2FA), including phone verification and Google verification.

What is Binance? How to use Binance exchange for newbies (2022)

How to Register by Email

1. Go to Binance.com and click [Register].

What is Binance? How to use Binance exchange for newbies (2022)

2. On the registration page, enter your email address, create a password for your account, and enter the Referral ID (if any). Then, read and agree to the Terms of Service and click [Create Account].

What is Binance? How to use Binance exchange for newbies (2022)

Note:

Your password must be a combination of numbers and letters. It should contain at least 8 characters, one UPPER CASE letter, and one number.

If you’ve been referred to register on Binance by a friend, make sure to fill in the Referral ID (optional).

3. Complete the Security Verification.

What is Binance? How to use Binance exchange for newbies (2022)

4. The system will send a verification code to your email. Please enter the verification code within 30 minutes. If you can’t find the email in your inbox, please check your other mail folders as well, or click [Resend Email] to resend.

What is Binance? How to use Binance exchange for newbies (2022)

5. Congratulations, you have successfully registered on Binance.

What is Binance? How to use Binance exchange for newbies (2022)

6. To enhance your account security, click [Go to Dashboard] to enable two-factor authentication (2FA), including phone verification and Google verification.

What is Binance? How to use Binance exchange for newbies (2022)

How to Register on Binance App

1. Open the Binance App and tap [Log In/Register].

What is Binance? How to use Binance exchange for newbies (2022)

2. Tap [Register]. Enter the email address and password you’ll use for your account, and the Referral ID (if any). Check the box next to [I Understand Binance’s Terms of Use] and tap [-].

What is Binance? How to use Binance exchange for newbies (2022)
What is Binance? How to use Binance exchange for newbies (2022)

Note:

Your password must contain at least 8 characters, including one uppercase letter and one number.

If you’ve been referred to register on Binance by a friend, make sure to fill in the Referral ID (optional).

3. Drag the slider to complete the Security Verification puzzle.

What is Binance? How to use Binance exchange for newbies (2022)

4. You will receive a verification email in your inbox. Please enter the verification code within 10 minutes. If you can’t find the email, click [Send Code] to get another email.

What is Binance? How to use Binance exchange for newbies (2022)

Note:

For your own account security, we highly recommend you to enable two-factor authentication (2FA). Binance supports both Google and SMS 2FA.

*Before you start P2P trading, you need to complete Identity Verification and 2FA authentication first.

How to Verify Account in Binance

Where can I get my account verified?

You can access the Identity Verification from [User Center] – [Identification] or access it directly from here. You can check your current verification level on the page, which determines the trading limit of your Binance account. To increase your limit, please complete the respective Identity Verification level.

What is Binance? How to use Binance exchange for newbies (2022)

How to complete Identity Verification? A step-by-step guide

1. Log in to your Binance account and click [User Center] – [Identification].

For new users, you may click [Get verified] on the homepage directly.

What is Binance? How to use Binance exchange for newbies (2022)

2. Here you can see [Verified], [Verified Plus], and [Enterprise Verification] and their respective deposit and withdrawal limits. The limits vary for different countries. You can change your country by clicking the button next to [Residential Country/Region].

What is Binance? How to use Binance exchange for newbies (2022)

3. After that, click [Start Now] to verify your account.

What is Binance? How to use Binance exchange for newbies (2022)

4. Select your country of residence. Please ensure that your country of residence is consistent with your ID documents.

What is Binance? How to use Binance exchange for newbies (2022)

You will then see the list of verification requirements for your specific country/region. Click [Continue].

What is Binance? How to use Binance exchange for newbies (2022)

5. Enter your personal information and click [Continue].

Please make sure that all the information entered is consistent with your ID documents. You won’t be able to change it once confirmed.

What is Binance? How to use Binance exchange for newbies (2022)

6. Next, you will need to upload pictures of your ID documents. Please choose the type of ID and the country your documents were issued. Most users can choose to verify with a passport, ID card, or driver’s license. Please refer to the respective options offered for your country.

What is Binance? How to use Binance exchange for newbies (2022)

7. Follow the instructions to upload photos of your document. Your photos should clearly show the full ID document.

For example, if you are using an ID card, you have to take photos of the front and back of your ID card.

What is Binance? How to use Binance exchange for newbies (2022)

8. After uploading the document photos, the system will ask for a selfie. Click [Upload File] to upload an existing photo from your computer.

What is Binance? How to use Binance exchange for newbies (2022)

9. After that, the system will ask you to complete face verification. Click [Continue] to finish face verification on your computer. Please do not wear hats, glasses, or use filters, and make sure that the lighting is sufficient.

What is Binance? How to use Binance exchange for newbies (2022)

Alternatively, you can move your mouse to the QR code on the bottom right to complete the verification on the Binance App instead. Scan the QR code via your App to finish the face verification process.

What is Binance? How to use Binance exchange for newbies (2022)

10. After completing the process, please wait patiently. Binance will review your data in a timely manner. Once your application has been verified, we will send you an email notification.

  • Please enter your basic information and complete photo verification within 15 minutes. Do not refresh your browser during the process.
  • You may attempt to complete the Identity Verification process up to 10 times per day. If your application has been denied 10 times within 24 hours, please wait 24 hours to try again.

