Binance Exchange: Review of Trading Conditions and Opportunities

The Binance exchange is a promising platform for trading cryptocurrency. The platform has started to gain popularity in the blockchain community thanks to its impressive trading tool offerings and insanely low fees. Despite the fact that the project was launched only a few months ago through an ICO, the service has already demonstrated itself as a good alternative to Bittrex. Our article today is devoted to a complete overview of the exchange, from replenishing funds in rubles, to analyzing the transactions carried out and the profit received.

Brief description and main features of the exchange

General information about Binance

This fact may surprise you, but Binance is a young platform. The domain was registered in the first half of 2022, topped by the Changpeng Zhao . Binance received a strong boost to growth at the end of the summer of 2022, immediately after it became known that Yi He (founder of OKcoin ) would work on the team. During that period, the value of Binance coin , the exchange's internal token, increased by approximately 40%. This finally dispelled doubts about the reliability of the trading platform.

Statistics speak best about the state of affairs today :

• By volume In daily trading, the exchange confidently ranks 1-2. You can track the rating yourself at coinmarketcap;
  Read also:  Should you buy Bitcoin now or not: arguments for and against
• Throughput – up to 1.4 million orders per second . This means that during trading, your orders will be executed without delay due to the slow exchange interface;
• There is a good mobile application ;
• Several dozen cryptocurrencies are supported. New coins are constantly being added. If you are just starting to work with electronic money, read what types of cryptocurrencies there are. In addition to the popular Bitcoin and Ethereum, there are hundreds of altcoins, and from an investor’s point of view, many of them are much more attractive than the popular coins.

There is also support for the Russian language . True, there are differences between the English and Russian versions of the site. In particular, the English section of the FAQ is much richer; it contains more articles with instructions in different areas. I note that there are often rough edges in translation. It seems that they used Google translate and then the result was not corrected.

But the location of the key elements for trading does not change, so I would not put the language factor in first place. The interface here is intuitive , so you won’t get confused even if you want to. I tried both versions at work and didn’t notice much of a difference.

Registration on the Binance exchange

To register on the exchange, you need to go to Binance and fill out the standard registration information:

carefully assemble the puzzle (protection from robots)

verify your email and follow further instructions

By clicking on the Verify Email button, the system will notify you that your account has been activated and ask you to log in.

As soon as you complete registration, we strongly recommend that you set up two-factor authentication (2FA) using Google Auth.

The exchange supports several languages, including Russian, but we recommend that you use the English interface.

How to withdraw money from your balance

The Binance exchange is ideal as a cryptocurrency wallet, which means that you can safely store money in Binance on your personal financial account. Deposit management on Binance is carried out on a separate page that contains information on the balance and its contents; you can get to the page by clicking on the user icon in the header (top part) of the site, and in the drop-down window on “balance”. Everything is shown in detail in the screenshot below.

Binance Wallet Management

It is not necessary to send Bitcoin, Ethereum or another specific cryptocurrency to Binance; you can top up your balance with any cryptocurrency available on the page.

Opposite each name of virtual currency you can see three buttons

• Deposit - Depositing money into your Binance balance
• Withdrawal - Withdrawal of cryptocurrency from Binance balance to any other wallet
• Trades - Pages containing functionality for trading (buying/selling an asset)

Balance management

Attention. Always keep track of the asset you are sending, the wallet to which the cryptocurrency is received must support the encryption protocol for this type of cryptocurrency.

How to fund Binance wallet

When you fund your account on Binance for the first time, the platform generates a special unique wallet with its own id. You can get it on the transfers page (Button “Deposit”).

Topping up your Binance wallet

By going to the Deposit section, in Russian - Deposit, we will find ourselves in the Binance account management section. Here we can:

• Select Network - select the storage network for our cryptocurrency
• Memo BNB is a special identifier to identify your payment as the sender. Required when making some payments

Binance Balance Management Page
The page is not particularly noteworthy. On the left side we see the name of the asset, balance, number of tokens in orders, available balance. Just below we are provided with a TAG - payment identifier, it is useful for sending funds from another source. Well, according to the standard, the address of your original wallet (in our case, ripple XRP).

Funds are credited to Binance after one confirmation, after which it will appear in history, and its further fate can be tracked there.

How to buy Bitcoin from a card on Binance

After a recent update, Binance now has the ability to purchase cryptocurrency using a card. As you guessed, you can do this by clicking on the Buy Now button in the window with the Master Card and VISA logos.

