The bullish season in the world of crypto has started again and novice investors have started to enter the world of digital currencies again. Today we will talk about the most famous digital currency platform ever in the Arab world and the Middle East, which is the Binance digital currency platform. This is the largest platform in terms of the number of listed currencies, daily trading volume, available liquidity, and services as well. That is why we had to provide you with this comprehensive and detailed explanation of everything related to the platform from features and advantages. In it, we will learn more about the platform.
In this article
What is Binance trading platform?
Steps to open an account on the Binance platform
Withdraw and Deposit on Binance
Trading on Binance
Passive income on Binance platform
New Coins on Binance
The most important features of the Binance platform
Binance platform
What is Binance trading platform?
Binance is a cryptocurrency trading platform through which you can buy and sell cryptocurrencies. It is also possible through the platform to send money to others or sell fiat currencies and convert them to crypto or vice versa. The platform has what resembles savings accounts through which you can get a monthly return, which we will explain in detail in this article. It is also possible to lend or borrow from the platform and participate in listings of new currencies.
The platform is considered a centralized trading platform, which means that it is owned by a founding company that manages it, and this company is licensed and located in the Emirates. On centralized platforms, you will always need to create an account via email in order to use the platform, and after that, you will need to go through the Know Your Customer (KYC) procedures in order to use the platform. This is in contrast to decentralized platforms such as Uniswap, which can only be used directly via a hot wallet.
In the following paragraphs, you will find a comprehensive explanation of the steps for opening an account, including depositing and withdrawing from the platform, and everything related to trading, speculation, and making profits.
Steps to open an account on the Binance platform
The first step will be to go to the platform website which is available in Arabic or English. After that you will register your email. You can do this from your mobile phone as well, whether Android or iPhone.
Enter a strong password and don't forget to enable the 2FA feature, which increases the level of security of your account. If you are using a smartphone, activate the face print login feature. After this step, you will go to your account on the platform and go through the Know Your Customer procedures. You will be able to browse the platform without this step, but you will not be able to use it fully or deposit and withdraw funds. Therefore, you must go through this step, which usually takes only a few minutes. You will upload a bank statement in addition to a copy of your passport and also a personal photo of yourself, and this will open all the platform features for you in full. After completing this step, you will be able to use the platform fully!
Note: Make sure that the use of the platform is not prohibited in your country and is available so that you do not encounter legal problems. In the Arab Gulf, the Binance platform is famous and secure and is used by everyone.
Withdraw and Deposit on Binance
After going through the KYC procedures on the Binance platform, you will be able to use the platform as we said. You will be able to buy and hold digital currencies, trade and speculate, or even send money to other people and use the free market.
Deposit funds on the platform
The next step will be to deposit some money on the platform in order to trade or send this money to other people. Here you will notice that there are several ways to deposit money on the platform. The first way is through crypto deposit. Here you will simply deposit money into your wallet linked to your account on the platform. But in order to do this you must choose the correct currency and network. If you use the wrong network you will lose all your coins. The second way is to buy with a bank card, and the last way is through the P2P free market.
Deposit money via bank wallet
You will be directed to the deposit page and click on Deposit Cryptocurrency.
After that you will choose the cryptocurrency you want to deposit and then you will choose the correct network. You will transfer this address to put it in your wallet from which you send the money or send it to whoever will send you the money.
You can also send the QR CODE. But remember that sending coins on the wrong network will result in them being lost so always make sure the network is correct. You can send all the coins accepted on the platform but first make sure that the coin is accepted on the platform before sending it.
Buy cryptocurrencies on Binance
The second method on the Binance platform to deposit cryptocurrencies is to buy with a bank card. We have explained this method in detail in this article and you can read it to know the detailed steps. You will need a bank card and you must make sure that your bank accepts dealing with crypto platforms, especially Binance.
After that, you will click on buy using AED, SAR or the currency you will use.
After that, you will choose the currency you will pay with and you will choose the digital currency you want to buy, and we always recommend USDT. Then follow the steps to buy, and sometimes you may have to create an account on an intermediary platform in order to buy. However, if your bank refuses to deal with crypto platforms, you will be able to deposit through the free market.