How to Deposit at Binance

How to Deposit Crypto

Let’s use 10 USDT to illustrate how to transfer crypto from an external platform into your Binance account.

1. Log into your Binance account and go to your wallet overview page.

What is Binance? How to use Binance exchange for newbies (2022)

2. Click on [Deposit] at the top right side of your screen.

What is Binance? How to use Binance exchange for newbies (2022)

3. Select [Deposit Crypto].

What is Binance? How to use Binance exchange for newbies (2022)

4. Select the cryptocurrency you want to deposit. In this example, we will deposit USDT.

What is Binance? How to use Binance exchange for newbies (2022)

5. Next, choose the deposit network. Make sure the selected network corresponds with the network of the platform you are withdrawing funds from.

Be careful! If you select the wrong network, you will lose your funds.

Summary of network selection:

  • BEP2 relates to the Binance Chain.
  • BEP20 relates to the Binance Smart Chain (BSC).
  • ERC20 relates to the Ethereum network.
  • OMNI refers to the OmniLayer that runs on the Bitcoin network.
  • TRC20 relates to the TRON network.
  • BTC refers to the Bitcoin network.
  • BTC (SegWit) refers to Native Segwit (bech32), and the address starts with “bc1”. Users are allowed to withdraw or send their Bitcoin holdings to SegWit (bech32) addresses. For more details, please refer to Segregated Witness (SegWit) FAQ.

6. In this example, we will withdraw USDT from another platform and deposit it into Binance. Since we are withdrawing from an ERC20 address (Ethereum blockchain), we will select the ERC20 deposit network.

What is Binance? How to use Binance exchange for newbies (2022)
  • The network selection depends on the options provided by the external wallet/exchange that you are making the withdrawal from.
  • If the external platform only supports ERC20, you must select the ERC20 deposit network.
  • DO NOT select the cheapest fee option. Select the one that is compatible with the external platform.
  • For example, you can only send ERC20 tokens to another ERC20 address, and you can only send BSC tokens to another BSC address. If you select incompatible/different deposit networks, you will lose your funds.

7. Copy the deposit address provided by Binance and paste it on the corresponding platform’s address section (where you intend to withdraw your funds from).

What is Binance? How to use Binance exchange for newbies (2022)

8. After confirming the withdrawal request, you have to wait until the transaction is confirmed. The confirmation time varies depending on the blockchain and its current network traffic.

Please, wait patiently for the transfer to be processed. The funds will be credited to your Binance account shortly after.

9. You can check the [Transaction History] page for more information on your recent transactions.

What is Binance? How to use Binance exchange for newbies (2022)

How to Deposit Money

How to Deposit Money for example, EUR, GBP, etc., via Bank Transfer (SEPA)

Select [Bank Deposit] under the [Buy Crypto] tab.

What is Binance? How to use Binance exchange for newbies (2022)

Select the corresponding currency, enter the amount, and click [Continue].

What is Binance? How to use Binance exchange for newbies (2022)

Get detailed payment information.

What is Binance? How to use Binance exchange for newbies (2022)

Complete Deposit to your account.

What is Binance? How to use Binance exchange for newbies (2022)

Binance Bank Transfer via SEPA and Faster Payments

1. What is the Single Euro Payments Area (SEPA)?

SEPA is an initiative of the European Union and is strongly supported by the European Commission and the European Central Bank that allows fast, reliable, and affordable Euro (EUR) transfers between bank accounts within the SEPA-zone.

2. What are the Deposit and Withdraw Fees for EUR?

AvailabilityDeposit FeeWithdrawal FeeProcessing Time
SEPAFree0.80 EUR0-3 business days.Weekdays only
SEPA InstantFree0.80 EURWithin a few minutes. 24/7/365

Important Notes:

  • This information may change from time to time. Please login to your Binance account and navigate to the bank deposit page to get the most recent information.
  • You will enjoy a lifetime limit of 150 USD after you register. To increase the limit, please proceed to complete your identity verification.
  • Fees listed in the above chart do not include additional fees charged by your bank (if any).
  • SEPA Instant supports 24/7/365 processing, however, users are advised to consult their bank regarding the availability of SEPA Instant and possible fees charged by your bank.

3. What is Faster Payments Service (FPS)?

FPS is a UK banking initiative to reduce payment times, United Kingdom’s 24/7 Real-Time Payment System, and is one of the most advanced systems of its type in the world. FPS allows fast, reliable, and affordable GBP transfers.

4. What are the Deposit and Withdraw fees for GBP?

AvailabilityDeposit FeeWithdrawal FeeProcessing Time
FPSFree1.5 GBPIn a few minutes. 24/7/365

Important Notes:

  • This information may change from time to time. Please login to your Binance account and navigate to the bank deposit page to get the most recent information.
  • In order to enjoy a higher limit, please proceed to complete your identity verification.
  • Fees listed in the above chart do not include additional fees charged by your bank (if any).

Trading cryptocurrencies involves significant risk and can result in the loss of your capital. You should not invest more than you can afford to lose and you should ensure that you fully understand the risks involved. Before trading, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary. It is your responsibility to ascertain whether you are permitted to use the services of Binance based on the legal requirements in your country of residence. Investments in crypto assets are not covered by the Financial Ombudsman Service or subject to protection under the Financial Services Compensation Scheme.

