Cryptocurrency trading has become more accessible than ever, and Binance stands as one of the world’s leading exchanges since its founding in 2017. Known for its robust security, user-friendly interface, and competitive fee structure, Binance supports hundreds of digital assets and offers advanced trading tools for both beginners and experienced traders.
This comprehensive guide walks you through everything you need to know about using Binance—from account creation and identity verification to depositing funds, trading strategies, and withdrawing money. We’ll also cover key topics like fee discounts, supported coins, and how Binance compares to other platforms.
How to Create a Binance Account
Getting started on Binance is simple and takes just a few minutes. Follow these steps to set up your account securely.
Step 1: Visit the Registration Page
To begin, go to the official Binance website. For added benefits, use a referral link that may offer fee discounts—though we recommend accessing only trusted sources.
Step 2: Complete the Sign-Up Form
Enter your email address and create a strong password (at least 8 characters with uppercase letters and numbers). Confirm that you agree to the terms of service and click “Create Personal Account.”
Step 3: Verify Your Email
Binance will send a verification code to your inbox. Enter this code on the platform to confirm your email address and activate your account.
Step 4: Enable Two-Factor Authentication (2FA)
For enhanced security, enable 2FA using an authenticator app like Google Authenticator. Scan the QR code provided by Binance, and store your backup recovery key in a secure location. This step is crucial to protect your funds from unauthorized access.
How to Verify Your Identity on Binance
Identity verification (KYC) is required to unlock higher withdrawal limits and enable fiat deposits. It's now mandatory for all new users who wish to trade or deposit funds.
- Click on your profile icon and select Identification.
- Choose the Verify option and submit your personal details.
- Upload a clear photo of your government-issued ID (e.g., passport or driver’s license).
- Take a live selfie for facial recognition.
Address verification may be required later if you plan to increase fiat deposit limits. Completing this process ensures compliance and expands your trading capabilities.
How to Deposit Funds on Binance
You can fund your Binance account with fiat currencies or cryptocurrencies. Below are the main methods.
Depositing Fiat Currency (USD, EUR, etc.)
Navigate to the Wallet > Fiat and Spot section and select Deposit. Choose your preferred currency (e.g., USD or EUR) and payment method.
- USD Deposits: Available via Bank Transfer (SWIFT). While previously suspended, USD deposits have resumed as of September 1, 2025. There is currently no fee charged by Binance, though your bank may apply transfer fees. Daily limit: $50,000.
- EUR Deposits: Supported via SEPA bank transfers for eligible regions. Fees are typically low (around €0.80), but availability depends on your country of residence.
To increase deposit limits, complete Verified Plus identity verification, which includes submitting proof of address.
Depositing Cryptocurrencies
Transferring crypto from another exchange or wallet is straightforward:
- Go to Fiat and Spot > Deposit > Crypto.
- Search for the coin you want to deposit (e.g., BTC, ETH).
- Copy your unique deposit address and ensure you select the correct network (e.g., ERC-20, BEP-20).
- Include any required MEMO or tag if prompted.
⚠️ Warning: Sending tokens via the wrong network can result in permanent loss. Always double-check network compatibility before initiating a transfer.
Understanding Binance Trading Fees
Binance offers some of the lowest trading fees in the industry, starting at 0.10% for spot trades. However, several factors influence your final cost.
Standard Spot Trading Fees
| 30-Day Trading Volume (BUSD) | Maker Fee | Taker Fee |
|---|---|---|
| < 1M | 0.10% | 0.10% |
Fees decrease as your trading volume increases. You can calculate your cost using this formula:
Fee = (Trade Size / 100) × Fee Rate
For example, a $1,500 trade at 0.10% incurs a $1.50 fee.
How to Reduce Fees on Binance
- Use BNB for Fee Payments: Hold BNB in your spot wallet and opt-in to pay fees with it. This grants an automatic 25% discount.
- Apply Referral Discounts: New users can receive up to 20% off trading fees by entering a valid referral ID during registration.
- Combined Discount Example: With a 20% referral discount and BNB fee payment, your effective taker fee drops to just 0.06%.
How to Trade on Binance
Once funded, you can start trading using one of two primary interfaces: Classic or Advanced mode—both accessible under the Trade menu.
Understanding Trading Pairs
Each cryptocurrency pairs with major assets like BTC, ETH, BNB, USDT, BUSD, or fiat currencies. For instance:
- Use BTC/BUSD to buy Bitcoin with BUSD.
- Use ETH/USDT to trade Ethereum against Tether.
Search for your desired pair directly on the trading page.
Order Types Explained
Limit Order
Set a specific price at which you want to buy or sell. Your order executes only when market conditions match your price.
Market Order
Buy or sell instantly at the current market price. Execution is immediate but may vary slightly due to slippage.
Stop-Limit Order
Used to enter or exit positions when a certain price level is reached:
- Set a stop price (trigger) and a limit price (execution).
- Ideal for setting profit targets or stop-loss levels.
Example: Place a sell stop-limit order at $27,000 (stop) / $26,990 (limit) to protect against downside risk.
Supported Coins and Markets
Binance lists over 350 cryptocurrencies, including major players like Bitcoin (BTC), Ethereum (ETH), BNB, Solana (SOL), and emerging altcoins. New tokens are frequently added—check the official announcements page for updates.
You can explore all available trading pairs at Binance Markets. If a token isn’t listed yet, consider decentralized exchanges like Uniswap or PancakeSwap.
Withdrawing Funds from Binance
To cash out or move assets elsewhere:
- Go to Wallet > Fiat and Spot > Withdraw.
- Select Fiat or Crypto, then choose your asset.
Fiat Withdrawals
- USD: Withdraw via SWIFT transfer ($15 fee, $50k daily limit).
- EUR: Available via SEPA (€0.80 fee) or Visa card, depending on region.
Crypto Withdrawals
Select your coin, enter the destination address, choose the correct network, and include any required MEMO/tags. Confirm with your email and 2FA codes.
Withdrawal fees vary by blockchain congestion and are displayed before confirmation.
Frequently Asked Questions (FAQ)
Q: Is Binance safe to use?
A: Yes. Binance employs advanced security measures including two-factor authentication, withdrawal whitelisting, and cold storage for most user funds.
Q: Can I use Binance in the United States?
A: No. Regular Binance services are not available in the U.S. American users should use Binance.US, a separate entity compliant with local regulations.
Q: What is the minimum deposit on Binance?
A: There’s no universal minimum. Fiat deposits typically require at least $10–$20; crypto deposits depend on network fees.
Q: Why should I hold BNB?
A: Holding BNB allows you to pay lower trading fees (25% discount), participate in token sales, and access exclusive rewards.
Q: Are there any hidden fees on Binance?
A: No hidden fees exist, but always check network withdrawal fees and third-party charges (e.g., bank transfer costs).
Q: How fast are deposits and withdrawals processed?
A: Fiat deposits take 1–5 business days; crypto transactions depend on blockchain speed (usually minutes to hours).
Final Thoughts
Binance remains a top choice for global crypto traders due to its wide asset selection, low fees, powerful tools, and continuous innovation. Whether you're depositing fiat, trading altcoins, or managing risk with stop-limit orders, understanding how the platform works is essential for success.
By following best practices—like enabling 2FA, verifying your identity early, and optimizing fee payments—you can trade confidently and securely on one of the most dynamic platforms in the crypto space.
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