Binance is a cryptocurrency exchange that is always in the top 5 in terms of trading volume.
In terms of volume with adjustment on Coinmarketcap, Binance is currently ranked top with more than $ 1,2 billion traded daily on the exchange.
In particular, in the list of exchanges with the actual volume published by Bitwise, Binance is also a name appearing on that list!
Sounds interesting, right?
Therefore, today I will help you to learn more about Binance. As well as the advantages that have made Binance become one of such a popular platform!
Let's get started!
- 1 What is Binance?
- 2 Review Binance floor
- 3 Instructions for using Binance floor
- 4 Experience using other features on Binance
- 5 Frequently asked questions when trading coin on Binance
- 5.1 Should you trade on Binance?
- 5.2 Is Binance safe, reputable? Is Binance a scam?
- 5.3 What are the trading fees on Binance?
- 5.4 Has Binance been hacked yet?
- 5.5 What are the deposit / withdrawal fees on Binance?
- 5.6 Does Binance frequently have maintenance errors?
- 5.7 Which country's Binance floor?
- 5.8 What is Binance coin?
- 5.9 Do KYC need to withdraw money from Binance?
- 5.10 Does Binance support Vietnam?
- 5.11 What is the deposit and withdrawal limit on Binance?
- 5.12 Does Binance have apps on Android and iOS?
- 5.13 Which trading platforms does Binance support?
- 6 Summary
- 7 Le Thanh
What is Binance?
Binance is a cryptocurrency exchange established in July 07.
The name Binance is associated with the famous CEO Changpeng Zhao (aka CZ). He is a former manager of the Development Department at Blockchain.com, the co-founder and technical manager of the once famous exchange - OKCoin.
In early July 07, Binance conducted capital mobilization through forms ICO. Thanks to the CEO's huge profile, the Binance floor project quickly attracted the attention of the community.
Binance's ICO round of funding from July 01 to July 07, 21 earned $ 07 million and had more than 2017 account registrations in the early days.
At its inception, Binance was based in China. However, when the billion-nation nation tightened regulations on cryptocurrencies, Binance moved its offices to Hong Kong and Japan.
Unfortunately, Binance is still caught in legal troubles in Japan. Therefore, in March 03, Binance left Japan and moved to the island nation of Malta.
Review Binance floor
There are 466 trading pairs on Binance
This is an extremely huge number. Most of the altcoins you want to trade are on Binance.
Binance supports multiple languages
In particular, Vietnamese is one of the languages that was developed earliest.
Besides, Binance has a team and a Telegram channel dedicated to supporting Vietnamese. You can use the Binance platform easily without any language barrier.
Bonus program up to 40% commission
In fact, Binance is the pioneer floor to reward ref brothers. Thanks to that, you will have a rather large passive income if you invite more people to join the floor.
Without KYC, you were able to withdraw up to 2 BTC / day
Unlike other exchanges that require KYC to withdraw money (such as Poloniex, ...), you can use Binance for small transactions without providing too much personal information.
Binance has a vast cryptocurrency ecosystem
In addition, Binance has an official mobile wallet, Trust Wallet, with Binance Labs to invest and support projects.
And it is impossible not to mention platform Binance Launchpad open sale of tokens IEO leads the market.
Another advantage is due to the strong ecosystem. That is the utility of BNB. BNB is used in many Binance products, such as using BNB to reduce trading and floor fees IEO.
Binance has a User Asset Protection Fund (SAFU for short).
10% of transaction fees on the floor will be transferred to this fund to insure your property.
Binance currently has only spot trading and OTC trading
I know many of you guys have a need for trading margin, so you can't trade on Binance.
Because Binance is a popular exchange in the world, Binance is also a target of very high hacking attacks
In 2018, Binance had some unfortunate incidents. Specifically, in July, an anonymous coin traded for up to 7 BTC.
This case is predicted to be hacked or possibly by Binance itself.
Instructions for using Binance floor
Step 1: Register a trading account on Binance
First, you access the Binance website at the link: https://coin98.net/go/binance-bnb
This is the link that has been converted to Vietnamese language, making it easier for you to use.
You enter the following information: Email, password and ref referral code (if any).
Note: You must type directly, not copy-paste into the information box. Your password must be at least 8 characters long and have a capital letter.
Then, you Click "I agree ..." and click "Register."
You drag the slider from left to right to match.
Binance will send a confirmation email to you.
You just need to go to the email registered above, click on the link sent to confirm your account registration.