How to Buy Crypto on Binance P2P

Buy Crypto on Binance P2P by Web App

Step 1:

Go to the Binance P2P page, and

  • If you already have a Binance account, click “Log In” and go to Step 4
  • If you do not have a Binance account yet, click “Register
What is Binance? How to use Binance exchange for newbies (2022)

Step 2:

Enter your email on the registration page and set your login password. Read and check the Binance Terms and click “Register”.

What is Binance? How to use Binance exchange for newbies (2022)

Step 3:

Complete Level 2 identity verification, enable SMS Verification, and then set your preferred payment method.

What is Binance? How to use Binance exchange for newbies (2022)
What is Binance? How to use Binance exchange for newbies (2022)

Step 4:

Select (1) “Buy Crypto” then click (2) “P2P Trading” on the top navigation.

What is Binance? How to use Binance exchange for newbies (2022)

Step 5:

Click (1) “Buy” and select the currency you want to buy (BTC is shown as an example). Filter the price and the (2) “Payment” in the drop-down, select an ad, then click (3) “Buy”.

What is Binance? How to use Binance exchange for newbies (2022)

Step 6:

Enter the amount (in your fiat currency) or quantity (in crypto) you want to buy and click (2) “Buy”.

What is Binance? How to use Binance exchange for newbies (2022)

Step 7:

Confirm the payment method and amount (total price) on the Order Details page.

Complete the fiat transaction within the payment time limit. Then click “Transferred, next” and “Confirm”.

What is Binance? How to use Binance exchange for newbies (2022)
What is Binance? How to use Binance exchange for newbies (2022)

Note: You need to transfer the payment directly to the seller through bank transfer, Alipay, WeChat, or another third-party payment platform based on the sellers payment information provided. If you have already transferred payment to the seller, you must not click “Cancel” unless you have already received a refund from the seller in your payment account. If you do not make an actual payment, please do not click “Confirm” to confirm the payment. This is not permitted according to the rules of the transaction. If you encounter any issues during the transaction, you can contact the seller using the chat window.

Step 8:

Once the seller has released the cryptocurrency, the transaction is completed. You can click (2) “Transfer to Spot Wallet” to transfer the digital assets to your Spot Wallet.

You can also click (1) “Check my account” above the button to view the digital asset you just bought.

What is Binance? How to use Binance exchange for newbies (2022)

Note: If you do not receive the cryptocurrency 15 minutes after clicking “Transferred, next”, you can click “Appeal” and Customer Service will assist you in processing the order.

What is Binance? How to use Binance exchange for newbies (2022)
What is Binance? How to use Binance exchange for newbies (2022)
What is Binance? How to use Binance exchange for newbies (2022)

Buy Crypto on Binance P2P by Mobile App

Step 1

Log in to Binance app

  • If you already have a Binance account, click “Log in” and go to Step 4
  • If you do not have a Binance account yet, click “Register” on the top left
What is Binance? How to use Binance exchange for newbies (2022)

Step 2

Enter your email on the registration page and set your login password. Read the Binance P2P terms and click on the arrow to register.

What is Binance? How to use Binance exchange for newbies (2022)

Step 3

Enter your email and password, then click on the arrow to Log In.

What is Binance? How to use Binance exchange for newbies (2022)

Step 4

After you log in to the Binance app, click the user icon on the top left to complete identity verification. Then click “Payment Methods” to complete SMS authentication and set your payment methods.

What is Binance? How to use Binance exchange for newbies (2022)

Step 5

Go to the home page, click “P2P Trading”.

On the P2P page, click the (1) “Buy” tab and the crypto you want to buy (2) (taking USDT for example), and then select an ad and click (3) “Buy”.

What is Binance? How to use Binance exchange for newbies (2022)

Step 6

Enter the quantity you want to buy, confirm the sellers payment method(s), and click “Buy USDT”.

What is Binance? How to use Binance exchange for newbies (2022)

Step 7

Transfer the money directly to the seller based on the seller’s payment information provided within the payment time limit, and then click “Transfer the fund”. Tap on the payment method you transferred to, the click “Transferred, next”

What is Binance? How to use Binance exchange for newbies (2022)
What is Binance? How to use Binance exchange for newbies (2022)

Note: Setting payment method on Binance does not mean that the payment will go directly to the sellers account if you click “Transferred , next” . You need to complete the payment directly to the seller through bank transfer, or another third-party payment platform based on the sellers payment information provided.

Please do not click “Transferred , next” if you have not made any transactions. This will violate the P2P User Transaction Policy.

Step 8

The status will be “Releasing”.

Once the seller has released the cryptocurrency, the transaction is completed. You can click “Transfer to Spot Wallet” to transfer the digital assets to your Spot Wallet.

What is Binance? How to use Binance exchange for newbies (2022)

You can click “Wallet” at the bottom and then “Fiat” to check the crypto you bought in your fiat wallet. You can also click “Transfer” and transfer the cryptocurrency to your spot wallet for trading.

