Binance Review & Margin Trading FAQ

Question

What is Binance?

Answer 1

Binance is currently the largest cryptocurrency exchange company in the world, moving the largest volume of transactions within the crypto market. Binance allows trading with a long list of cryptocurrencies through its web platform and applications for Android and iOS devices.

Answer 2

Binance is owned by crypto entrepreneur Changpeng Zhao, who founded the exchange in 2017 alongside Yi He. The company has been operating successfully since its inception and has maintained an excellent reputation to this day.

Answer 3

Despite the fact that Binance has always been said to base its operations and headquarters in Malta, the CEO of the company Changpeng Zhao has stated on previous occasions that this is false and that the exchange maintains operations in different cities around the world. The truth is that Binance started in China and then moved its headquarters to Tokyo, Japan, where they are still based today.

Answer 4

Binance has currently exceeded 15 million users around the world. Although it is not the most populated crypto exchange, remember that Binance is relatively young in the market.

Answer 5

Binance currently moves a trading volume of $4,797,956,427 USD, valued at 510,602 BTC. This makes Binance the exchange with the most volume within the crypto market.

Answer 6

Although there are several crypto exchanges that use the name of Binance (such as Binance US and Binance Singapore), which are regulated by the competent authorities of the country for which they operate by involving investments with fiat currency, the universal Binance exchange is decentralized.

Answer 7

Binance was founded in July 2017 in China (as mentioned before) and has been in constant growth since then through new updates and trading options within the crypto market. The community recognizes the company’s success for having almost three years running operations.

Answer 8

Binance derives its main income from the commissions obtained by each trade and the withdrawals carried out on the platform. There are no fees for deposits to Binance as of yet.

Answer 9

The surest way to confirm that you are on the official Binance website is by checking the URL. The official domain of Binance corresponds to Binance.com and it is necessary to verify it when verifying transactions.

Answer 10

Binance Coin (BNB) is the official cryptocurrency launched by the Binance Exchange. It can be used to trade against other assets and paying commissions within the exchange will grant a discount to users. BNB currently costs $16.30 USD.

Answer 11

BCC stands for Bitcoin Cash, which is also called BCH. It refers to a cryptocurrency known as the first Bitcoin Hardfork.

Answer 12

Unfortunately, unlike cryptocurrencies like Bitcoin or Ethereum that work with Proof of Work (PoW) consensus mechanisms, Binance Coin cannot be mined. BNB already has its token supply created.

Answer 13

Binance has over 150 tradable cryptocurrencies listed. Although it sounds like enough, the exchange is always open to include new cryptocurrencies that deserve their place on the Binance platform.

Answer 14

Bitcoin, Ethereum, ThetaToken, Litecoin, BitcoinCash, EthereumClassic, BinanceCoin, MaticNetwork, EnjinCoin, ThetaFuel, Hedera Hashgraph, BAND, Ripple, Cardano, ADA, VeChain, Chainlink, Ravencoin, Zilliqa, Contentos, Monero, IOST, WazirX, REN, COTI, ICON, BANCOR, EOS, IoTex, Tezos, Troy, DREP, OmiseGO, ZCash, NEO, 0x, LTO Network, BAT, Cosmos, Enigma, Kava, Chiliz, Voyager, TRON, Stellar Lumens, Ankr, Holo, Dash, Algorand, Breaker, GoChain, Ontology, Harmony, OntologyGas, KyberNetwork, TAEL, MovieBloc, NANO, AION, Fantom, DOCK, VIBE, AirSwap, Celer Network, QuarkChain, Elrond, Qtum, Waves, Tierion, Hive, Solana, Insolar, Storm, Strearmr DataCoin, Storm, SiaCoin, Walton, Dogecoin, Verge, Fetch.AI, MIOTA, Time New Bank, Status, Cartesi, Nebulas, Viberate, Po.et, Perlin, MCO, TomoChain, Red Pulse Phoenix Binance, CyberMiles, Cortex, BlockMason Credit Protocol, Blockstack, FunFair, Beam, Raiden Network Token, Augur, NKN, Aave, Aeternity, Chromia, NEM, FTX Token, Metal, Etherparty, Decentraland, Lisk, NeoGAS, Storj, Standart Tokenization Protocol, SingularityNET, Bitcoin Gold, Komodo, Eidoo, Nools, Loom Network, ARPA Chain, Skycoin, PowerLedger, Cindicator, ZCoin, Steem, Gifto, Wanchain, AERON, QLC Chain, WePower, Polymath, POA Network, Moeda Loyalty Points, iExecRLC, Ambrosus, ARK, Dust Network, Civic, Monetha, Blox, BitShares, Bread, OST, GXChain, Groestlcoin, Stratis, Ardor, Bluezelle, Appcoins, Golem, Syscoin, Mithril, Viacoin, Quantstamp, aelf, Horizen, Ripio credit Network, SONM, TokenClub Token, Genesis Vision, Decred, VITE, openANX, AdEX, Populous, Hypercash, YOYOW, district0x, Everex, PIVX, Agrello, Request Network, Nexus, Bitcoin Diamond, Loopring, NAV Coin, Neblio, Lunyr, USD Coin and Tether.

