Guide to Binance exchange: how to register and add funds to your account

guide-to-binance-exchange-how-to-use

Binance is quite a user-friendly cryptocurrency exchange, famous for a big choice of coins for trading (more than 220), multilingual interface (it supports 8 languages), and high security level.

Registration process

1. Go to Binance’s website.

Binance Guide - Step 1

2. Enter your e-mail, create a password, agree to the Binance Terms of Use, and click on “Create account”:

Binance Guide - Step 2

3. Then you’ll have to verify you’re not a robot. Here just slide the puzzle piece carefully to complete the puzzle. Now just check your e-mail and press the button “Verify Email” in the letter you’ve received. After that the registration process is completed and your Binance account is ready.

Binance Guide - Step 3

Security measures

The first time you log-in you’ll be prompted to set up two-factor authentication, or confirmation of entry via SMS. WE DO RECOMMEND to do it right away, and immediately enable 2FA to increase your security. Also you can skip it and enable 2FA later.

Binance Guide - Step 4

Depositing

Click on the “Exchange Wallet” on the top right-hand corner:

Binance Guide - Step 5

Select the coin you want to deposit from the list of coins available:

Binance Guide - Step 6

If you need to make deposit, you can find the deposit address on the right:

Binance Guide - Step 7

If you need to make a deposit then you should to send coins to the deposit address.

Commission discounts

The Binance exchange has its native token – BNB (Binance Coin). Those who use it to pay for trading fees on this trading platform, get a special discount for them. The discount will be reduced every year until 2021 according to a predefined schedule. So, nowadays Binance offers a 12,5% discount. Binance was founded in 2017 and it’s the first trading platform which offered such an option for customers. It really helped to make this exchange popular among others and increase trading volume. Nowadays most exchanges have their tokens with similar rewards and exchange tokens became new type of digital currency. Moreover Binance didn’t stop halfway and developed own blockchain. 

Binance Guide - Step 8: Comission Discount

Remember: you can’t profit from this feature unless you have any BNB tokens on your account.

Withdrawal

1. Move your mouse up to “Exchange Wallet” button again. Choose the right cryptocurrency and click on the “Withdraw”. On the coin page, you will be able to select which coin to withdraw:

2. Enter the address to which you are going to send the coins, the amount to be sent, and press “Submit”.

Binance guide - step 10: Withdrawal

How to activate 2FA on Binance using Google Authenticator

If you are new to the world of cryptocurrencies, then don’t get shocked by the fact that you won’t be allowed to withdraw your funds quite often unless you have two-factor authentication (2FA). Let’s figure out “What is this?, “Why is it so important?”, and “How to activate it?”.

What does 2FA mean?

2FA is an authentication method in which a computer user is granted access only after successfully passing two different authentication factors (instead of one as it is usual). Here are those factors of security:

  1. Account password;
  2. A unique digital code generated by a special application installed on a mobile device.

What is Google Authenticator?

Google Authenticator is an application for 2FA with the help of which a unique 6-digit code is generated every 30 seconds. It can work on Android or iOS operating systems.

How to get a key for Google Authenticator?

This application is quite similar regardless of the operating system, so, I’m going to show you the principle of how it works on Android (just because I have it on hand).So, you have installed the application from PlayMarket. First of all, let’s find out what can we see here and what can we do with this.

  • A table with three-digit codes in the center;settings to synchronize time (we will describe it at the end of the instruction).
  • Settings icon in the upper right in which: settings to synchronize time (we will describe it at the end of the instruction).
  • A red circle with a plus in the center, clicking on which you’ll be given two options of authorization: to “Scan a barcode” or “Enter a key”. 

2FA activation

1. Imagine that, you already have an account on Binance, but without 2FA. Navigate to your account. Select “Security” -> “2-Factor Authentication” (in front of Google) and click on the button “Enable”:

Binance guide 2FA

We’re asked to install an application, after this press “Next”:

Binance guide step 12

2. We see a QR code and a key. Open the application Google authenticator on the phone and click on the plus sign and scan the QR code, so click “Scan a barcode.” If you have some problems with this, then click “Enter a provided Key” and enter the key, which is to the right of the QR code.

Binance guide step 13

3. After that, a six-digit code should appear in the Google Authenticator application, which is updated every 30 seconds. Go to the next step. 

4. Click Next: Then you’ll be prompted with a reset code for your google authenticator. Please write this code on a piece of paper and keep it safe. It can be used in the future to reset your Google Authenticator if you lose your mobile device. Once done, click “Next Step”.

Binance guide step 14: 2FA activation

5. In the last step, enter:

  • password from your account;
  • the code from the Google Authenticator app we recently added.

6. Click Submit. 2FA is turned on!

Binance guide step 15

Possible problems

Sometimes you can face such a problem: your Google Authenticator code doesn’t work, though it seems to be entered correctly. This can happen because you don’t have the correct time on your device.To fix this, go to the Google Authenticator application and click on the “…” button in the upper right corner to open the menu in which select “Settings”, then “Time Correction for Codes” and then press the button Synchronize.

In most cases it is the solution, but what if not? Then the only possible variant is to address the Support service and ask them to deactivate 2FA on your account and to enable you to log in only with the help of your password. But be ready to answer different questions about the account: what is the balance, what coins are there, what operations have been carried out recently, what did you buy, what did you sell, etc.

The next problem that anyone can face is unpleasant situations with your mobile device. It can be stolen or broken, you can accidentally delete both the Google Authenticator application itself, or some account in it.

Let’s talk about your accounts first. You can have either one account in the application, or hundreds of different ones. And so as not to mistakenly delete the desired one, we recommend not to leave the default name, but to rename accounts for services (as in the screenshot above). Then it will be clear what kind of account.

In case of theft or breakdown of the device, so as not to be left with nothing, always save the QR codes as a picture, and 16-digit keys in text form or copy to paper. If your code and key are stored in a safe place, then you can always access your account.

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