BINANCE User’s Guide to Trading

Binance is one of the most popular cryptocurrency exchanges in the world, which many crypto traders have chosen. Read our Binance review to find out what this exchange offers and what makes it one of the best cryptocurrency platforms.

What is Binance

Binance was founded in 2017 in Hong Kong by Chinese-Canadian developer Changpeng Zhao. The exchange was launched when Zhao (also known as CZ) raised $15 million for Binance in an ICO through its tech company Beijie Technology.

At the time of launch, Binance had many competitors, but this did not prove to be a serious obstacle, and the popularity of the exchange increased.

Today, Binance ranks among the top cryptocurrency exchanges in the world regarding the number of users and manages the world’s most significant trading volume of any cryptocurrency exchange.

Binance is the perfect platform for those who want to keep all their cryptocurrencies in one wallet.

Although Binance started in Hong Kong, the company had to move its servers offshore due to the ban on cryptocurrencies in China. Today, Binance offices operate in the Cayman and Seychelles and are completely secure.

Is Binance Safe?

Binance is considered one of the most secure cryptocurrency exchanges as it uses advanced security protocols to protect its clients’ assets and information.

The exchange has suffered some losses, but over the past couple of years, it has improved its security significantly.

Regulation

Binance is a centralized cryptocurrency exchange that constantly improves its standards to offer controlled services. The business works closely with regulatory authorities in the US and UK and continuously strengthens security.

Cooperation with the US authorities has also led to Binance launching a new version of the site designed specifically for US citizens and following specific rules and policies.

The new version is known as Binance US, but it does not include all the features offered by the global version of the site.

US citizens can also consider using an alternative to Binance, the Kraken exchange, as it is one of the highest-rated cryptocurrency exchanges in the US.

All exchange features are divided into different categories, and customers can easily find the services they need in the drop-down menu.

Trading interface

When it comes to spotting trading, Binance offers two different trading interfaces for web users:

1. Standard;
2. Advanced.

Both interfaces are pretty similar, but they also have some differences. The standard interface is designed for traders just starting with cryptocurrencies and is ideal for users who want to make simple trades.

Hacking the security system in 2019

Binance doesn’t have a clean slate regarding security breaches, as it suffered a cyber attack in 2019 that took out the assets of several users. During this attack, the hackers managed to steal 7,000 bitcoins, which was more than $40 million then.

Binance apologized to its users affected by the attack and refunded all affected clients to mitigate their losses.

Following the attack, Binance also set up a Safe User Asset Fund (SAFU) to help the exchange compensate users in a security breach.

Binance exchange is also insured, and all these factors combine to make it one of the safest cryptocurrency exchanges in the world.

Features of the security system

Here is the main list of Binance security measures that make it a trustworthy exchange:

• AI (artificial intelligence) and control monitoring;
• Support for two-factor authentication;
• Biometric logins;
• Alerts about unusual account activity;
• Cold wallets.

Binance interface

User interface

Binance offers one of the best user experiences in the entire cryptocurrency space. Both the web and mobile versions of the platform are simple and easy to navigate and provide an excellent experience for all customers.

The user interface of the Binance exchange is designed for traders of all levels. Clients new to the cryptocurrency space will have no problem navigating through the Binance exchange as it has a thoughtful design.

Binance ‘s user interface is relatively fast compared to other crypto exchanges and instantly completes all requests.

All exchange features are divided into different categories, and customers can easily find the services they need in the drop-down menu.

Trading interface

When it comes to spotting trading, Binance offers two different trading interfaces for web users:

• Standard;
• Advanced.

Both interfaces are pretty similar, but they also have some differences. The standard interface is designed for traders just starting with cryptocurrencies and is ideal for users who want to make simple trades.

On the other hand, the Advanced version of the interface provides access to advanced trading tools and is intended for professional traders who enter into more complex transactions.

Binance also offers free tutorials and guides for new customers to get familiar with the exchange and trade smoothly.

Payment methods on Binance

Unlike many cryptocurrency exchanges, Binance does not rely on a single payment method to serve its users.