Answer 15

Binance supports AUD, ARS, BRL, CAD, CNY, COP, EUR, GBP, HKD, IDR, INR, KES, KZT, MXN, MYR, NGN, PHP, PEN, RUB, SAR, SGD, THB, TWD, TRY, UAH, USD, VND and ZAR for crypto/fiat transactions.

Answer 16

The KYC process to verify the identity of users is fast compared to that of other platforms. It takes around 15 minutes and if the request is denied, you must wait 30 minutes before trying again.

Answer 17

To start your trading operations go to “Trade” at the top of the platform. Choose the level of trading between Easy, Intermediate, Advanced, OTC or P2P according to your knowledge and needs. For swing trading users, it is recommended to select “Intermediate”, where they can analyze charts and prices in real time to buy or sell cryptocurrencies at convenience.

Answer 18

Go to “Buy Crypto” at the top of the screen and select credit / debit card payments or Binance P2P Exchange. For purchases with credit / debit you must specify the fiat currency, the amount you wish to spend and then confirm the purchase with your information.

Answer 19

To transfer BTC funds to Binance you must log in to said platform and go to “Funds”. There, choose the Bitcoin tab, which will provide you with an address that looks like this: 1PPVzjfPZece9mwJKdPB5Kbhv4JiSemFCu

Answer 20

A BTC transaction from any wallet to Binance can take up to an hour (or less) in most cases. However, there are cases where the mining reward is low and the transaction may be pending for a few hours.

Answer 21

Log into your Coinbase account and go to the Portfolio. Once there, you will see the cryptocurrencies and your available funds displayed. Access the Ethereum wallet and press the “Send” button, specify the amount and the ETH address that you have previously obtained in your Binance wallet. Confirm the transaction and wait for your funds to arrive.

Answer 22

It is basically the same procedure as with any other cryptocurrency. Once you have obtained your LTC address in your Binance wallet, paste it on your prior LTC wallet and specify the amount to transfer. Confirm the parameters and send your tokens.

Answer 23

The speed of the deposits will depend on the cryptocurrency that is being deposited. In the case of Bitcoin, it is an hour. For cryptocurrencies like Ethereum, Litecoin and / or BAT it is a matter of minutes, while others like BCH takes approximately 2 and a half hours. Binance will send you an email advising you that your transaction has been valid and that you have these tokens in your wallet.

Answer 24

To withdraw your funds in Binance go to the Funds section. Choose the cryptocurrency in which you have your funds and select the “Withdrawal” option. Once there, specify the amount to withdraw and the address to which you will send the tokens. Confirm the transaction through an email that Binance will send you and that’s it. Later you can keep your tokens in the wallet you want or exchange them for fiat currency.

