Founded in 2017 by Changpeng Zhao, Binance is one of the best cryptocurrency exchanges in the world.
Binance is a safe, easy-to-use cryptocurrency exchange and has very low trading fees starting from 0.10% compared to other exchanges.
As a cryptocurrency exchange with low trading fees and hundreds of supported cryptocurrencies, Binance attracts users from all over the world.
In this Binance tutorial, I will show you how to use Binance and give you information on Binance fees and deposits & withdrawals.
How to open a Binance account? (Get a 45% fee discount)
If you don’t have a Binance account yet, you can follow the steps below and open a Binance account with a 20+25% fee discount.
Step 1: Go to Binance’s registration page
To open your Binance account with a 20% fee discount, first go to Binance’s registration page by clicking this link or the button below:
If you use Binance’s mobile app, you can also enter the code ”WRYOO8BZ” in the referral ID field when opening your Binance account and receive a 20% fee discount.
Step 2: Fill out Binance’s registration form
Fill out the registration form by entering your email address and password. You should use a password with at least 8 characters as well as upper case letters and numbers.
After entering your email address and password, tick the boxes to agree to the terms and click the ”next” button.
Step 3: Verify your account
After clicking the next button, you will receive an email that contains the verification code for your email address.
Enter your verification code to verify your email address. After that, your Binance account will be ready to use.
Step 4: Set up 2FA for your Binance account
After creating your Binance account, you should set up 2FA (two-factor authentication) to increase your account security.
You can use the Google Authenticator app or your phone to receive 2FA codes. Google Authenticator can be downloaded from the App Store and Google Play.
After clicking on ”Google verification” on Binance, you can scan the QR code shown on the page with your Google Authenticator app.
It will be automatically added to Google Authenticator as you scan the QR code and will generate 2FA codes for your Binance account.
Make sure to back up your QR code or text version of it while setting up 2FA so that you can recreate it easily if you lose your phone.
How to get a 25% fee discount on Binance?
If you have Binance Coin (BNB) in your spot wallet on Binance, you can use BNB to pay for trading fees.
In this way, every time you make a trade, the fee will be deducted from your BNB balance and you will receive a 25% fee discount.
The option to pay trading fees in BNB is enabled by default. But you can still check it on your Binance dashboard.
There is no minimum amount of BNB you should hold to receive a 25% fee discount. But, if you hold a small amount of BNB, you can run out of your BNB balance very quickly as you make trades.
When there is no BNB in your spot wallet, the trading fee will be deducted from the cryptocurrency you trade instead and you’ll not receive a 25% fee discount.
If you’ve opened your Binance account by following the steps above, your trading fee will be 0.06% and you’ll pay 40% lower fees on Binance.
If you don’t want your BNB balance to decrease as you trade, you can disable this option. But you will pay more trading fees if you disable it.
How to verify your identity on Binance?
To increase your daily withdrawal limit to 100 BTC (now and deposit fiat currencies into your Binance account, you should complete the identity verification process.
Update: All new users are now required to complete the intermediate verification to make cryptocurrency deposits and start trading.
To verify your identity, first click the ”identification” under the user icon on Binance.
Click on the ”verify” button to start the verification process. You will need to provide your basic personal info, a photo of your ID and a selfie.
You don’t need to verify your address as well. You can complete it later if it is required for increasing the deposit limit of your preferred fiat currency.
How to deposit money into Binance?
You can deposit fiat currencies such as Euro, USD and GBP and cryptocurrencies into your Binance account.
To deposit money into your Binance account, click on ”fiat and spot” and then click on the ”deposit” button.
There are many fiat currencies you can deposit into your Binance account. You can deposit a specific currency like BRL depending on your residence.
Or you can deposit more popular and widely used fiat currencies like USD and EUR into your Binance account.
How to deposit USD into Binance?
You can deposit USD into your Binance account by selecting ”USD” on the deposit page and using the Bank Transfer (SWIFT) method.