It is one of the few cryptocurrency exchanges that offer multiple payment methods for deposits and withdrawals.

On Binance, you can deposit and withdraw fiat and cryptocurrencies using the following payment methods:

• Credit/debit cards;
• PayPal;
• Peer-to-peer transfers (P2P-exchange);
• Bank transfers;
• Transfers to the wallet.

Having multiple payment methods is ideal for any cryptocurrency exchange. If the client has problems with one payment method, he can always switch to another technique and get his money without wasting time.

Ways to withdraw money from Binance

You can withdraw your investment from Binance using any of the above payment methods.

If you want to withdraw money in fiat form, you can convert your assets on the trading market and withdraw funds easily.

You can also withdraw cryptocurrency directly from your Binance wallet to any other external wallet.

Note: users who fail the KYC verification process will only be able to withdraw 0.06 BTC daily.

How to Stake Cryptocurrency on Binance

Staking cryptocurrencies on Binance is relatively easy, and you don’t need any trading skills. You can simply go to the “Binance earn” tab and click on the option “Locked Staking” to access exchange staking.

You will see a list of cryptocurrencies you can bet on Binance. The annual yield of each cryptocurrency will also be listed, and you can calculate the corresponding profit.

Staking rewards are issued daily. They are calculated based on the currency’s price at the close of the day. The closing period of bets is also indicated in the list. It allows you to determine how long you will put your cryptocurrency.

Binance Staking is one of the top reasons to sign up with this leading cryptocurrency exchange. It is the perfect way to earn extra income with your cryptocurrencies.

You can stake on Binance cryptocurrencies: MATIC, SOL, ADA, BAKE, ATOM and XTZ.

Commissions on Binance

Binance is considered one of the cheapest cryptocurrency exchanges of fees and far outperforms its competitors, such as Coinbase in particular.  

It does not charge a high percentage for spot trading or withdrawals so that clients do not lose their profits.

Trading fees on Binance

On spot transactions, Binance charges a fee ranging from 0.02% to 0.1% for market makers and from 0.04% to 0.1% for market takers. The amount of the commission depends on your VIP level and decreases with each level increase.

You can also get an additional discount on these fees when you sign up with Binance.

Fees on Binance for deposits and withdrawals

Binance does not charge direct fees for deposits and withdrawals regarding fiat currency, but you may have to pay fees for the payment method. In general, retreats on Binance cost between $1 and $15.

If you withdraw cryptocurrency directly to an external wallet, you will be charged a small amount in addition to the withdrawal fee. (The price for withdrawing funds to a wallet is different for each cryptocurrency).

How to pay fewer fees on Binance

On Binance are already relatively low, but they can be reduced even more if you pay them with a BNB token.

Binance BNB is the native smart chain token of Binance and offers many benefits when used on the exchange.

Token gives a 25% discount on the trading fee, and everyone who holds BNB in their account is eligible for this discount.

How to delete a Binance account

Binance cryptocurrency exchange is the largest cryptocurrency trading platform in the world. Often there are such moments when a user registers on the exchange and finds out that he could receive a lifetime discount on a commission of up to 40% if he indicated a referral ID when creating a profile. He worries for a long time and concludes that he must permanently delete his Binance account and create a new one. How to do this, we will consider below.

How to permanently delete a Binance account

Just pressing the one button and deactivating the exchange profile will not work. However, it is worth noting that there is also a function called “deactivate account”. It temporarily suspends account activity. Later, its reactivation and the resumption of trade are possible. Traders turn off their accounts when they notice suspicious activity.

So, the algorithm for deleting an account on Binance:

1. Go to www.binance.com and log in to the account you want to delete permanently;
2. Point to the profile icon – the “Security” item;
3. At the bottom of the page – find “Account Activity” and click on the “Deactivate Account” link;
4. We get acquainted with the warnings of what threatens to disable the account on Binance;
5. We confirm intentions. Next, you will be offered two options: Disable Profile – a temporary solution- and permanently delete your Binance account;
6. Select the second one – “Delete this account”;
7. Next, choose what we will delete – email or phone. Fill in the appropriate fields;
8. Scroll down the page and click “Confirm deletion”.

