How To Use Binance?

With the approval of crypto spot ETFs in multiple countries and constant support from the US President Trump, crypto has transformed into a mainstream financial asset class. At the center of this revolution stands Binance, the world's largest crypto exchange by trading volume.

Whether you're a complete beginner looking to buy your first Bitcoin or an experienced trader seeking advanced earning opportunities, Binance offers a comprehensive ecosystem designed to serve users at every level of expertise.

This comprehensive guide will walk you through everything you need to know about Binance: from creating and securing your account, to making your first purchase through the user-friendly P2P marketplace, to exploring various trading options and earning passive income through multiple platform features.

What Is Binance?

Binance is the leading crypto exchange by volume in the world and its user base is widespread across over 180 countries. It has several features which are perfect for beginners and it is very easy to use.

Binance Mobile And Desktop Application

Binance offers its services on multiple platforms, including iOS and Android (in the form of its mobile application), browser-based websites, as well as a desktop application for Mac and Windows. If you’re a more advanced user requiring quick updates with minimal lag, it is recommended to use its mobile app or desktop version, as the browser-based experience can cause lag when the exchange experiences very high transaction volumes.

How To Use Binance In The US

First, you’ll need to download the Binance app or head to their website on a desktop and create an account by providing your email address and phone number. Then, you will need to verify your account before you can deposit fiat or cryptocurrency into your Binance wallet.

How to Create a Binance Account?

Step 1: Visit the Official Platform

Step 2: Begin Registration

On the homepage, locate and click the "Register" or "Create Account" button. Mobile app users should tap "Sign Up" or "Create a Binance Account" to start the process.

Step 3: Select Your Preferred Registration Method

Binance offers multiple registration options to suit your preference:

• Email address
• Phone number
• Google account
• Apple account
• Telegram account (available on some platforms)

Choose the option that's most convenient and secure for your needs.

Step 4: Enter Your Information

If you've selected email or phone registration:

• Provide your valid email address or phone number
• Enter a referral ID if you have one (optional but can provide benefits)
• Carefully read and agree to Binance's Terms of Service and Privacy Policy
• Click "Next" or "Continue" to proceed

Step 5: Verify Your Contact Information

Binance will send a 6-digit verification code to your provided email or phone number. Check your inbox or messages, retrieve this code, and enter it on the registration page within the 30-minute validity period. Click "Submit" to continue.

Step 6: Create a Strong Password

Your account security begins with a strong password. Binance requires passwords that:

• Contain at least 8 characters
• Include at least one uppercase letter
• Contain at least one number

Create and confirm your password, then click "Next" to continue.

Step 7: Account Creation Confirmation

You'll receive a confirmation message indicating your Binance account has been successfully created. At this stage, you have basic access to the platform, but additional steps are recommended for security and full functionality.

Step 8: Enhance Security with Two-Factor Authentication (2FA)

For optimal account protection, enabling two-factor authentication is strongly recommended:

1. Navigate to the Security settings in your account dashboard
2. Choose between Google Authenticator or SMS Authentication
3. Follow the on-screen instructions to link your authenticator app or phone number

This critical security measure prevents unauthorized access even if your password is compromised.

Step 9: Complete Identity Verification (KYC) for Full Platform Access

To unlock comprehensive platform features including higher withdrawal limits, fiat deposits, and advanced trading options:

1. Log in to your Binance account
2. Click on your profile icon and select "Identification" or "Verify"
3. Submit required personal information:
• Full legal name
• Date of birth
• Nationality
• Residential address
4. Upload verification documents:
• Government-issued ID (passport, driver's license, or national ID)
• Complete a facial recognition check by following the instructions
• Provide proof of address documentation (utility bills or bank statements)
5. Wait for verification approval, which typically takes between a few hours to several days depending on volume

Understanding Identity Verification Requirements

Binance implements comprehensive Know Your Customer (KYC) procedures to comply with global financial regulations and enhance platform security. This process involves submitting government-issued identification and completing facial recognition verification. Fully verified accounts benefit from:

• Higher withdrawal limits
• Access to fiat currency deposits and withdrawals
• Eligibility for advanced trading options including futures and margin trading

Securing Your Binance Account

The Importance of Two-Factor Authentication (2FA)

Binance strongly advocates for 2FA implementation as an essential security measure. Users can choose from multiple authentication methods:

• Google Authenticator
• SMS-based verification codes

This additional security layer ensures that even if a password is compromised, unauthorized access remains prevented without the second verification factor. 2FA can be configured through your account's security settings menu.

