Binance is one of the most popular cryptocurrency exchanges in the market, which was founded in Hong Kong in 2017 by the famous crypto entrepreneur Changpeng Zhao. In just six months since the launch, the exchange entered the top among competing platforms, and today, its daily trading volume is more than $1.7 billion. Many digital currency holders choose it because of the wide range of trading instruments, the user-friendly interface, high level of asset protection, and the fact that using the BNB internal token for paying fees reduces their size by 25%. The official Binance app was released in September 2017 and is available for free download on Google Play and the company’s official website.
It is worth noting that since the Apple Store does not support the official application, after downloading, in order to activate it, users must select the “Trust” option in the device management section. This section is in the basic settings of the smartphone on iOS.
After activation, users can already use the application even if there is no account on the exchange itself. Thus, unregistered users on the main page of the application (“Home”) can view cryptocurrency exchange rates and their percentage change over the last 24 hours.
In the “Home” section, users can also get acquainted with the latest exchange news by clicking on the loudspeaker icon.
In the same place, users can view the list of coins whose rates have maximally added to the price per day or lost as much as possible. The percentage is measured in pairs with Bitcoin.
For unregistered users, the “Markets” section is also available, where users can get acquainted with the rates of all the coins listed on the Binance exchange. Information is provided in pairs with an internal BNB token, Bitcoin, altcoins, and a Tether stablecoin pegged to the U.S. dollar. In this section, registered users can monitor selected coins in the “Favorites” tab.
In the “Trade” section, users can place orders to buy, sell, view open orders, set limits, or familiarize themselves with the history of deals and the exchange of the selected trading pair.
If users select the icon with charts in the upper left corner, they will go to the page of the previously selected trading pair. In this section, detailed information is available on the assets of the pair with the price chart, the order book, and there is also an opportunity to add a pair to users’ favorites. Here users can also select the fiat value indicator and set up alerts that will come in automatically when the pair reaches a certain price via the Currency and Alert icons in the lower left corner.
Further options of the Binance application, in addition to technical support and application settings, are available only to registered users. To access them, users must enter the account information of the exchange user (e-mail and password) or sign up as a new user through the application. If there is a referral number of another user of the exchange, then it is entered at this stage of registration.
After signing in to a Binance account, users can make transactions with their assets, view information about their account status, manage their referral program, and use account settings.
In the “Settings” section, users can manage application settings, choose a fiat currency in which the value of assets and transactions with them will be displayed, change the application language (English and Chinese are available), manage the application cache and notifications, view the current version of the application, and sign out.
In the “Funds” section, information on all of the user’s current assets is available. Also here, verified users can deposit or withdraw funds from and to a bank card.
In the upper left corner, users also have access to a cryptocurrency converter in the BNB token.
Binance: Review Summary
The Binance app is well suited for both experienced traders and beginners. It has a simple and convenient interface, intuitive navigation through sections, and provides the same features as the desktop version of the Binance exchange. The application has a wide selection of tools, as well as the ability to convert selected assets into BNB and withdraw or deposit the funds of a verified user to a bank card. During testing, the Binance application worked without interruptions.