We continue to review the Binance exchange, and today I will tell you about the most interesting things – trading, important settings and other aspects of working with the site. IN last article we covered the key points of secure work on the platform: protecting your account with a strong password, an encrypted https connection and 2FA two-factor authentication using the Google Authentificator app.
If you have not read my publications on the Binance exchange yet, I recommend starting with the first. There was little left to do. So, as soon as we log into an account for the first time, Binance immediately warns us about the security settings. Consider how to avoid risks and work without worrying about the safety of your funds.
- 1 Security options
- 2 Trader’s Cabinet
- 3 Binance.com home page
- 4 Site bottom menu
- 5 How to trade on the Binance exchange?
- 6 Binance in Russian
- 7 Contests and promotions
- 8 What professional crypto traders say about Binance?
We put “ticks” in front of all the items, we confirm that you understand the risks. Click “I understand” / I understand.
After that, you will find yourself in the user’s personal account. Let’s consider its main features.
The personal account contains basic information about the account. In addition to the email address to which your account is registered, next to it there is a level – Lv, which will change depending on the withdrawal limit and status (verified or unverified user).
The main sections of the personal account on Binance:
- Commission discount 25% when paying Binance Coin (BNB).
- Verification level.
- Change password.
- Phishing protection code. It can be thought of and entered at login for added protection.
- API. In this section, you can create an API code for entering the exchange through a mobile application or a third-party site.
- SMS authentication. The verification code for entering the site will come in SMS.
- Google Authentication 2FA. We have already installed it.
We have already talked about security settings, verification, withdrawal limits and two-factor authentication in previous articles, so we will not dwell on the description of the personal account tools in detail, but go to the main page..
Binance.com home page
- next to the logo there is a menu of other exchange projects;
- exchange – the menu for entering the trading platform into a regular or advanced interface;
- on the left is the trading account menu: account replenishment, withdrawal of funds, etc., as well as the orders menu. We will talk about it in detail a little later;
- the next three items of the top menu are not for trading, but are more informational: Join Us – “Vacancies”, Support – “Support”, News – “News”, enter your personal account and change the interface language.
3. Quotes of the most popular pairs.
The main page displays the courses of the most popular cryptocurrency pairs.
4. Rating of cryptocurrencies, which are traded on the exchange.
Here you can immediately select the main currency to which the pair will be selected.
This is official information and information about the company, we will consider only the important items of the bottom menu (we have already considered such menu items as commission and we will not stop twice):
- About – information about the company: mission, goal, strategy, advantages;
- Terms – user agreement – an agreement that the user concludes with the site and the company during registration. It contains the rights, obligations and responsibilities of the parties;
- API – information on API operation;
- Apply to list – an application for adding a cryptocurrency to the listing;
- Download is a section for downloading the application on Windows, MacOS, Android and other platforms.
On the right side of the bottom menu are links to the company’s social media pages.
How to trade on the Binance exchange?
Trading on Binance is as easy as trading on other exchanges. Even a beginner can easily figure this out. Trading can be carried out in Basic or Advanced mode, to go to the selected trading panel, click Exchange.
The main difference between interfaces is in their functionality. The user can freely and quickly switch between them. No restrictions (paid access).
- choose a currency pair;
- analyze the chart and track the trading history;
- view the exchange “glass”;
- work with the form of orders to sell or buy currency.
Includes all Basic functions plus allows you to do in-depth analysis of the behavior of cryptocurrencies.
Let’s consider the trading process on the example of the main interface. The left side of the trading panel – “order books” – offers for selling and buying cryptocurrency (order log). They are grouped, sorted by price. In the upper part there are offers for sale, below – for purchase..
Below the chart there are windows that allow you to open an order. Further, the main aspects of trading are reduced to a number of simple steps:
Stage # 1. Choosing a currency pair
In the trading panel, they are divided into 4 categories: ETH, BTC, USDT, BNB. There are only 6 pairs with USDT. On the top right, you can select the currency of interest from the list or using the search bar.
The most popular recently was the TRN / BTC currency pair. On the Binance exchange, it is a quarter of the daily volume. There are also rare currencies. So, until recently, Binance was one of the two exchanges on which the IOTA cryptocurrency was traded..
