Binance Guide 2021 – How to Trade Crypto on Binance?
Binance has undoubtedly become the leading exchange for related to cryptocurrency trading. The Malta based Cryptocurrency Exchange was established in mid-2017.
Binance isn’t just limited to cryptograph y – it offers fiat crypto trading, as well as buying Bitcoin and other cryptocurrencies with a credit card. For advanced traders, Binance offers its futures exchange that allows leveraged trading.
How do you create a new Binance trading account?
Go to the Binance registration form. After signing up, it is worth noting that the Binance trading platform is also available through dedicated Apple iOS, Google Android and Windows applications.
Enter your email address and password. Fill out the simple form, which basically contains your email address and password. When you first log in, a popup will appear asking you to enable 2FA, which provides an extra layer of security. Each time you log in to your Binance account, you will need to enter this code as a second layer of security.
How do you deposit Bitcoin and other currencies in Binance?
Once your account is properly secured, use the main menu at the top to select “Wallets” and then the “Spot Wallet” submenu. The money wallet is for regular cash trading in Binance.
The wallet address for each currency is different. Make sure to enter only the specific currency in your wallet. Otherwise it can lead to a total loss of resources.
When your money comes in, or if you have a positive balance on a base asset such as Bitcoin, Ethereum or Tether, you can start buying cryptocurrency.
Select “Spot” from the main menu and select “Classic”. Now select the desired pair from the right panel. Use the search field for faster navigation. Select the base part before the pair itself. For example, if you want to buy ETH with BTC, you need to choose BTC or ETH markets as your base assets.
The left panel shows the order book, while in the middle we see the latest price. In the middle we see the chart and just below it we see the controls to place our order.
How are the fees?
Binance’s fee rates are among the lowest in the industry, possibly because it is the largest cryptocurrency exchange in the world.
Deposit Fees: Binance deposits are completely free.
Withdrawal Fees: Binance’s withdrawal fees vary and are adjusted automatically based on the current market.
Trading Fees: There are different trading fees depending on your usage. Each trade has a standard 0.1% fee if you do not use BNB to pay the trade fees. Binance also uses a decision structure and offers different ways to reduce fees. For example, you can buy Binance’s own BNB tokens to pay fees with a 35% discount. You can also refer friends to the exchange for more discounts, and traders with a large volume can also compare their accounts with some VIP discounts.
Is Binance safe?
Although Binance is one of the latest cryptocurrency exchanges available on the market, it has quickly managed to gain a high degree of trust from users and the digital currency community.
However, the exchange does not provide users with enough information on how funds are protected, but we believe that security is taken seriously. However, the platform is known for offering a multi-level system architecture.
Binance’s customer service
For a successful exchange, a large customer service team is needed that can answer all users’ questions and requests in a timely manner. Although Binance’s support area needs some work, the team is agile and can offer professional help to traders who need it. Support cards are submitted via an electronic form displayed on the website, and responses are sent via email.
It should be noted that Binance’s customer service is slow to respond to customer requests. This is a well-known phenomenon in most major exchanges and is simply due to the number of users and the number of support staff.
Cryptos grew explosively last year, and companies simply could not keep up with demand. Binance has grown exceptionally fast, from the start to the largest crypto exchange in the world in just a few months.
Binance Launchpad and Initial Token Offers (IEOs)
Binance Launchpad is the token launch platform that aims to connect blockchain projects with the largest cryptocurrency community and enable projects to raise money while interacting with Binance’s main user base.
The platform uses the exchange’s original BNB token and rewards users for keeping the token, in addition to being able to participate in token sales.
Binance’s Visa card
The Binance Card is a Crypto Visa Card that allows you to complete your daily transactions using the cryptocurrencies you have in your account.
It is a very versatile tool that aims to bridge the gap between cryptocurrencies and daily expenses. This is equivalent to Crypto.com’s VISA card, which also excelled in achieving this goal.
In addition, it offers up to 8% refund bonus on BNB for each transaction you make.
This means that when you complete a purchase, you will receive some BNB in your wallet as a refund that you can use as you wish.
The proportion of cash refunds you receive depends on your card level, which in turn depends on the amount of GDP you have submitted.
Although it is a new initiative, it is used in many countries. Users who stake 6,000 or more BNB in their account receive 8% cashback on every purchase they make with their Binance VISA Card.
Does Binance have an app?
Binance has an iOS and Android app with the features of the website. The app is highly rated on both platforms – make sure you download the official and not questionable copy, especially if you are an Android user.
At present, the exchange’s matching engine can process approximately 1.5 million requests per second, making it one of the fastest exchanges on the market.
In addition, Exchange works on all types of devices, including web, Android, WeChat and HTML5.
Based on everything outlined so far, Binance is by far the leading cryptocurrency exchange offering great rates and incredible support for digital currencies.