Binance.com Exchange – Buy and Sell Monero

Binance.com focuses on low trading fees and deals in crypto to crypto exchange. It doesn’t deal with fiat, so there aren’t any regulatory issues on it. The listing of Altcoins and initial coin offerings is impressive. It is a Hong Kong-based exchange website, and its servers are in South Korea.

Binance.com Registration & Login

Binance.com homepage

  • Open the website and click on the “Register” button for Binance exchange sign up. The registration form will open in new tab.
  • Now fill the information necessary to begin the registration process.
  • You are required to fill the following information:
    Binance.com Registration

    • Your email address, where verification will be sent.
    • Binance.com password.
    • Referral ID if any.
  • Then, click on “register” button.
  • A verification email will be sent to your E-mail ID.
  • Click on the “verify email”.
    Binance.com Account Activation
  • Now, click on “login” button.
  • For Binance exchange login procedure, fill the following information:-
    • Your email id
    • Password

Binance.com login page
When you press the login button, a pop-up window will appear, asking you to drag and drop the block in the empty space. This is an advanced version of Captcha and times you, informing you if you have defeated other people participating in a similar verification. It is to assure your successful login to your account.

Binance.com verification Captcha

Binance.com Dashboard

  • After login to your account, the Binance.com dashboard will open.
  • But before you get started with your trading, a pop-up window will appear, asking you for 2FA or SMS verification process. It is to secure your account, but you can skip this process also.
    Binance.com verification

Login Password

  • On the Dashboard, there’s an option to change your existing login password. Just click on “change” button.
  • Now, fill your “old password, new password and confirm password” details to change your current Binance.com password.

Two-Factors Authentication

  • In the 2FA procedure, there’s an option of SMS authentication. It is used for security and withdrawals modification.
  • Click the enable button to open SMS authentication page.
  • Now, fill your phone number. An SMS will be sent to you containing SMS authentication code.
  • Now, click the submit button.

binance.com 2FA authentication

Google Authenticator

  • It is also used for security and withdrawals modifications.
  • Click the “enable” button to open Google Authenticator page.
  • For enabling this service, follow the following steps:-
    • Download the mobile application for your Android or iOS device.
    • Now, scan the QR-code from your app. It is a 16-digit key.
    • Enable the 2FA by clicking the Yellow button in the 3rd
  • After clicking the button, a new pop-up window will appear, asking you to “Enable 2FA.” But first, enter the 2FA code from the mobile application.

API

  • By creating an API private key, you will get an easy access to the market and a real-time trading service on Binance.com via mobile application or 3rd party website.
  • Click on API Setting.
  • Now to get started with API, enter the API key label to create a new key.

Binance.com Account Verification

For submitting Binance.com verification documents you need to enable the SMS Authenticadtion or through Google Authenticator.

Binance.com Language Support

binance.com language support

The website supports multiple languages such as Chinese, Spanish, English, Korean, French, Japanese and Russian. It enables them to stand in the international market.

  • Click on the Flag Menu in the top right corner of the website and select your preferred language.
  • The website will get converted to your preferred language type.

Binance.com Labs

binance labs application

Binance labs is a startup company that helps other startups to settle down in the business world. It is also a blockchain technology incubator and mainly focuses on pre-ICO(Initial Coin Offering) teams and projects. For applying the Binance Labs application form, follow the given steps:-

  • Click on “Labs” menu in the top middle of the website.
  • A new window will open. Then press the “Apply” button.
  • A forum will appear which contains the details that you need to fill. Following are the number of fields that you have to fill to apply for placement in Binance.com Labs:-
    • Email Address
    • LinkedIn or other professional profile
    • Permanent link to your white paper
    • URL of the Official Website
  • There are few questions that you need to answer as given below:-
    • How you measure the success or failure of your every milestone?
    • The amount of fund your need to attain every milestone?
    • Your Target Valuation?
    • Where’s your team based, and your legal incorporation?
    • Additional information that you want to share?
  • After filling all the details, click the submit button. You can also request a copy of your responses.

Binance.com Launchpad

  • After registering your account, click the “launchpad” menu, and the following window will appear in the new tab.
  • Now, select the LaunchPad project in which you want to participate.
  • Get into the purchase page, and you will see the UPCOMING or SUCCESS.
  • Press the “Buy Now” button if it appears to be yellow. If there’s a “success” written over the project, then you can’t buy it.

Binance.com Customer Service

  • For running the exchange successfully, it is necessary to have a proper customer support team. The Binance customer service is capable of answering every query promptly.
  • Click on the “support” button, and a new tab will open.
  • If you click the Announcement tab, it will take you to the “Latest News” and “New Listings” page.
  • The “FAQ” tab contains the answers to the questions that users ask the customer support team.
  • There’s also a “submit request” on the top of the screen, where you can submit your query. Follow the given steps to submit your request:-
    • Click the “Submit Request” button.
    • Now, select the issue from the drop-down menu.
    • For example -In case you select the “Help with Deposits” option. Then fill the following fields:-
      • Subject
      • Description of the query
      • Your Finance account email
      • Select the issue type from the drop-down menu
      • Enter the coin name
      • Your Transaction ID, and address
      • Tag/Memo/Transaction Payment ID
      • Attachments of the files
    • Now, click the submit button.
    • Likewise, you need to fill the form whenever you have a query regarding any issue.