Withdrawal of cryptocurrency from Binance to card

How to withdraw money to Binance

Withdrawing funds (money) from Binance to a card or even in rubles is also not a difficult task. To do this, you will need an exchanger; the current one can be found at Bestchange.ru. You can choose any one with a positive reputation and be confident of a successful translation.

Withdrawal through exchangers is very simple: you send cryptocurrency to the exchanger’s crypto wallet, after confirming the transaction, and inside the blockchain, it sends it back to you in the currency you need, to the details you specified.

Withdrawal from the exchange is carried out through the “Withdraw” button, which is located in the table of assets contained on the balance sheet and will take us to the page for managing the withdrawal of any cryptocurrency, but the default will be the currency that we selected in the last window.

TRON cryptocurrency withdrawal example

Depending on the currency, the information on this page may vary. But, in general, everything is the same here. The main and common fields are the address and withdrawal amount. The exchange will also notify you of the amount of cryptocurrency that you will receive in your wallet after the transfer, taking into account the commission.

You should be careful when exchanging cryptocurrency through exchangers; often users do not take into account the commission that falls on their shoulders and transfer an amount less than the required amount

Verification on the Binance exchange

The daily limit on withdrawals depends on the level of verification. After registration, the first level is assigned automatically. It allows daily withdrawals of funds equivalent to 2 BTC.

To obtain the second level, you will need to activate two-factor authentication SMS Auth or Google Authenticator. Currently, for SMS Auth, the exchange supports not only Chinese numbers, but also Russian ones.

After installing 2FA, you must provide the following information:

• Name;
• surname;
• floor;
• a country;
• passport ID;
• scan of passport with photo page;
• your photo with your passport in hand.

This will increase the daily withdrawal of funds to 100 BTC.

Fees for deposits and withdrawals

On the exchange, it is possible to replenish your account through Visa and MasterCard cards in rubles or dollars (we will consider this method in more detail later). In addition to replenishing your account with bank cards, you can deposit funds with any cryptocurrency, and there is no commission for depositing funds.

Withdrawals from Binance are also possible in fiat money or cryptocurrencies. Limit - daily limit in accordance with the account verification level.

In addition to low commissions for transactions, the Binance exchange maintains quite affordable commissions for withdrawals. Below is a table of withdrawal fees (as of February 2022):

A complete list of 200+ tokens and commissions for them can be found on the website in the Fees section.

Commissions

Binance fees are among the lowest in the industry:

• The exchange does not charge a penny for replenishing your account.;
• For any trading operations with crypto, the commission is fixed at 0,1%;
• Withdrawal fees vary depending on the type of cryptocurrency. The administration reviews the commission regularly.

Relatively recently, the exchange launched its own token and continues to actively popularize it. You can get a discount of up to 50% if you use BNB to pay the commission. Using BNB to pay for fees switch must be active in your personal account .

As for how to use BNB tokens, you just need to buy them and keep them in your account. If the switch responsible for paying the commission in BNB is active in your personal account, the required number of coins will be automatically debited. Please note that the amount of the discount depends on how long you use this offer; starting from year 5 there is no discount.

There are currently no restrictions on the minimum deposit amount. Previously, when you clicked on the Deposit , the required minimum was indicated in the deposit window. Now this is not the case. But there are restrictions on withdrawal from the exchange. For example, for Bitcoin you are allowed to withdraw from 0.002 BTC, for Ethereum - from 0.02 ETH, Bitcoin Cash - from 0.002 BCC, Litecoin - from 0.02 LTC. For each crypt, the acceptable minimum is indicated in the output window.

How to top up your wallet on Binance

Before you start trading, you need to fund your account. To do this, you need to go to the exchange in the Deposits and Withdrawals section, located in the Wallet-Spot Wallet menu. Now you can select the cryptocurrency in which to top up your account, or go to the Fiat tab to top up in rubles or dollars.

When you top up with cryptocurrency, a public wallet will appear on the screen to which you should transfer funds. It is best to fund your account in Bitcoin or Ethereum, because these two coins form the majority of trading pairs on the exchange. This will provide greater flexibility when trading.

Questions and answers

The review is coming to an end. Before drawing a conclusion about the exchange, I will address some questions from readers .

Is it possible to somehow change the wallet address?

is impossible to do this . One address is issued for each cryptocurrency.

Please inquire about replenishment. Is there a minimum?

There is not a word about this in the Deposit there are no restrictions . Previously there was a limit on replenishment, but then it was removed.

Is it possible to trade non-whole units? Does not allow you to enter 3.3 coins in the window, only 3.0 is obtained.

