Crypto Updates

How Binance App Works for Beginners

How Binance App Works

Hello guys, welcome to crypto lessons on how to use Binance app for beginners. Although it’s difficult to master the entire Binance app due to the huge products and features it’s offering, plus the increasingly new features it keeps adding from time to time, but we can learn the most basic for beginners like you.

However, if you are new to crypto, I will make it very simple for you to understand. Also, I will encourage you to explore other beginner lessons that I have also posted in the past. You can also join CRYPTO LESSONS on WHATSAPP and TELEGRAM if you haven’t joined yet.

There are several reasons you should learn how to use Binance app. Let me give you a few of them below:

  • Binance is the number one Crypto exchange in the world
  • It’s a Centralized exchange for cryptocurrencies
  • It has crypto wallet for storing cryptocurrencies
  • You can buy and sell cryptocurrencies on Binance exchange
  • You can also earn passive income on Binance Exchange

You can also add your own reason in the comment section if you have any just to inspire others. I believe these reasons are the primary ones. However, let’s explore what you will be learning in this special Binance app lessons:

✅ What You’ll Learn In Binance App Lessons

If you are wondering what this lesson will be about, let me clarify them for you. This lesson may explore more than is listed here. But use this list as a guide on what maybe discussed here,

I have also shared another lesson on how to use Trustwallet app for beginners. You should also explore this lesson to expand your knowledge as it relates to Binance as well. And you will find it very interesting and would learn lots of new things you never knew before.

Here’s the topics for this lesson:

  • How to Download, Register & Verify Binance Account
  • How to buy Cryptocurrencies on Binance
  • How to Swap/Convert Cryptocurrencies
  • How to deposit Cryptocurrencies to Binance
  • How to Withdraw cryptocurrencies from Binance
  • How to Transfer cryptocurrencies Within Binance Wallets
  • How to Withdraw Crypto Money into Your Bank Account
  • How to Earn crypto Passive Income On Binance Exchange

If any of these topics interests you, let me know in the comment. To know that this lessons are helpful will encourage me to share more lessons with you that will help more people as well.

✅ Understanding Binance App Services

Binance is a crypto exchange under the category of Centralized Exchanges (CEX). One of the primary categorization perimeter for CEX is the requirement for KYC (Know Your Customer).

Every customer on a Centralized exchange like Binance is required to provide personal information about themselves. The information is required by law for government investigations and other related enquiries in case of incidents that requires personal verification of the user.

Binance also simplified its app by providing two separate but intertwined apps to help users navigate their way better. The apps are bundled into one downloadable software, but can be access like a flip of a page between the two apps.

Here are the two apps from Binance:

  • Binance lite app
  • Binance pro app

You can flip between the two apps with ease in the same app download. The two apps gives you access to features for newbies and advanced users when you graduate to a pro.

Binance also has a website which you can access on your computer, laptop or tablet/mobile phones. The features here are mostly the advanced and full Binance features.

 

 

✅ Binance Lite App

Binance lite is the simplest version of Binance app. It offers the simplest and most basic of Binance features, it’s advisable for beginners to start with Binance lite. It’s the fastest way to begin mastering Binance features.

It’s also very user friendly and you can master it within minutes. It’s actually made for beginners like you or those who just want to use Binance basic features to buy, sell, send and receive cryptocurrencies.

Here are the basic features of Binance lite:

  • Buy feature
  • Sell Feature
  • Convert feature
  • Withdrawal feature
  • Deposit feature

Most of the lessons will be focused on this lite version of Binance app. Although, we will also explore other basic features you need to know of from the pro version of the app.

✅ Binance Pro App

Binance pro app is a version for professional or advanced crypto investors. It contains all the basic and advanced features anyone can imagine. While most of this lesson won’t cover some of these features, it will still be nice to mention them.

These features are required for the kind of professional or advanced crypto investment that Binance customers require to carry out.