What is Binance? How to use Binance exchange for newbies (2022)

Note :

If you do not receive the cryptocurrency 15 minutes after clicking “Transferred, next”, you can contact the seller by clicking the “Phone” or “Chat” icon on the top.

What is Binance? How to use Binance exchange for newbies (2022)

Or you can click “Appeal”, select a “Reason for Appeal”, and “Upload Proof”. Our customer support team will assist you in processing the order.

What is Binance? How to use Binance exchange for newbies (2022)

1. You can only buy or sell BTC, ETH, BNB, USDT, EOS and BUSD on Binance P2P currently. If you would like to trade other cryptos, please trade at the spot market.

2. If you have any questions or complaints, please contact our customer support team.

How to Trade Crypto at Binance

How to Trade Spot on Binance Web App

Visit our Binance website (www.binance.com), click on [Log in] at the top right of the page to log into your Binance account.

What is Binance? How to use Binance exchange for newbies (2022)

Then click on any cryptocurrency on the home page, and go directly to the corresponding spot trading page.

What is Binance? How to use Binance exchange for newbies (2022)

Here is the trading page interface.

What is Binance? How to use Binance exchange for newbies (2022)
  1. Binance Announcements
  2. Trading volume of trading pair in 24 hours
  3. Sell order book
  4. Buy order book
  5. Candlestick chart and Market Depth
  6. Trading Type: Spot/Cross Margin/Isolated Margin
  7. Type of order: Limit/Market/Stop-limit/OCO(One-Cancels-the-Other)
  8. Buy Cryptocurrency
  9. Sell Cryptocurrency
  10. Market and Trading pairs.
  11. Your latest completed transaction
  12. Market Activities: large fluctuation/activities in market trading
  13. Open orders
  14. Your 24h order history
  15. Binance customer service

Let’s take an example to buy BNB. On the top of the Binance home page, click on the [Trade] option and select [Classic] or [Advanced]. Go to the buying section to buy BNB and fill in the price and the amount for your order, then click on [Buy BNB] to complete the transaction.

You can follow the same steps to sell BNB.

What is Binance? How to use Binance exchange for newbies (2022)
  • The default order type is called a limit order. But if traders want to place an order as soon as possible, they may switch to [Market] Order. By choosing a market order, traders could make a transaction instantly at the current market price.
  • If the market price of BNB/BTC is at 0.002, but you want to buy at a specific price, for example, 0.001, then you can place a [limit] order. When the market price reaches your set price, your placed order will be executed.
  • The percentage shown below the BNB Amount box refers to the amount of BTC you wish to use to buy BNB.Put the amount and buy crypto.

How to Trade Spot on Binance Mobile App

Log in to the Binance App, click on [Trade] to go to the spot trading page.

What is Binance? How to use Binance exchange for newbies (2022)

Here is the trading page interface.

What is Binance? How to use Binance exchange for newbies (2022)

1.Market and Trading pairs.

2.Real-time market candlestick chart, supported trading pairs of the cryptocurrency, “Buy Crypto” section.

3.Sell/Buy order book.

4.Buy/Sell Cryptocurrency.

5.Open orders.

You can use “Limit order” to buy BNB.

What is Binance? How to use Binance exchange for newbies (2022)
  1. Insert 0.002 BTC for the price.
  2. Select 100% for the quantity.
  3. Once the market price of BNB reaches 0.002 BTC, the “Limit” order will be completed, and you will have 1 BNB in your spot wallet.

You can follow the same steps to sell BNB.

NOTE:

  • The default order type is called a limit order. But if traders want to place an order as soon as possible, they may switch to [Market] Order. By choosing a market order, traders could make a transaction instantly at the current market price.
  • If the market price of BNB/BTC is at 0.002, but you want to buy at a specific price, for example, 0.001, then you can place a [Limit] order. When the market price reaches your set price, your placed order will be executed.
  • The percentage shown below the BNB Amount box refers to the amount of BTC you wish to use to buy BNB.Put the amount and buy crypto.

How to Use the Stop-Limit Function

What is a stop-limit order?

A stop-limit order is a market order that has both a stop price and a limit price. When the stop price is reached, it triggers the limit order. The limit price is the specific price of the limit order the stop price triggers.

Once your stop price has been reached, the limit order is immediately placed on the order book.

The stop and limit prices can be the same. However, it’s recommended for sell orders to set your stop price (trigger price) slightly higher than the limit price. The price difference allows for a safety gap in price between the time the order is triggered and when it is fulfilled.

For buy orders, set your stop price slightly lower than the limit price. This will also reduce the risk of your order not being fulfilled.

SL (stop-limit) terms and mechanics

Stop price: When the asset’s price reaches the given stop price, the stop-limit order is executed to buy or sell the asset at the given limit price or better.

Limit price: The selected (or potentially better) price that the stop-limit order is executed at.

Quantity: The quantity of assets to buy or sell in the stop-limit order.

Worked Example

The last traded price of BNB is 498 BUSD, and you feel that there is resistance around 500 BUSD.

If you think that the price will go higher after the price reaches the resistance level, you can put a Stop-Limit order to automatically buy more BNB at the price of 502 BUSD. This way, you won’t have to continuously watch market movements waiting for the price to reach your target price.