Stage # 2. Analysis of course dynamics
Now is the time for technical analysis and use of all the tools that you use for this. In addition to the standard features, for example, setting up the display of the rate dynamics for a specific timeframe: hour, day, month, you can work with the wide functionality of the TradingVeiw online chart, right in the Binance platform, which is built into it. Of course, Binance has its own schedule, whoever is comfortable can use it.
Then everything is simple, if you independently track the charts and you are satisfied with the price of the currency – you buy it, it goes into the appropriate wallet. Selling happens in the same way: as soon as you have determined a profitable course for yourself, you can sell.
Stage # 3. Filling in an order
On the right is a table of sales, on the left – purchases. The upper menu of the order table allows you to select its type:
- Limit/Limit – standard type of pending orders for sale or purchase;
- Market/ Market (Market) – instant sale or purchase at the best price offered by the market at the moment. With this type of order, a transaction can be completed very quickly, but you cannot specify the value yourself;
- Stop–Limit/ Stop Limit – an order for which you set the desired price yourself, with a limit to prevent too large losses. As soon as the value reaches the specified mark, the order is activated and enters the order book.
But if the currency starts to fall sharply, the order is automatically closed with small losses as soon as it reaches the lower limit you specified..
The required order (buy or sell) is selected, depending on the type of transaction. Consider the example of a pair ETH/BTC. If we want to buy ETH per BTC, then the required order – Buy/”Buy”, and if we plan to sell ETH, those. buy BTC per ETH, then we choose – Sell/ “Sell”.
Now you need to fill out a form, for example, an order Limit:
- Price. In the first line, you must indicate the cost at which the currency is bought or sold. Initially, this column shows the current market price. You can start from it as a reference point. You can manually increase or decrease it.
- Number of cryptocurrency units. On the next line, we indicate the required amount – exactly how much cryptocurrency you want to buy or sell.
- Amount. The next field will indicate the amount that will be debited from the account or charged.
It remains to press Sell or Buy, the deal will be written to the order book and you only need to wait for its execution, i.e. when someone buys or sells you the right amount of coins. Below the order windows there are lists of open deals and the history of operations for a day..
You will have to pay a commission for making a deal on the Binance exchange, as, indeed, on any other site. As I said before, here it is the lowest and is one% when paying with any cryptocurrency, 0.75% – when paying Binance Coin (BNB) – exchange currency.
As you can see, the functionality of the site for placing orders on the Binance exchange is quite limited. This problem is easily solved by third-party services. For example, in the last article we talked about how to connect the exchange to the 3commas service..
This platform allows you to place trailing orders for both buy and sell. You can set “ladders” for Take Profit and automatically average the position, buying off in case of decline. It is possible to set timers for the “stop”, place orders with a condition, without entering into the order book of the exchange, which makes it possible to place as many orders as you like, while not freezing the deposit on the exchange.
With the use of this functionality, trading on binance becomes very convenient, and the competent use of the arsenal of 3commas capabilities also increases the effectiveness of trading.
Binance in Russian
I would like to briefly talk about how to work on a Russified platform. The company does not have a separate official website operating in Russian, like, for example, TradingView: the English-language site is located at https://www.tradingview.com, and the Russian-language site is located at https://ru.tradingview.com. And although, if you open an online chart in Russian, all actions with it are synchronized with the English language, it is still essentially two different domain names.
Binance is different. To work with him in Russian, you first need to get to the official website in English, i.e. we go all the same link https://www.binance.com. Further, in the language part of the top menu, select Russian and the site is, as it were, translated:
All possibilities remain the same, nothing changes in the interface, but it becomes easier for a Russian-speaking trader who does not speak English at all to work and navigate the exchange.
This is how the Russian-language window for entering the site looks like:
And, perhaps, what can be most interesting for a trader is a trading platform in Russian.
An advanced interface together with an order window:
As you can see, there are no special changes, only some of the inscriptions have become clearer, and some are still in English. You can additionally use the Google translator, then they will be translated into Russian, but, again, this will be an incorrect translation, and it can confuse more than help.