Deposit funds through the free market on Binance
The last way to deposit money on the Binance platform is through the P2P free market, which we also talked about in detail in an article. You will enter the P2P peer to peer free market. This market will enable you to sell directly to other traders. This is the most popular method in the Arab world to withdraw and deposit currencies on trading platforms, as most banks do not deal with crypto platforms.
Note that you will need to submit a purchase order when you enter the free market interface of the seller you want to deal with. You will choose your preferred seller in terms of price and previous users’ experience. It is difficult for anyone to practice fraud on this market because the platform freezes the seller’s cryptocurrencies until the deal is completed on your side or canceled. Therefore, the seller cannot take your money or give you the digital currencies because they are frozen by the platform. Fraud operations on this market are very few, as it is not in anyone’s interest to be fraudulent because the Binance platform is the number one platform in the free market in the Middle East, and therefore it is not in the interest of traders to lose their accounts on this prestigious platform.
Withdraw funds from Binance platform
Withdrawing money from the Binance platform is also done through three methods, which are:
Withdraw to a hot wallet or other platform.
Withdraw money to your bank account.
Free market.
In the following paragraphs we will learn about these methods.
Withdraw funds via crypto address
If you want to withdraw money from the platform to another platform or to a hot wallet, you will use this method. You will also use it if you want to send money to someone else by agreement. You will click on withdraw and then choose the currency you want to withdraw and the correct network. Make sure that you choose the correct network because you will lose the coins if you send the coins to the wrong network or the wrong address. After that, put the address and send the coins after passing the security procedures.
You can use this feature at any time of the day and on holidays and usually the coins will arrive within minutes or even less. Withdrawal fees are usually deducted from the coins sent outside the platform.
As for the second method, which is withdrawing to a bank account, it is currently not available on the platform, but this method is constantly changing due to different laws.
Note that the Saudi Riyal can only be withdrawn through the free market. The possibility of withdrawing Euros from the platform has been recently cancelled, so always follow this transaction and visit it on your account to know the latest news on withdrawing currencies in the local currency.
Withdrawal of currencies through the free market
In the Arab world, you will find that the best way to withdraw currencies and profits is the free market on the Binance platform. This is due to the inability of customers to withdraw directly to banks so far, and this may change in the coming years. But now, in order to withdraw, you will need to visit the free market and sell this time instead of buying.
You will choose the seller you want to deal with and he will transfer the coins to your bank account or agreed payment method. Once you receive the funds you will click on Release crypto and the coins will be sent to the seller automatically.
Trading on Binance
Now you know the different withdrawal and deposit methods on the Binance platform and it is time to trade digital currencies on the platform. Through Binance, you will be able to buy and sell more than 350 currencies through the platform. First, make sure that the currency you want to trade is on the platform so that you do not deposit money and then discover that you need another platform. On the platform, you can trade through the spot market or futures contracts. We will explain each of them in a paragraph. It is important to know the difference between them so that you do not suffer losses resulting from ignorance. It is also necessary to know about the trading fees on the platform. Every purchase or sale on the platform will cost you a fee and you must know these fees, which you can easily see in the table below.
Note: You will find that options trading is available on the Binance platform. We have talked about Bitcoin options trading in detail in a special article, and you can learn more through this article.
Trading on the spot market
After you deposit cryptocurrencies on the Binance platform, you will be able to trade on the spot market. This is the market where you buy coins in order to own them. You can then withdraw these coins and put them on a hot or cold wallet or even send them to other people if you wish. The trading fees on this market, as shown in the image above, are 0.1% of the transaction value.
Above you will find the image of the spot market on the platform and at first glance this page may seem complicated to some but in reality it is easy. On the left you will see the different buy and sell orders from current traders. On the left you will find a box to quickly search for different cryptocurrencies. In the middle you will be able to place your buy orders for execution and also you will see the chart of course and the Japanese candlesticks. You can visit our technical analysis articles to learn more about how to read Japanese candlesticks.
