1.What Binance Is
Binance is a global cryptocurrency exchange where users can trade a wide variety of digital assets like Bitcoin, Ethereum, and hundreds of altcoins. It also offers services like futures trading, staking, savings, and crypto loans.
2.Account Verification (KYC)
To access the full range of features (like higher withdrawal limits and fiat deposits/withdrawals), you need to complete Know Your Customer (KYC) verification, which includes submitting a government-issued ID and a selfie.
3. Binance Has Its Own Token (BNB)
Binance Coin (BNB) is the native utility token. You can use BNB to pay trading fees at a discount, participate in token sales (via Binance Launchpad), and more.
4. Basic vs Advanced Interface
Binance offers both a Basic and Advanced trading interface. Beginners should start with the Basic one to avoid getting overwhelmed by the technical charts and options.
5. Spot, Margin & Futures Trading
Spot trading is buying/selling crypto at market price.
Margin trading allows you to borrow funds to trade (higher risk).
Futures trading involves betting on the future price of crypto with leverage (much riskier).
Stick to spot trading until you’re confident.
6. Trading Fees
Binance charges a standard trading fee of 0.1%, which can be reduced if you:
Pay fees in BNB
Increase your trading volume
Refer others to the platform
7. Security Features
Enable 2FA (Two-Factor Authentication) via Google Authenticator or SMS. Use the anti-phishing code feature to verify official Binance emails and beware of phishing sites.
8. Binance Earn
You can earn passive income through staking, savings, liquidity farming, and dual investment products, but always read the risk level and terms.
9. Mobile App and Web Platform
Binance has a robust mobile app (iOS & Android) and a powerful desktop/web interface. Both allow full access to trading, portfolio management, and customer support.
10. Regulatory Risks
Binance operates in a grey zone in some countries. Be aware of local regulations; some features (like derivatives trading) may be restricted based on your location.