This is the " rounding policy " from Binance. For inexpensive coins there is no way to work with fractional values, only integers. Whether such a restriction will ever be lifted or not is unknown.

The SMS with the code does not arrive on the phone . I wanted to enable 2-factor authentication and can't do it. What to do and what is the problem?

The problem is on the exchange side , sometimes it happens that people cannot receive SMS. It is best to use the two-factor authentication option from Google .

How can I top up my AION account if I haven’t registered anywhere yet and don’t have a wallet?

It’s easier to top up in Bitcoin or another popular crypt, and then transfer these coins to AION on the exchange .

Sometimes the terminal slows down and it is impossible to work. What's the matter?

The problem is not on your side . This happens during peak periods. The only recipe is to wait .

How to use Google's 2-factor authentication? The SMS does not arrive, and it seems to me that the security through the login and password is rather weak.

It’s very simple - download the code generator from Google the Play Market Then you will indicate the code received through it when logging into Binance.

Replenishing your wallet using rubles and dollars

There are many ways to replenish your wallet from rubles/dollars/other currencies - to Bitcoin/Ethereum/other cryptocurrencies. We will talk about the main three:

Through VISA/Mastercard cards on the exchange itself

1. Go to “Buy cryptocurrencies” on the main page of the site.

2. In the window that opens, select “Buy”, “Sell” or Convert. Let's look at an example with a purchase. Enter the amount you intend to allocate for the purchase - at least 1,000 rubles. Then specify the desired cryptocurrency: owners of ruble cards and VISA cards with support for most other fiat currencies have access to BTC, ETH, XRP, BNB. An extended list is available to dollar card holders.

3. After entering the required data, click “Next” in the window.
4. Select a Payment Method. For owners of ruble VISA cards, direct purchase of cryptocurrency is available. Click Add a new card.

5. In the pop-up window, enter your card details and click Add a new card again.

During the card verification, a small amount may be debited from it, which will be returned to the user.

Direct purchases via VISA are only available to verified Binance users.

Through the AdvCash payment system

1. We top up the Advanced Cash wallet (with any fiat: RUB/USD/EUR).
2. Go to the “Transfer of Funds” section, “Email” tab. currency."

3. Select a cryptocurrency, for example, Ethereum, from the “Recipient’s electronic currency” drop-down list.
4. Copy the Ethereum wallet address from Binance.

5. We insert the address into the “ETHEREUM ADDRESS” field in AdvCash.

Once the transfer is complete, ETH tokens will appear in your wallet in the Balances section.

Through electronic exchangers

There are several exchange aggregators, such as BestChange and OKchanger. Let's talk about buying ETH using BestChange as an example:

1. We go to the aggregator’s website, click “List”, select from the list the source of money (this could be, for example, a Tinkoff, Alfa or other bank card) and the currency that we want to purchase - in our case it is Ethereum. Click the “Find the best rate” button.

2. We sort the list by review and select an acceptable course. Next, the system will transfer you to the exchanger’s website, where payment will be completed.

Read more about this aggregator in our article:

Review of the BestChange service for monitoring exchange offices

Now let’s compare the mentioned methods and see which one is the most profitable. The condition of the purchase will be the purchase of 1 ETH at the lowest price.

So, it turns out that the best purchase will be made through an exchanger (depending on which one you choose).

Registration and login

There are several reasons why you should register on the Binance website as quickly as possible. Logging into your personal account will allow you to use all connected services and opportunities, buy and sell cryptocurrency, as well as conduct other financial and trading transactions without restrictions.

Registration

Entrance

To create a user profile for the Binance exchange, you must follow the following sequence of actions:

1. Click in the upper right corner of the site.

2. Following the instructions of the system, fill in all empty fields, indicating the email address and password for your own account. It is important to note that the password must contain at least 8 characters, including one capital letter and one number. If you learned about the exchange from a friend, do not forget to provide a link to the referral system (optional).

3. After entering all the data, you need to go through verification on Binance. In the application, this is done by dragging the missing element in the puzzle to the right place. When verifying through the site, you will receive a corresponding form from Binance.
4. You can enter your personal account only after confirming your registration via email. The system will send an email there with a confirmation link. After making sure that all data is entered correctly, you can activate your profile.
5. The cryptocurrency exchange security service strongly recommends enabling 2-factor authentication after the first login by connecting SMS confirmations or the Google Authentificator tool.
6. Before you start trading, you need to verify your identity and link your mobile phone. The procedure is quite simple and can be done by every user. After this, you will be able to withdraw money from Binance.