Binance.com Funding

how to fund binance.com account

  • Go to the “funds” tab and click “Deposits & Withdrawals.”
  • Now, search for the coin XMR (Monero) and click.
  • Click the “deposit” button. A message will appear stating why it is necessary to have a withdrawal address for depositing XMR.
    binance.com xmr deposit
  • Click “I understand. Continue” button.
  • Two different address will appear, showing “XMR deposit address” & XMR “deposits.” You can only send Monero currency to these addresses. If you attempt to send another currency to these address, it will result in loss of your Binance.com deposits. Copy or scan the QR code to make the XMR deposit.
  • If you click the withdrawal tab, it will ask for SMS or Google Auth. If you haven’t done it, it is strongly recommended that you verify yourself using any of these two methods.
  • When you click “Trade” button, two options will appear, XMR/BTC and XMR/ETH.
    binance.com xmr trade options

When you select any of the options, it will take you to the trading page. Let us say you select XMR/BTC, it will open the following page:-The “History” tab will comprise of your withdrawal and deposit history.

  • You can even export your complete deposit or withdrawal history if you like.

Binance.com Order

  • Go to “Order” tab and click on “Open Orders” button.
  • The list of your open orders will get displayed if you have any.
  • The “order history” section will display the details of all the orders you have made.
  • Trade history will display the withdrawals and deposit history.

Binance.com Trading

how to trade on binance.com

  • Click the “Exchange” tab and select the “Basic” menu. The following screen will appear:-
  • Don’t worry about the graph and numbers displaying. They may seem to be overwhelming, but you can ignore them.
  • The XMR will always appear in a pair such as XMR/BTC, XMR/ETH.

Searching XMR coin

  • Search for the XMR coin in the search bar on the right side of the screen.
  • Select the ETH tab for opening XMR/ETH data.

Buying XMR Coin

  • Select the Market tab.
  • Now, set the amount accordingly. It can be some coins or the percentage of your ETH wallet.
  • Click “Buy XMR.” Now you know how to buy XMR using ETH.

Selling XMR to BTC

  • Click the BTC menu next to ETH menu.
  • Search for XMR in the search bar as shown in above figure.
  • Click on XMR/BTC pairing.
  • Now, go to “market” tab.
  • Enter the amount of XMR or XMR balance percentage you want to sell.
  • Click on “Sell XMR.”

buying xmr selling xmr binance.com

Limit Order

Limiting XMR trades binance.com

  • Search for the XMR in the Search bar as described in the above sections.
  • Select the XMR/ETH pairing.
  • Now, click the “Limit” order section.
  • Now enter the amount you want to sell or buy.The price being displayed is the limit put on the amount of XMR you want to sell or buy.
  • The total cost will be automatically calculated.
  • Click the “Buy XMR” or “Sell XMR” button to make your trade.
  • Same is with making Limit Order trade with XMR/BTC.

Stop-Limit

  • Select the “Stop-Limit” section, next to the “Market” section.
  • Let us say that you are going with XMR/BTC pairing.
  • Now, put the stop value of your ETH balance in “Buy XMR” section. Or, put the stop value of ETH value in the Sell XMR section if you want to sell your Monero.
  • Set the limit of the ETH.
  • Now, fill the total amount of Monero you want to sell or buy, in their perspective sections.
  • Press the “Buy XMR” or “Sell XMR” button according to your selections.

Binance Coin Exchange Advance Menu

ethxmr trading

  • Go to the Exchange menu and click “advance” tab.
  • A dark colored screen will open displaying graph and numbers in systematic order.
  • You can select the XMR/ETH or XMR/BTC by going to the drop-down menu, next to the “Account” option.
  • Search for the XMR and then select the XMR/BTC option.
  • The Limit, Market, & Stop-Limit sections function same just like the “Basic” section works.
  • The trading fees of Binance.com crypto exchange is 0.1%.
  • Withdrawal fees of Monero is 0.04.
  • Let us say you want to make Monero trade using BTC.
  • Then, choose the “Limit” order section, and fill all the necessary details.
  • Click the “Buy XMR” or “Sell XMR” button to make your trade.

Conclusion

The Binance Exchange is known for its fast processing speed, and its myriad of coins and low trading fees is unmatchable. It is capable of processing over 1.4 million transactions/second. In the blockchain community, Binance.com coin exchange is viral these days. The other cool thing about this company is the financial support it provides to other start-up companies, although it is in cryptocurrency.

Pros

  • There’s a Binance android app to run the exchange on smartphones. It is also compatible with iOS.
  • The site supports multiple languages.
  • It also offers BNB tokens to reduce your trading fees
  • Significant amount of transactions( over 1.4 million) get processed each second
  • Provides two modes of exchange views: Basic and Advanced
  • There are low Binance fees for withdrawals and purchases.

Cons

  • Right now, two-factor authentication is only supported by Chinese phone numbers
  • It does not support Fiat money transfers
  • The company is Chinese based, so there’s no guarantee that how Chinese Government regulatory actions can impact the exchange
  • Few issues have been reported in the Android version of application
  • Reports of withdrawing delays for specific coins from Binance

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