4 Ways to use Binance Digital Coin in 2020
As the concept of cryptocurrency has grown, more and more exchanges are getting introduced for selling, trading, and buying of different cryptocurrencies, which are available in the market.
Currently, Binance is one of the pioneers for the digital exchange of large currencies; it has also become very popular among the cryptocurrency traders. BNB Digital Coin rose to prominence in less than one year and has also achieved the ‘unicorn’ status by getting its worth more than $1 million in the cryptocurrency market. But despite its reputation, the usage of Binance Coin is very complex for the users, who lack conventional trading or in investment history.
Binance since then had a very successful start, and it also introduced its coin, popularly known as, Binance Coin (BNB) in the year of 2017. Since then, Binance has become the largest exchange for the trading of alt-coins.
· Low Fees: Binance fees are considered to be the lowest of all the other fees in the industry. Users are charged 0.1% on each trade, i.e., 1 ETH, would be charged 0.001 ETH. The rule goes like this, withdrawals cost money, with deposits being free.
· Security: The Binance platform ensures proper security for the customers. Customers are always asked to set up two-factor authentication (2FA) before signing up. The website also makes use of the Cryptocurrency Security Standard (CCSS), which is considered as an industry-standard to deal with major exchanges.
· High Volume Trading: This is an important factor for Binance to ensure a better chance of selling the cryptocurrency immediately, as well as buy and conduct trade in different cryptocurrencies.
· Open the Binance homepage and then press "Register".
· Enter your email address and password.
· Finally, confirm your email address.
Your Binance account is now all set!
Set up the two-factor authentication by using your mobile number.
· Open Funds and then click on the Deposit option.
· Click on the Select Deposits Coin and type or enter the code of the desired currency, through which you want to make a deposit.
· Then, you will be provided with your deposit address.
· The next step is the copying of your deposit address.
· Now go to your cryptocurrency wallet option and transfer the number of Bitcoins that you want to send to your Binance account.
· Once you finish sending the Bitcoins, then check them on the Funds option and click on ‘My Balances’.
Finally, your available balances option will show the updated results.
· Click on the Exchange menu and then on the Basic option.
· On the right side of the page, search for the Favorites option and select the cryptocurrency that you had deposited into your Binance account.
· Then enter the currency code for the cryptocurrency that you are looking for.
· Once you choose the currency pairing, the trading screen would get displayed before you.
· Some graphs will appear, which would contain the market information on your chosen currency pairing. Scroll down and click on the Green button, which states ‘Buy’, of the market option.
· To finish up the trade, enter the number of coins that you want to buy.
· Finally, click on the green BUY LTC of the market option.
· Click on the “Select Withdrawal Coin” option and enter the cryptocurrency that you want to withdraw.
· Then, enter the wallet address to which you want to send your coins.
· Finally, enter the number of coins that you would like to withdraw, and click on the orange button to Submit.
Currently, Binance is one of the pioneers for the digital exchange of large currencies; it has also become very popular among the cryptocurrency traders. BNB Digital Coin rose to prominence in less than one year and has also achieved the ‘unicorn’ status by getting its worth more than $1 million in the cryptocurrency market. But despite its reputation, the usage of Binance Coin is very complex for the users, who lack conventional trading or in investment history.
Understanding Binance Coin Exchange
Binance Coin Exchange hosts cryptocurrency trades. It also offers trading in over 45 virtual coins such as Bitcoin (BTC),Litecoin (LTC), Binance Coin (BNB), and Ethereum (ETH). Binance Coin exchange was first initiated in the year of 2017 by Champing Zao, popularly known as ‘CZ’, in China. But as the laws related to cryptocurrency are very rigid in China, so it got shifted to Japan. When the Binance Coin Exchange system was started, funds were raised through an Initial Exchange Offering system, which was very similar to crowdfunding, where people invested money, and the business also generated its money through the sale of the coins, for the company to run smoothly.Binance since then had a very successful start, and it also introduced its coin, popularly known as, Binance Coin (BNB) in the year of 2017. Since then, Binance has become the largest exchange for the trading of alt-coins.
Benefits of Binance Coin
Before signing up with Binance Coin exchange, it is very important to know the benefits and the drawbacks.· Low Fees: Binance fees are considered to be the lowest of all the other fees in the industry. Users are charged 0.1% on each trade, i.e., 1 ETH, would be charged 0.001 ETH. The rule goes like this, withdrawals cost money, with deposits being free.
· Security: The Binance platform ensures proper security for the customers. Customers are always asked to set up two-factor authentication (2FA) before signing up. The website also makes use of the Cryptocurrency Security Standard (CCSS), which is considered as an industry-standard to deal with major exchanges.
· High Volume Trading: This is an important factor for Binance to ensure a better chance of selling the cryptocurrency immediately, as well as buy and conduct trade in different cryptocurrencies.
Ways to Use Binance
1. Now let’s look at the ways to use Binance:
. Opening of an account:· Open the Binance homepage and then press "Register".
· Enter your email address and password.
· Finally, confirm your email address.
Your Binance account is now all set!
Set up the two-factor authentication by using your mobile number.
2. Deposition of Funds at Binance:
The exchange system here does not allow the customers to deposit using a debit or a credit card, but using a cryptocurrency.· Open Funds and then click on the Deposit option.
· Click on the Select Deposits Coin and type or enter the code of the desired currency, through which you want to make a deposit.
· Then, you will be provided with your deposit address.
· The next step is the copying of your deposit address.
· Now go to your cryptocurrency wallet option and transfer the number of Bitcoins that you want to send to your Binance account.
· Once you finish sending the Bitcoins, then check them on the Funds option and click on ‘My Balances’.
Finally, your available balances option will show the updated results.
3. Trading on Binance:
To begin trading, customers need to complete KYC requirements. After the trading account gets created, then the users can easily add funds to their wallet address which is provided by the Binance to begin trading.· Click on the Exchange menu and then on the Basic option.
· On the right side of the page, search for the Favorites option and select the cryptocurrency that you had deposited into your Binance account.
· Then enter the currency code for the cryptocurrency that you are looking for.
· Once you choose the currency pairing, the trading screen would get displayed before you.
· Some graphs will appear, which would contain the market information on your chosen currency pairing. Scroll down and click on the Green button, which states ‘Buy’, of the market option.
· To finish up the trade, enter the number of coins that you want to buy.
· Finally, click on the green BUY LTC of the market option.
4. Withdrawing from Binance:
· Over the Funds, option-click on Withdrawals.· Click on the “Select Withdrawal Coin” option and enter the cryptocurrency that you want to withdraw.
· Then, enter the wallet address to which you want to send your coins.
· Finally, enter the number of coins that you would like to withdraw, and click on the orange button to Submit.
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