You just need to know about the different buy orders on the platform which vary from spot to futures. On the spot market you will be able to buy immediately at the market price in an instant. This method is great when the trend is up and you want to buy before the uptrend accelerates. The other method is via limit which is simply by placing buy orders that are executed only when the price drops to a certain limit. For example if Bitcoin drops to $90k the buy order will be executed but if it doesn’t drop to that limit the order will not be executed. In selling too the order is exactly the same and does not differ.
We always recommend trading through the spot market initially as it is easier to manage risks on this market.
Margin trading
Margin trading is an advanced strategy on Binance that allows you to borrow against your assets on the platform in order to trade on the spot market. However, this method is only recommended for professionals who have many years of experience in trading. Therefore, please stay away from this method and do not use it if you are a beginner. The main purpose of explaining it in this article is to clarify its risks.
This method increases and maximizes your purchasing power, which also means maximizing losses. Losses always stop at the size of your capital, i.e. if your capital is $100 and the loan is $50, once you suffer a loss equal to $100 of the deal value, it will be liquidated and you may lose your currencies pledged against this loan. The platform withdraws these currencies from you in order to settle the loan, and this is the main reason for the risks. This method of trading is similar to leverage in the principle of maximizing the purchasing power of the deal and also increasing the risks. But it differs from it in that margin trading is always on the spot market, while leverage is on futures contracts.
Trading Cryptocurrencies on Futures on Binance
Notice how the futures trading page is a bit similar to the spot market page. But the big difference between them is in the nature of the trading. In futures, you are always speculating on the currency prices and betting on the price direction. Therefore, you never own the currency you are betting on, but you only win if the price goes up and lose if the price goes down. This is in contrast to the spot market, where you own the currency and can withdraw it. There are two types of this market. In the first type, you trade in USDT and contracts are settled in dollars. In the second type, you trade in digital currencies and contracts are settled in digital currencies. We always recommend using the first type for beginners.
On the Binance platform, there are three types of buy orders that you can choose from when trading futures. These orders are:
Limit order. This makes you buy at a certain price point. Let's say the current price of Bitcoin is 98,200. You place a buy order at 97,000. The order will only be executed if the price reaches 97,000.
Market price. This allows you to buy at the current market price and in an instant manner. Of course, this means that you will pay more fees because the taker. Therefore, regardless of the current Bitcoin price, the buy order will be executed immediately.
Conditional. This property can be used to enter a buy order if the price goes above a certain limit. This property is usually used to trade breakouts.
You can choose between buying long or selling short with these orders.
If your limit order is close to the market price, it may be considered a taker and you will incur an additional fee. However, you can avoid this by clicking on Publish Only, which you will find at the bottom of the order history on the left. This feature ensures that the order will only be executed if it is treated as a market maker.
What is a Trailing Stop?
This strategy helps you protect your investments from loss. Simply put, this strategy can be applied when your currencies start to rise. If you buy a currency for $1 and its price rises to $1.2, this is a 20% profit, but let's assume that you are willing to hold the currency until its price reaches $2 before selling, but you don't want to take a loss either. Therefore, you are currently in a 20% profit, so you can set a trailing stop loss at 10%, so once the price drops by 10% from the $1.2 point, you will automatically exit the trade. This protects your profits from loss because in this way you will exit the trade with a 10% profit even after the drop. However, this is not suitable for highly volatile markets because whales seek to exploit these points to withdraw liquidity from the market.
Leverage
Leverage is a feature that is also common on futures and it increases the trader’s purchasing power by using the platform’s funds to trade. However, as this feature maximizes profits, it also maximizes losses, so you should be careful when using it and use Isolated margin when using this feature. This simply means using the deal funds only to liquidate in case of a loss in the trade. If you use Cross margin, this will withdraw all the funds in your futures trading account to settle the trade and at the time of loss this could lead to the loss of all your capital. So be very careful. Leverage can be used on most currencies up to 20 times your purchasing power. But remember that the higher the purchasing power, the easier it is to be liquidated and we explain this in the liquidation guide easily and simply.
Other trading features
There are other trading methods available on the platform, namely trading robots and copy trading. These are means of passive income, but they also require some experience in order to make profits, so do not expect to make profits automatically from the first time.