Answer 25

Go to your Binance wallet and select the cryptocurrency you want to send to Coinbase, BTC for example. Once inside your BTC wallet, press “Withdrawal” and specify the amount of BTC you want to send. Write the BTC address belonging to your Coinbase wallet and proceed to make the withdrawal. Confirm the transaction from your email and wait approximately an hour for your funds to arrive successfully.

Answer 26

Using Binance P2P Exchange. On this platform, you will be able to trade your cryptocurrencies for fiat currencies with other users belonging to the service. Your tokens will be taken by the platform as a guarantee and the buyer must send the fiat money to your bank account. Once the bank transaction is confirmed, you will proceed to release the tokens to the buyer.

Answer 27

By using Binance’s P2P Exchange system, you guarantee that fiat currency transactions are immediately deposited into your bank account, since these transactions must be made between accounts belonging to the same financial institution.

Answer 28

Unverified Binance users will be able to withdraw up to 2 BTC per day, while verified users will be able to withdraw up to 100 BTC per day.

Answer 29

Select the “Portfolio” option and choose the cryptocurrency you want to send to the Binance wallet. Press “send”, specify the amount and the address corresponding to the wallet of such cryptocurrency in Binance and confirm the transaction.

Answer 30

The time of the outgoing Coinbase transactions will depend on the cryptocurrency with which it is carried out. Bitcoin transactions will take between 40 minutes and an hour to be confirmed, while other token transactions will take only minutes.

Answer 31

USDT refers to Tether, which is a stablecoin. In other words, Tether is an asset whose value is pegged to the USD and will not exhibit any volatility.

Answer 32

To get USDT in Binance you can send it from another wallet (such as Bitfinex’s) or buy USDT with Bitcoin, which is ideal if you intend to make profits trading between BTC and USD.

Answer 33

Binance charts express how the crypto market behaves like any other exchange would, although it has a very good combination of colors and indicators. Green candles indicate a price increase and red candles a downward trend (price fall). Every trader must analyze the charts at different times together with the trading volume to reach an accurate conclusion.

Answer 34

The depth chart is the graphic representation of the Order Book. The horizontal axis shows the price. The vertical axis shows the available quantity of tokens to be sold or bought.

Answer 35

From the order book in Binance we can deduce how the stock prices move within the market. Knowing how the supply and demand of a cryptocurrency behaves is key to knowing what trend it seeks to follow. We can find the order book left of our chart.

Answer 36

In the trading section, we will find two small windows below the chart. These sections ask us to specify whether we want to sell or buy a cryptocurrency, which will depend directly on our purposes.

Answer 37

Both purchase and sale orders will take depending on what type of orders we are using. If you are going to buy in a market order, the purchase is made instantly. If you are going to sell using a limit order, the asset will be sold when the price hits the level you specified.

Answer 38

Currently it is not possible to set such a thing as a rough stop loss on the Binance platform, so most traders need to set price alerts and be aware of their operations.

Answer 39

In the Basic Exchange interface, locate yourself in the lower trading area. Click on “Limited Stop Order” to open the drop-down menu, and select “OCO”. You can set this order as a buy or sell.

Answer 40

Open orders are trades that have not yet reached the target specified by the trader, but have not yet been closed. Orders can last more or less open time depending on whether you are trading on Margin, Spot and/or Futures.

Answer 41

”In order” means that the price you set up for your order to reach has to match with someone else’s order price. Your funds are called “In Order” because they have not reached the target.

Answer 42

To do day trading on Binance, you must trade cryptocurrency pairs whose prices reach your goal in one day or less. Day trading is based on relatively short trades and does not usually leave orders open overnight.

Answer 43

In the trading tab, change the mode from “Spot” or “futures” to “Margin”. You must transfer your funds to your Margin wallet and there you can start with your margin trades.