How to create a stop-limit order

Continuing with our example, we will look at exactly how you can make a stop-limit order

1. Select [Stop-limit] from the trading view to begin making your order.

What is Binance? How to use Binance exchange for newbies (2022)

2. Fill in the details of your stop price (trigger price), limit price for the triggered limit order, and the amount of crypto you wish to purchase. Click [Buy BNB] to confirm the details of the transaction.

In our example, the stop price is 500 BUSD and the limit price is 502 BUSD.

What is Binance? How to use Binance exchange for newbies (2022)

3. Double check your stop-limit order carefully before finally clicking confirm to submit it to the exchange.

What is Binance? How to use Binance exchange for newbies (2022)

View existing stop-limit orders

Once your orders have been submitted, existing ‘stop-limit’ orders can be found and reviewed in [Open Orders]. You can find this tab at the bottom of the trading view page.

What is Binance? How to use Binance exchange for newbies (2022)

When orders are executed or discarded, your stop-limit order history can be found under [Order History].

How to Withdraw at Binance

How to Withdraw Crypto

In this example, we will be withdrawing BNB to Trust Wallet.

1. Log in to your Binance account. Once you’re logged in, move your mouse to Wallet, and click on Fiat and Spot.

What is Binance? How to use Binance exchange for newbies (2022)

2. Click on Withdraw.

What is Binance? How to use Binance exchange for newbies (2022)

3. Select the Crypto tab.

What is Binance? How to use Binance exchange for newbies (2022)

4. Choose the cryptocurrency you’d like to withdraw.

What is Binance? How to use Binance exchange for newbies (2022)

5. If the cryptocurrency is issued on multiple networks, select which one you’d like to make your withdrawal on.

For example, BNB is issued on Binance Chain as a BEP-2 token, and on Binance Smart Chain (BSC) as a BEP-20 token. As such, if you’d like to withdraw to a BEP-2 address, choose the BEP-2 option. Be extra careful with this step. If you withdraw to the wrong address, you will lose your funds.

What is Binance? How to use Binance exchange for newbies (2022)

6. Tap on BNB in your Trust Wallet.

What is Binance? How to use Binance exchange for newbies (2022)

7. Tap on Receive.

What is Binance? How to use Binance exchange for newbies (2022)

8. Copy your BNB address.

What is Binance? How to use Binance exchange for newbies (2022)

9. Paste it on the Binance withdrawal page (Address).

What is Binance? How to use Binance exchange for newbies (2022)

10. Enter the withdrawal amount and you will be able to see the corresponding transaction fee and the final amount you will receive. Click [Withdraw] to proceed.

What is Binance? How to use Binance exchange for newbies (2022)

11. You need to verify the transaction. Please follow the on-screen instructions.

Warning: If you input the wrong information or select the wrong network when making a transfer, your assets will be permanently lost. Please make sure that the information is correct before you confirm the transaction.

12. After confirming the withdrawal request, please wait patiently for the transfer to be processed. The funds will be credited to your Binance account shortly after.

How to Withdraw Fiat Currency

Binance supports more than 60 fiat currencies and multiple different payment methods.

1. Log in to your Binance account. Once you’re logged in, move your mouse to Wallet, and click on Fiat and Spot.

What is Binance? How to use Binance exchange for newbies (2022)

2. Click on Withdraw.

What is Binance? How to use Binance exchange for newbies (2022)

3. Select the Fiat tab.

What is Binance? How to use Binance exchange for newbies (2022)

4. Select the fiat currency you’d like to withdraw and the payment method. Binance supports credit cards, debit cards, bank transfer, or cash balance.

*The payment method is based on your selected currency and region.

What is Binance? How to use Binance exchange for newbies (2022)

5. Enter the required details and follow the instructions.

What is Binance? How to use Binance exchange for newbies (2022)

6. Enter your verification code to confirm the withdrawal.

What is Binance? How to use Binance exchange for newbies (2022)
What is Binance? How to use Binance exchange for newbies (2022)

How to Sell Crypto on Binance P2P

Sell Crypto on Binance P2P by Web App

Step 1: Select (1) “Buy Crypto” then click (2) “P2P Trading” on the top navigation.

What is Binance? How to use Binance exchange for newbies (2022)

Step 2: Click (1) “Sell” and select the currency you want to buy (USDT is shown as an example). Filter the price and the (2) “Payment” in the drop-down, select an ad, then click (3) “Sell”.

What is Binance? How to use Binance exchange for newbies (2022)

Step 3:

Enter the amount (in your fiat currency) or quantity (in crypto) you want to buy and click (2) “Sell”.

What is Binance? How to use Binance exchange for newbies (2022)

Step 4: The transaction will now display “Payment to be made by buyer”.

What is Binance? How to use Binance exchange for newbies (2022)

Step 5: After the buyer makes payment, the transaction will now display “To be released”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you used. After you confirm the receipt of money from the buyer, tap “Confirm release” and “Confirm” to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.

What is Binance? How to use Binance exchange for newbies (2022)
What is Binance? How to use Binance exchange for newbies (2022)

Step 6: Now the order is completed, the buyer will receive the crypto. You can click [Check my account] to check your Fiat balance.

Note: You can use Chat on the right side to communicate with the buyer in the whole process.

