In 2017, Binance emerged as one of the fastest-growing cryptocurrency exchanges in the world. If you were new to crypto trading back then, understanding how to use Binance could feel overwhelming. This guide will walk you through the essential steps of using the 2017 Binance platform, from registration to your first trade.
Step 1: Creating Your Binance Account
To start using Binance in 2017, you first needed to visit the official website (binance.com). The registration process was straightforward: provide your email address, create a strong password, and agree to the terms of service. After submitting, Binance would send a verification email. Clicking the link in that email activated your account. Unlike today, 2017 Binance did not require rigorous KYC (Know Your Customer) identity verification for basic trading, though limits applied to unverified accounts.
Step 2: Securing Your Account
Security was critical even in 2017. After logging in, the first recommended action was enabling two-factor authentication (2FA). Binance supported Google Authenticator and SMS-based 2FA. You would scan a QR code with the Google Authenticator app, then enter the six-digit code to confirm setup. This step dramatically reduced the risk of unauthorized access.
Step 3: Depositing Funds
In 2017, Binance did not accept fiat currency (like USD or EUR) directly. To deposit funds, you needed to own cryptocurrency already. Bitcoin (BTC) and Ethereum (ETH) were the most common deposit options. From your Binance dashboard, navigate to "Funds" > "Deposits." Select the cryptocurrency you wanted to deposit (e.g., BTC). The system would generate a unique wallet address. You then sent your coins from another wallet or exchange to that address. Confirmations typically took 10–30 minutes for BTC.
Step 4: Understanding the Trading Interface
The 2017 Binance interface was cleaner than today's version. The main trading page featured a price chart (using TradingView), an order book on the right, and a buy/sell panel below. You could select trading pairs like ETH/BTC or NEO/BTC. The "Basic" tab allowed simple market orders (buy at current price) or limit orders (buy at a price you set). The "Advanced" tab offered stop-limit orders and other features.
Step 5: Making Your First Trade
As an example, to buy Binance Coin (BNB) in 2017, you would select the BNB/BTC pair. In the buy panel, choose "Limit" order. Enter the price you wanted to pay (check current market price from the order book) and the amount of BNB. Click "Buy BNB." Your order would appear in the "Open Orders" tab. When the market price matched your limit price, the order would fill, and the BNB would appear in your wallet.
Step 6: Withdrawing Funds
To move coins off Binance, go to "Funds" > "Withdrawals." Select the cryptocurrency, enter the destination address, and the amount. Always double-check the address – a single character error could result in permanent loss. Two-factor authentication was required for withdrawals. Network fees applied (e.g., 0.0005 BTC for Bitcoin withdrawals).
Key Tips for 2017 Binance Users
- Liquidity was lower than today; use limit orders to avoid slippage on large trades.
- The platform offered a "Margin" feature, but it was risky and only recommended for experienced traders.
- BNB tokens were used to pay trading fees at a 50% discount in 2017, making BNB a valuable asset to hold.
- Server overloads happened during high volatility, so plan trades accordingly.
- Always log out after each session, especially on shared computers.
Common Mistakes to Avoid
Many beginners in 2017 lost funds by entering wrong wallet addresses or falling for phishing scams. Always use bookmarks to access Binance, never click links from emails. Also, avoid storing large amounts of coins on the exchange for long periods – transfer to a private wallet like Ledger or Trezor for safety.
Using Binance in 2017 was a learning curve, but the platform’s user-friendly design and low fees made it the top choice for traders worldwide. By following these steps, you could confidently navigate the exchange and participate in the early crypto boom. For historical reference, always remember that the 2017 Binance environment required extra caution due to less regulatory oversight and evolving technology.