On the fiat deposit page, first choose ”USD” and then click on the recommended method ”Bank Transfer (SWIFT)”.
After choosing the currency and the payment method, click on the continue button.
You must have completed identity verification to deposit fiat currencies into your Binance account.
Update: USD deposits have been suspended and unfortunately you can no longer deposit USD into Binance via SWIFT transfers. Binance is working hard to provide an alternative USD solution.
Update 2: USD deposits have been resumed on September 1.
Enter the amount of USD you want to deposit into your Binance account and click on the confirm button.
You can then add your bank account information and use the information provided by Binance to make a SWIFT transfer.
If you live in the U.S. and want to deposit USD to buy cryptocurrencies, check out our Kraken tutorial.
The fee for depositing USD into Binance is $0 per transaction. So, if the bank receives $2000 USD, Binance will credit 2000 BUSD into your account. The daily limit for USD deposits is $50,000 USD.
After clicking on the confirm button, you should first add your bank account information to view the bank account details and your reference code.
BUSD is Binance’s stablecoin and similar to other stablecoins like USDC and USDT. To learn more about BUSD and the differences between stablecoins, you can refer to this article.
Update: There is no fee charged for USD deposits into Binance right now. You’ll only be charged by your bank for the swift transfer.
If you want to increase the daily USD deposit limit of $50,000 USD, you can verify your address in addition to the identity verification.
How to deposit Euro into Binance?
You can deposit Euro into your Binance account by making a SEPA transfer to Binance.
First choose ”EUR” among supported fiat currencies in the fiat option. And choose the recommended ”bank transfer (SEPA)” method.
Update: Euro deposits via bank transfers (SEPA) have been suspended. You can use alternative Euro deposit methods.
If you want to deposit Euro to buy cryptocurrencies, you can use Kraken while Euro deposits on Binance are suspended.
To learn how to use and deposit Euro into Kraken, check out our Kraken tutorial.
Enter the amount of Euro you want to deposit into your Binance account and click on the ”continue” button. In the next step, you can get the payment details provided by Binance to make your SEPA transfer.
Euro deposits are free on Binance. The limit for Euro deposits can be seen in the image below but also depends on your verification level.
How to deposit cryptocurrencies into Binance?
If you have bought cryptocurrencies from your local cryptocurrency exchange or other global exchanges, you can transfer them to your Binance account.
As the trading fees on Binance is quite low and there are many supported cryptocurrencies, it is a good idea to transfer cryptocurrencies to Binance and trade there.
To deposit cryptocurrencies into your Binance account, click on ”fiat and spot” under the wallet menu and then click on the ”deposit” button.
You can search the coin / token you want to deposit and get your deposit address. Make sure to choose the correct network and send only the asset indicated by Binance.
Not choosing the correct network when depositing/withdrawing and sending different coins may result in the loss of your cryptocurrencies.
Also, don’t forget to enter any other required information for cryptocurrency deposits into Binance such as MEMO and tag.
If you make a mistake when making a cryptocurrency transaction, you can refer to our guide to learn how to recover coins sent to the wrong address.
Binance has very low trading fees starting from 0.1%. Depending on your trading volume in the last 30 days, your fee rate can go much lower.
Binance spot trading fees
If your trading volume is below 1M BUSD in the last 30 days, you will be charged a trading fee of 0.1% when you make a trade.
To calculate the fee you will pay when you make a trade on Binance, you can use the formula below:
Fee = (trade size/100)*fee rate
Let’s say you make a 1500 BUSD worth of trade, you can calculate the trading fee by dividing 1500 by 100 and then multiplying it by 0.1 (your fee rate).
The trading fee that will be charged for this trade will be 1.5 BUSD (1500/100*0.1).
If you’ve opened your Binance account by following the steps in this tutorial, you will be charged a trading fee of 0.08%.