So you have successfully registered your Binance floor account.
With this account, you can withdraw 2 BTC / day.
However, I advise you to do it verify KYC in the next step to better account security, as well as raising the withdrawal limit of 100 BTC / day.
Step 2: Verify your identity KYC
From your account, you choose "Send verification document" as shown below.
Binance will give you 2 options:
- One is verified as an individual (Personal).
- The second is to verify that the organization (Corporate).
Here, I choose "Personal".
Then, you fill in the necessary information as below.
Note: You should write without accents.
- First Name: Your name.
- Middle Name: Your middle name.
- Last Name: Last name.
- Date of birth: Birth of a brother.
- Address: Your address.
- Postal code: Postal code where you live.
You enter 700000 if you are in Ho Chi Minh or 100000 if you are in Hanoi.
Brothers in other provinces can look up the postal code here: Look up postal codes of 63+ provinces and cities in Vietnam
- City: Please enter the name of the province where you live.
- Country / Region: You choose "Vietnam".
Then, you click "Begin Verification".
Next is the identity verification step, you click "Start" to begin.
You can verify by "Passport" or "Identity Card" (ID card).
Here, I choose ID card.
You should prepare 3 photos in advance, including:
- Photo in front of ID card
- Photo on the back of ID card
- And the portrait photo holds the paper that shows the month / day / year of KYC registration.
You choose "Upload file" to upload the images.
First, you choose "Choose file" to upload photos of the front of your ID card. Then, press "Confirm".
Next, you select "Choose file" to upload the image on the back of the ID card.
Then, you press "Confirm" to move to the next step.
You upload your self-portrait with a paper saying “Binance month / day / year” (The time when you conducted KYC). This photo must be in JPG or PNG format.
Then, you choose "Confirm".
Next, the exchange will ask you to download the Binance app to your phone for facial recognition.
After you install and log in the app successfully, you enter your account, select "Scan" as shown below.
Next, you picked up the phone to scan the QR code displayed on the Binance website.
Then, the Binance app on your phone will show the face recognition process.
You choose "Next" to continue.
You will have to customize your face to match the frame size on the Binance app.
The brothers then moved their faces left and right, nodded up and down and moved their mouths. The App will notify you when the movements are completed.
Finally, you return to the Binance interface on the web, click "I have completed ...".
So you have completed the KYC verification for the Binance floor account.
The support team will confirm the brothers' records within 1-3 days (and in fact they do quite quickly).
If denied, you will be required to follow the verification steps again.
You should pay attention, when taking portraits with the date / day / year paper KYC needs to be sharp and clear. If so, it will be easier for Binance to verify your information.
Step 3: Activate 2-step 2FA security
2FA 2 layer security is an indispensable element for the exchange accounts.
Therefore, I always advise you to activate 2FA.
With the newly registered account, Binance also now announced to call you for 2-layer security, through Google Authenticator or through a text message on the phone.
In my opinion, you should use 2-layer security with Google Authenticator, because you have the code through the app on your phone immediately.
For the form of SMS, sometimes you have to wait for a very long message. And in many cases of changing phone numbers, changing new phone numbers (like last year), you have to report again very time consuming.
To enable 2-step 2FA security, on your account page, select "Activate" for Google Authenticator as shown below.
You must download and install the Google Authenticator app on your phone.
If you do not know how to install and use Google Authenticator, please review the article below:
Maybe you are interested in: Complete guide to Google Authenticator
Then you choose "Next Step" to continue.
Then, you open the Google Authenticator app, scan the QR code displayed by Binance.
Special note: You must save the Key in case of backup when your phone is lost.
Then you choose "Next Step" to continue.
Binance also displayed a message asking you to save your 16-digit Key.
After saving the Key, you choose "Next Step" to continue.
Finally, you enter the password of the account, enter the code on the Google Authenticator app and click "Enable Google Authenticator".
So, you have successfully activated the 2-step 2FA security for your Binance platform account!
Step 4: Transfer money to Binance
From the website of the exchange, choose "Deposit" as shown below.
To send any coin, you enter the token code of that coin into the search box.
Here, for example with BTC. For the other fellow, do the same!
The next thing you need to do is load Bitcoin into the displayed wallet address.
Note: As the wallet address of which coin you just send that coin, don't send it to another coin!
Step 5: Buy and sell Bitcoin & Altcoin on Binance
To buy and sell Bitcoin and Altcoin on Binance, you select "Exchange" and "Basic" as shown below.