Unverified users are allowed to replenish the Binance exchange without commission only in the amount of up to 11,000 rubles in fiat currency. They are also unable to access Binance Launchpad campaigns.

Review of products and services

In the list of products and services of the Binance exchange you can find the following items:

1. Binance Academy. A specialized educational platform with free access to training materials on working with cryptocurrencies and blockchain.
2. Binance card in Russia (Visa). A branded cryptocurrency card for conducting monetary transactions, just like using any other bank card. In this case, cryptocurrency will be used as currency.
3. Binance Chain and Binance Smart Chain. Progressive blockchains that are community-driven and have distributed applications, including items from decentralized finance.
4. Binance Charity. A charitable organization with a non-profit orientation.
5. Binance crypto lending. Service for providing secured loans in the cryptocurrency sector.
6. Binance DEX. Decentralized service on the company’s personal blockchain.
7. Binance P2P. Peer-to-peer trading of cryptocurrency symbols. With its help, you can buy bitcoins from other users using fiat funds (cash, electronic wallets, bank cards, etc.).
8. Binance Staking. A staking service that allows you to receive over 20% additional profit through rewards from the cryptocurrency infrastructure.

Most of the services were designed and launched by the platform itself. At the same time, the exchange does not refuse to purchase successful projects from other developers. For comparison, it thus had at its disposal the large Indian exchange WazirX, the DappReview platform and the Coinmartetcap portal.

Reliability and safety of the site

As the largest cryptocurrency exchange, Binance values ​​the trust of its customers and makes huge investments in security. The company uses advanced risk tracking algorithms using artificial intelligence functions, and also resorts to specialized data and transaction analysis tools. This minimizes the occurrence of unwanted activity from intruders or criminals.

Due to enhanced protection, the exchange manages to resist hacker attacks. In May 2022, over 7,000 bitcoins with a total value of over $40 million were withdrawn from Binance wallets. The criminals used phishing technology and hacking 2-factor authentication. After this, the exchange further strengthened its defense systems, so repeated attacks were no longer observed.

The company compensated clients' losses using the assets of the SAFU fund, registered in July 2022 for such incidents. It consists of 10% of all exchange revenues collected through commission fees. The fund still operates today, although it is not often used.

In terms of reliability and security, Binance is considered the highest quality service in the cryptocurrency industry. The organization does not share all the nuances of ensuring the protection of confidential data, so as not to make the task easier for hackers.

Most savings are in cold wallets, which are almost impossible to access. Even in the event of unforeseen circumstances such as a platform hack, all expenses will be compensated by insurance funds from the SAFU fund.

How to trade on Binance exchange

As soon as the funds are credited, you can start trading. To do this, you need to go back to the control panel by clicking "Basic" / "Advanced" on the "Exchange" tab in the top left corner.

Binance has two trading platform options: Basic and Advanced. They differ in the presence of tools for technical analysis in an advanced version. For most traders with little experience, especially for beginners, the first type of platform is suitable.

At first glance, even the main mode of the platform looks quite complex and not entirely clear when compared with Exmo. This shows that Binance was not created for ordinary investors and newcomers to the world of cryptocurrencies.

Basic mode

If we look a little further, we will see that the basic mode trading interface is divided into 5 parts:

Selecting a currency pair – allows you to find a currency that is traded in a pair of the four main currencies of the exchange: bitcoin (BTC), ethereum (ETH), binance coin (BNB) and tether (USDT).

The order book is the place where orders to buy (ask) and orders to sell (bid) “meet”, which users set in the panel of orders to buy and sell.

Panel of orders for purchase and sale - allows you to place an order at a set price (Limit), at the market price (Market), and also set a pending order for the currency to reach a certain price (Stop-limit).

The chart includes Japanese candlesticks, from minute to weekly, as well as a chart of trading volume and the MACD indicator (technical analysis).

Trading history – reflects completed transactions for a given currency pair.

As you can see, everything is extremely simple and clear. Let's now look at the Advanced mode.

Advanced Mode

The composition of the presentation is practically no different from basic. All elements are the same, with the exception that in the advanced mode there are more tools for technical analysis on the chart under the INDICATOR button. The black background and extended panel make trading more focused and rich.

Only limit, market and stop-limit orders are available on Binance. At the same time, no more than two stop-limit orders are allowed for each trading pair at any time.

Margin trading and futures

Futures trading is available on the exchange. You can access them through the main page of Binance.com in the “Transaction” section or the Wallet section - Futures Wallet. Next, you need to open a futures account by clicking on the “Open Now” button (if you enter Futures Referral Code 37825180 , you will receive a -10% discount on the commission).