If you hold Binance Coin (BNB) in your Binance wallet and opt-in to pay fees in BNB, your fee rate will be 0.06%.
Binance USDT-M Futures trading fees
Binance is not only about spot trading. You can also long and short Bitcoin with up to 125x leverage.
There are also many altcoins such as Ethereum and Chainlink that you can trade with leverage on Binance Futures.
To calculate the fee you will pay when you open a leveraged position on Binance’s USDT-M markets, you can use the formula below:
Fee = (position size/100)*fee rate
Let’s say you’ve transferred 2000 USDT to your USDT-M wallet on Binance and opened a position with 3x leverage.
In this trade, your margin is 2000 USDT and your position size will be 6000 USDT as you used 3x leverage. You can calculate the fee by dividing 6000 by 100 and then multiplying it by 0.02 or 0.04.
If it is a maker order, the trading fee that will be charged for opening this position will be 1.2 USDT (6000/100*0.02).
This is quite a low trading fee for a $6000 worth of position. But there are also funding payments exchanged between traders every 8 hours.
To learn more about fees, funding and trading on Binance Futures, you can refer to our Binance Futures tutorial.
If you use the code ”10indirim” when opening your Futures account on Binance, you can get a 10% fee discount for futures markets.
If you want to pay even lower fees on Binance Futures, you can transfer some BNB to your USDT-M wallet.
In this way, you’ll pay fees in BNB and get another 10% fee discount for USDT-M markets.
Trading cryptocurrencies with leverage is riskier and more complex than spot trading. If you want to get into futures trading, make sure to check out our Binance Futures tutorial.
Binance supported coins
If you are a kind of trader who wants to trade every coin in the market and discover low cap crypto gems, then Binance is the best place for you.
All of the major coins on the market and hundreds of altcoins are supported by Binance.
Each major coin is also traded against a few other cryptocurrencies such as BTC, BNB and ETH and many fiat currencies & stablecoins such as USDT, USDC, BUSD and EUR.
If you want to see all of the supported cryptocurrencies by Binance as well as trading pairs, check out this page. There are so many that we can’t even list them here.
Binance also keeps listing new cryptocurrencies and some pump a lot after being listed on Binance. You can view new crypto and fiat listings on this page.
How to use Binance? Trading on Binance
After you’ve deposited fiat currencies or cryptocurrencies into your Binance account, you can start trading on Binance.
There are hundreds of cryptocurrencies and close to a thousand and maybe even more pairs that you can trade on Binance.
Binance’s trading interfaces
To trade cryptocurrencies on Binance, you can use the ”classic” or ”advanced” trading interface which can be found on the ”trade” menu.
You can also use the ”convert” option to make trades. But it is not going to be a real trading experience.
You can’t view order books, price charts and more importantly you can’t make limit orders (buying/selling at certain prices).
So you should use the ”classic” or ”advanced” trading interface. Both are pretty similar and functional to the same degree. You can use the one you like.
Trading pairs on Binance
On the trading page, you can search certain cryptocurrencies and trading pairs. There are several pairs for each stablecoin in the image below and many more for BTC, BNB and altcoins like ETH.
Let’s say you have BUSD in your wallet, you can choose the BTC/BUSD pair to buy Bitcoin. You just need to search the cryptocurrency you want to buy/sell.
Binance limit order
There are three types of orders you can use to buy or sell a cryptocurrency: Limit order, market order and stop limit order.
The most commonly used one is limit order. Market orders differ from limit orders in that you don’t need to enter a price.
The buy or sell market order is automatically executed at the market price the cryptocurrency is currently traded.
Let’s say you have BUSD in your wallet. You can go to the BTC/BUSD pair and place a ”buy BTC” order to buy a certain amount of Bitcoin with your BUSD at a specific price.
In the example below, I want to buy 0.66 BTC at the price of 30,500 BUSD, which costs me 20,130 BUSD in total. On the right side, I am selling 1.5 BTC at the price of 32,000 BUSD.
