As the market has become floated with a wide range of crypto coins nowadays, it is important to know the best place where you can buy, sell or exchange them. This is where cryptocurrency exchanges stand up. As cryptocurrencies have become most popular in today’s world, more and more exchanges are becoming available to the public. My name is Jack Walsh, and I am a forex and cryptocurrency trader with 7-year experience. In this article, I will show you how to set up the account on Binance which is considered the best cryptocurrency exchange.
What is Binance?
Binance is a cryptocurrency-based exchange. It means, that it does not accept fiat currencies like Euro or US dollar. It allows exchanging one crypto coin to another. The exchange was first launched in 2017 and is currently based in Japan. The main reason why it became so popular is the wide offer of cryptocurrencies available on the platform. There are more than 100 of them, starting from the most popular (like Ethereum or Bitcoin) and ending with new once (like ZCoin). Also, they take a matter of security very seriously. Each user is asked to undergo 2-step verification before setting up the account.
How to register?
How to secure your account?
Two-factor authentication is a common practice nowadays. Instead of relying only on your password, Binance allows you to implement deeper security measures. It means that you will need to supply not only your password but also a security code which will be sent to your phone number. The platform does not force you to use this method, it is an optional choice. But it makes for higher security. We will take SMS authentication as an example.
It is simple. You only need to choose your country and write your phone number. After you receive SMS, write the unique one-time code and enter your account.
How to deposit?
To start trading cryptocurrencies, first you will need to deposit either ETH, LTC, BTC, NEO or BNB (which is Binance’s own crypto coin).
- Find the option called “Deposits” under “Funds” page. Then you will need to choose which cryptocurrency you want to deposit
- Click “Deposit”, you will be redirected to the page with your deposit address.
- Now you will need to wait for the blockchain to confirm your transaction. For instance, with Bitcoin the process may take up to from 15 minutes to whole entire day.
Should you store your coins on Binance?
You can consider investing in a cryptocurrency wallet and transfer your newly-bought crypto to it. It is a well-known fact, that accounts on exchanges are often in danger of being hacked. Surely, you do not want to lose all your digital assets. So, consider getting yourself a wallet. There is a great variety of wallets available nowadays – hardware wallets, web-based wallets, downloadable software etc.
I hope this article was useful for you. If you still do not have an account on the exchange you are fully equipped to set it up now!