What is Binance? How to use Binance exchange for newbies (2022)

Note:

If you have any issues in the transaction process, you can contact the buyer using the chat window on the top right of the page or you can click “Appeal” and our customer service team will assist you in processing the order.

What is Binance? How to use Binance exchange for newbies (2022)

Tips:

1. Please make sure to log in to your account to confirm the payment is received, this can avoid financial losses caused by wrongly clicking on the release button.

2. The digital assets you are selling have been frozen by the platform. Please confirm the receipt of the payment from the buyer and click “Release” to release the crypto.

3. Please do not agree to any request to release the crypto before confirming the receipt of the payment to avoid financial losses.

4. After receiving the SMS notification, please be sure to log in to your bank account to confirm whether the payment is credited, this will avoid the release of crypto due to Fraud SMS.

Sell Crypto on Binance P2P by Mobile App

You can sell cryptocurrencies with ZERO transaction fees on the Binance P2P platform, instant and secure! See the guide below and start your trade.

Step 1

First, go to the (1) “Wallets” tab, click (2) “P2P” and (3) “Transfer” the cryptos that you want to sell to your P2P Wallet. If you already have the crypto in the P2P wallet, please go to the homepage and tap “P2P Trading” to enter P2P trading.

What is Binance? How to use Binance exchange for newbies (2022)

Step 2

Click “P2P Trading” on the app homepage to open the P2P page on your app. Click [Sell] on the top of the P2P trading page, select a coin (taking USDT as an example here), then select an advertisement and click “Sell”.

What is Binance? How to use Binance exchange for newbies (2022)

Step 3

(1) Enter the quantity you want to sell, (2) select a payment method, and click “Sell USDT” to place an order.

What is Binance? How to use Binance exchange for newbies (2022)

Step 4

The transaction will now display “Pending Payment”. After the buyer makes payment, the transaction will now display “Confirm Receipt”. Please make sure that you’ve actually received payment from the buyer, to the payment app/method you used. After you confirm the receipt of money from the buyer, tap “Payment received” and “Confirm” to release the crypto to the buyer’s account. Again, If you have not received any money, please DO NOT release crypto to avoid any financial losses.

What is Binance? How to use Binance exchange for newbies (2022)
What is Binance? How to use Binance exchange for newbies (2022)

Note:

If you have any issues in the transaction process, you can contact the buyer using the chat window on the top right of the page or you can click “Appeal” and our customer service team will assist you in processing the order.

What is Binance? How to use Binance exchange for newbies (2022)

Frequently Asked Questions (FAQ)

Account

Why Can’t I Receive Emails from Binance

If you are not receiving emails sent from Binance, please follow the instructions below to check your email’s settings:

1. Are you logged in to the email address registered to your Binance account? Sometimes you might be logged out of your email on your devices and hence can’t see Binance’s emails. Please log in and refresh.

2. Have you checked the spam folder of your email? If you find that your email service provider is pushing Binance emails into your spam folder, you can mark them as “safe” by whitelisting Binance’s email addresses. You can refer to How to Whitelist Binance Emails to set it up.

Addresses to whitelist:

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected].com

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

[email protected]

3. Is your email client or service provider working normally? You can check the email server settings to confirm that there isn’t any security conflict caused by your firewall or antivirus software.

4. Is your email inbox full? If you have reached the limit, you wont be able to send or receive emails. You can delete some of the old emails to free up some space for more emails.

5. If possible, register from common email domains, such as Gmail, Outlook, etc.

Why Can’t I Receive SMS Verification Codes

Binance continuously improves our SMS Authentication coverage to enhance user experience. However, there are some countries and areas currently not supported.

If you cannot enable SMS Authentication, please refer to our Global SMS coverage list to check if your area is covered. If your area is not covered on the list, please use Google Authentication as your primary two-factor authentication instead.

You may refer to the following guide: How to Enable Google Authentication (2FA) .

If you have enabled SMS Authentication or you are currently residing in a country or area that’s in our Global SMS coverage list, but you still cannot receiving SMS codes, please take the following steps:

  • Ensure that your mobile phone has a good network signal.
  • Disable your anti-virus and/or firewall and/or call blocker apps on your mobile phone that might potentially block our SMS Codes number.
  • Restart your mobile phone.
  • Try voice verification instead.
  • Reset SMS Authentication, please refer to here.

How to Redeem Futures Bonus Voucher/Cash Voucher

1. Click on your Account icon and select [Reward Center] from the drop-down menu or in your dashboard after logging in to your account. Alternatively, you can directly visit https://www.binance.com/en/my/coupon or access the Reward Center via the Account or More menu on your Binance App.

What is Binance? How to use Binance exchange for newbies (2022)

2. Once you receive your Futures Bonus Voucher or Cash Voucher, youll be able to see its face value, expiry date, and applied products in the Reward Center.

What is Binance? How to use Binance exchange for newbies (2022)

3. If you havent opened a corresponding account yet, a pop-up will guide you to open it when you click the redeem button. If you already have a corresponding account, a pop-up will come up to confirm the voucher redemption process. Once successfully redeemed, you can jump to your corresponding account to check the balance as you click on the confirm button.