Part of "Advanced" trading platform has more details, not very friendly to newbie. So, I think you just need to select "Basic" and that's okay!
Then, you choose the trading pair you want to buy / sell in the left corner of the screen.
Binance's trading interface will appear with the information as below:
- The middle chart is a chart that helps you track how the coin's purchases and sales move up and down over time.
- The red bar on the left shows the sell orders.
- The blue bar below the red column shows the buy orders.
- The two Buy / Sell frames below are for you to place orders.
Binance gives you familiar commands like Limit, Market and Stop-Limit.
To buy / sell coins, you click the price and quantity and click Buy / Sell is done.
Step 6: Withdraw money from Binance
This withdrawal step is similar to top up Step 4.
From your account, you choose "Withdraw" as shown below.
Then, you enter the token code to withdraw money into the search box.
You enter the wallet address and the number of coins you want to withdraw.
Note: You should double-check your wallet address before clicking send to avoid mistakes!
Experience using other features on Binance
How to trade margin on Binance
As I said in the downside, Binance does not currently support trade margin.
You can choose margin trading platforms like BitMex, BitMax.
How to use the Stop-Limit function on Binance
The function of Stop-Limit is to take profits or cut losses or buy more coins without you having to sit in front of a computer screen.
And an extremely beneficial element of this feature is to help traders hide their buying / selling prices. Especially the sharks often use stop-limit to discharge price.
I would like to explain a little more about the Stop-Limit feature for those who do not know!
Stop-Limit is operated in principle IF ... THEN.
That is, if the floor price reaches the Stop level, the system will automatically create buy / sell orders at the Limit price with a certain amount of coins.
For example: I want to take profit of 100 BNB at 0.00072600 BTC but the current price is only at 0.00072399 BTC. I will create a Stop - Limit command as shown below.
When the BNB price reaches 0.00072500 BTC, the system automatically generates an order to sell 100 BNB for 0.00072600 BTC.
Buy orders can be done the same!
How to use API key on Binance?
For those who need to use tools to trade or manage portfolios, API Key is an item that you cannot ignore.
To activate API Key for your account, please access your account, click on "Activate" of API item as shown below.
Enter the API Key name in the box and select "Create new key".
You can enter a name you like, mainly to remember this API with the other API if you use many Binance-related apps.
Then, you enter the Google Authenticator code to authenticate.
Binance will send a confirmation email to create the new API for you.
You click on the link in the mail to proceed with authentication.
So you have created a new API Key already successful!
This API will have information like the image below. Remember to save the "Secret Key" for backup when needed!
Binance is the pioneer of commission bonus when it invites new users to the floor. Until now, the referral policy continues to be applied on Binance.
However, the commission level has been adjusted over time.
To get your ref link, you access the following link: https://www.binance.com/invite.html
Binance will give you a ref code and a ref link as shown below.
The code is to enter the invitation code when creating a new account. If your friend introduces direct access with the ref link, you do not need to enter the invitation code anymore.
Normally, you will receive 20% commission for each trade of the ref account.
If you keep up to 500 BNB in your account, you will receive 40% commission for each turn.
With this policy, the more people you invite and the more these people trade, the more passive income you receive.
How to troubleshoot when losing 2FA on Binance
When losing 2FA on Binance, you should first check that you have saved 16-digit Key when activating Google Authenticator.
If you have saved the Key, you just need to re-enter the 16 digits into the app. Google Authenticator will automatically generate new codes for you.
Binance will notify via email, asking you to confirm that you are creating a new 2FA.
After that, the exchange will ask you to open the Binance app on your phone to scan your face like the account verification step above. You just follow each step is okay.
You can read more instructions of Binance here.
In case of no Key, you quickly send a request to Binance support at this link: https://support.binance.com/hc/vi/requests/new
To classify the request to help Binance support faster, you choose the information as shown below.
You should describe the problem in the most detail possible, with email account registration, the latest trade and the largest balance. Binance will email you, supporting you to reset 2FA.
How to contact Binance support
Binance support is fast and efficient. You can submit a support request here: https://support.binance.com/hc/vi/requests/new
Or contact us on Binance's Telegram channel:
Frequently asked questions when trading coin on Binance
Should you trade on Binance?
In my opinion, you should trade on Binance.
For newcomers, Binance is easier to use than other exchanges.
Moreover, Binance supports Vietnamese well and has a large Vietnamese user community. The large community will help you solve your questions more quickly and easily.