Here are some of these features that are popular among users:

  • Deposit
  • Referral
  • Trading
  • Earn
  • P2P
  • Send
  • Auto invest
  • Swap farming
  • Staking
  • NFT
  • Pool
  • Savings
  • Transfer
  • Buy
  • Deposit
  • Orders
  • Withdraw fiat
  • Rewards
  • Task centre
  • Gift card
  • BNB vault
  • Crypto loans
  • Launchpad
  • ETH 2.0
  • Etcetera

You can imagine the huge catalogue of features packed into the Binance pro app. If you are new it can be complicating. That’s the reason the company also provided a lite version for those who might be new to crypto or even Binance itself.

✅ Download, Register & Verify Binance App Account

The first step in using Binance app is to register as a user. The registration gives a user login details to enable you access the app and perform any of the functions

Also, the process involves the following steps:

  • Downloading Binance app from Google play-store or IOS store
  • Registering a BINANCE ACCOUNT
  • And VERIFYING YOUR BINANCE ACCOUNT

Binance needs to verify your account after registering for it. The process is to ensure the following:

  • The account is not duplicate
  • The person registering is the actual user
  • The information supplied is owned by the same person registering
  • To protect the platform from scammers
  • It also removes anonymous status of Blockchain and IDs every user on the platform

I have also posted a FULL GUIDE on Binance Account Registration and Verification. You can access this information to learn more on this subject.

✅ How Binance App Login Works

Logging into Binance app may require some process as well. Remember, part of the verification process may require both email and mobile phone verification. Once these verifications are done, you will be required every time you want to login to confirm your email or phone.

You will also be using this kind of confirmation for transactions as well. However, Binance will give you the option to either login with your email or phone, which will be confirmed. So, it’s important you have instance access to your email if that’s what you would need to login all the time.

That means anytime you want to login, Binance will require you to verify your email or phone by entering a code number they will send to your email or phone depending on which one you chose to login with.

✅ Basic Binance App Features

Now that you have registered and verified your Binance account, let’s proceed with the basic features. Binance made it easier to use its basic features by even providing a simpler app – the Binance lite version for it.

We are also going to explore some basic features in the pro version that are essential for most of our students. Note that some Binance features may not be available in your country, depending on which part of the world you are residing.

But you are most likely to see most of these features there. For most countries what’s not available maybe the P2P (Peer to Peer) feature. This feature is mostly available in regions where governments placed some restrictions on crypto like in Nigeria.

Here are the basic features and the step by step guide on how they work:

  • Buying Feature
  • Selling Feature
  • Convert Features
  • Transfer Feature
  • Withdrawal Feature
  • Deposit Feature
  • P2P Feature

So, we are going to be exploring these features and learning how they work in a step by step guide starting below. But it would be best explained in the way they are designed to work than just in their simple features.

✅ How to buy Cryptocurrencies on Binance App

The first thing to do with Binance after downloading the app, registering an account and verifying your identity is to buy tokens/coins. That’s probably one of the primary reasons for using a Binance app.

So, we are going to explore how this works in Binance with a simple guide you can follow.

  • Step 1: Open your Binance app and login. Your fist Login will open Binance lite app.
  • Step 2: To switch between Binance lite and pro version, click on the human icon at the top left side of your screen. And click on the ENABLE button to switch between versions. You can buy tokens from any of the Binance app versions.
  • Step 3: to buy from Binance lite click on the yellow rectangular shaped icon below the screen and the buy button will appear.
  • Step 4: Click on BUY to proceed. A screen will open to select the crypto you want to buy
  • Step 5: Select the crypto to buy or search in the box to reveal it. Select and proceed to amount.
  • Step 6: enter the amount in your currency you want to spend on buying the crypto and click on BUY button
  • Step 7: choose your payment option. For Nigerians choose BANK TRANSFER/P2P and click on CONFIRM button. Note the confirm button has timer. If the timer reads zero it will show REFRESH button. Click on it to refresh and then click confirm to proceed
  • Step 8: Click on MAKE PAYMENT button to reveal seller account details for you to transfer the amount from your account to the seller bank account.
  • Step 9: After transferring the amount to seller go back to Binance app and click on TRANSFERRED, NOTIFY SELLER button. But you should make sure this transaction happen within the time limit allowed by Binance. The timer is activated once you get to this point. If you fail to make payment within the time allotted the transaction is automatically cancelled. Binance can penalize you if you keep violating this timer rule. So, don’t initiate transaction unless you are ready to make payment immediately.

