Binance is one of the world’s largest crypto asset exchanges and originally only traded cryptocurrencies, but has recently started trading NFTs as well.
In the future, opening and using Binance will become a must for those who want to purchase not only well-known crypto assets such as Bitcoin (BTC) and Ethereum (ETH), but also a wide variety of crypto assets including NFTs.
However, it is not easy to understand how to get started, register, use, and learn more about the NFT marketplace. This article explains the details of Binance with images.
If you are interested in Binance but have not been able to register, please take this opportunity to register.
- 1 What is Binance?
- 2 How to register and get started with Binance with images
- 3 How to use Binance! Explanation of remittance and purchase procedures with images
- 4 How to use Binance NFT
- 5 Binance Cautions
- 6 Binance is the largest exchange that also allows NFT trading
What is Binance?
“Binance” is a name that is always mentioned in relation to crypto assets as well as NFT. As an exchange, it has the following features
- The world’s largest and most reliable exchange
- NFT trading is also available
- User-friendly design with 125 times leverage and low fees
Each of them will be explained in detail.
The world’s largest and most trusted exchange
Binance is the world’s largest crypto exchange. While Japanese exchanges usually handle only about 20 crypto assets, Binance handles over 300 types of crypto assets, allowing for a wide variety of asset types to be assembled. (As of April 2022).
Since Binance has a track record of handling a large volume of transactions, even in new areas such as NFT, transactions can proceed smoothly with a stable flow system. In the first place, the large number of users is an advantage in itself. The more participants there are, the more chances there are to earn money with NFT, making it a platform to watch.
NFT trading also started
Binance has been selling NFTs since 2021, including items in collaboration with blockchain games.
This trend is expected to continue in the future and will be a presence that cannot be ignored in the NFT market. Japanese language support is also available, so if you have any doubts about overseas exchanges, Binance should be your first choice.
User-friendly design with 125x leverage, low commissions, etc
The design is also user-friendly and increases opportunities, with specifications such as 125 times leverage for crypto asset trading and almost no commissions.
Of course, risk management is necessary, but it is important to have a variety of options when considering investments.
We can expect to see more services in NFT trading that are similarly user-friendly, so it is important to get started now.
How to register and get started with Binance with images
This page explains how to register and get started with Binance.
Please note that it takes a little time to open an account, although it is often introduced on other websites that “you can start trading immediately”.
Binance has changed the specification to allow only verified accounts to trade from October 2021.
During periods when the identity verification procedure is busy, it takes about two weeks to start using the service. Therefore, if you are considering using the service, we recommend that you register now.
First, access the official Binance website.
On the top page, click the yellow button “Get Started” in the center.
After navigating to the following screen, click on the “Sign up with phone or email” gray button in the center.
Select your country of residence and click on “Confilm”.
On the next screen, click on “Create Personal Account” for individuals and “Create Entitiy Account” for corporations.
Next, enter your email address and password to complete the process.
Click the checkbox above if you would like to receive the latest information by e-mail. Also click the checkbox below if you agree to share your information for marketing purposes.
After registering your e-mail address, you will receive a confirmation code to your registered e-mail address. Enter that number in the designated field and click “Submit”.
Then enter the phone number and click “Next”.
You will receive a confirmation code by SMS to the phone number you entered.
This completes the account creation process.
Select “Verify Now” to confirm your identity.
Enter the required personal information on the following screen to receive authorization.
After that, wait up to two weeks and you will be authenticated and ready to use the system.
How to use Binance! Explanation of remittance and purchase procedures with images
Now, we will explain how to actually use Binance.
NFT will be explained separately, but other than that, there are three basic ways to use Binance.
- Transfer money from MetaMask to Binance
- How to purchase crypto assets in Binance
- Transferring money from Binance to MetaMask
We will explain them in order.
1. How to transfer money from MetaMask to Binance
In order to use Binance, you must first transfer crypto assets to Binance.
To do so, we will explain how to transfer crypto assets to Binance using MetaMask, the most famous wallet in the world.
If you have not yet set up MetaMask, please refer to the MetaMask explanation article to finish setting it up.
When you are ready, log in to Binance. After logging in, you will see the screen below.
This screen is displayed in English, but you can change the language display by clicking on the “English” sign in the upper right corner of the screen. You can also change the language by clicking on “English” in the upper right corner of the screen.