Binance Trading Bots
These robots automatically place buy and sell orders on the Binance platform within a specific range. Let's say, for example, that you expect Bitcoin to fluctuate between $100,000 and $90,000 over the next week. Therefore, you will place a trading order for the robot within this range and it will place very fast buy and sell orders to buy and sell Bitcoin. You will also set a stop loss and a take profit percentage. Stop loss is the exit point from the deal in order to stop losses in case you are wrong. As for take profit, it is the exit point from the deal to achieve profits in case you are right. Let's assume that these points are at 2%, so whenever the price of Bitcoin rises by 2% in this price range, the robot will sell and make a profit and then return to the deal again. You will also determine the number of trades you want based on the capital you have. You may place a buy order for 100 trades or even 1000 trades. But remember that each trade costs trading fees, so the first step is to make sure that the profits from these trades cover the trading fees and exceed them as well until you achieve a profit. The second step will be to successfully determine the range of Bitcoin’s volatility in the coming period, because it is possible, for example, that Bitcoin will rise to $105,000, and thus the specified range will become invalid.
You can of course choose any robot you want to trade with and watch its explanation to understand more about the strategy and you can choose the currency. But in these strategies we always recommend sticking to trading Bitcoin only.
Copy trading on Binance
Copy trading is a passive earning method on Binance and this method is suitable for beginners. With this method, you do not need to trade yourself, but you let another trader trade with your money and he will take a percentage of the profits and you will get the rest. It is all done through the platform, so there is no way for this trader to seize your profits. But of course, this trader can suffer continuous losses and you will lose your money if this happens. However, if he makes profits, you will also profit.
You will always find different traders with different trading strategies on the platform. So make sure you choose a trader who follows a strategy that suits the general market climate. For example, at the moment when the market is in a very strong uptrend, it does not make sense to choose a trader who makes money by short selling. Since this strategy suits bearish markets, it is better to choose a bold trader who loves risks, as this is the general market climate at the moment.
Passive income on Binance platform
In this paragraph we will talk about the possibility of making passive income on the Binance platform. On the Binance platform you can save your USDT and remember that this is the version of the crypto dollar on the blockchain. If you put these dollars in EARN, you usually get about 3-4% annual return that is deposited into your account on a daily basis and you can withdraw the profits at any time and the entire amount deposited as well. But currently since we are in a bull market and there is a lot of activity on the platform, you can earn up to 17% annual return daily on your daily deposit, but only what you deposit in Earn. If you leave the money on SPOT, you will get nothing.
Also note that there is something like bank certificates in these products, you can lock your currencies for several months in return for a higher return. What happens here, whether in the daily return or the locked monthly return, is that you lend your money to traders on the platform for trading. Since the trading climate is very profitable now, the return is very high. However, we do not recommend locking currencies at all during a bull market, as this will make you miss out on the opportunity to make big profits.
Storage on Binance
Storing coins on the staking mechanism is usually done on the blockchain on the currency's network in order to obtain an annual return on this currency. For example, you can get an annual return of more than 10% on some digital currencies. However, this may be complicated for some, and therefore the Binance platform provides the opportunity to store directly through them on the platform without the need to create a hot wallet. You will only enter the platform and store your coins, but beware that storage usually has a closing period, so do not close the coins unless you are sure that you do not need them in the coming period. You can also participate in mining pools that can be mined and earn passive income.
But do not forget that all of this of course requires going through the Know Your Customer procedure first before using it. In general, passive income products are not ideal in a bull market since the profits from buying and selling currencies are much higher. But if you are a beginner and want to achieve the highest possible profit percentage through these products, then in this case we recommend copy trading, which we talked about above.
Borrowing on the platform
We talked about the possibility of lending on the platform in order to get passive income, but you can also borrow on the Binance platform if you need money. However, we do not recommend this product except in very specific cases due to the very high interest rate.
If you have a few Ethereum coins on the platform worth $10,000 and you don’t want to sell them because you expect Ethereum to rise by 100% in the coming period, then your investment is worth $20,000. Let’s say you want a loan worth $5,000 for an emergency but you don’t want to sell the coins because they might rise and thus you might miss the opportunity to profit. Let’s say you expect to receive $7,500 within two months, so you can take a loan now for $5,000 and then pay it back for $7,500 within two months. This is a very high interest rate but it will be beneficial for you because you expect to make a 100% profit in the market and therefore there is no problem in borrowing from the platform. Only in this case and when there is no possibility for you to get a loan from a traditional bank, Binance loans are ideal.