Note: This should help you buy token using a P2P or even credit card option, depending on the payment option available to you or allowed by Binance for your location.

✅ How to Swap/Convert Cryptocurrencies

Binance uses the word CONVERT for SWAP on its app. That may confuse those who are used to SWAP to think that CONVERT means some different feature. It’s the same as SWAP and works exactly the same way.

And if you are used to some other services or exchanges like PancakeSwap you will probably understand how Binance Convert/Swap feature works. It means to convert or swap on crypto for another crypto. The exchange of the value in one crypto for another crypto.

Assuming you have Bitcoin in your Binance wallet but decided you no longer want Bitcoin. Let’s say you want to keep your assets in Ethereum now; You don’t have to sell off Bitcoin to buy Ethereum with the proceed. Binance let’s you convert that Bitcoin value to the same value in Ethereum.

Although, the convert feature is a basic Binance feature, it may not be available in Binance lite in some countries. So, I will demonstrate how to do this from the Binance pro version.

Steps to Convert Your Cryptos:

  • Step 1: Switch your Binance app from Lite to Pro version. The pro version home page will open once you switched
  • Step 2: Click on MORE to open more features in Binance pro version
  • Step 3: Scroll to subcategory TRADE and click on CONVERT to open the feature
  • Step 4: Select the pairs you want to convert. The crypto you want to convert your asset to should be the one below. Click on MAX to convert all the crypto you hold in that coin or enter only quantity you want to convert. Click on PREVIEW CONVERSION to view the intended result of your conversion.
  • Step 5: Click on APPROVE CONVERSION if the preview and rate of conversion is acceptable to you. If rates changes, system will demand a REFRESH before approving the conversion.

Note: if everything is done right, the crypto will be converted to your new asset. The balance equivalent will be sent into the appropriate wallet.

✅ How to Deposit Tokens/Coins to Binance

Depositing cryptos into your Binance account is rally not much of your responsibility. It’s the responsibility of the sender, excerpt where you are also the sender. Assuming you are sending a token from your other wallet to your Binance wallet.

First you need to ensure Binance also accepts such token. Because you can’t sent just any token to any wallet. It must be a token that the wallet also supports. For example, you can send Bitcoin or Ethereum to Binance wallet because it’s support by the exchange.

The two things required to make crypto deposit into Binance wallet or even any other wallet for that matter are two wallets.

  • The wallet that have the crypto
  • And the wallet to deposit the crypto into

Crypto deposit is actually a transfer of crypto from one compatible crypto wallet to another. It also requires some carefulness. The wallet address must be correct and you can only send Bitcoin to a Bitcoin wallet and that applies to every other Cryptocurrency out there.

Steps to Deposit Crypto to Binance Wallet

  • Step 1: Click to open Binance wallet
  • Step 2: Select deposit option to open
  • Step 3: Click on crypto and Select the coin you want to deposit into. You can use the search bar to find coin.
  • Step 4: Click on the compatible wallet option to open for copying
  • Step 5: Send the copied wallet address to the person to deposit the crypto to your wallet. If you are sending it yourself from another wallet, paste it into the option for send wallet.

Note: we will demonstrate how to send crypto to wallet when we learn about the feature on withdrawal.

✅ How to Withdraw Tokens/Coins from Binance App

This feature is just the opposite of deposit feature. When you deposit tokens you are simply adding to your wallet. But when you withdraw, it’s a minus from your wallet. And when you are withdrawing it means someone or another wallet is gaining those cryptos.

The same way when you are receiving deposit, another wallet is losing those cryptos. So, withdrawing tokens from your wallet is a reverse of the process when you are depositing tokens.

