How to Use Binance

Mobile phone and Binance logo on dollars

​Image source: flickr

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Binance is one of the most powerful cryptocurrency exchanges in the world. Since its founding in 2017, it has remained influential and popular for a wide variety of reasons, including low fees and very high speeds for exchanges.

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Whether you want to learn how to use Binance simply to manage the trading of other supported cryptocurrencies or you want to use Binance's own digital currency, binance (BNB), understanding the basics of this platform will be essential to your success.

We will go into detail about why those things matter and how to use Binance for your specific cryptocurrency investing and trading needs in this tutorial.

An Introduction to Binance

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As we mentioned above, the term Binance may be used to refer to a cryptocurrency, Binance Coin or BNB, or the platform on which more than 140 digital currencies are currently traded. The key is to look at the capitalization. Technically, “binance” usually refers to the currency and “Binance” refers to the platform.

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However, many investors use the two interchangeably. In most cases, they will be referring to the Binance exchange when using the word alone. If they mean the digital currency, they are more likely to employ the Binance Coin abbreviation, BNB.

Readers should note that while these conventional methods for distinguishing between BNB and the exchange itself are practical, Binance itself capitalizes both Binance and Binance Coin, which is why we do so here as well.

Cryptocurrencies Supported By Binance

Binance logo on a computer screen with a magnifying glass

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Binance supports 143 different tokens and coins. However, not all cryptocurrencies may be traded for one another. For example, Ethereum has 140 different trading pairs on Binance because three of the currencies may not be exchanged for Ethereum on that platform.

Popular Digital Currencies Binance Supports

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Trading Pair Options on Binance

How to Use Binance

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Once you know how to use Binance, it is time to set up your account and take action. Setting up a Binance account is relatively straightforward. You simply create your account by providing an email address and password, then verifying your information and agreeing to Binance's terms of use. You cannot learn how to use Binance if you do not agree to the terms of use, so make sure you are okay with this “fine print.”

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Binance will verify your email and then send you instructions on setting up a security process called 2FA, or two-factor authentication. This essentially creates a second password that the platform sends to your mobile phone or other mobile device when you log in.

It provides an extra layer of security, which is very important with cryptocurrency trading since there is little or no recourse if your cryptocurrency wallet is hacked and your digital coins stolen.

Funding Your Account

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Trading In Binance

Traders can combine these strategies or only focus on a single method. It will soon become clear to you why it is so important for the Binance platform to operate so quickly. When you are trading cryptocurrency, value can easily rise or fall across a benchmark in a matter of seconds. If those seconds pass while you are delayed trying to trade, you could end up losing money instead of making it!

Binance Offers Traders Huge Advantages

One thing you will discover as you learn how to use Binance is that the platform offers low trading fees and reduced transactional fees. Cryptocurrency platforms make their money through fees. They may charge for using the platform to make a trade or charge a part of the total volume of your trade in fees for making it.

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On Binance, cryptocurrency trading fees are about a quarter of what they are elsewhere, and users can reduce those fees by half by paying their account fees in BNB.

By the time you have paid your fees in BNB, you could pay five times less than what other popular exchanges charge, so learning how to use Binance may already have paid off.

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