Binance Exchange Review
Binance – Signup and Trading Review
If you’ve been in the crypto world for years or just started to delve in it, the name Binance should resonate with you.
Founded by Changpeng Zhao, as of today and for some years, Binance has been the biggest exchange website in crypto at least by traffic and volume, recommended by several gurus for lots of reasons, like their security, ease of use but other one of them is the attractiveness of their trading features benefiting users from broad different levels, new enthusiasts – beginners in crypto that are just learning the ropes to really advanced traders giving them the tools necessary to be at the top of everything.
In this article we’re going to do a quick introduction into the trading features from the website. But first before jump up and start buying and exchanging crypto we recommend downloading the app first, due the importance of how some trading techniques tied to tight timing gaps such as Scalping and Day trading for example, benefit hugely from speed given by software – something that may be the determinant difference between making profit or not.
To install their software, that is free, you need to go to their website, Binance and then look through the Download option located by Bell side.
Note: Binance has availability in many platforms such as macOs, Windows, Linux, App Store, Google Play and Android.
After the download is finished you just need to go through the setup and start installing. In this example we are using Windows 10, but steps are easily repeatable in other platforms.
1. Selecting the Language of your preference.
2. Choosing folder preference.
3. Finished setup
And this is how the App’s Frontpage should look like. Now we move into Trading features.
Each feature is divided into functionalities that’ll scale up regarding the user’s experience. First one: Convert (available on website). Like many exchangers and wallets, this is a feature present in most of them, for a trader this is the easiest way to exchange currencies, from whichever currency you have.
In this image, it features USDT (Tether) and Bitcoin (BTC) for exchange, the one most showcased in the page.
To do it, just insert a value and a currency in the From form. Then, you move to the To form and repeat the process only changing the currency you want to transform into.
Although it is indeed a simple process there’s a tradeoff, you cannot really tell which rate you are exchanging, so you really don’t have control, therefore you have to pay bigger fees, something that’s not very attractive to more experienced users.
Binance classic overlay is catered to enthusiasts, at this point most users know a thing or two about crypto. Let’s explain step by step.
Note: Most of this info could be found in their tutorial step-by-step in their Trading page, we do want to give you some tips.
At the left you can see tables of red numbers and green ones. These are called Order books, in here you can see the order of exchanges, from people selling their cryptos and ones buying it.
At the top red you can see the top selling price continuing prices. Logically, green is the same, but at buying prices. One quick tip on understanding these charts and their importance is knowing that the scope between last selling order and first bid price of buyers is fundamental to comprehend the state of the coin.
Broader distance is not good for traders, closer numbers indicate stability,
Order book image
<h3>Real Time Market Candlestick</h3>
Figure: Graph showing movements from BTC prices. Vol means volume of movement from the pair, in this case BTC: 204.083 and USDT: 8.082m.
The fear from many newcomers, The Graphs that once explained their very easy to understand. If you are paying attention, in the Order book part, there were two colors, Green and Red, one had prices from sellers and the other from buyers, now you look at the graphs and see a lot of those colors.
Here the meanings are different but can be explained as easily.
Red: Decrease of price.
Green: Rise of price.
As simple as it gets, these graphs record increase and decrease prices regularly (in real time too) from a cryptocurrency, in order for traders to see how the market is moving.
This little part shows pairings and info from them. In this example you can see ETH/USDT, their price: 2,280.04 USDT. and data from their moves.
Two options: Buy and Sell. In this example, we’re showcasing Ethereum paired with USD Tether. You can see the info, Buy and Sell, prices in the currency, that in this case is USDT and amount, but what the interest info is Normal, Borrow and Repay, just down from Buy.
- Normal: Normal way of buying.
- Borrow: Binance gives you the option to borrow funds for your trading, times of borrowing are limited by the period time and quantity depends on how you want to approach them. (You can look this up in their tutorial)
- Repay: A mode where you can repay debts while trading, in this mode after you make a margin call, the profit will be used to paid first
Pairings and Market Trades.
Binance and many pages show their info based on pairings. At the search bar you can look up a cryptocurrency and select which pair you want to see. In this example you can see ETH/GBP, ETH/EUR, ETH/UAH, etc…
In the Market trades column you can check moves by Time, check their price paid or sold and the amount, a way to look and keep track of the movements, at the right you can look My Trades tab, one that includes your trades, time, amount, basically the same info helping you follow your moves.
If you compare there are not that many differences between Classic and Advanced overlays, being the main difference that the overlay is more prone to cater Advanced users that are already experienced with all the future, so it cuts the chase and go directly into the matters of trading with not too much explanation nor tutorials to help users.
This tab caters for people to increase profit with leverage. What does this mean? By borrowing money from Binance you can increase numbers of profit to accelerate earning as well as your losses. In this tab they show how the process of Margin leverage works and how you can use it.
Last feature but not less important. Binance P2P, in this tab you can look to Buy/Sell your crypto locally, including several FIAT so you can start using your earnings from crypto in real life.
Now, going into explaining. Besides the Buy and Sell buttons (You can check in the image where the Buy green button is just looking down of the P2P/Express tabs) you can check several currencies, USDT, BTC, BUSD, BNB, ETH, DAI, these are the ones you want to exchange.
Down by the Buy/Sell you can check the amount, Fiat, Payment procedure and the option to show Only Merchant ads (In the case you’re buying).
Keep in mind that before you can start using this feature, you need your account with a KYC complete verification and having enabled SMS authentication.
Binance trading features is just one of the reasons why it’s so popular. Having that much freedom and liberty to look for a lot of pairings, check info, having leverages, supporting P2P exchanges and even teaching you step by step how to use them, speaks a lot why so many people keep coming and signing into this page.
Hope this text sheds you a little light on Binance and their trading features, obviously there’s a lot of stuff left out, but you can create several articles and you could still get more info from this website.