How to Buy USDT or BTC on Binance P2P: Detailed Guide

Binance's P2P marketplace provides a user-friendly entry point for purchasing cryptocurrencies like USDT (Tether) or BTC (Bitcoin) directly from other users. Binance acts as a secure intermediary, holding funds in escrow until transactions are successfully completed.

Step 1: Access the P2P Trading Platform

1. Log in to your verified Binance account via website or mobile app
2. Navigate to the "Trade" menu and select "P2P" from the dropdown options
3. On the P2P page, set your country and preferred fiat currency to view relevant offers

Step 2: Select Your Desired Cryptocurrency

1. Click the "Buy" tab to indicate your intention to purchase
2. Choose your target cryptocurrency (typically USDT or BTC for beginners)

Step 3: Find a Suitable Seller

1. Utilize available filters to narrow your options based on:
• Payment methods (bank transfer, PayPal, Venmo, etc.)
• Prices
• Minimum and maximum trade limits
2. Carefully evaluate seller profiles, paying special attention to:
• Completion rate percentage
• User reputation and ratings
• Specific terms of trade

Step 4: Initiate Your Purchase

1. Enter either:
• The amount of cryptocurrency you wish to buy, or
• The amount of fiat currency you intend to spend
2. Click "Buy USDT" or "Buy BTC" to begin the transaction
3. Binance will secure the cryptocurrency in escrow during the transaction process

Step 5: Complete Payment to the Seller

1. Follow the seller's payment instructions precisely
2. Complete your payment using the selected method within the specified timeframe
3. After payment completion, click "Mark as Paid" within the Binance interface to notify the seller

Step 6: Receive Your Cryptocurrency

1. The seller will verify your payment and release the cryptocurrency from escrow
2. Once released, the USDT or BTC will be credited to your Funding wallet
3. You can transfer these funds to your Spot Wallet for trading or withdrawal as needed

Step 7: Communication and Issue Resolution

1. Utilize Binance's integrated chat feature for direct communication with sellers during transactions
2. If any issues arise, contact Binance customer support promptly for assistance

Key Advantages of Binance P2P

• Diverse Payment Options: Access multiple payment methods tailored to your specific region
• Enhanced Security: Benefit from Binance's secure escrow system that protects both buyers and sellers
• Cost Efficiency: Enjoy zero trading fees for P2P transactions
• Local Currency Support: Trade using your preferred local fiat currency

This process offers a flexible, secure, and convenient entry point for purchasing cryptocurrency on Binance through peer-to-peer trading using your preferred local payment methods.

How To Deposit Crypto On Binance

Depositing crypto on Binance can be more complex than fiat if you’re new to this, but the following steps will make it easy. You can deposit crypto into your  Binance wallet from another cryptocurrency wallet. For example, you are trying to transfer BTC from Coinbase to Binance, you must follow these steps:

• Copy your Binance wallet address and paste it into the platform you're withdrawing from to deposit it into Binance.
• Select the exact cryptocurrency (in this case BTC) that you want to deposit.
• Select the protocol (BTC, ERC20, TRC20, BEP2, BEP20, etc.) on the platform from which you are withdrawing your crypto. The protocol must be valid for your Binance wallet address.
• Hit the withdrawal button and complete the withdrawal verification process (if any).

How To Withdraw Crypto From Binance

Withdrawing crypto from Binance to another wallet is an easy process but may be delayed due to network congestion and verification by the receiving blockchain. To withdraw any crypto or fiat currency, log in to Binance and click on "Wallet" then "Withdraw".

Next, select the crypto you would like to withdraw. Some crypto can be issued on multiple networks so you need to select the exact network. After this, you will need to copy/paste the exact wallet address and click "Submit".