When you hit the buy/sell buttons, your order will be placed on the order book. This is the order book of the BTC/BUSD pair on Binance:
For example, if you place a sell order at the price of 31,000 BUSD, it may take too much time to be executed.
As you can see in the image above, Bitcoin is currently traded at 27,937. If you place a buy/sell order close to these prices, your order can be filled within a very short time.
If you place a buy order at 27,937.80 or above, it will be executed immediately as there are sell orders at these prices ( might be partially executed too).
To buy at lower prices, you can place a buy order below 27,937.80. Your order will be added to the green side and you’ll be able to see your order there.
The same logic applies to sell orders as well. Now let’s look at how stop limit orders work on Binance.
Binance stop limit order
Stop limit orders are used to place an order when a certain price is reached. Let’s say you only want to buy if Bitcoin breaks $30,000.
You can place a buy stop-limit order like this:
When you hit the ”buy BTC” button, your order will not be immediately placed in the order book.
It will be placed in the order book rather when Bitcoin price hits $30,000. And your order will be executed at the limit price ($30,025) you set.
This type of order can be used to buy a cryptocurrency only when a certain support or resistance level is broken.
In the example above, we assume that Bitcoin is below $30,000. So our limit price should be higher than or equal to the stop price.
If Bitcoin is above $30,000 and we want to buy Bitcoin when Bitcoin goes down and hits $30,000, our limit price should be lower than or equal to the stop price ($30,000).
You can also place sell stop limit orders to cut your losses when the market is down or take profit when the market is up.
Let’s say we have some Bitcoin and Bitcoin is currently traded at $31,000. We can place a sell stop limit order like the one below to take profit when Bitcoin hits $35,000.
If things don’t go well and Bitcoin starts to fall, you can use stop limit order to sell Bitcoin when a certain support level is broken.
In the example below, we want to sell Bitcoin when the price goes down and hits $27,000. Our order will be placed in the order book when Bitcoin falls to $27,000 and executed at $26,990.
How to withdraw from Binance?
To withdraw fiat currencies and cryptocurrencies from Binance, first click on ”fiat and spot” on the wallet menu.
On the ”fiat and spot” page, click on the ”withdraw” button located at the top of the page.
How to withdraw to bank account on Binance? Cashing out on Binance
How to withdraw USD from Binance?
After clicking on the ”withdraw” button on Binance, choose fiat and then choose USD in the dropdown list.
You can withdraw your BUSD balance as USD to your bank account using the Bank Transfer (SWIFT) method. The fee for withdrawing USD from Binance is 15 USD.
You can complete the transaction by entering the amount of BUSD you want to withdraw and your bank details. It might take 2-4 business days and incur additional fees depending on your bank.
The daily limit for USD withdrawals via the Bank Transfer (SWIFT) method is $50,000 USD.
How to withdraw Euro from Binance?
First click on the withdraw button on the ”fiat and spot” page. And choose ”Euro” after clicking on the ”fiat” option.
You can withdraw Euro from Binance using the recommended bank transfer (SEPA) or bank card (visa) method.
Update: Euro withdrawals via bank transfers (SEPA) have been suspended. You can use alternative Euro withdrawal methods.
Enter the amount of Euro you want to withdraw from your Binance account. After that, you can complete the transaction by entering your bank information.
The fee for withdrawing Euro from Binance via SEPA transfer is 0.8 Euro.
How to withdraw cryptocurrencies from Binance?
To withdraw cryptocurrencies from Binance, first go to the ”fiat and spot” page and click on ”withdraw”.
On the withdraw tab, you can choose the cryptocurrency that you want to withdraw from Binance.
Enter your destination address and add any other information required such as destination tag or memo depending on the coin you want to withdraw.
When withdrawing Bitcoin and other cryptocurrencies, you should choose the correct transfer network. If you don’t use Binance Chain or Binance Smart Chain, you should not choose them.
