Investing In Cryptos With Binance
Binance is currently the most rapidly growing exchange when it comes to trading cryptocurrencies. Over a brief duration of just months, Binance has reached the 10th spot in terms of the highest volume cryptocurrency exchanges. Some of the main factors that have caused Binance to become so popular are a nice user interface, availability in several languages, and that it allows orders to be processed at very high speeds. This exchange was at first only available for cryptocurrency trading, and therefore, it is not available for FIAT wired deposits. They have recently added the ability for you to purchase Bitcoin and others using a credit card of some kind.
Why should you open a Binance Account?
Currently, This is one of the fastest growing crypto exchanges. As we see this broker grow at such a rapid rate and if it continues to grow, will become the largest crypto exchange in the world for trading altcoins very soon. Many newly launched tokens and coins are becoming listed on this prominent trading den compared to other major exchanges such as Bittrex and Poloniex. If you missed any ICOs, you can search for them on on their research board as well, there is tons of great helpful data which even we here at the Arcane Bear like to incorporate into our choice digests.
What do I need to do open mytrading account?
Step 1: Navigate to the Binance website ** REMEMBER, Please make sure to type this incorrectly, or follow our link here: Binance SIGNUP PAGE!
Click on go to Binance. Next, the link will open up in new windows so that you can continue following this guide.
Bookmark the page, since there are numerous phishing websites that look just like the actual website. Always check the website URL and for the Secure Certification to authenticate the real website.
Step 2: Complete Your Sign-Up Process
On the right-hand corner of the webpage, click on the 'Register' button and enter in all of the required information. Make sure to follow the guidelines for making a strong password. Then retype your password and click on the 'Register' button. Then check the inbox of your email account for the email to confirm your account.
Step 3: Enable The 2-Factor Authentication (2FA)
The first time that you log in there will be a pop-up that asks you if you want to enable 2FA to help increase the security of your account. If 2FA is a new process for you, then you will first need to download Google's Authenticator and also scan the QR (or alternatively enter in the secret key) to receive a 1-minute changing code.
After you complete the above 3 steps, you are finished with setting your account up.
Step 4: Deposit funds
Under the menu item Funds, go to "Deposit Withdrawals"
On the main menu's top right corner, there is a tab called 'Funds.' Beneath that, choose the 'Deposit Withdrawals' button and it will then open up to the deposit page.
Next, choose the coin you want to deposit.
That page will have a list of all of the traded coins. Look for the coin that you would like to deposit and press on the button labeled 'deposit' that is on the same row. After you press the button, a newly dedicated wallet is created (that is the wallet that goes with your Binance account). The wallet address for every coin is different, so be sure to only deposit the specific coin in its wallet, or you could end up completing losing your funds.
Next, send the coins from your wallet (or exchange) over to its newly generated address.
For example, if you want to deposit Bitcoin, go to the field labeled 'BTC Deposit Address,' and the address that is generated will be the one that you will send your Bitcoins to. You will use that address to transfer coins from your wallet or another exchange over to your Binance account.
Check your history options. That will show you the history of your deposits and withdrawals under the 'Funds' menu item and the on the list go to 'History.'
Step 5: Extract Either a Buy or a Sell transaction
Under the 'Exchange' menu item, choose 'Basic Exchange.' Now, from the right pane, choose your desired pair. For faster navigation, use the search field.
In the example, you want to trade Bitcoin for Ethereum. Start off by choosing the ETH/BTC pair market. You will then get the following:
The order book will be displayed in the left pane, and you will see the last price in the middle. In the middle, you will also see the chart, and directly under it you can buy or sell ETC for BTC.
To purchase (LImit): Set your desired price, choose the amount (in ETH units, or choose the percentage of your total amount of Bitcoins).
Then the total BTC (cost) will be automatically calculated automatically. When you sell ETC for BTC it will be the same process, but the opposite.
If you would like to purchase at market price got to the top menu and choose Market. A stop limit is a more advanced technique that allows you to stop buy orders or set your stop loss.
What exactly is Binance Coin (BNB), and what can you use it for?
Binance has created its very own crypto coin which is called BNB. You can use it as an option method to pay the exchange's fees that include the following: withdrawal fees, listing fees, and trading fees - purchasing and selling coins.
When BNB coins are used, you will receive a 50% discount during the first year that you have your account, 25% during the second years, 12.5% during the third year, and 6.25% during the 4th year that you have your account.
BNB tokens are used as well for Binance Launchpad which is a method for investing in specific ICOs on the Binance exchange. The ICOs are listed on the Binance exchange post-ICO.
Binance plans to use 20% of the profits to purchase the BNB back from the open market. This was something that many of you in the bear community noticed, but I sure didn't, this offers a great opportunity for this exchange to lead the way in terms of the development of a cetrain aspect of the technical projects as they first start to find their footing.
We are always looking to help build out more useful content for everyone learning their first steps into the crazy forest and jungles of the blockchain world. I am so grateful we get to help others find the same road of business, philosophy and life that we have also found in this growing and budding ecosystem. We have also written a very extensive review about the differences between what you might consider a crypto broker and a crypto exchange and what the hell is an OTC desk in our other articles.