Binance Exchange [Review & Comprehensive Guide 2018]

When starting this blog, we decided it would be safe to assume that you are new to Cryptocurrency world.


For this reason, we intend to provide you with all Resources, Guides and Knowledge, to enable you to Earn, Store and Trade different type of Cryptocurrencies.


And this is the part where we teach you about Cryptocurrency Exchanges.


In this particular case: Cryptocurrency Exchange Platform - Binance.




What is Binance?


Couple of years back, you would have hard time purchasing or trading any of the coins. You would need to invest time, money, pride and still not be safe and secure. Every Cryptocurrency Transaction you made would be a huge risk. Lucky for us, we went a long way from that once people started recognizing the potential.


Binance is one of the first reasons Crypto Trading game went for better.


If I had to find the simplest way to explain Binance to anyone, I would choose these words:


Binance is an Online Cryptocurrency Exchange Platform where you can purchase other Cryptocurrencies with Bitcoin.


Binance is Chinese based company, soon to be moved to Malta (Will explain you the very purpose behind this later). It has recorded massive growth and received significant investments of over 10 million dollars from multiple Chinese venture groups. And for a good reason.


While there are many Crypto Exchange Platforms, Binance has the highest number of Coins you can make transactions with. If you had certain Cryptocurrency on your mind, chances are, you’re going to find it on Binance. Not to mention it’s probably the safest and most secure Cryptocurrency Exchange out there.


Considering the problems people encountered in the past, you can see why it’s one of the first choices when getting into Crypto Trading.


Now that you’re introduced to Binance, let me show you how to use it to actually make profit.


I will show you how to get started, as well as some of the most important Pros and Cons crypto traders actually care about.




Since you’re still looking for ideal Crypto Exchange Platform, let me start with Pros and Cons. If that satisfies you, keep reading to find the instructions needed to start making Cryptocurrency Transactions and profit on Binance.




It’s dangerous to go alone!

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Pros of Binance


Good reputation

Binance reviews have built a great reputation for said Cryptocurrency Exchange, and for a good reason. It is easy to use and most importantly: SAFE! The team behind Binance has more than decent portfolio in cryptocurrency and finance.


Good for newbies and pros

The user interface is easy so beginners in the Cryptocurrency Trading world can get on top of it quite fast. Still it is advanced enough for pros to really nail it.


Hundreds of Cryptocurrencies listed for trade

Many exchanges don’t list more than 20 coins as available for trade. Binance offers hundreds. Not to mention they focus on hosting new alt coins before any other exchanges. This will give you head start compared to people using other Cryptocurrency Exchange Platform. You know what that means for you? Early access and opportunity to purchase coins at their lowest price.


Low fees on transactions and withdrawals

One of the biggest reason to use Binance is the super low transaction fees. They really are some of the least expensive out there. Binance charges nothing when you deposit new coins to the platform and just 0.1% on the value of trades. Ea. If you were to use your Bitcoin to buy $100 of Ethereum, Binance would charge you 10 cents.


Capable of processing 1.4 million transactions per second

Knowing exactly what this means is not that important. Just know that Binance is fast, and fast is good. It will basically ensure you don’t miss out on the opportunities because of stupid lag.


Support is available in many languages


Great reward and affiliate programs



Cons of Binance


While Binance is one of the best Cryptocurrency Exchange Platform, it’s not flawless. As we’re trying to give you honest review and guide, we are going to name them as well.


Difficulty with Android version of app


Delays with certain coins

Some users on Reddit have expressed frustration at coins taking a long time to turn up in Binance wallets.


Binance collects and stores some user data, such as logging IP addresses




Getting Started!


To trade through Binance you need to go through couple of steps first.


Step 1: Purchase a Cryptocurrency of choice (Strongly recommend Bitcoin) outside of Binance


Step 2: Create Binance account


Step 3: Enable Google 2FA (aka. Google Authenticator)


Step 4: Transfer previously purchased Cryptocurrency to your Binance account


Once you go through these, you’re ready to trade and make money. That’s what we’re in for after all!




Purchasing Bitcoin


Binance is one of (if not) the best Cryptocurrency Exchange Platforms. However, as we said, it’s a platform where you can purchase other Cryptocurrencies with Bitcoin. And in order to do that, you actually need to purchase or earn Bitcoin elsewhere.


While this may sound like a dealbreaker, it shouldn’t be.


Purchasing a Bitcoin is not rocket science anymore. There are plenty of easy ways to do this that you can look up yourself. Purchasing it through Coinbase is one of the easiest ways atht he moment. However, if you’re not sure how to proceed with this, hold on to your money for few days and we will introduce a full guide on this topic as well.


Or you can wait a bit longer until Binance actually moves to Malta.


As I previously mentioned, it is currently based in China and moving to Malta for one good reason. This will enable users to be able to purchase the Cryptocurrency, through Binance, using Fiat Currency.


“Fiat Currency?” you may wonder. Don’t worry, you don’t have to learn more new things. It’s just a term for “plain” money, Dollars, Pounds, any currency legally issued by a Government.



Creating Binance Account


If you’re here, reading about Cryptocurrency Exchange, eager to dwell into this world, I’m going to assume you are at least familiar with creating accounts on different platforms. Creating one here is no different.


Once you go to Binance’s website, simply click on Register and follow the further instructions. Before doing this however, make sure you are on the correct website, and that it is Secure. Making sure that the website is Secure is one of your main ways to ensure your safety in the Cryptocurrency world.














The registering process will take you through various steps of authentication like multiple Captchas and E-mail verification. Once you complete E-mail verification, you are ready to login to your account.










*Simply click Register and follow further instructions*

















*One example of Captchas ensuring security*


















*Verification e-mail you receive after Registering*



Logging in will automatically remind you of the next step you’re supposed to complete. We mentioned it. Enable 2FA. When given the option to choose a way you’ll receive 2FA code, click on “Google Auth” option on your left, and proceed to the step below.


















*Select option on your left and proceed with enabling 2FA*




Enabling 2FA


2FA is a term used for an amazing app called “Google’s Two Factor Authentication”. Along with making sure the website you’re visiting is Secure as we previously mentioned, this will be your main asset in fighting fraudulent content websites or any type of scam during Cryptocurrency Transactions.


First, you have to download the application called “Google Authenticator” from the Android Play Store or iPhone App Store.

















*Google Authenticator 2FA on Android Play Store*



After you download the application, open it, and go back to Binance.


Keep close attention now. In this part you will have two things to keep on mind:

1. Your BarCode.

2. Your Security Key.


















BarCode: is the code you’re using in order to sync your Binance account with your Google 2FA. Once you have successfully downloaded and started app, the next step is to “scan the BarCode”. This will sync your Binance and Google account, and will provide a way for Binance to know it actually is you who’s making a Cryptocurrency Transaction.

Security Key: this is the key you should write down and put in safe, journal if you have one. Bury it in your e-mail drafts, or a chest in your backyard. Tattoo it somewhere not visible. All this may sound ridiculous, but this is your Crypto-Insurance. In case you get locked out of your account, lose your phone or laptop, this will be the only way to get into your Binance account.


When using 2FA, the Google App will give you a code which expires every ninety seconds. Once Binance asks for verification, simply open the app, and apply the 6-digit code Google provided you at the time.


If you followed and completed all of the steps above, you’ve come to a point where you have Bitcoin (or other Cryptocurrency of your choice) that you purchased to be able to trade, as well as secure Binance account synced with Google’s Authenticator.


You’re almost all set to make Cryptocurrency Transactions and make profit. All you gotta do more is to actually transfer Bitcoin you purchased to Binance account so you can make trades with it.


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