Steps to Withdraw Tokens from Binance Wallet

  • Step 1: Click on WALLET to open
  • Step 2: Click on WITHDRAW to open feature
  • Step 3: Select CRYPTO and click on the coin to withdraw or search to find coin
  • Step 4: Copy and paste wallet address that’s receiving the withdrawal . System can detect network automatically. Or you can select the network of the crypto.
  • Step 5: enter the amount of the crypto to withdraw or use MAX if you are withdrawing all. The system will add network transfer fee to the total amount to withdraw
  • Step 6: Click on WITHDRAWAL button to withdraw
    Step 7: Binance TRANSACTION VERIFICATION will appear for you to verify you are the owner of the account. If you. It will request you to send a CODE to your email or phone number. And you will receive the code and enter into the space provided for it and SUBMIT to verify the withdrawal.

Note: once you do everything correctly, the coins will be withdrawn to the new wallet. This process

✅ How to Transfer Cryptos Within Your Binance Wallets

Apart from transferring cryptos in and out of Binance exchange, you can also transfer within your own Binance account. Binance have several wallets in one account. These different wallets are designed for specific uses within Binance app.

It can also be complicating to know which wallets to use for certain services. But here’s how to know which one to use. Here are the wallets within Binance:

  • Spot wallet
  • Futures wallet
  • Funding wallet
  • Margin wallet

The SPOT WALLET is like your receiving inflows into Binance and sending outflows as well. It’s like the General wallet. While the FUNDING WALLET is associated with your withdrawal account, like when cashing out through P2P or directly to your bank account.

Futures and margin wallets are for the respective crypto trading protocols. If you are a crypto trader on Binance you will be familiar with those.

If you have ever had challengers with your funds when you want to sell them it’s probably the funds are in one wallet and you need to transfer from one wallet to another, depending on what you want to do.

Steps to Transfer Crypto Within Your Binance Wallets

  • Step 1: Switch to Pro version
  • Step 2: Click on MORE to display other features
  • Step 3: Select TRANSFER to open feature
  • Step 4: Select the crypto you want to transfer within your account
  • Step 5: Ensure the wallet holding the crypto is positioned at the top of the transfer or select the right wallet or switch to position it on top
  • Step 6: Enter amount to transfer to other wallet or use MAC to input all fund
  • Step 7: Click on CONFIRM TRANSFER to complete the transaction

✅ How to Withdraw Crypto Money into Your Bank Account

The best part of crypto is taking profits. If you haven’t taking profit from crypto it means you still don’t know how to tap into the huge profits of the market. It’s always exciting to cash out your profits into your bank account.

So, I’m going to show you how I do this and how you too can. It’s a step by step guide as usual but I will use live graphics of my recent transaction to demonstrate it. Note that this process is just how to sell crypto on Binance and cash out the money into your bank account.

At this point it’s important you have setup your bank account details with Binance. You can also set it up from Binance SETTING and select PAYMENT METHOD. Use the payment options available for your country. If you are in Nigeria select P2P payment method.

Steps to Withdraw Profits Into Your Bank Account

  • Step 1: Switch to pro version to access advance functionalities
  • Step 2: Click P2P to open the feature
  • Step 3: Choose the crypto you want to cash out from. Note the limited options available. If the crypto you want to cashout is not in any of the cryptos listed here, you can swap that crypto for any of these options. Also, note that BUYING and SELLING have different market within. Choose SELL to cashout.
  • Step 4: Scroll through the listed BUYERS and select only BUYERS offering to BUY within the range or amount you have for sell. For example, if BUYERs Limit is N10,000 to N200,000 it means this BUYER can only buy from those selling within the limits it has defined.
  • Step 5: Enter amount you want to sell. Select your bank account or setup a new bank account. Note that you might be required to enter BVN to verify the account it’s yours. Then, click the button SELL WITH 0 FEE.
  • Step 6: Wait for the buyer to pay into your bank account. This process can take as much as 40 minutes or the time set by the buyer to respond with payment transfer. If payment isn’t received within specified time the transaction will be automatically cancelled by Binance. But if buyer makes payment, the PAYMENT RECEIVED button will turn yellow.
  • Step 7: Click on PAYMENT RECEIVED button to confirm you have received payment from buyer.
  • Step 8: CONFIRM that payment was exactly the amount calculated by Binance. If it’s short notify Binance by selecting the appropriated answer before clicking CONFIRM button.
  • Step 9: Verify that you are the one conducting this transaction by sending a Binance code to either your email or phone and entering the number received into the space provided and click submit to approve,
  • Step 10: DONE. If you are seeing this it means the transaction is completed. Both parties are satisfied. You can click on FONE if you want or just move out of the app if you have nothing else to do there.