Then select “Wallet” in the upper right corner of the screen and click on “Fiat and Spot”.
Click “Deposit” on the next screen.
Click on “Deposit” to select a deposit method.
- Crypto Assets
- Credit Card
You can choose from two types of credit cards.
However, most credit cards in Japan do not support the purchase of crypto assets. Therefore, we will explain how to deposit with crypto assets.
Please note that there are some credit cards that can purchase crypto assets, but the fees are high.
This time, click on “Crypto Deposit”.
On the screen that switches, select the crypto asset to be used from the “Coin” field.
In this case, select “ETH”.
Next, select the network to be used in the “Network” field below. If you chose ETH this time, the network is also ETH.
Since “Address” will be used later as the destination for money transfer, click on the arrow and copy it.
Then open MetaMask and click “Send”.
Paste the address you just copied into the input field.
Once pasted, the screen will look like the one below, so check the address.
Also, MetaMask must also match the blockchain; if you are transferring ETH, make sure that you are on the ETH network.
Register the ETH to be transferred in the “Amount” field, press “Next” to complete the transfer procedure, and the transfer from MetaMask to Binance is complete.
2. How to purchase crypto assets on Binance
Next, we will explain how to purchase Binance coins (BNB) with ETH transferred from MetaMask. First, log in to the official website and click on “Market” in the upper left corner.
In this case, we will purchase using ETH, so select “ETH” from the list of crypto assets.
Confirm that the upper left corner of the screen you have moved to is now labeled “BNB/ETH.
Note that only the first time, the screen after moving may not display “BNB/ETH” but a separate screen. In that case, enter “ETH” in the search window in the upper right corner, scroll down and click on the “BNB/ETH” indicator. The same chart screen will appear.
To make a purchase, enter the information in the box at the bottom of the screen. There are two main ways to make a purchase
Limit is a limit purchase, where you enter a limit price for ETH in the Price field. On the other hand, you enter the amount of BNB you wish to purchase in the Amount field.
Once both are entered, you will see the following. If you are satisfied, click “Buy BNB” to place your order. Since it is a limit price, you cannot be sure that the order will be executed, but it is a purchase method that is less likely to cause unexpected losses.
Sell in the same way.
The next step is to purchase on the Market.
Market” refers to market purchases, which are made immediately at the lowest price available for execution. While this has the advantage of being able to buy immediately, there is also the risk of unexpectedly high prices and losses during periods of high price volatility.
Buying on the market is as simple as entering the ETH for the amount you wish to purchase in the “Total” field. You can also buy by entering the quantity of BNB you wish to purchase.
In that case, click where it says “Total” on the screen above and change it to “Amount”. Enter the amount of BNB you wish to purchase.
Finally, click “Buy BNB” when you are satisfied with the confirmation and your purchase is complete. The same procedure is used for selling.
3. Transferring money from Binance to MetaMask
Finally, we will explain how to send money from Binance to MetaMask.
Select “Wallet” in the upper right corner of the top page and click “Fiat and Spot.
Click “Withdraw” for the crypto asset you wish to send. This time, click on “ETH” with the setting to send ETH.
You will be redirected to the details screen, where you will confirm and enter the following
|Select coin||Confirm the crypto asset you want to transfer|
|Adress||Paste the MetaMask address|
|Network||Select “ETH” for this time|
|Amount||Amount to be transferred|
Please note that the lower limit of remittance is set for each crypto asset. Please check it beforehand.
For your information, the lower limit for ETH is 0.01 ETH.
Once confirmed, click “Withdraw” to complete the transfer.
How to use Binance NFT
Binance NFT is a market of NFTs available only to Binance users.
Available coins are
3 of above.
Currently, only some Binance partners and artists can create NFTs, and most users can only purchase them.
How to access the NFT Marketplace
To access BinanceNFT, click on the “NFT” button in the upper center of the official Binance website.
When you see the following screen, your access is complete.
Click on “MarketPlace” to see the list of works.
How to search in MarketPlace
Click “MarketPlace” on the NFT top page to see a list of works as shown below.
You can narrow your search for specific collections by using the “Search collections” on the left side of the MarketPlace screen.
In this screen, the “STEPN x Asics” collaborative sneaker collection is displayed.
Other narrowing searches on the left side of the screen are also available.
|Status||Sold or to be sold|
|Sale type||Fixed price or auction|
|Currencies||Type of crypto asset and price range|
|Categories||Categories such as Art, Sport, Gaming, etc.|
|File Types||File types, such as image or video|
Narrow down your search by your desired criteria and search for a work.
