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Binance is a famous and loved cryptocurrency exchange in the world today. What advantages does Binance have, why has it become the world’s leading cryptocurrency exchange? Is Binance exchange reputable or not? How to use each feature on Binance and common debugging? The following article covers all information from a to z about Binance and the Binance ecosystem.
Binance is a cryptocurrency exchange launched in 2017. Currently, Binance has a trading volume of up to 10 billion USD per day. Binance is known for its high liquidity, fast transaction processing performance of up to 1.4 million orders per second, and support for hundreds of different cryptocurrencies globally. In particular, Binance is loved by extremely low transaction fees, only 0.05% if using BNB as a transaction fee. In addition, Binance is optimized for many different devices platforms, and languages.
Binance is a cross-functional platform. Binance has different trading features including P2P, Spot, Futures and Margin, Battle, Vanilla Options. In addition, Binance also has a lot of investment features such as Dual Investment, Defi Staking, Savings, DOT Slot Auction, Locked Staking, BNB Vault, Launchpool, ETH 2.0 staking, Liquid Swap. Besides, Binance also allows users to invest and trade NFT – an emerging digital product.
In addition to the outstanding advantages, Binance also has some disadvantages such as having too many features on the same platform, making it difficult for newcomers to access.
In the Binance tutorial, users can learn everything from Binance Account, Binance app, Binance Trust wallet, Buy Crypto, Trade Crypto, to information about Binance Earn, NFT Marketplace, and Binance DEX. All the ways to use each feature of the Binance ecosystem are detailed and complete in each Series.
Users can use email or phone numbers to register for a Binance account.
* See more: The complete guide Binance from a to z
Just fill in your email or phone number and enter the required password, click confirm terms and click [Create Account]. Then enter the verification code in the blank box that appears on the screen to complete the account registration process.
To unlock trading features for a Binance account, users need to verify their account by clicking [Identification] in the account management section.
- Perform basic level verification (Level 1) by filling in personal information including ID number, Full name, date of birth, and residential address.
- Verify your account at an intermediate level (Level 2) by uploading your ID and a photo of you holding your ID.
After verifying the account, users should enable two-factor authentication by SMS or Google Authentication by clicking [Security] on the account management tab.
Users need to add a payment method to their Binance account before purchasing coins. On the Account Management Tab, select [Dashboard] then [Payment] and select [Add payment method].
If you have coins available at another exchange, you just need to transfer coins to your wallet on Binance exchange by selecting [Wallet] Tab, then click [Fiat and Spot], click [Deposit], and select [Deposit] Crypto].
If you want to withdraw coins from Binance to another exchange’s wallet, click [Withdraw]. Or want to transfer coins between different wallets on Binance, click [Transfer].
Binance App has two different versions including the Lite and Pro versions.
- Lite Binance is a shortened version, mainly focusing on serving the simple trading needs of users through P2P buying and direct conversion of cryptocurrencies. The chart on the Lite version is just a line chart and simple information. In addition, the monetization feature on the Lite version also only has BNB Vault and Flexible Savings.
- In contrast, the Binance Pro version of the app has all the features of Binance including spot, Future, Margin trading to investment features and chart indicators…
To switch between the Lite and Pro versions, users just need to turn on the button on the control page.
Binance Trust Wallet
Binance Trust Wallet is a stand-alone crypto wallet application that helps keep cryptocurrencies on mobile devices. In addition, users can hold NFT and connect to all kinds of Defi DApp or blockchain gaming platforms on Trust Wallet. Users only need to download the application click [Create New Wallet] and keep 12 secure words to immediately use Trust Wallet on the phone.
Binance Buy Crypto
Newcomers, often choose Binance because the platform allows to buy crypto with fiat currency and sell crypto for fiat money easily. This is a P2P trading feature – trading between two users directly on Binance. With the P2P feature, Binance only acts as an intermediary as an arbiter, not participating in users’ transactions.
To trade P2P, select [Buy Crypto] on the toolbar and click on P2P Trading. Select Buy or Sell and select the appropriate dealer and pay according to the process shown on the screen.
Binance Trade Crypto
Newbies often use P2P, but the most used feature on Binance is Trade Crypto through Spot. Trade Crypto is a feature of trading between different cryptocurrency pairs listed on Binance. At that time, the user does not know who he is trading with, the transaction is performed automatically and quickly when the buying and selling prices match.
Trade Crypto on Binance also has many different order types, serving different trading needs such as orders: Market, Limit, Stop-Limit, … Flexible use of order types on Binance Spot makes it easy for users to place a pending order to trade at the desired price or place a take profit, stop loss order according to the previously outlined strategy.
When you want to buy one cryptocurrency, with another cryptocurrency, you need to execute a BUY order with that currency pair. On the Trade tab, select Classic (Or Advanced), select the currency pair you want to trade, select BUY. When you want to sell, you execute the same SELL order.