Important! It can only delete your Binance account if your account balance is less than 0.001 BTC or precisely that much. It is also worth paying attention that before confirmation, you will be asked to go through a short questionnaire and provide documents and photographs of the person taken at the moment.

How to delete a Binance account in the app

The algorithm of actions does not differ from that described above. In addition, you can delete or disable Binance profiles from your iPhone and Android smartphone:

1. We go to the Profile;
2. Select “Security”;
3. Below, we find “Disable account”;
4. Further steps are identical to the full version of the site.

After you have deleted your Binance account, you must create a new one on favourable terms. To do this, register with the referral id: AHJUCEJW.

If an error occurs while creating a new profile, “The phone number is already in use in Binance”, you have not untied it from the old one. Therefore, first delete or replace the number in the current.

Binance – promo codes and bonuses in Autumn 2022

For Binance cryptocurrency exchange, promotional codes or a bonus when registering in Autumn 2022 will help you save up to 25% on transaction fees. In this section of our website, we publish only relevant promotional codes on binance to receive an additional bonus and maximum discounts for new users. We also cover promotions for registered accounts.

Binance promo code upon registration

One of the most important and affordable for beginners is the Binance signup bonus. With it, you can get a discount of up to 25% on the commission for all transactions within the exchange. But, of course, if you do not specify a referral ID when registering, you can forget about such a discount.

To get a discount on the commission in Binance, you can enter ID: AHJUCEJW or register using the link.

So you guarantee -20% of all transactions in exchange for life!

How to get the maximum bonus?

The AHJUCEJW promo code discount on Binance is not the largest. You can help out and -40%. To do it, you need to be a referral program member, register with a promo code or follow the link, and keep at least 500 BNB in your account. Then, you can deposit 500 BNB, trade on them, and withdraw all the margin above.

Which transactions are eligible for the Binance fee discount?

Now let’s move on to the most interesting – how to apply a promotional code Binance and don’t miss out on your benefits.

The list of operations is presented below:

• Spot trading. In this way of trading, a trader buys and sells coins. Earnings go on increasing the value of the purchased cryptocurrency. Everything is straightforward and clear. With spot trading, you can buy and trade only real coins on your balance;
• Futures trading. Here is the purchase and sale of coins that you do not have in your wallet on your account;
• Margin trading. It is similar to spot; only here, you can apply leverage on Binance – sizes up to 1:125.

In conclusion: let’s say that it doesn’t matter which cryptocurrency you buy: BTC, ETH, Chia, BNB and others; for dollars, euros and other fiat money, you will always have a discount on the exchange commission up to 40%.

Who will need it

For those traders who make few transactions per month (up to 2-5), the bonus for registering on Binance will not play a unique role. Yes, you’ll get your 20%, but you won’t notice much difference unless you buy or sell crypto in large volumes. Here you need to collect the maximum discounts.

A particularly advantageous offer of commission discounts will be for investors who regularly make transactions within the exchange. It is because Binance takes its margin from every sale and purchase of cryptocurrency.

Calculation example

Let’s say a user wants to purchase 0.25BTC at $40,000. Then RTP – RTP=40000*0.25=10000 USD.

The trader will pay commissions:

• K (maker)=0.02*10000=200$;
• K (taker)=0.04*10000=400$.

Maker is a commission for transactions when using a limit order. Taker – the same, only with a market one.

Promo code for futures

When trading futures on Binance, you can also use promotional codes and receive bonuses.

When registering with Binance futures, you should enter the promotional code for lots: TNEARYXP, and that’s it. Twenty per cent discount on commission on any transactions in your pocket. At the same time, cashback is returned when trading with or without leverage and in any pairs, both with limit and market orders. In this case, only one restriction on the promotional code for futures is possible – the validity period is a month. But you can always pick up this discount in spot trading.

How to enter a promo code for Binance in your account?

There are two options to apply a promotional code on Binance:

• follow the referral link;
• enter the referral ID manually during registration.

If you have already opened a cryptocurrency exchange trader account, you cannot enter promotional codes into your account. Tip – register again.

