I will be discussing briefly on how to get started on one of the biggest cryptocurrency marketplace in the world - BINANCE.
What is an Exchange?
As the name implies, a cryptocurrency exchange is simply an online space where cryptocurrency traders/investors around the globe carry out the action of buying and selling of crypto assets of their choice. Buying and selling of cryptocurrency is being done on an exchange by simply placing buy orders, sell orders and/or market orders. The matching of respective orders is being done by the written down codes running the exchange. So, even when you are not online, your order is matched. There are very many cryptocurrency exchanges but I'll be discussing with Binance.
BINANCE is one of the biggest cryptocurrency exchange in terms adoption (users), average daily volume and number of transactions. Binance is a centralized cryptocurrency exchange founded by CZ. Noteworthy is that there are two types of cryptocurrency exchanges - centralized and decentralized exchanges. One key distinguishing feature between both is that; in a decentralized cryptocurrency exchange (DEX), users provide liquidity by contributing collectively to the pools whereas on a centralized exchange (CEX), liquidity is being provided by the exchange owner or team. Also, governance pattern varies on both exchanges. Whereas a CEX governance is done majorly by the founder, DEX exchanges are governed collectively by users.
Getting Started on Binance: Registration Procedures
Signing up on Binance is actually a very easy, simple and quick action. With the completion of the following steps, you can successful create an account on Binance;
Visit website via www.binance.com
Click on 'Register or Signup'. You can sign up either by using your phone number or an email address. Assuming you choose to sign up using mobile number, all you need do is first, 'select country's, insert your mobile number and create a strong password. Password must be at least 8 digits including upper case letter(s).
click on "done/register" below. A one-time password will be sent immediately to the mobile number provided to verify authenticity and ownership. Insert the 6-digits number in the space provided and you are in on Binance. You can begin trading afterwards.
Having successfully signed up, you have to set your profile information and other preferences. To do this, click on "Profile".
KYC and Verification
To fully access the features of Binance, the Know-Your-Customer (KYC)/ verification procedures must be completed. Meanwhile, you can trade on Binance without completing your KYC but there will be restrictions and limitations like; minimum withdrawal level, no Fiat withdrawal and others. To complete kyc, click on 'verify' icon and provide required information and documents.
Funds Depositing and Withdrawals
To begin trading, funds has to be deposited.
- Click on Deposit
- Search for asset name to be deposited eg: HIVE
- Open the embedded Steem wallet to copy deposit address and memo.
- Once funds are sent to the given address and correct memo accompanies, deposit notification will be given and assets will drop.
- click on withdraw
- insert withdrawal address
- enter quantity to withdraw
- click on withdrawal
- for security reasons, an OTP will be sent to your mailbox and phone. Insert the two codes to complete withdrawal.
- or you simply scan the QR code to withdraw assets.
Take note that withdrawl addresses (both Fiat or crypto) can be whitelisted for future use.
Security of your assets is also your responsibility on Binance exchange. To further secure your account, activate the 2-Factor Authentication. This will require you linking your account to 'Google Authenticator" which is downloadable from google play store.
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