One of my first blog posts was a tutorial on using Bittrex, one of the most popular cryptocurrency exchanges. Today, I’d like to tell you about Binance. Binance is a fast-growing exchange due to its innovative fee structure and friendly user interface. It is widely seen as a better alternative to Bittrex because of faster speeds and more features. Being on multiple exchanges allows you to access more coins and projects which means that your investments will hopefully grow faster.
Deposits and withdrawals are quite easy on Binance. The process of sending from your wallet is the same. You’ll need a deposit address and an amount. To deposit, locate the top navigation bar. Hover over “Funds” and click “Deposits/Withdrawals”.
When you arrive to the balances page, find the coin that you need to deposit and click “deposit”.
It will provide you with a deposit address and from there you just need to send it from your wallet.
This is the same process as Bittrex, but it might take some getting used to the navigation on the site. To check your deposit/withdrawal history, hover over “Funds” and click “History”.
To begin, hover over “Exchange” in the navigation bar at the top, and click “Basic”. On the right side of the screen, you can select your currency pair and then search for the coin you’d like to purchase.
Once you’ve found your coin, click on it to go to the exchange page. Placing a buy/sell order is once again, very similar to Bittrex. You simply specify the price you want to pay and the amount you want to purchase.
Another reason that I love using Binance is because of how they do their fees. If you hold their token (BNB), you can toggle a setting that allows you to use that token to pay any fees from your transactions. If you use their token, you get half off your trading fees (which are already lower than Bittrex). This also happens to make BNB a good investment. As more people start to use Binance, this coin will obviously increase in demand and therefore drive the price up. I am slowly accumulating BNB not only to save money on fees, but as an actual investment.
Binance is quickly becoming the hottest exchange in crypto. If you are planning on trading frequently, you should absolutely have an account there.