Answer 44

Assuming you don’t have Bitcoin, but you want to sell it to take advantage of a price drop and buy cheaper BTC using USDT, you will have to put the trading tab in “Margin” and you will be able to ask for a cryptocurrency loan (that you don’t have) before its fall to subsequently buy even more tokens using the tokens obtained by selling.

Answer 45

To trade long on Binance, place yourself on Margin and borrow a cryptocurrency loan that you think will go up. The exchange will give you this “line of credit” and you can sell the tokens when they reach the target price you want.

Answer 46

Binance offers leverage of up to 5x in Margin mode and 125x in futures. However, users should use this tool carefully to avoid reaching the margin call.

Answer 47

Not all cryptocurrencies can be used with leverage, however those that can choose up to 5x leverage to trade on margin.

Answer 48

Unfortunately it is not possible to change the leverage while said order is open, because the leverage is provided to your account before starting your trade.

Answer 49

Money comes from taking advantage of market’s price movements. Only investing in a cryptocurrency that will go into an bull trend in the short term will make you earn money. Consistent trading based on good psychology and analysis can double your capital in a matter of weeks, especially if margin trading is used.

Answer 50

Log in to your Binance account. Go to the “Account” tab. Select the “Security” option and click on the “Deactivate my account”.

Answer 51

First, you must sign in your account and click on “Account”, then click on “API Settings”. You’ll have to type a name for your Key and then click “Generate”. Click on “Create a new API Key” and confirm it after the new API tab opens.

Answer 52

The launch of Binance US took place in late 2019, however what was supposed to be offering the Binance experience to US users ended up excluding 13 states including Connecticut.

Answer 53

Binance is legal worldwide. Although that does not mean that Binance is not limiting the platform in some countries, which are not mentioned by the company.

Answer 54

It is rumored that China banned Binance but the truth is that since Binance moved to Japan, it blocked China’s IPs. However, the exchange does not issue many comments about it.

Answer 55

Is Binance safe? The platform has security protocols, SSL encryption, 2-factor-authentication and is programmed to enhance your security over time. Although not perfect, the exchange has proven to protect its users’ investments on past opportunities.

Answer 56

Two-factor authentication (2FA) is a security process that requires users to offer two means of identification before accessing their account. This will protect you from possible attacks.

Answer 57

Go to the “Account” panel and click on “2-factor authentication”, then click on the button that says “Activate” next to the SMS authentication label and the process to activate SMS authentication will start.

Answer 58

Go to the account tab and click “Disable” in the Google Authenticator section. You will need to enter your login details and the process will start.

Answer 59

Go to “account”, find the API section there and click on “API Setting” button. Select the key you would like to delete (Read only) and confirm.

Answer 60

Binance futures is Binance’s platform that allows its users to switch crypto derivatives between spot and futures and obtain greater leverage in operations.

Answer 61

The Binance futures platform offers 17 perpetual contracts to its users while they trade at the lowest rates among exchange companies. This protects funds against takers and makers.

Answer 62

Go to the “Trade” section and in the options displayed below the chart, look for the “Futures” tab. Click there and the page will take you to the Binance Futures platform.

Answer 63

Binance charges a commission for trading activities at Binance. The fixed rate for trading operations is 0.1% of the transaction amount. Using the BNB voucher for trading activities results in a 50% discount, so the commissions charged will be 0.05%.

Answer 64

A good option is to bring the amount of the transaction to a value in USD, and then calculate 0.1% of the total amount and that will be our commission.

Answer 65

Binance Launchpad, as its name suggests, is Binance’s token launch pad to support transformative blockchain projects.

Answer 66

First you’ll have to issue the tokens on Binance Chain, then submit your on-chain proposal request and send the list transaction.

Answer 67

Binance DEX charges a standard flat listing fee of 1,000 BNB, making this one of the cheapest on the market. There have been cases of collections of $15 million USD.

Answer 68

Go to the Play Store or Appstore (depending on whether your phone works with Android or iOS) and type “Binance” in the search engine. The Binance App should appear first with your rating, then proceed to download it.