How to Withdraw Fiat From Binance

This process varies depending on countries and regions. Enter the withdrawal amount and confirm. Most of the time, funds should be received within 30 minutes. You'll be charged withdrawal fees. Before every withdrawal is complete, you must complete the 2-step authentication process.

Understanding Binance Trading Options

Differentiating Between Spot and Futures Trading

Spot Trading:

• Involves direct buying and selling of cryptocurrencies
• Immediate settlement upon transaction completion
• Straightforward approach ideal for beginners
• Limited to the actual funds in your account

Futures Trading:

• Allows speculation on cryptocurrency price movements
• Utilizes leverage for amplified position sizes
• Binance Futures offers leverage up to 125x
• New traders should start with lower leverage ratios to manage risk effectively

Implementing Stop-Loss Orders

Stop-loss orders serve as crucial risk management tools that automatically close positions when prices reach predetermined levels. This feature is particularly valuable during volatile market conditions, helping traders limit potential losses. Stop-loss orders can be set directly from both the futures and spot trading interfaces on Binance.

How to Earn Crypto Tokens with Binance

Binance offers a diverse ecosystem of earning tools designed for both passive investors and active participants in the cryptocurrency ecosystem.

Binance Earn: Flexible and Locked Products

Binance's Simple Earn platform provides low-risk opportunities to grow your crypto holdings through either flexible or fixed-term strategies:

Flexible Savings

• Functionality: Deposit cryptocurrencies like USDT or BNB to earn daily interest without lock-up periods
• Reward Structure: Interest accrues continuously (calculated every minute) and can be withdrawn instantly
• Compounding Option: Enable auto-subscribe feature for automatic reinvestment of earnings

Locked Savings

• Functionality: Commit assets for fixed periods (7-120 days) to earn enhanced APRs
• Limitations: Funds remain locked until maturity with principal protection

How to Earn Tokens on Binance Launchpool

Launchpool enables users to stake BNB or other supported tokens to earn newly launched project tokens:

1. Access Launchpool through the Earn menu
2. Stake your supported assets (BNB, FDUSD, etc.)
3. Earn new tokens daily based on your proportion of the total staking pool
4. Unstake your assets at any time without penalties

How to Earn Tokens With Binance Megadrop

Megadrop combines Simple Earn participation with Web3 Wallet tasks to distribute tokens from upcoming projects:

1. Lock BNB in a fixed-term Simple Earn product
2. Complete Web3 quests including:
• Bridging assets between networks
• Interacting with decentralized applications
3. Accumulate points from both locked BNB and completed tasks
4. Receive token rewards proportional to your total score

How to Earn Tokens With Binance HODLer Airdrop

This program specifically rewards long-term BNB holders using Simple Earn or On-Chain Yield products:

• Hold BNB in Flexible Savings, Locked Savings, or On-Chain Yield
• Binance takes periodic snapshots of account balances
• Eligible users automatically receive airdropped tokens before new listings
• Example: The MyShell ($SHELL) airdrop distributed tokens to qualifying BNB holders without requiring manual action

Binance Wallet Token Generation Events (TGEs) with PancakeSwap

Exclusive TGEs on PancakeSwap provide Binance Wallet users with opportunities to acquire tokens at launch:

1. Ensure eligibility by maintaining ≥$100 in Binance Wallet or Exchange for 7 consecutive days
2. Navigate to the TGE event through the Wallet homepage
3. Connect your Binance Web3 Wallet to PancakeSwap
4. Deposit BNB during the specified subscription window
5. Claim your tokens after the TGE and trade immediately on PancakeSwap

Binance Fees Explained

If you trade and pay in the native token, Binance Coin (BNB), the fees will be reduced by 25%. On withdrawals, each coin has its varying withdrawal fees. Binance owes much of its popularity to its low rates & fees and discounted trading with BNB.

Conclusion

Binance stands as a comprehensive cryptocurrency platform that accommodates users at every experience level. From creating your first account and implementing robust security measures to making initial purchases through P2P trading and exploring advanced earning opportunities, this guide has provided you with the essential knowledge to begin your cryptocurrency journey with confidence.