Besides, Binance is always in the top 5 exchanges in terms of trading volume.
In terms of volume with adjustment on Coinmarketcap, Binance is currently ranked top with more than $ 1,2 billion traded daily on the exchange.
Brothers participating in the market for a long time can still choose Binance to liquidate coins.
According to my observations from the orders, you can freely buy and sell 2 - 50 BTC on Binance.
Is Binance safe, reputable? Is Binance a scam?
Compared to other exchanges, Binance has a relatively young age, only established in July 07.
But, Binance could quickly be ranked among the most popular exchanges thanks in part to its reputation.
Moreover, Binance deducted 10% of trading fees on the exchange to keep in SAFU Fund.
This is insurance money, in case you lose your property on the floor. So, you can be assured of safety on Binance!
I often advise you not to store all your coins on an exchange.
Therefore, to be sure, you should only keep enough coins to trade on Binance. Left you should withdraw to your wallet to keep it safe!
What are the trading fees on Binance?
Binance is currently applying a Maker-Taker model transaction fee for 30 days.
With regular accounts, brothers trading less than 100 BTC (in 30 days), the purchase and sale fee on Binance is 0.1%.
If you trade over 100 BTC (30 days), or hold 50 BNB onwards, the Maker orders you only have to pay 0.09% of the fee, the Taker order pays 0.1%.
The more quantity transactions or (or at the same time) keep the BNB in the account, the more discount you will receive.
You see more Binance transaction fee structure here: https://www.binance.com/en/fee/schedule
In particular, Binance encourages you to use BNB to reduce transaction fees.
You will receive an additional 25% discount if you turn on the green option as shown below.
Has Binance been hacked yet?
In essence, Binance has not been directly hacked, but the floor has experienced an issue from the API portal.
Specifically, in early July 07, users discovered 2018 SYS coin being traded for 1 BTC on Binance.
Through the work process, the team of the floor discovered the error coming from the API port.
Hackers have adopted APIs linked to insecure third-party applications to attack Binance.
Binance then announced system-wide maintenance to reset the API port. Since then, Binance has not experienced any similar incidents.
Through this incident, I think that if you are not urgent, you should not use the API. Or, if you need to, you can only use highly reliable services.
Update: May 08, 05.
On May 08, 05, Binance issued a notice that 2019 BTC (approximately $ 7.000) on Binance were stolen by hackers. The reason given by Binance is that Hacker attacked via user API.
Specifically API and Google Authenticator 2FA of users on the floor. Binance will use the #SAFU fund to pay for the hacked users this time. Binance temporarily closed the API to investigate and fix security holes.
Thus, this is the second time Binance has been hacked through API port, no one is sure that this will happen for the third time. If you use API, you should only grant API permission to trade and check account information accounts, should not grant withdrawal permissions, top up via the API.
What are the deposit / withdrawal fees on Binance?
Like many other cryptocurrency exchanges, the fee for depositing coins on Binance is free. And, the withdrawal fee will depend on each coin.You refer to the fee schedule to withdraw here: https://www.binance.com/en/fee/schedule
Does Binance frequently have maintenance errors?
The last time Binance maintenance was on March 12, 03, it lasted 2019 hours. During this time, you will not be able to deposit, withdraw or trade coins on the floor.
Maintenance activities like this are indispensable for the exchanges. Binance, too! They often maintain to upgrade the system, maintain operations.
Normally, before performing maintenance, Binance will notify users through the official channels.
Follow the Binance media channels to be proactive in front of important events!
Which country's Binance floor?
As I mentioned at the beginning of this article, the first Binance exchange was established in China. The CEO of CZ and the team members in the early days were mostly of Chinese descent.
Later, because the Beijing government tightened regulations on cryptocurrencies, Binance exchange moved to Hong Kong and Japan.
However, Binance is still in legal trouble in Japan, because the Japanese government wants to protect domestic floors more.
Therefore, Binance moved its office and registered its legal status in the European island nation of Malta.
Besides, Binance has offices in many countries such as Singapore, England, Hong Kong, ...
Since expanding to the international market, Binance's staff is also much more diverse.
At least Binance owns a customer support team in each specific country where the exchange operates.
For example, despite having no office in Vietnam, Binance still has a group of Vietnamese employees to support, communicate and organize events in their country.
Most recently, Binance posted a job posting for Russian employees.
What is Binance coin?
On July 01, 07, the Binance exchange sold Binance Coin (code BNB) to raise capital through the form of ICO.