Answer 69

The interface of the Binance App is very simple. After logging in and approving the security protocols (including 2FA) you will find the main menu, which will present you with the prices of the most traded cryptocurrencies. In the lower section you will have options for the markets, order book, funds and more.

Answer 70

Users and referrals can benefit from the Binance Referral Program. Every time a referral performs trading operations, you can receive a total referral bonus of up to 30% for futures.

Answer 71

Go to “Account” and you will get a simple dress option with a small gift box called “My Reference ID”, which shows the code to one side.

Answer 72

”Label” field can be filled with any name you want to set, what really matters is the “Address” field with your personal wallet address, and the “Amount” field with how much you want to withdraw.

Answer 73

Usually the network can be affected by over-traffic or small problems within the platform. However, Binance has an excellent support team that deals quickly with these situations.

Answer 74

On some occasions the Binance platform could be overwhelmed from too many activity and/or bugs and take time to update certain items, although it generally works without interruptions.

Answer 75

Binance is extremely trustworthy and has not hesitated to prove it. Even after hack attacks, it has backed up and protected users’ money.

Answer 76

You can use trading bots for Binance operations like 3commas, CryptoHopper, Cornix, etc. These have been particularly recognized within the crypto community for their good results.

Binance Review & Margin Trading FAQ

Facts & Data about Binance:

Binance Discounts & Coupons:

Binance Trading Fees in detail:

Deposit & Withdrawal fees:

Minimum Deposit / Withdrawal Amount:

Supported FIAT Currencies:

Supported Order Types:

Supported Trading Pairs for Margin Trading:

Leverage per Coin:

10x Leverage:

5x Leverage:

Binance Futures

Supported Countries:

Binance is banned in:

Binance Discussions on Reddit and others:

Binance Mobile App?

Binance How-To´s and Guides:

Frequently asked Questions about Binance

What is Binance?

Who owns Binance?

Where is Binance located?

How many users does Binance have?

How much is Binance worth?

Who regulates Binance?

When did Binance launch/when was Binance founded?

How does Binance make money?

How do i know i am on the official and legitimate Binance exchange?

What is Binance coin BNB?

What is bcc on Binance?

How to mine Binance coin?

How many coins are listed on Binance?

What cryptocurrencies does Binance have in detail?

What fiat currencies are supported on Binance?

How long does it take to get your account verified on Binance?

How to use Binance exchange, how to trade on Binance?

How to deposit money / USD to Binance?

How to transfer bitcoin to Binance?

How long does it take to send bitcoin to Binance?

How to transfer Ethereum from Coinbase to Binance?

How to transfer Litecoin to Binance?

How long do Binance deposits take?

How to withdraw from Binance?

How to withdraw from Binance to Coinbase?

How to withdraw money from Binance to bank account?

How long does Binance take to withdrawal fiat money?

What is the withdraw limit in Binance?

How to move from Coinbase to Binance?

How long does it take to transfer from Coinbase to Binance?

What is USDT on Binance?

How do I get USDT on Binance?

How to read Binance charts?

How to read Binance depth chart?

How to read order book Binance?

How to buy and sell on Binance?

How long does it take to sell on Binance?

How to set a stop loss on Binance?

How to use OCO on Binance?

What are open orders on Binance?

What does in order mean on Binance?

How to day trade on Binance?

How to margin trade on Binance?

How to short using Binance?

How to long on Binance?

How much leverage can be used on Binance?

How much leverage per each coin on Binance?

Binance can you change leverage when in a position

How to make money on Binance?

How to delete Binance account?

How to use Binance api?

Why Binance doesn’t work in Connecticut?

Where is Binance legal?

In which countries you cannot use Binance?

How secure is Binance?

What is 2fa on Binance?

How to enable 2fa on Binance?

How to remove google authenticator from Binance?

How to remove read only on Binance?

What is Binance Futures?

How do Binance futures work?