I would like to draw your attention once again: the site at the exchange Binance one! Domain name binance.com. In this case, there must be three www in front and a confirmation of a secure connection https: //.
After you select a language, the domain name will have an addition in the form of two letters of the English abbreviation (abbreviation) of the language, for example, if you use Russian, then the domain name of the Binance exchange will look like this: https://www.binance.com/ ru /, and if English, then https://www.binance.com/en/.
Therefore, you should not even try to find some other official Binance website in Russian, the site has only one website! Otherwise, you can end up in the hands of intruders and the consequences will be unpredictable: from the banal loss of confidential data and their use for attempts to enter other resources and sites, as well as the related consequences, to the loss of your funds.
Fraudsters create clones of Binance that completely copy the exchange interface in detail, you will not even suspect that you are not on the real exchange site and here you will definitely say goodbye to both your money and your deposited.
There are also quite safe services on the network, which at first present themselves as a Russian-language exchange platform, even use its logo, but soon after getting to such a site it becomes clear that this is nothing more than a referral teaching newcomers to work with the exchange using information materials and inviting them to go to the official website of the exchange using its referral link for further registration. The purpose of such sites is to receive referral reward, i.e. 20% of the commission that the exchange earns on your trades. These are the most harmless “Russian-speaking” Binances, so be careful!
Mobile application from the Binance cryptocurrency exchange
Many users are aware of the problem where the page loads slowly.
And if we are talking about an exchange, this factor is decisive: the most important information is updated in a split second. Even the fastest internet can crash. Since such problems are very widespread, the Binance exchange has developed a mobile application for smartphones, tablets and desktop devices (netbooks, laptops, etc.).
You can download the application from the official website, just above I wrote where exactly, it is in no way inferior to the usual version in functionality, but it works much faster even on a slow connection.
Thanks to the mobile application you will never miss profitable quotes and will always be aware of the current exchange dynamics.
In addition, given the pace of modern life, for those who are not comfortable at the computer all day, the Binance mobile app allows you to remain a dynamic trader at all times..
Contests and promotions
Binance cryptocurrency exchange pays great attention to interaction with users, motivates them for feedback and from time to time organizes contests, holds promotions among traders and digital currencies.
Thus, the company held 9 rounds of the Coin of the Month competition. Only new coins that would like to be listed on Binance could become participants.
According to the terms of the competition, the coin or token that became the winner (with the largest number of votes from the exchange users) was included in the listing for free.
In addition, users participate in a digital currency draw every month. And the top traders in the top rankings in terms of the volume of transactions are applying for the distribution of coins – airdrop.
Often, startups and young developing projects that seek to draw attention to their activities and declare themselves are sponsors of such promotions and sweepstakes..
What professional crypto traders say about Binance?
I have read and heard many reviews and comments on forums, social networks and in personal communication with traders. I must say that the reviews on Binance are mostly positive. Not that everyone is absolutely delighted with the site, but it is praised and recommended by most users. They are satisfied with the work of the site and decided to work here.
Both beginners and professionals work on the exchange, they speak equally well about the platform. On the positive side, they note support, which not only sits and answers calls and messages around the clock, but really helps to quickly eliminate errors and problems that slow down the system.
Many emphasize the high level of security, fast order processing and low transaction fees. The users like both the convenient and functional two interfaces in which they can work. Additional comfort and mobility in work is provided by the application for IOS and Android.
Some traders also note the multilingualism of the site. Despite this, they call the “curve” Russification the main drawback of the exchange. Many people dislike that the exchange only works with cryptocurrency (does not support fiat).
As you can see, given the many advantages of the site and the opportunities that the exchange provides to its users, its disadvantages are completely insignificant. Hopefully, the team will work on improving the Russian-speaking part in the near future..
Binance is a young and promising digital asset trading service. The team is constantly introducing new solutions and improving the site, as well as developing new projects that are useful and of interest not only to cryptocurrency traders, but also to people far from the digital asset sphere. Join the Binance user community and discover new trading opportunities! See you soon!
Good luck and good profits!