Bonus for signing up on Binance

When registering on the Binance exchange, you can receive several bonuses using the link. You do not need to enter a promo code. You need:

• Create an account by clicking on the link;
• Trade any cryptocurrency in the amount of at least 0.1 BTC (total for sale and purchase);
• Send us an email which was registered;
• Get 10 USDT to your Binance account.

Another big plus of registering on Binance via the link is a lifetime cashback bonus of 20%.

Bonus for signing up on Binance from 2022

In April 2022, any new Binance trader will receive a signup bonus of 6,000 SHIB. The reward is given for completing three simple steps:

• Register on Binance using the link “Get 60000 SHIB” or the button on the right;
• Verification within a week;
• To activate the voucher, go to the “Reward Center” section and collect it.

Please note that you need to activate the coupon within 14 days from the date of receipt.

How else can you reduce the fee on Binance from April 2022?

It can be done not only by using a promotional code when registering on Binance. There are three more ways to reduce transaction fees:

1. Pay the fee with BNB crypto;
2. Increase trading volume;
3. Get VIP status.

Commission information

To view the fee information for your Binance account, you need to:

• go to your account;
• scroll down the page to the heading “Your trading commission level”;
• follow the link “Commission table”.

How to register on Binance in the mobile app?

In addition to the desktop version, the exchange has mobile applications for Android, IOS and Windows. Registration in them is not much different from the procedure discussed above. And among themselves – almost identical. Let’s take the iPhone as an example.

How to install the Binance App?

There are several ways to do it:

• Find the program in the App Store, Play Market or where you download games to your smartphone;
• Scan the QR code on the site. It opens when you hover over “Download” on the main screen;
• We go to the mobile version of the site and follow the link above.

After installation, we enter the Binance application and immediately get to the registration. Next, repeat all the steps indicated in the “Email” paragraph.

Referral ID binance

If you decide to become a trader and make money trading cryptocurrency, we do not advise you to rush to register on Binance. No, we are not talking about choosing a different platform. Instead, we recommend you to read this section and learn about the referral id binance – where to get it and what it gives. It is valuable information that will make your trading on this exchange profitable for life.

What does the referral id give binance?

Let’s start with a definition. Referral id means an affiliate link or code. It gives a discount on spot market trading in Binance. The amount of the value is set by the partner of the cryptocurrency exchange and varies from 10 to 20%. It is worth noting that you can swing the referral id for a discount of up to 40%. But at the same time, certain conditions must be met, which we will discuss below.

Where can you get a referral id?

It can obtain the discount code for Binance by clicking on the link on the site or entering AHJUCEJW during registration in the appropriate field.

What if you can’t apply your id?

There are situations when, after reading this section, the user sees another referral id in the discount field. And there is no way to change it manually.

It happened because you likely had previously followed an affiliate link and ‘picked up’ another (his) code. It should understand that this id can contain a discount of a lower level, and instead of 20%, you will get 10 or 5%.

You can change the referral code if you close the browser, open the site and follow the link again. If this time does not help, you will have to clear the cache and cookies in the browser. You can do this in the settings.

You registered without a referral id – what to do?

In this case, the system does not provide for the subsequent entry of the discount. Therefore, at the beginning of this section, we warned that you should not rush to register. Instead, you will need to open a new Binance account to receive preferential commissions. Therefore, do not repeat the mistake, and carefully follow the previously recommended steps.

How to get a 40% discount?

Note that (-40%) on commissions on Binance is the maximum. Moreover, the user receives 20% when using a referral id, and the remaining percentage is given to holders of the BNB token.

The phone number is already in use on Binance

Binance cryptocurrency exchange is the most popular in the world. Millions of traders trade cryptocurrencies on the platform. But, of course, sometimes mistakes happen. Therefore, let’s talk about what to do if you see an inscription on the screen: “phone number is already in use on Binance”.

When would such an inscription appear?

Questions about this message often come up, mainly in two cases:

• when setting up SMS authentication;
• when transferring a phone number from one Binance account to another.

The message “email address or phone number is already in use” can also come in other situations. But their meaning is one. The specified phone number is already registered on the exchange.