After entering the amount of cryptocurrency you want to withdraw, you can complete the transaction by hitting the ”submit” button.
You will be required to enter the code that will be sent to your email address as well as your 2FA code to confirm your withdrawal.
Binance withdrawal fees
When you withdraw cryptocurrencies from Binance, a certain amount will be deducted from the withdrawal amount to pay for transaction fees.
You can see the transaction fees for each coin on the withdrawal page. If you want to see the whole list, you can check out this page.
Transaction fees are not like trading fees and may change often depending on the network congestion.
For fiat currency withdrawal fees, you can simply try withdrawing a certain fiat currency on the withdrawal page to check out the fees.
For USD withdrawals, the current fee is 30 USD. And for Euro withdrawals from Binance, 0.8 Euro is charged per transaction.
Again, as fiat currency withdrawals are carried out through banks and third party services, fiat withdrawal fees are also subject to change.
Binance referral ID
If you don’t have a Binance account yet, you can use our referral ID (WRYOO8BZ) to get a 20% fee discount.
The fee discount applies to both spot markets and futures markets (10% discount for futures). So you can pay lower fees and receive fee kickbacks on both markets.
On top of that, you can also hold BNB in your wallet and pay fees in BNB to receive an extra 25% fee discount.
To open your Binance account with a 20% fee discount, you can simply insert the code ”WRYOO8BZ” in the referral ID field or click on the button below:
Binance vs Coinbase
Binance and Coinbase are both very reputable and popular cryptocurrency exchanges. The first thing you should check when deciding whether to use Binance or Coinbase is supported countries.
If you live in the U.S., you can’t use Binance. Instead, you can check out Binance.US which is a cryptocurrency exchange established in the U.S. by Binance.
Binance supports almost all of the countries. But there is no exact information with regard to the blocked countries by Binance.
If you live in a specific country that is likely to be blocked by cryptocurrency exchanges, you can simply visit Binance and check if it gives any warning.
Overall, Coinbase is a much more strict cryptocurrency exchange with regard to their KYC policies and supported coins. Also, depending on your location, you may not be able to trade certain pairs.
On the other hand, you can trade almost any kind of cryptocurrencies and fiat currencies on Binance. Binance also supports futures trading.
When it comes to trading fees, Binance wins. Coinbase Pro has very high trading fees that can be seen in the image below.
These fees (0.50%) apply to Coinbase as well and can be even higher as there are additional fees which you can check on this page.
Binance, on the other hand, has very low trading fees which starts from 0.10% and reduces depending on your trading volume.
And you don’t even need to make huge volume to be charged fee at a lower rate on Binance. You can simply open your Binance account with a 20% fee discount and/or pay fees in BNB to receive a 25% fee discount.
As Binance is no longer supported in the U.S., we can clearly say that, for the rest of the world, Binance is the best place to trade cryptocurrencies.
Binance vs Binance US
Binance.US is a cryptocurrency exchange launched by Binance and operated by BAM Trading Services based in San Francisco, California.
Binance US provides U.S. residents with a fast and secure cryptocurrency trading platform and allows them to trade cryptocurrencies in the United States.
The exchange has similar trading fees to Binance starting from 0.10%. And users can pay fees in BNB to receive a 25% fee discount.
Binance US has lower trading volume and fewer supported cryptocurrencies than Binance due to U.S. regulations and its limited user base.
Actually it does not make much sense to compare Binance and Binance US. Because if you are a U.S. resident, you can’t use Binance assuming that you don’t try to do so with VPNs, etc.
On the other hand, if you are from other countries, there is no reason you should be using Binance US as you can’t verify your account, deposit fiat and there is lower volume.
Binance US is a cryptocurrency exchange launched specifically for the U.S. market. If you live in the U.S., you can try Binance US as it has much lower fees than Coinbase.
If you are gonna try Binance US, make sure to check the states that are currently not supported by Binance US on this page.