What is Binance? How to use Binance exchange for newbies (2022)
What is Binance? How to use Binance exchange for newbies (2022)

4. You have now successfully redeemed the voucher. The reward will be directly credited to your corresponding wallet.

What is Binance? How to use Binance exchange for newbies (2022)

Verification

1. Why should I provide supplementary certificate information?

In rare cases, if your selfie doesn’t match with the ID documents you’ve provided, you will need to provide supplementary documents and wait for manual verification. Please note that manual verification might take up to several days. Binance adopts a comprehensive identity verification service to secure all users funds, so please ensure that the materials you provide meet the requirements when you fill in the information.

2. What are my daily withdrawal limits after completing Identity Verification?

Binance reviews its products and services on an ongoing basis to determine changes and improvements. Please refer to the [Personal Identification] page for the most updated withdrawal limits.

All new users are required to complete [Verified] verification to access Binance products and service offerings, including cryptocurrency deposits, trades, and withdrawals. Existing users who haven’t completed Intermediate Verification will have their account permissions temporarily changed to “Withdraw Only” with services limited to fund withdrawal, order cancelation, position close, and redemption. For more information, please refer to our announcement.

3. Why do I need to complete [Verified Plus] Verification?

If you wish to increase your limits for buying and selling crypto or unlock more account features, you need to complete [Verified Plus] verification. Follow the steps below:

Enter your address and click [Continue].

What is Binance? How to use Binance exchange for newbies (2022)

Upload your proof of address. It can be your bank statement or utility bill. Click [Confirm] to submit.

What is Binance? How to use Binance exchange for newbies (2022)

You will be redirected back to [Personal Verification] and the verification status will show as [Under Review]. Please wait patiently for it to get approved.

Deposit

Why has my Deposit not been credited yet?

Transferring funds from an external platform to Binance includes three steps:

  • withdrawal from the external platform
  • Blockchain network confirmation
  • Binance credits the funds to your account

An asset withdrawal marked as “completed” or “success” in the platform youre withdrawing your crypto from means that the transaction was successfully broadcast to the blockchain network. However, it might still take some time for that particular transaction to become fully confirmed and credited to the platform you’re withdrawing your crypto to. The amount of required “network confirmations” varies for different blockchains.

For example:

  • Bitcoin transactions are verified that your BTC is deposited into your corresponding account after reaching 1 network confirmation.
  • All of your assets will be frozen temporarily until the underlying deposit transaction reaches 2 network confirmations.

Due to possible network congestion, there might be a significant delay in processing your transaction. You may use the TxID (Transaction ID) to look up the status of the transfer of your assets by using a blockchain explorer.

  • If the transaction has not yet been fully confirmed by the blockchain network nodes, please wait and try again later.
  • If the transaction is unconfirmed by the blockchain network, but it has also reached the minimum amount of network confirmations specified by our system, please contact our Support team and create a ticket with TxID, coin/token name, deposit amount and transfer time. Please make sure you have provided the above-detailed information so the Customer Service agent can assist you in a timely manner.
  • If the transaction is confirmed by the blockchain but not credited to your Binance account, please provide us with the TxID, token name, deposit amount, and time.

How do I check the transaction status on the blockchain?

Log in to Binance.com, click on [Wallet]-[Overview]-[Transaction history] to find your cryptocurrency deposit record.

What is Binance? How to use Binance exchange for newbies (2022)

Then click on [TxID] to check the transaction details.

What is Binance? How to use Binance exchange for newbies (2022)

Summary of Incorrect Deposit

Missing or wrong TAG:

If you forgot to use a Tag, Memo or payment ID (e.g. BNB, XLM, XRP, etc) or used an incorrect one, then your deposit will not be credited.

Currently, you can apply for recovering your assets via self-service online:

Deposit made to incorrect receiving/deposit address or Unlisted token deposited:

Binance generally does not offer a token/coin recovery service. However, if you have suffered a significant loss as a result of incorrectly deposited tokens/coins, Binance may, solely at our discretion, assist you in recovering your tokens/coins. Binance has comprehensive procedures to help our users recovering their financial losses. Please be noted that successful token recovery is not guaranteed. If you have encountered this sort of situation, please remember to provide the following information to us for speedy assistance:

  • The email address of your Binance account
  • Token name
  • Deposit amount
  • The corresponding TxID

Deposit to an incorrect address which doesnt belong to Binance:

If you have sent your tokens to an incorrect address which does not belong to Binance. We are unable to provide you any further assistance. You are suggested to contact the relevant parties (owner of the address or exchange/platform which the address belongs to).

Withdrawal

Why has my withdrawal now arrived?

I’ve made a withdrawal from Binance to another exchange/wallet, but I haven’t received my funds yet. Why?

Transferring funds from your Binance account to another exchange or wallet involves three steps:

  • Withdrawal request on Binance
  • Blockchain network confirmation
  • Deposit on the corresponding platform

Normally, a TxID(Transaction ID) will be generated within 30-60 minutes, indicating that Binance has successfully broadcasted the withdrawal transaction.

However, it might still take some time for that particular transaction to be confirmed, and even longer for the funds to be credited into the destination wallet. The amount of required network confirmations varies for different blockchains.