What to do in these cases?

When you registered by email and are trying to add a phone number, and it is already in use on Binance, you need to contact technical support exchanges. Next, in the Chat, explain the situation to the manager. Finally, you will be asked to prove the ownership of the number, which will correct the error.

If you are migrating an account, you first link the phone to the old version, then delete it, and only enter it on the new one.

How to change a phone number on Binance

To increase the withdrawal limits on the Binance exchange, users undergo verification by email and telephone. However, different situations happen in life, and sometimes it becomes necessary to change your phone number to Binance. We will tell you below how to do it correctly and not get the “phone number is already in use” error in Binance.

How to change the phone number through the site?

The exchange has an official website: www.binance.com, and a mobile application. The functionality in both versions is practically identical.

To change your phone number on the Binance website, you need to:

• Log in to your account;
• Go to the “Security” section;
• Find “Verification by phone number” and click “Change”;
• You will not be able to withdraw funds after changing your phone number on Binance and sale on P2P during the day (24 hours);
• Next, indicate your new phone number, and confirm it by SMS. Specify the code that came to the email and the current (old) number.

That’s all!

How to change the number in the application?

The algorithm of action from a mobile phone is similar.

To change your phone number on Binance, you need to:

• Be identified in the application;
• Through the Profile, go to “Security”;
• Select “SMS Authentication” and click “Change”.

Binance ID

After registration and verification, beginners have questions regarding the exchange’s functionality. For example, someone asks ‘how to buy cryptocurrency‘, and others are looking for ‘where to find binance id’. If you find the answer to the first question on the corresponding page of this article, then we will talk about the user ID below.

What is Binance id?

Contact the support service if you have any problems working with the site. Consultants ask for id first binance. So, this is a unique number (identifier) of a trader on the exchange. It consists of 9 digits.

Important! Do not confuse Binance ID with referral id binance and Pay id Binance. They are entirely different identifiers! We talk about them in the relevant articles.

Where to find Binance id?

View the user number on Binance on the official website and the application. Below are instructions for each case.

Official site

Action algorithm:

• Go to www.binance.com, log in to your account;
• Hover over the user icon at the top right – “Toolbar”;
• In this section, you will find the user ID on Binance.

Here you can also see the name, last login time, IP address of the transition, account level, link to social networks, and apply for a sub-account.

Application

The mobile version is even more accessible. To know the Binance id from the phone, you need:

• Log in to the program;
• Click on the person icon at the top left;
• View identifier.

Issues Through Binance Support    

Any user of various services may have problems or questions that cannot solve on their own. And to do this, you need to contact the support service, hoping for help. So how does Binance support work?

In cases where we cannot solve the problems that have arisen using the Binance services, we start looking for a solution using the exchange’s online Chat. An AI-bot hurries to help us, to which we describe the problem and wait for an answer.

In addition to the AI-bot, we can use the answers in the “Frequently Asked Questions” section on the official Binance website. If these methods do not help to solve the problem, you should contact the support service using the online Chat of the crypto exchange Binance.

How to communicate competently with the support service to quickly resolve the issue:

• Log in to your Binance account and click “Support” (bottom right) and start a chat with support;

• You can log in through the application by going to the Profile and going to the Chat;

• You can independently search for the answer to your question in the “Frequently Asked Questions” section;

• Or ask your question in the Chat.

To help you, it is necessary to briefly and clearly state the essence of the problem, providing the relevant data: screenshots, error messages, etc. Then Binance support will be able to suggest how to resolve the issue.

After asking a question, you do not have to sit and wait for an answer, and Binance support staff will notify you when they are ready to chat. After receiving the notification, you have 24 hours to respond and save your position in the queue.

Unfortunately, support does not always respond in the language you have chosen to communicate with – the most commonly used in English. In this case, you can use an online translator.

If your question is not resolved, but the conversation status is marked as resolved, you can resubmit your question and go through the process again. Additionally, you can familiarize yourself with other very diverse products and tools of the Binance exchange in the reviews previously posted on our website – Binance Review and Binance futures Review.

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