Binance: What is it? How to Use? Is Deposit Safe?
Questions like “What is Binance?”, “How to use Binance?”, “How to open an account?”, “How to withdraw money from Binance?”, and “Is Binance membership possible?” have become prevalent in the minds of many investors after recent developments in the cryptocurrency market.
Due to these recent developments, it has been demonstrated that cryptocurrencies other than Bitcoin can be significant investments. We have witnessed substantial increases in various altcoins such as Iota, Cardano, Litecoin, and Ripple. Consequently, the focus of investors is shifting towards altcoins that may bring higher returns. Binance, with its extensive selection of altcoins, has gained prominence in such a period and is now recognized. So, what exactly is Binance, and how is it used?
**What is Binance?**
Binance is one of the world’s largest cryptocurrency exchanges that allows you to buy and sell hundreds of cryptocurrencies, providing a liquid market for fast transactions. As the recognition of altcoins has increased, and investors have shown interest in them, this exchange continues to progress towards becoming the world’s largest cryptocurrency exchange. The diversity of altcoins on this exchange is not provided by many other exchanges. Additionally, Binance has distinguished itself from its competitors by offering fast account opening, deposit, and withdrawal processes.
Originally a Chinese exchange, Binance is headquartered in Hong Kong. Therefore, it is expected to continue its operations without being affected by situations such as the ban on Bitcoin by China. As of now, Binance ranks as the 6th largest exchange globally, with an average daily trading volume of around 3 billion dollars. In comparison, two of Turkey’s largest exchanges, BTC Turk and Paribu, are ranked 46th and 51st with an average daily trading volume of around 40 million dollars.
Binance has gained positive reviews and opinions mainly because of its significantly lower commission rates compared to other exchanges.
**How to Use Binance? How to Open an Account?**
Firstly, account opening procedures are straightforward and fast. You can quickly open an account and start investing. In the following, I’ll explain all the usage processes from account opening to login and withdrawal.
**How to Open a Binance Account?**
1. Go to the [Binance registration page], and click on the “Register” button in the upper right corner.
2. Complete the registration form by providing your email address and creating a password.
3. Agree to the terms of use and click on “Create Account.”
4. You will receive a verification email; open it and click on the verification link.
5. After completing the verification, your account is ready.
Please note that Binance registration may not always be open, and you should check when new registrations will be available.
**How to Deposit Money on Binance?**
To deposit money on Binance, you need to convert your funds to Bitcoin first. Unfortunately, direct deposits in Turkish Lira or other currencies are not possible. You can either transfer Bitcoin if you already have some, or you can quickly convert your funds to Bitcoin on a local exchange.
For example, you can open an account on Paribu, a local exchange, and transfer your funds there. If your deposit on Paribu is above 500 TL, you may be asked for identity verification. You can go to account settings, submit photos of the front and back of your ID, and verify your account. This process takes about 30 minutes. If your deposit is below 500 TL, identity verification is not required.
Once you have converted your funds to Bitcoin, you can transfer them to Binance. Log in to your Binance account, go to the “Funds” section, click on “Deposit Withdrawals,” and choose Bitcoin (BTC). Click on “Deposit” and copy the provided wallet address. Go to Paribu, click on “Withdraw Bitcoin,” enter the wallet address, and send your Bitcoin. Binance charges a fee of 35 TL for Bitcoin deposits, regardless of the amount. Your Bitcoin will be transferred to your Binance account after a short while.
**Binance Commission Fees**
Binance charges a commission for each transaction, both for buying and selling. The commission fee is 0.1% of the transaction amount. This is relatively low compared to other exchanges. For example, if you buy 200 IOTA at $5 each, and the total transaction is $1000, the commission fee will be $1.
**Is Binance Safe?**
Considering the two-factor authentication, identity verification option, and other security measures Binance offers, it can be considered a secure exchange. Additionally, Binance frequently reminds users of potential security risks, indicating its commitment to addressing security issues arising from users. The extensive variety of altcoins on Binance and its perceived reliability have contributed to its becoming one of the world’s largest exchanges in a short period.
In conclusion, Binance is a reliable and user-friendly platform for trading various cryptocurrencies, and it continues to gain popularity among investors.