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This beginners guide to binance exchange will cover everything you need to know about Binance exchange and how to open Binance account easily.
Binance is one of the fastest growing exchanges in the cryptocurrency market, being the 10th biggest crypto exchange in only 5 months. The surging popularity of Binance stems from multiple factors, from catering to multiple languages, having a clean user interface and most notably, an extremely high throughput (data processing speed). It is important to note that Binance is a crypto-only exchange, and does not cater to fiat deposits.
Why Should I Open a Binance Exchange Account?
Binance is growing at an astounding rate, and if this keeps up, it will be one of the biggest crypto exchanges based on trading volume. Additionally, many newly coins/tokens that just had an ICO would have a higher tendency to be listed on Binance compared to other big exchange. So if you’ve missed an ICO and wants to catch a hold of a particular coin, Binance would be the recommended choice of exchange due to its large trading volume, which would equate to better prices and a higher probability of your buy/sell orders being filled.
How To Open Binance Account?
Step 1: Go to Binance’s Website
Make sure you bookmark the page, as there have been many cases of phishing sites that mirror the actual site. As a precaution, you should also examine the URL and look for the “Secure” Certificate to authenticate that this is the original site.
Step 2: Complete the Sign-Up Process
Click on the “Register” tab in the top right-hand corner of the webpage and enter the necessary information. It’s good to have a long and arbitrary password to better secure your account. Verify yourself and click on “Register” to proceed and you’ll receive a confirmation email.
Step 3: Enable 2-Factor Authentication (2FA)
A pop-up should appear on the screen the first time you log-in, and immediately enable 2FA to increase your security.
You’re Done!
You can now start to deposit your cryptocurrency coins or tokens into your Binance account. You should also know Coins, Tokens & Altcoins: What’s the Difference? I recommend as a friend to contact me before proceed with the first deposit to ensure gains from day one!
How Do I Start Depositing to My Binance Account?
Step 1: Go to the “Deposit” Page
At your dashboard (or the first page you see when you log-in), click on the “Deposit/Withdrawals” button under the “Funds” tab on the top right-hand corner.
Step 2: Select the Coin You Want to Deposit
Search the coin that you want to deposit and press the “deposit” button. It is extremely important to only click the “deposit” button that is specific to the coin that you’re going to deposit. So if you’re depositing Bitcoin (BTC), make sure you click the “Deposit” button only for Bitcoin (BTC). This is because the address for each coin is different. You can just search for the coin in the search field to expedite the process.
Step 3: Transfer Your Coins to the Generated Address
The address you’ll be sending to will be generated in the field under “BTC Deposit Address” (assuming you’re depositing BTC). So if you’re transferring BTC from your wallet or from other exchanges to Binance, this will be the address you send your BTC at.
Step 4: View Your History
The history of your deposit will be shown in the “Funds” > “Deposits/Withdrawals” tab.
The deposit and withdrawals can take few second to hours all depends on the currency used and how busy the network is to process your transaction!