What is Binance Crypto Exchange Platform and how to open an account?

Binance platform supports almost all the cryptocurrencies, like Bitcoin, Ethereum, Binance Coin, Dodge Coin and so many others it is impossible to name them all. The platform also provides several trading options, such as spot trading, margin trading, and futures trading. Binance also provide a large variety of tools and features for traders, including price charts, technical analysis indicators, and trading bots, including free training for the platform.

Binance has grown to become one of the world's most popular cryptocurrency exchanges in the world, due to its user-friendly platform with low fees and diverse range of cryptocurrencies you can buy or sell. Binance is not just a centralised platform but also launched a decentralised exchange (DEX), a blockchain platform (Binance Smart Chain). They also provide for some countries a debit card to spend your crypto currencies.

Get into Crypto Currencies the easy way

You can use the Binance platform via the website or the app store. Choose 'Register Account' and follow the on-screen instructions. You must notify Binance of your location because the process varies depending on where you live. They will also allow you to create either a personal or a business account, depending on your needs.

Binance need some personal details to confirm you are a real person and requires an email, phone number to be registered the account at the time of writing this article for the UK customers. Following completion of these steps, they require additional verification from a registered form of ID, such as a driver's licence or passport.

We going to get a little technical, you can use Binance in two different ways one is normal Binance and Binance Lite. Binance is set to normal by default, so nothing to do if you want to use it as normal. Binance Lite is a much simpler format to use however, there are fewer cryptocurrencies available.

To switch to Binance Lite, click the human icon in the upper left corner of the home page and then click the Binance Lite option.

By expanding the human icon drop down menu on the top left of the home screen, funds can be added to the account. Choose 'Payment Methods,' and then enter your bank card in the 'Cash Payment Methods' section. Please keep in mind that since the FCA ruling on Binance in June 2021, many UK bank accounts have been barred from depositing to Binance; however, some crypto-friendly banks have since lifted this restriction. Check with your bank before making a payment to ensure that your account will not be blocked.

Buying cryptocurrency on Binance can appear difficult at first glance. If you are a beginner, it may be prudent to begin trading on Binance Lite and gradually progress to full Binance that would be my recommendation. When you deposit money into Binance, it will appear in your spot wallet always as the same as your local fiat currency like $ or £. You can then exchange it for a variety of different cryptocurrencies, you can buy with your fiat currency some Bitcoin or even Dodge Coin, do some research first and grab you some coins. Binance has a limited number of pairs per crypto asset, this is the best way to start, then I recommended that you research how to convert your fiat into your desired cryptocurrency before depositing funds. This way, you can save money by purchasing the desired asset. Check out Binance training area.

You also can move your cryptocurrencies from another exchange like

Crypto.com from your Binance wallet. You should have an account open on th other exchange first. To do so, look for the coin you want to send to Binance within the Binance spot wallet. Now in case you need to send USDC (Stable coin like USDC) from an Ethereum wallet to Binance, for example, you may open the USDC tab within the spot wallet. If you click on the deposit option, you'll be capable of deposit USDC into your account. You need to select the proper network to send the USDC on.

Let say for example you sending USDC on the Ethereum network, you will select Ethereum (ERC20). This will provide you with a QR code as well as a deposit address. Either can be used as a destination address. If you are sending from your own accounts on a single device, copy and paste the deposit address into the wallet from which you will send the cryptocurrency.

If you have two devices you can scan your QR code from this other device and from the Crypto.com wallet for example, then follow the instructions from your original wallet to send the cryptocurrency to your Binance account.

So, now you want to withdraw funds from your Binance spot wallet, copy the address from the destination address and paste into the address location wallet that appears when you select the withdraw option. Check that you are sending funds through the correct network, like (ERC20). When you send cryptocurrency out of your Binance wallet, you must enter your 2FA. This is needed for security and it is highly recommended to get yourself 2FA (Two factor Authentication)

To withdraw fiat currency from Binance, you must first convert your crypto assets into your fiat currency. Once finished, go to your fiat wallet and select the withdraw option. You can then select how much fiat you want to withdraw and how you want to withdraw it. The withdrawal method may differ depending on your fiat and location. At the time of writing, the only option in the UK is to withdraw to a Bank Card, which incurs a 1% fee.

Binance's security features the Two-Factor Authentication on your accounts, this is a must for your account to stay safe. It will allow you to set up this 2FA using a mobile number, email, or Google Authenticator that I recommend. Make a note of all your passwords and accounts and keep them somewhere safe so you don't lose access to your Binance account. When you keep passwords and account details make sure they offline and not online.

Binance offers more than just spot purchases of crypto assets. You can obtain a Binance Debit Card, which will allow you to directly spend your crypto assets at any store, note this is only available for some countries, you need to check their website on what countries this is expectable. To be used in this manner, crypto assets must first be deposited into your spot wallet. Following the confirmation of the real-world transaction, the assets can be sold.

Binance provide other financial products like Margin, Futures and Bot Trading. These financial products are high-risk investments that use your capital to increase profits. They have the potential to result in the liquidation of a trading account, so you should be researching and understand all the risk before you attempt to invest.

Binance Earn is another product you can look at. To earn on your Crypto's you will stake your tokens for fixed or variable APR, is available to all Binance users. They also provide a high-risk version of staking known as 'Liquid Swap,' which offers higher APR but comes with the high-risk of losing more capital.

I don't provide any financial advice and this is just for you to know how to start with Crypto if you choose. Crypto Currencies in my opinion are the future.