Binance Exchange 2019 Introduction
Binance is a global cryptocurrency exchange that provides a platform for trading for more than 100 different types of cryptocurrencies.
Since early 2018, Binance is considered as one of the biggest cryptocurrency exchanges in the world in terms of the trading volume.
Binance no longer just a single exchange platform, it has released a lot of updates madee some announcements and has some new offerings in the past year. So here are some of them.
Binance Exchange 2019 Platform
First off for those of you who are in the US it’s been recently announced that Binance has updated their terms of use and stated that Binance is unable to provide services to any US person.
Effective September 12th on 2019, users are not in accordance with Binance’s terms of use.
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They will continue to have access to their wallets and funds but no longer able to trade or deposit on https://www.binance.com/en
However, Binance Exchange 2019 has also announced that it is formally expanding to the US by a dedicated platform which will be https://www.binance.us/en
For those of you either in the UK or Europe, it’s worth mentioning that there’s a new version of Binance which is Binance Jersey or https://www.binance.je/en. This is where you can buy Bitcoin or Ethereum with GBP or euros.
They also do have Binance Uganda available as well. What I’ll do is I’ll put in a summary below for guidance.
Working in partnership with spinouts is launching a dollar back to the stable coin. The upcoming stable coin which is dubbed as Binance USD will be pegged one to one with the US dollar.
They have also received the blessing from the New York Department of Financial Services.
When it’s launched, verified PAC source customers will be able to purchase B USD tokens directly through the company’s wallet using either U.S. dollars or PACs, which is their own stable coin.
Binance users will also be able to trade USD for bitcoin, Binance Quinn or exile him.
Binance Exchange 2019 App
There is now a Binance mobile app so it allows you to trade anywhere from the palm of your hand and it is available to download from the App Store and from Google Play.
But let’s take a look around Binance.com. So obviously you have the exchange but you also have some other different offerings that are available here now.
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So one of those things is you have the academy. So the Academy is a great way for educating yourself on all things crypto and you can see here they have some playlists, some quizzes and other information that you can learn from them. They also have their own wallet.
No, I personally haven’t used this and I don’t have experience with it. Just make sure that whenever you’re going for a new wallet then do your due diligence with those.
Binance Exchange Trading Volume:
Now just heading back to Binance.com. They also have this section here called lending. In late August and 2019, Binance launched its own lending platform on a subscription-based service, which was available kind of on a first come first serve basis.
It sold out really quickly, is a value-added service to Binance users who hold idle digital assets.
What it does it allows for Binance Exchange 2019 users to grow their funds by earning interest income for lending out their holdings over a specific period of time.
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They split this across different types of phases. So phase one of the lending launches included a 14-day fixed term for BNB U.S. dollar terror and Syria.
And the second released early September included 14 and 28 fixed day terms and added the likes of Cardona and bitcoin to the list.
So, what we could do is just take a look at the markets. And you can see there are different types of markets and crypto pairs that you can trade with.
So, you have the nice of your bitcoin market and you can see all the different pairings that you have available here and there’s a whole host of those.
You don’t have alts market now. These w\ere previously known as a Syrian market. They’ve now been renamed to alts markets so that all the different types of auctions that you can trade with.
You then have your US dollar markets and you have BNB markets. That BNB Binance has its own coin. So when you purchase your crypto using there BNB coin you get money off the fees you pay for the Binance trading it used to be around 50 percent but it is now about 25 percent.
So by using their coin, you can save yourself on some of those trading fees. You can also convert any small fraction of US cryptocurrency that is leftover from a trade which is also known as dust into their Binance coin.
These smaller amounts can be found on your balances so if you go to a wallet, then you go to balance, and then you have the option to convert to a Binance coin.
It states here that you can convert balances with a valuation below zero point 0 0 1 bitcoin to Binance coin.
Binance Exchange 2019 Explained
However, I’ve actually done a full tutorial around how you actually do this. So what I’ll do is I’ll put that in the top right-hand corner now. So now let’s actually go into the Binance exchange 2019 itself.
So for those of you who don’t already have an account you can simply click onto the register button.
However, I do have a log in so I’m going to simply click on to log in here. And if you are logging in for the very first time, you will be asked to enable two-factor authentication and you can do that using either Google authentication or SMS authentication.
The reason why you need to do that is the exchanges are far more likely to get hacked because they have a lot of assets held on them.
So what you want to do is just give yourself that extra level of security. Now, this is just a test count for me today. So all I do is simply go to skip for now.
Then one of the first things you’re going to want to do is actually deposit funds into Binance. So we do that is if you go to the wallet and then go to deposit and what it’ll do is it has this section here. This is a coin and it has bitcoin.
If you click onto the dropdown, you’ll see there are lots of different coins that you can actually deposit into Binance. Now, fortunately, you can actually deposit fiat currency into here but there are a whole host of different types of cryptos that you can.
Is going to keep on bitcoin for the moment. So if you have bitcoin in the likes of a blockchain wallet or an exodus wallet, you’ll then have this address that you can obviously copy or you can show a QR code.
So, what you need to do is send your funds to this bitcoin address. Now one thing to be aware of is that you must ensure that you are only sending bitcoin to this deposit address as sending coins or tokens of bitcoin to this address, may result in the loss of funds.
So, just ensure you are sending the right cryptocurrency to the correct address. And then once your funds are in there then appear within your balance.
Now, if I just scroll up and if I go to exchange under the exchange you have two different types of exchanges, so that you have the advanced and you have basic. Advance allows you to do things like the chart.