BNB is an ERC-20 token, built on the Ethereum Blockchain.
- ICO price: 1 BNB = 0,1 USD
- Highest price: 1 BNB = 25,42 USD
- The highest ROI: 25.320%
- The total supply of BNB is: 189.175.490 BNB
- Number of currently circulating BNB is: 141.175.490 BNB
In particular, Binance has a policy of burning (burn) coins quarterly to reduce the total supply, thereby pushing up BNB prices.
Along with the launch of Binance Chain Mainnet, BNB from ERC-20 standard token on the platform Ethereum has been transferred to Binance Chain with the standard BEP2.
With the BNB ERC20 coins, you can still load into the ETH wallet to automatically switch to the new token.
Binance Coin (BNB) is very "land-building" in the cryptocurrency ecosystem of Binance.
You can use BNB to reduce transaction fees, use BNB to buy IEO on Binance Lauchpad.
It is not just the Binance ecosystem that uses BNB. You can use Binance Coin with other services:
- You can use BNB to pay for restaurants and hotels when traveling through TravelbyBit.
- You can use BNB to shop in the XPOS game store, via PundiX.
- If you have a store business, you can accept payments with BNB through Coinify.
And there are many other cases of using BNB, you can see more here: https://www.binance.com/en/use-bnb
So, where can you buy and sell BNB?
Not only on Binance, BNB is also listed on the exchange Don't finish, Gate.io, HitBTC ... With many such exchanges, liquidity of BNB is also understandable.
Do KYC need to withdraw money from Binance?
With Binance, you don't need KYC to withdraw 2 BTC / day.
This is an ideal policy for those who are trying with exchange, or trading in small quantities.
However, I always recommend you do KYC and 2FA security to better protect the account.
One thing you should note, when buying IEO on Binance Launchpad, you are required to KYC lv2.
Does Binance support Vietnam?
Binance currently supports 15 languages. And Vietnamese is one of the earliest supported languages.
Perhaps the floor also statistics a large force of trader brothers in our country to give priority to Vietnamese.
Besides, Binance now has a support team on Vietnamese Telegram channel, so you have any questions that can be answered easily.
The Vietnamese Binance team also organizes many meetups and seminars in both Saigon and Hanoi for brothers to come to meet face-to-face, improve their knowledge of Binance and the cryptocurrency sector.
What is the deposit and withdrawal limit on Binance?
With non-KYC accounts (rated lv1), you can withdraw up to 2 BTC per day.
With KYC (lv2) accounts, the maximum number of brothers you can withdraw daily is up to 100 BTC.
For organizations (such as businesses, corporations), the limit may be higher if the organization provides more information at the request of the exchange.
Does Binance have apps on Android and iOS?
On December 09, 12, Binance released a mobile app for iOS and Android platforms.
You can download the app to your phone using the link below.
Particularly with the iOS app, you need to install Setting slightly different from other apps.
Brothers see more articles Binance: Guide to register and trade on Binance
Which trading platforms does Binance support?
Spot trading is Binance's most prominent trading market. In addition, Binance allows OTC trading to help you buy and sell coins in bulk.
You can trade OTC Binance via email: [Email protected]
This service helps you buy coins in bulk, trade secretly because other people cannot see your orders, and do not need to use multiple wallet addresses.
The requirement for OTC trading is that your Binance account must have at least 20 BTC and KYC from lv2 and above.
Binance exchange is a name that is too familiar to brothers in the cryptocurrency market.
For the Vietnamese community, almost every brother owns a Binance account, right? That is enough to see how attractive this floor is!
Binance can quickly become popular in the community because it is a pioneer in activities: issuing the first exchange coin, issuing the first ref bonus policy, or leading the IEO sale.
Besides, the Binance interface is quite user friendly, as well as full Vietnamese support. Therefore, for newcomers to the market, I encourage you to try Binance first.
In particular, you should hold some BNB in the account to receive incentives, at least to reduce 25% of transaction fees.
I hope this article can help newbies learn about the Binance exchange in the easiest way to understand, as well as longtime brothers understand some of the new features of the floor.
If you have any questions about Binance, leave a comment at the end of the article!
The Coin98 team and I are always happy to answer questions for you as soon as possible.
Another way, if you have any questions about the market, or have any interesting ideas, please join us. Coin98 Finance Let the brothers in the community share and discuss!
I always hope our brothers build a strong community together, grow together, okay?
Goodbye and see you again in the next article!