Buying your cryptocurrencies is not as straightforward as it might sound as the new comer needs to get familiar with a few terms and names of exchanges in order to arrive at one that will suit them the best. Most exchanges are limited geographically to a number of countries they are able to serve, like Coinbase which despite its stellar reputation only entertains customers from the US and 32 other countries of the world. One of the worldwide exchanges out there is known as Binance and it comes with a few different things
What is Binance?
Binance is among the new generation cryptocurrency exchanges whose main goal is to provide its users with a cleaner and more efficient trading experience, one that especially doesn’t discriminate against them depending on their geographical locations. Binance is among the very first exchanges that come with a native currency which its users utilize to bring down their transaction costs on the platform. Another thing that distinguishes Binance is that it is a crypto-only exchange and does not accept fiat deposits, and as at present, it is among the biggest growing exchanges in the industry known for rapidly incorporating the latest coins and tokens on the market.
Binance is a pretty straightforward exchange to trade with as it does not require too much from the user in terms of identification or other long processes that characterizes other exchanges. In order to get going, use the following steps:
- Navigate to the official Binance homepage, make sure you notice the “https” SECURE sign on your address bar before you begin anything as there are multiple phishing sites mirroring the original used by criminals. Once you authenticate the site, make sure you bookmark it.
- One the top-right corner, click on the “Register” button. All you need is an email and a password to register, which is one of the great attractions of the site.
- Authenticate the sign-up using the link sent to your mailbox, and immediately activate 2 Factor Authentification using the Google Authenticator app on your Smartphone.
- Once this is done, you are set to go, all you need is go to the deposit page, and select the currency you intend to make the deposit in and click on the “Deposit” button beside it.
- An address will be generated for that particular cryptocurrency, which you should copy and send the amount you intend to trade with from your dedicated wallet.
- Once the deposit is made and verified, you can go ahead and trade in the various cryptocurrencies available on the exchange.