But we’re just gonna be focusing on basic today. So if you’re new to cryptocurrencies and you’re a beginner or you’re new to exchanges you might find this whole scheme very daunting.
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There’s a lot of different numbers and charts here. So what I’ll do is just take you through the screen.
So, first of all on the top left-hand corner here, we have the type of market that we’re actually looking at the information for.
So, everything that is on this page relates to repel and bitcoin if you want to change that. And if you’re interested in certain different types of market. So I’m just gonna type in XLM here and if I press onto the button it would then change all the corresponding information.
So what it provides me with here is the lost price? It gives me an idea of how that’s changed within a 24 hour period.
It gives me my 24 hours high, 24 hours low and, the volume. Now if this is a pairing that I like to use regularly I can also mark that as one of my favorites so that I don’t have to scroll through every single time.
And then in this red hand section here, is all the sell orders. So it gives me an idea of the price the amount that’s actually being sold and the total in Bitcoin.
And the bottom here is all your buy orders. So, again it gives you exactly the same information on this screen. We then have our chart. So what we have here is we have something called our candles.
So on here, it gives you an idea of some of the buys and some of the highs and some of the lows over a one hour period in terms of trading.
You can also change that to different times so whether that be one day, one week or one month. Then we’ll take a look at the trade history.
So, this is all of the trade history going on in the market at the moment. It gives us our sell orders than any of our buy orders there in green. If you click on to yours, so if you have already traded it will show you all your personal trade history in this section.
Then just taking a look at the exchange itself.
Different types of orders in Binance Exchange 2019
Now, there are different types of orders that you can place within Binance. So they are limit market and a stop-limit orders.
No one to take you through the market, first of all, that’s one of the easiest ones to understand. Just clicking on market there. So what it has here is it says Buy XLM.
So you have bought here on the left-hand side and you have your sell on the right-hand side here. So a market order will basically automatically fill.
So, it will happen absolutely instantly. And what it will do is all you’re doing is you’re buying at the current market price.
So, all you simply need to do is enter the amount that you’d like to purchase or alternatively you can either say you want to have 25 percent, 50 percent, 75 percent, or 100 percent of your bitcoin balance.
Then all you simply need to do is click on to Buy XLM and or buy the type of cryptocurrency that you’re interested in and then that order will automatically fill, and exactly the same rules apply in terms of when you have some XLM that you want to sell.
So you type in the amount of XLM that you’d like to sell or you say 25 percent, 50 percent etc. and then you press on to sell XLM.
This is really good for when you are in a hurry and you want to purchase it immediately. However, this may not necessarily be at the best price.
So what going to do is take you through the limit. What limit does is allows you to define the price you really want a buyer or seller?
So, you have the price in bitcoin here. So what you can do is you can actually edit this, so you may want to say I don’t want to buy this at the market price.
I want to buy that slightly below you then state the amount that you would like to purchase. And it would give you your total amount here in bitcoin.
Now, exactly the same rules apply in terms of selling. So you can sell at a higher price than what the current market is dictating and you can obviously put in the amount that you then want to sell, it’ll give you your total in bitcoin and you can click on to sell.
Now, this may take a little bit of time for the market to reach the price that you’re actually defining here. Now one of the other great things is the fact that you can actually cancel these orders.
So, when you have something like a limit order that doesn’t complete immediately if you find that the market isn’t quite reaching that amount either it’s gone way too high or way too low.
What you can do is you can simply cancel all your orders and then you can resubmit an order. You don’t have something called a stop-limit order.
So stop-limit order is an order to buy or sell a coin. Once the price reaches a specified price. So in here, you can state you want to stop at a certain amount of bitcoin, the amount that you would like to buy your XLM at the total amount you’d actually like to purchase and it would give you your total.
And it’ll do exactly the same in terms of selling as well. Again this won’t obviously be an instant order so you can cancel these at any time.
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Now once you’ve purchased your cryptocurrency what you want to do is you want to withdraw that from the exchange.
As I said earlier, they are far more likely to get hacked. The best security practices do stay you should withdraw your funds into your chosen wallet.
So, what I want to do is take you through how you can withdraw your funds?. So if we go to the wallet and then go to withdraw.
Now in relation to withdrawing, there are some fees associated with this as you would do with a lot of different types of exchanges. So what I do is I just take you through that now.
So here you can see any associated withdrawal fee to the different types of coins that are available. There are also minimum withdrawals as well so you can withdraw you know very small amounts.
There are minimums in here as well. But as you can see, there are fees associated with almost all of the different types of currencies in here.
Just take us back to our withdrawal. So in here, first of all, you want to state the coin that you’re withdrawing from Binance. So, that can be your ethereum or it could be your bitcoin.
I’m going to use bitcoin in this example again. So in here what I would now need to do is enter the recipient’s bitcoin address. So you could be withdrawing this from the likes of a software wallet like blockchain or something like more safe like a hardware wallet like the likes of your Ledger S. or Trezor.
So what you’d need to do is put in your recipient bitcoin address. So, you simply paste that into this section here.
You would then put it in the amount that you want to actually withdraw from here or you can click on to the available balance here to withdraw everything from the exchange, you would then click on to submit.
Now one other thing to mention is if you are withdrawing another different type of old coin just be aware and just ensure that the wallet is actually receiving those funds, does support that type of cryptocurrency.
Once you are ready it will tell you where your transaction fee will be. It will cost you the total amount that you will receive and then you can simply click on to submit.
So, that was a run-through of the Binance exchange 2019 as well as some updates and new offerings that they have available. I hope this will be helpful.
To know more visit : https://binancewiki.io/binance-exchange-2019/
