There is no justification for not understanding Binance, even if you are new to cryptocurrencies. It is, after all, one of the top cryptocurrency exchanges worldwide. Binance may be a good option of a platform if you’re experimenting with virtual currencies and seeking for a place where you can trade.
You’ll learn everything you need to know about this wildly famous crypto exchange in this Binance lesson for beginners. You can also look at our succinct user manual for the platform.
What is Binance and How Does It Work?
Chinese-Canadian programmer Changpeng Zhao, also known as CZ, launched the cryptocurrency exchange Binance in 2017. The company has the credentials to back up the claims made by some financial magazines that Binance is the biggest cryptocurrency exchange in the world.
According to Binance, the platform processes around 1.4 million transactions every second, and its website records an average daily volume of two billion.
Binance stands out because its exchange functions in tandem with other businesses bearing the Binance brand, creating a robust ecosystem. The following are additional services offered by Binance:
- Users of the exchange can keep their digital assets in the Binance Trust Wallet, which is its official wallet.
- BNB Chain: This is the blockchain software platform used by Binance, which is developed and maintained by community members from all around the world, including developers and contributors.
- Binance Charity: This non-profit organization promotes charitable causes and blockchain technology. Additionally, it supports the Sustainable Development Goals of the United Nations through blockchain.
- The open-access Binance Academy offers users instructional materials and tools about blockchain in more than 20 different languages.
- Users can look at prospective new crypto tokens on the Binance Launchpad. These cryptocurrency tokens, which originate from various initiatives, are carefully examined by Binance.
- Binance Labs: This part seeks out and finances communities, businesses, and startups with the potential to advance the blockchain ecosystem.
- Binance Research is a collection of authoritative papers and data insights that cryptocurrency traders can use.
Uses of Binance
Below are some of Binance’s best attributes, which you might review if you’re seeking for motivations to utilize it:
Additional Ways to Make Money
On Binance, there are numerous ways to make money. You can hold your cryptocurrency funds and begin making money in addition to trading on the exchange itself. Peer-to-peer (P2P) trading is another option where you can exchange coins with other Binance users.
Features of Advanced Security
Binance uses a wide range of security measures to give its users confidence. They consist of the following:
- Binance keeps 10% of all trading fees in a Secure Asset Fund for Users (SAFU) to ensure that a portion of user assets is safeguarded.
- Advanced Data Encryption: Binance protects transaction data with end-to-end encryption. You are the only one with access to your personal data.
- Personalized Access Control – You can limit the addresses and devices that have access to your account by using the platform’s sophisticated access restrictions.
Accessible on a Number of Platforms
Both desktop and mobile devices support Binance. You may effortlessly trade whenever and wherever thanks to its availability on a number of platforms.
You may download Binance for mobile devices from the Google Play and App Store. The platform is accessible for desktop trading on macOS, Windows, and Linux. Additionally, you can access Binance using well-known web browsers.
Accessible Knowledge Base and Support
You can contact Binance’s support team and resources if you ever have questions or concerns about the use of the site. On their website, chat help is available round-the-clock.
You can find comprehensive information about particular platform features in its FAQs. Additionally, Binance offers the most recent news and commentary about the blockchain sector on its blog.
How to Create a Binance Account in the Philippines: Binance Tutorial for New Users
Making an account is where this Binance guide for beginners officially begins. The good news is that it’s fairly simple to register for Binance in the Philippines.
If you’re unsure of how to register a Binance account in the Philippines, simply follow the steps listed below:
- Visit the Binance website .
- In the page’s upper right corner, click the Register button.
- Enter your email address and password on the registration page.
- You’ll get a message from Binance via email. By clicking the Verify Email link, you can finish the registration process.
- You should secure your account, therefore activate two-factor authentication at that very moment.
How to Verify Your Account on Binance?
The Know Your Customer (KYC) process, also known as identity verification, is carried out by Binance on all new users, just like other significant financial institutions and cryptocurrency exchanges. The platform will then be able to keep an eye out for suspicious activity and stop illicit acts.
Identity verification plays a significant role in this beginner’s guide to Binance. You gain access to a tier upgrade with larger withdrawal limits and lower costs by finishing the process. The actions you must take are as follows:
- Enter your Binance account credentials, then select the Identification link. If you’re a new user, simply click the Get Verified button on your homepage to go directly to the verification page.
- You can discover various levels of verification on the following page. Select the Start Now button for the appropriate level of verification.
- Decide where you want to live. The verification standards for your particular nation or region will then be listed for you to review. Select “Continue” from the menu.
- Enter your personal data, then press the Continue button.
- Select the ID type and country of issue that you wish to submit. Then submit images of your identification documents.
- You will be prompted to snap a selfie after uploading the ID image. If you have a file already on your device, click the Upload File button.
- Complete facial verification is required. After completing the system prompt, click the Continue option. An alternative is to scan the QR code that is located in the bottom right corner of the page. To complete the transaction, scan it using the Binance app.
- Once the procedure is complete, watch for an email from Binance. Try again in the following 24 hours if your identity verification is rejected ten times in a 24-hour period.
Adding Money to Your Binance Account
How to cash in on Binance in the Philippines is covered in this beginner’s Binance guide. To your Binance account, you can add both fiat money and cryptocurrency. The following are some things to remember:
How to Add Fiat Money to Your Account in Steps
The official tender issued by the government is known as fiat money. It is the Philippine Peso in this instance. To add money to your account, take the following actions:
- Click the Overview link first, then the Wallet link, on your homepage.
- Click Deposit on the following page. Finally, select Deposit Cash.
- After that, you’ll be taken to the Deposit page. Select the currency and enter the payment information, such as the amount you wish to transfer, after clicking the Fiat tab.
- Select “Continue” from the menu.
- You’ll be prompted with a pop-up window to confirm. Select Confirm.
- Copy the reference code for the transaction.
- Start the transfer by logging into your online banking account. The Reference Code should be a part of your deposit.
Binance is it authorized in the Philippines?
Technically, there are ambiguities. Binance is a trustworthy business with a global presence that is situated overseas. However, neither the Securities and Exchange Commission (SEC) nor Bangko Sentral ng Pilipinas have registered it (BSP).
Binance users in the nation cannot obtain legal protection from the BSP, according to Department of Finance Secretary Carlos Dominguez, because the site is not under their control.
On the other hand, earlier this year Binance tried to obtain two licenses in the nation. According to Binance, the application process is proceeding well in the Philippines.
Coins that I can trade on Binance include
More than 350 coins can be used on Binance. You can trade the following coins at the exchange in addition to the most well-known ones like Bitcoin and Ethereum:
- Tether (USDT)
- Ripple (XRP)
- Uniswap (UNI)
- Cardano (ADA)
- Solana (SOL)
- Terra (LUNA)
- Dogecoin (DOGE)
- Avalanche (AVAX)
- Polkadot (DOT)
- Shiba Inu (SHIB)
- Polygon (MATIC)
Conclusion
Utilizing Binance for the first time might be rather intimidating. This article only scratches the surface of the subject. There are still many topics to go over, so we advise you to look for additional Binance tutorials for beginners.
Don’t rush things when you purchase or sell on the Binance trading platform. Although the learning curve might be extremely high, persistence will help you avoid costly errors and losses.