Notice for example in the image above that the interest on the loan is about 25% and you will get 78% of the value of the asset that you will leave as collateral on the platform. Therefore, these are somewhat unfair rules, but if you have no other solution, it is a good option. However, if you expect the currencies to fall in the coming period, it is better to simply sell the currencies and then buy when the money comes in after a while.
New Coins on Binance
Binance is known as the number one platform in the world, not just in the Middle East. This is because it is the largest crypto platform in the world and its trading volume always far exceeds the trading volume on other platforms, in addition to being a source of trust for traders. This platform is always considered the best platform due to the abundance of liquidity on it. This means the ease of buying and selling currencies at the best prices from the platform. The rule always says that if the currency is listed on the Binance platform, it should not be traded or bought from any other platform except Binance due to the abundance of liquidity. For example, if the currency price is $1 and you want to buy 1000 currencies, on some platforms you may get 990 currencies or even less, and this is known as price slippage due to the lack of sufficient supply to fulfill your request. But on the Binance platform, you will get 1000 currencies due to the abundance of liquidity always.
This is why all crypto projects are always looking to list their coins on Binance. If a coin is listed on Binance, this is a huge marketing event for it and many coins see their price rise sharply due to being listed on Binance. This is why trading newly listed coins on the platform is always profitable during bull markets and we saw what happened with PNUT and ACT in November 2024 when they saw a crazy rise as soon as they were listed on the platform.
The platform also features the best meme coins ever, so you can trade meme coins on the platform since they probably won’t run out anytime soon. But always make sure that there is a high trading volume on the coin as this is a sign of its strength. Trading volume is simply the total volume of buying and selling transactions within a single day.
Binance Coin's role
Binance Coin is the base currency of the Binance project and this currency is used for several purposes. For example, you can pay trading fees with the currency and get a small discount. But you can also store the currency on the platform and participate in listing new currencies and get a share of these currencies. You can also store the currency on the platform to get passive income.
One of the most popular trading strategies is to try to predict which coins will be listed on Binance and buy them before they are listed and then sell them after they are listed for trading on the platform. This is done by identifying popular coins that are rising strongly and dominating the trend and their trading volume is growing strongly. Recently, most of these coins were memes, but we expect this trend to end soon and altcoins to dominate the trend again.
The most important features of the Binance platform
At the end of the article, we would like to clarify that the Binance platform is always the first choice for most people in the Arab world. This is because the platform is led by experts and has been in the crypto field since 2018 and has a very strong reputation. The platform also always adheres to the laws. For example, when some European Union countries asked the platform to withdraw from crypto trading in their countries, the platform complied with the decision. All of these are signs of confidence in the platform. The platform also has its own proof of reserve. This proof is simply evidence that depositors' money is safe and secure, as you can watch a live broadcast of the platform's wallets that are kept in the depositors' currencies. This is, of course, a request that spread in the crypto world led by the Binance platform after the disaster of the collapse of the centralized FTX platform, which stole depositors' money and traded it and suffered huge losses.
In addition, we must not forget the issue of liquidity, as some currencies are very difficult to buy outside the platform. You may be exposed to very severe price slippage on other centralized platforms due to the lack of liquidity, and you may be exposed to a loss of up to 20% of your capital just because you are trying to invest in a small currency. However, this is not a problem at all on the Binance platform due to the strong availability of liquidity on it at all times. Also, the trading fees on the platform are very reasonable and competitive compared to other platforms. The P2P free market on the platform is number one in the Arab world and the whole world without competition, and you will always find the best buying and selling prices and the best different buying and selling options, whether through bank transfers, digital wallets, or other widespread payment methods.
In general, we always recommend this platform over any other platform due to the strong public trust and good reputation. Therefore, always go for the Binance centralized platform before any other platform.
If you want to know more about central platforms, don't forget to follow your brother to search deeper for the news.