As of early February 2022, 17 trading pairs against USDT are available on the Binance Futures platform, the list is gradually expanding. Both major cryptocurrencies are represented, including BTC, ETH and LTC, as well as lesser-known ones, for example, LINK.

The maximum leverage, or leverage, is x125, but for most pairs the limit is x75.

Margin trading is carried out against BNB, BTC, altcoins, stablecoins and several fiat currencies, including the Russian ruble. Daily trade volumes are about $500 million.

The number of pairs for margin trading is 63, both large altcoins and coins with small volumes are available:

The maximum leverage is x5 and applies to all margin pairs.

Available cryptocurrencies

Binance offers a huge selection of coins that are traded in pairs with Bitcoin, Ethereum, Binance Coin and Tether.

Below are some of the cryptocurrencies available on Binance:

• Bitcoin;
• Binance Coin;
• EOS;
• Ethereum;
• Celer Network;
• Cardano;
• fetch;
• XRP;
• Litecoin;
• Bitcoin Cash;
• IOST;
• BitTorrent;
• TRON;
• Stellar;
• Ontology;
• TrueUSD;
• NEO;
• Paxos Standard Token;
• ICON;
• NULS;
• and more than 200 coins.

Many investors like Binance because it offers coins for trading that are often ignored by other trading services, including Bitcoin Gold, Walton Coin and IOTA.

Conclusion

If you want to receive cryptocurrency from someone, you need to send them your wallet address.

However, you need to make sure that you are using the correct wallet address.

If you give someone the wrong wallet address, your deposit will be lost.

Therefore, before a person sends cryptocurrency to your wallet address, you must first ask them to make a test deposit .

For example, instead of sending 0.01 Bitcoin, ask them to send you 0.0001 Bitcoin as a test.

If the Bitcoin was successfully deposited into your wallet, then you can ask them to send you the rest.

This way you can mitigate a failed deposit.

Accounting and analytics of transactions in CoinTracking

Binance is one of the exchanges that is supported by the CoinTracking service. CoinTracking analyzes your transactions and calculates profit/loss for each currency. Data can be downloaded from the report on deposits, withdrawals and transactions in the Deposits History, Withdrawals History, Trade History sections of the exchange.

After downloading data from the Binance exchange, upload it to the Binance Import section in CoinTracking.

Now, in the Unrealized Profit/Loss section, you can track the effectiveness of the decisions you have made.

The main convenience of the service is the ability to track the status of your portfolio on a mobile device. The application is available on Google Play and the App Store.

The paid capabilities of the CoinTracking service allow you to pull up transaction data automatically via the API.

Trust level

Binance is one of the newest exchanges in the industry. The company raised about $15 million during its ICO in July 2022. In the first days after the launch, the number of registered users reached more than 20,000 people.

Its CEO, Changpeng Zhao, has an impressive resume with years of experience in the cryptocurrency technology space. He led Blockchain development and was the co-founder and CTO of OKCoin and the founder and CEO of BijieTech before joining Binance.

Allegations are unsubstantiated

The Russian crypto community was skeptical about the NCPCP’s letter. The appeal does not contain supporting documents or research results, notes Efim Kazantsev, a member of the Commission on Legal Support of the Digital Economy of the Moscow Branch of the Russian Bar Association. It is also unclear where the head of the NCPPP got information about Changpeng Zhao’s personal influence on the cryptocurrency rate, he added.

“No supporting documents were attached to the letter of the National Union for the Protection of Consumer Rights sent to the Chairman of the Central Bank of the Russian Federation, and therefore the arguments set out in the letter look somewhat unfounded,” the lawyer noted.

In addition, the letter appeals to the Central Bank as the regulator of non-credit financial organizations, but there are no cryptocurrency exchanges on the closed list of such organizations, Kazantsev added. “I don’t think that Binance will be banned in this situation. In my subjective opinion, there are no legal grounds for this,” he noted.

Support

There is no separate customer support section on the Binance website, unlike other similar services. There is a short list of frequently asked questions, among which it is not always possible to find the information you need.

Since the site was originally written in Chinese and then translated into English, there are grammatical errors (especially in the support section). This can be explained by the fact that the exchange is still very young, but from the first days it strives to provide support for the service in several languages ​​at once.

You can communicate with the support team through an online form and receive an answer to your question by email. The official Binance page on Reddit states that user questions are answered by company employees who are well aware of the features of the service system, and not by people hired from outside.