Note: this process applies to every cashout process. Although, P2P is not available in every country, the alternative option would work slightly the same. Just find your way to sell feature on your Binance app and the rest will be easy to follow.

✅ How to Earn Passive Income On Binance Exchange

Another important feature of Binance app is its passive income opportunity. And many investors hasn’t discovered this in Binance. However, most of these crypto passive income started with Binance.

However, this feature is found both in the lite and pro version of Binance. It’s because of its relevance in the scheme of things for Binance users. I will only clarify that it’s not such of a huge opportunity because of its low APR/APY, but they still offers better ROI than traditional passive income opportunities.

Two ways you can earn with Binance are:

  1. Crypto Staking
  2. Crypto Savings

But you should be familiar with staking by now unless you are relatively new in crypto market. Staking is similar to bank fixed deposit service. Crypto savings is same as bank savings. You earn interest on your crypto assets. Savings is the easiest way to generate crypto reward with zero risk.

Steps to save your crypto assets on Binance:

Select your crypto and enter the amount and get rewards sent to your spot wallet every day. You can withdraw your crypto instantly with no hidden fees or lock times.

Moreover, Binance staking makes it so easy to earn from crypto investment. It offers short term Staking of 30, 60, 90 and 180 days.

  • STEP 1: Select SAVINGS to open features
  • Step 2: Select the crypto asset you want to earn rewards from savings or use search to locate it and click on SUBSCRIBE. You can also enable auto-subscriber to keep re-subscribing when your savings subscription expires.
  • Step 3: Enter the amount of Crypto asset you want to subscribe for savings or use MAX to subscribe all. Click to accept Binance agreement on savings offer and click CONFIRM to complete transaction.

Steps to stake crypto assets on Binance:

  • Step 1: choose crypto assets you want to stake on Binance. The best way is to scroll through cryptos listed on Binance staking to decide the best offers.
  • Step 2: then buy that crypto assets of the amount you want to stake. Note that earn asset has minimum quantity you can stake.
  • Step 3: go back to Staking page, select the asset and click on STAKE NOW
  • Step 4: Select the number days you want to stake your asset. Remember each selection has different APR (Average Percentage Return)
  • Step 5: Enter the amount of the asset or use MAX to select all of the asset. Note that if your asset exceed the available quota it will indicate error.
  • Step 6: Click on the Binance staking agreement to give your consent.
  • Step 7: Click on CONFIRM button to approve transaction. Note that the button should be YELLOW to indicate its active for confirmation. If it’s not hello it’s indicative of error and I completed information in the Staking form.

✅ Conclusion

Finally, there’s so much to learn about Binance app. But since this lesson is focused on the basic features, it’s best to leave it at that and not complicate things. From this lesson you can boast of important knowledge of Binance as a beginner.

Also, I will like to hear from you if this lesson has helped you in any way. Share your thoughts with me and others who may be reading this as well.

Chinedu David
About The Author: Chinedu David An inspiring writer with several years of experience in journalism, consulting and training. Worked with Success Digest magazine for over a decade. Founded MyStore - an online store in 2013. Trained several startup entrepreneurs in telecom sector, LPG (oil & gas), and on Cryptocurrency investment. A born again christian, who's committed to spreading the gospel of Jesus Christ with passion. Drop a comment below and he will respond to your query. He can also be reached via email: nedu@myblog.com.ng or Call/Text/WhatsApp: 07087770518
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