Binance Future is the feature of trading a contract of a cryptocurrency at a predetermined time in the future. Binance Futures assets are contracts for future performance, not the underlying asset.
To trade Binance Futures, users select [Derivatives], then select [USDT-M Futures] or [Coin-M Futures]. If you do not have a Binance Futures account, you need to open one by entering the referral code “S1DXPLZ3” and clicking [Open Now].
Binance Margin is a feature that allows users to deposit and use leverage to trade cryptocurrencies on Binance. To use the Margin feature, users need to open an account and answer the required knowledge questions to ensure they understand their risks. Using a Margin account can help traders save investment capital, increase trading positions, but can also bring a big risk of loss. The Binance Margin account has two types of orders: Cross and Isolated Margin. These are two types of orders with two different ways of managing capital.
Binance Vanilla Options is a European-style options trading feature. Traders predict the price of a contract up or down over a certain period of time in order to choose an option to buy a futures contract.
With the Vanilla Options feature, the trader has the right to decide whether or not he wants to exercise his or her option at the expiration date by placing an order and executing a Call or Put order. To join Binance Vanilla Options, on the [Derivatives] tab, select [Vanilla Options]. If you don’t have an account, you need to open an account.
Binance Battle is a feature of Binance that allows users to participate in a battle to guess the price of an asset pair and earn bonus points. Participants are paired with another user by Binance, and they jointly predict whether the asset price will rise or fall in the next five minutes. Bonus points are paid to the participant at the end of the battle. No matter whether you win or lose, participants will also receive bonus points. To participate in Binance Battle, users click [Derivatives] and select [Battle]
Binance Earn includes many different monetization features on Binance and is constantly updated with new forms appearing on the market such as Binance Savings, DOT Slot Auction, Locked Staking, BNB Vault, Binance Launchpool, ETH 2.0 staking, Liquid Swap, Defi Staking, Dual Investment.
To participate in Binance Earn, users click [Earn] and select the feature they want to participate in.
- Binance Savings is a form of crypto-currency savings, Binance plays the role of locking the participant’s cryptocurrency and paying interest on the savings. There are three different types of savings including Flexible Savings and Locked Savings and Activities. These forms differ in interest rates and flexibility when participating in savings.
- DOT Slot Auction is similar to cryptocurrency savings. However, the profit of the participant is not guaranteed like the savings. This is a Polkadot (DOT) slot auction on Binance using DOT to bid on my favorite project. If that project wins the auction, the voter receives a reward corresponding to the amount of DOT used to vote. The number of DOTs participating in voting is locked for the duration of the project’s slot rental (approximately 96 weeks).
- Locked Staking is a form of users participating in their cryptocurrency keys to participate in the staking process. The amount of cryptocurrency participating in the staking is used to perform work validation on the blockchain. In return, staking participants receive rewards when their cryptocurrency is involved in doing the work.
- BNB Vault is arguably the most versatile monetization tool on Binance. Users only need to own BNB and participate in the BNB Vault, and the BNB is automatically allocated to different monetization products. In particular, when participating in this product, users can also withdraw money flexibly, which is very convenient.
- Launchpool is a form of investing BNB or BUSD keys in Defi projects for a certain period of time to receive rewards of new tokens of the invested project itself.
- ETH 2.0 staking is a feature that helps users participate in staking ETH right on Binance with only a small amount of capital, from 0.1ETH to participate in the validation process of the Ethereum 2.0 blockchain network. In return, the user receives a reward corresponding to the amount of ETH staked.
- Liquid Swap is a feature that helps traders join a liquidity pool to provide a source of liquidity to the market, helping the market to keep prices stable and reduce transaction fees. In return, investors receive rewards from the staking process and the transaction fees received by the liquidity pool.
- Defi Staking is a form of users participating in the key of crypto assets to participate in the validation process for Defi projects to earn rewards.
- Dual Investment is a form of investment where users lock up their own cryptocurrency and earn double profits for a certain period of time. When participating in Dual Investment, there are two possible scenarios including: Exercised and Not Exercised. In it, there are Up-and-Exercised and Down-and-Exercised. Either way the user can get the reward. However, the reward depends on the actual price and the number of days the asset is locked. Therefore, there may still be risks for participants.
Binance DEX is a decentralized cryptocurrency exchange based on the blockchain platform Binance Chain. Binance DEX allows users to trade cryptocurrencies, issue new tokens, and allows users to manage wallets and different cryptocurrencies.
When trading on Binance DEX, users can trade directly with each other without intermediaries. Therefore, the transaction time is faster, the transaction fee is more economical. Users have the right to manage their own crypto assets, so they do not have to face security problems such as hacked exchanges, fraudulent exchanges. But if you do not have experience in keeping your crypto wallet secure, you cannot find your assets if a thief gets access to your wallet.
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Series: Binance Margin
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Series: Binance Vanilla Options
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Series: Binance Battle
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Series: Binance Earn
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Series: Binance NFT Marketplace
Series: Binance DEX
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