After the article published on Coin base, the cryptocurrency exchange that allows you to buy Bitcoin, Bitcoin Cash, Lite coin, and Ethereum, I received several emails and requests from people who would like to invest in other cryptocurrencies (Ripple, IOTA, Cardano, ): in this article, you will find out how Binance works, one of the best exchanges to buy cryptocurrencies: Binance - How Does It Work?
For those who want to invest in cryptocurrencies, exchanges are the platforms that allow you to deposit a type of cryptocurrency and convert them into other cryptocurrencies on the exchange's list: each exchange includes a more or less extensive list of cryptocurrencies.
It is important to know that some cryptocurrencies cannot be exchanged for FIAT currency (i.e. euros or dollars): in fact, to buy some of these virtual currencies it is necessary to carry out two operations:
Buy Bitcoin / Ethereum / Litecoin with Euro
Buy cryptocurrency with Bitcoin / Ethereum / Litecoin
Where to buy Cryptocurrencies with Euro?
One of the most frequent questions asked by those who want to buy Bitcoin or other currencies is where can I buy Bitcoin by paying in Euros (Or Litecoin, Ethereum, ...)?
The platforms that I know and that allow you to buy by paying in Euros are:
Coinbase: allows you to buy Bitcoin, Bitcoin Cash, Ethereum, Litecoin
Cex.io: allows you to buy Bitcoin, Bitcoin Cash, Ethereum
Paxful: allows you to buy Bitcoins
What is Binance?
It is a cryptocurrency exchange, a platform that allows you to buy the most important Crypto.
Binance does not allow you to deposit Euros: it is possible to deposit only crypto coins, so you have to use two exchanges: for example, I used Coinbase to buy in Euros, and then I transferred the crypto to Binance.
Among the strengths of this platform are:
The simplicity of use
The ability to find tons of crypto
The ability to open an account without the need for documents or other sensitive data (which we will then have to enter anyway at a later time)
The rather low purchase fees for an exchange with high daily volumes
The platform allows you to make deposits and withdrawals and is considered one of the best choices for those who want an exchange with the most important cryptocurrencies.
How to sign up on Binance?
We will receive an email with the registration confirmation (and a link to click), then we will be able to log in with the email and password used during registration.
Once this is done you will already be registered and you can enable two-factor authentication with Google Authenticator or with SMS (remember to keep the QR Code and the 16-digit code, which are of fundamental importance to recover our account at any time in case you have problems with their smartphone).
Once the security levels have been set we can.
How to deposit and withdraw on Binance
Once the registration/registration is complete, simply click on Funds, then on Deposit (in case you want to deposit) or Withdrawals (in case you want to withdraw), and thus access your available wallets.
You can use the search function to quickly find the cryptocurrency we want to deposit or withdraw on, then click on Deposit or Withdrawal.
We can now enter the address in case we want to withdraw or copy the address in case we want to deposit.
At this point, we go to the exchange from which we want to transfer the cryptocurrencies and enter the amount and address.
How does Binance work?
How does Binance work?
There are two versions of the exchange: Basic and Advanced. Already in the basic function, it is possible to have all the main functions. On the right are shown the currency pairs on which it is possible to trade on Binance: there are a lot of them.
In the center, you can see the candlestick chart and you can also choose the time horizon and the size of the candle. It is possible to place limit orders (choosing at what price the order will be executed) or market (in this case the price will be the market price).
Binance platform - Cryptocurrencies
In market transactions it is possible to buy cryptocurrencies using the average market price: just click on the amount and then click on Buy.
Alternatively, to quickly buy cryptocurrencies, just click on the Binance logo and choose the market ( BNB Markets - ETH Markets - BTC Markets - USDT Markets ) then choose the currency pair and access the page with the charts and the quotation in real-time.
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