Note that if you are looking for a specific work, you can also search for it by registering a specific keyword in the search window at the top of the screen. The image in this case shows a search for STEPN.
It is also possible to change the display order using the reordering function in the center right.
|Recentry listed||Newer first|
|Ending soon||Oldest first|
|Price low-high||Low to high|
|Price high-low||High to Low|
Here, too, you can find the works in the desired order.
How to Purchase in the Marketplace
The following explains how to purchase NFTs on the marketplace.
Binance NFTs can be purchased in three ways: Fixed Price, Make Offer, and Live Auction.
Fixed Price is a fixed price purchase, Make Offer is a purchase if you approach the seller and reach an agreement, and Live Auction is a purchase in the form of an auction.
First, find the NFT you wish to purchase. In this case, click on the NFT thumbnail in the upper left corner of the screen, assuming that you want to purchase “Alien Worlds Binane Mission 1:1”.
Clicking on the “Buy Now” button in the center of the screen will complete the purchase process.
Next, press Make Offer, and you will be able to enter the amount you are offering to the seller.
Once you have entered the amount and submitted it, the process is complete.
If the seller accepts the offer, the deal is done.
The following is an explanation of how to participate in auctions.
First, find the NFT you wish to participate in the auction. This time, click on “Satoshi META Club #3492” in the upper left corner of the screen, assuming that you want to participate in the auction.
Once you are on the NFT details screen, click “Place a Bid” in the center of the screen, confirm the price, place your bid, and you are done.
The time until the bidding closes is counted down, and the highest bidder at the end of the time will win the auction. If you want to be sure to win, join the bidding just before the countdown expires, and try to make a bid slightly higher than the highest amount.
Binance also offers the use of IGOs. However, many people may not immediately recognize Gaming/IGO when they hear the term. Here, IGO is also explained.
What Gaming/IGO can do for you
Gaming/IGO is a way for blockchain games (“BCG”) to raise funds.
By participating in an IGO, you will have the opportunity to support BCG’s development while also gaining early purchase and early access to in-game assets.
ICOs and IGOs for crypto assets have become very popular with very high multipliers because of the profit to be gained by winning.
They are also occasionally handled by BinanceNFT, so it is important to keep an eye on official announcements.
How to Purchase at Gaming/IGO
As of now (2022/4/30), there was no Gaming/IGO, but in mid to late April, there was an IGO for the “STEPN x Asics” sneaker collaboration.
The price at the time of the IGO was 0.5BNB, but the current (4/30/2021) floor price is 7,222USD. If you had won the prize, you would have made a considerable profit.
You can go to the dedicated page by clicking “Gaming/IGO” at the upper left of the BinanceNFT top page.
On the dedicated page, you can see more details about the IGOs that have taken place so far.
Information will be updated from time to time, so check back often.
Binance is a very convenient and large exchange, but there are some things to be aware of. We will explain these points at the end of this section.
Deposit with Japanese Yen is difficult
It is still difficult to make deposits using Japanese yen at Binance.
Although you can find descriptions of credit card payment on the Internet, most major Japanese credit card companies do not support purchases. Therefore, in order to use Binance, you need to open a domestic crypto asset exchange and set up MetaMask.
Many people find the procedure difficult, such as setting up the ties for this purpose.
Possible Trading Suspension on the Japanese Market
Binance received warnings from the Japanese FSA in March 2018 and June 2021.
Japanese crypto asset-related laws are not yet fully developed, but depending on future moves by the Japanese government, there is a non-zero possibility that foreign exchanges will no longer be available. Of course, there is a possibility of recovery through wallets, different exchanges, etc., but caution is advised.
Risk of being hacked
Hacking risk is present in all exchanges, but Binance is large and can be a serious target. In fact, there was a leak of crypto assets due to a hack in 2019.
You should take precautions by moving some of your assets to a cold wallet, rather than keeping all of your assets in a hot wallet.
Binance is the largest exchange that also allows NFT trading
The above is a summary of how to register with Binance and how to transfer and purchase crypto assets. Once you have registered, you will be able to use Binance for a wide range of purposes, including NFT transactions.
The number of users and transactions is expected to increase in the future.
Register now and be sure not to miss out on any investment opportunities.
【Binance Official Information】