For example:

  • Bitcoin transactions are verified that your BTC is deposited into your corresponding account after reaching 1 network confirmation.
  • Your assets are temporarily frozen until the underlying deposit transaction reaches 2 network confirmations.

Due to possible network congestion, there might be a significant delay in processing your transaction. You may use the transaction ID (TxID) to look up the status of your transfer by using a blockchain explorer.

Note:

  • If the blockchain explorer shows that the transaction is not confirmed, please wait for the confirmation process to be completed. This varies depending on the blockchain network.
  • If the blockchain explorer shows that the transaction is already confirmed, it means that your funds have been sent out successfully and we are unable to provide any further assistance on this matter. You would need to contact the owner/support team of the destination address to seek further help.
  • If the TxID has not been generated 6 hours after clicking the confirmation button from the e-mail message, please contact our Customer Support for assistance and attach the withdrawal history screenshot of the relevant transaction. Please make sure you have provided the above information so the Customer Service agent can assist you in a timely manner.

Withdrawal to a Wrong Address

Our system initiates the withdrawal process as soon as you click on [Submit] after passing security verification. Withdrawal confirmation e-mails can be identified by their subject lines starting with: “[Binance] Withdrawal Requested From……”.

What is Binance? How to use Binance exchange for newbies (2022)

If you’ve mistakenly withdrawn funds to the wrong address, we are unable to locate the receiver of your funds and provide you any further assistance. If you have sent your coins to an incorrect address by mistake, and you know the owner of this address, we recommend you to contact the customer support of that platform.

Are the offers I see on P2P exchange provided by Binance?

The offers you see on the P2P offer listing page are not offered by Binance. Binance serves as a platform to facilitate the trade, but the offers are provided by users on an individual basis.

As a P2P trader, how am I protected?

All online trades are protected by escrow. When an ad is posted the amount of crypto for the ad is automatically reserved from the sellers p2p wallet. This means that if the seller runs away with your money and does not release your crypto, our customer support can release the crypto to you from the reserved funds.

If youre selling, never release the fund before you confirm that you have received money from the buyer. Be aware that some of the payment methods buyer use are not instant, and may face the risk of callback.

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Bitcoin

When will Bitcoin Rally Start? Technical Analysis:

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When will Bitcoin Rally Start? Technical Analysis:

Bitcoin dropped today after briefly kissing the $59900 and as the selling pressure rose it dropped swiftly and the slump continues. The question is when will the Bitcoin rally start?

When will Bitcoin Rally Start? Technical Analysis:

TradingView Bitcoin Chart

Bitcoin Rally: Technical Analysis

The Bitcoin price today is $54,346.67 USD with a 24-hour trading volume of $42,612,427,726 USD. Bitcoin is down 7.79% in the last 24 hours. The current CoinMarketCap ranking is #1, with market cap of $1,026,280,520,107 USD. It has a circulating supply of 18,883,962 BTC coins and a max. supply of 21,000,000 BTC coins.

Bitcoin has found its support at fib -0.65 and has an increased volatility today. Bitcoin is currently trading below EMA 20 on an hourly chart which indicates that the Bearish trend is volatile. The relative strength indicator shows that Bitcoin has entered an oversold situation. This means that now it should start getting the buyers in and the price should rise to the previous highs of yesterday.

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Bitcoin

Nike to bring Sneakerheads to Metaverse?

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Nike to bring Sneakerheads to Metaverse?

Reading this article, most of you if wearing shoes there are chances you are Nike shows. Nike is a leading shoe brand running successfully. NIKE, Inc. engages in the design, development, marketing, and sale of athletic footwear, apparel, accessories, and equipment; but hold on there is more coming in.

Nike to bring Sneakerheads to Metaverse?

For the fiscal year May 2021, Nike Business was up 19% which is worth $44.5 billion profit for a year with a market capitalization of $275.7 billion.

Nike to bring Sneakerheads to Metaverse?

Nike is a real-world one of the most successful brands which now has decided to step into the virtual world of cryptocurrency and metaverse. With the Facebook announcement of Meta, many other brands have gathered the courage to test their abilities in the virtual universe. We have already covered an article on Metaverse. In this virtual universe, you are free to be anyone do anything, and experience anything while you sit on a sofa in your home. You’ll have to buy the assets in this virtual world like in real – and this confirms that yes you’ll find your favorite pair of Nike Shoes in the Metaverse.

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Bitcoin

How can Stop Loss save your day

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How can Stop Loss save your day

The cryptocurrency world is notorious for the insane volatilities and traders are liquidated every time there are major spikes. No matter which way the price moves, they are always people betting against the flow.

Even if you have opened a safe position, the volatility still can kill your profits and turn your portfolio to half or below, that’s why using a stop is mandatory.

A stop loss is an auto trade call that a trader sets to avoid more losses in case the market does not move in the desired direction. For example, If you opened a long position of Bitcoin at $60,000 and you think it will rise to $65,000 or $70,000. But the unfortunate happens and Bitcoin starts to drift downwards. Now you will have to decide how much loss you can face and exit the trade. So, you exited the trade at $59,500 and then Bitcoin dropped to $55,000, you saved plenty of loss. Now from here, you can again open your long position by putting another stop loss below. This has not saved your losses but you were able to open a long position at a better price.

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