Binance to one of the largest Cryptocurrency exchanges in the world. This exchange is perhaps the best in every aspect when it comes to exchanges. With a field of diverse coins and an unstoppable implementation of new features one after another, you’ll see why Binance has remained as one of the most used, loved and trustworthy sites in the cryptocurrency space.
How to use Binance
Getting started on Binance is super simple. Click here to sign up for free now.
Once you’ve signed up, Binance has many different features you can play with which we’ll walk you through in this article. They have your standard buy and sell markets and also leverage trading.
Sign up
- Set up your account here.
- Verify your account with Know Your Customer information. Don’t worry as all exchanges are required to collect financial data.
- Set up your 2-factor authentication with either your phone number or google authentication.
- You’re ready to go!
Buy & sell crypto on Binance.
- Deposit fiat into your Binance account by clicking (Buy Crypto) button in the top left corner.
- After you’ve deposited fiat, you’re able to purchase the major cryptocurrencies on the spot like Bitcoin and Ethereum.
- If you’re looking to purchase other coins which are not supported by a Fiat/Coin pairing, head over to the markets tab and you can choose to ‘swap’ your BTC to whatever coin you desire.
- Once on the charts page of the coin you wish to buy, you’ll see a big ‘BUY’ and ‘SELL’ section of the page. Don’t worry about the confusing fields and click ‘market’ under those buttons.
You’ll be able to instantly trade your Bitcoin to whatever coin you’re looking to buy.
Is Binance Safe?
To achieve the safety status of being one of the world’s leading exchanges, Binance has implemented rope-tight security measures to keep your coins safe. On their end, Binance stores the majority of their assets into cold storage so hackers can’t steal many coins. They also allow users to implement 2 Factor Authentication (2FA) with email or phone number… or even both!
If you’ve set up your phone and email, you’ll need to verify on each device when making a withdrawal, making it extremely unlikely for hackers to drain the coins in your account.
Binance Trading Platform Features
Spot trading
This is the classic buying and selling a coin. On Binance, you’re able to quickly buy using simple charts, but if you’re more of an advance trader you can utilize Binance’s more complex trading graphs for the perfect entries and exits!
Margin trading
Binance also allows users to margin trading. You can do as little as 3x or up to 10x margin trading. Binance has a system where you can ‘borrow’ from them and they charge interest on your loan per hour. To borrow, you must use collateral.
Binance Futures and Derivatives
Binance’s derivatives markets are as follows:
- Futures
- Leveraged Tokens
In the futures market, you’re able to leverage up to 20x on popular coins. If you’re new to futures, we would not recommend playing with this as it’s extremely risky.
Leveraged Tokens are similar to margin trading, but with a slight difference. Users are able to ‘increase’ leverage by buying leverage tokens as the tokens compound your gains and your losses.
Binance.com Review and Fees Breakdown
Fiat currencies accepted:
Binance accepts the top currencies like USD, AUD, CAD, EURO, including 36+ more fiat currencies for you to deposit straight into your account.
Cryptocurrencies accepted:
As of right now, Binance has over 200+ cryptocurrencies on the market for you to freely buy and sell. And they are always expanding the listings to projects and coins. This means Binance can be a one-stop shop for the majority of coins you want to support and invest in.
Binance’s fees
The standard trading fees for Binance is 0.1% – but you are able to reduce it via multiple methods.
The exchange has a VIP level system, where the more you trade, the lower your fees go.
However, if you’re not a trader, you can also reduce fees by using Binance’s native token – BNB. When you hold BNB in your wallet, you’re able to use a little of your BNB each time you transact to lower your trading fees.
For Fiat fees, it depends on the fiat and deposit methods you choose to use. Some are instant with 0 fees but others cost a few dollars.
Deposit and Withdrawal methods:
You’re able to withdraw usually within an hour – most of the time 10mins. Fiat deposits are also typically within minutes of you sending money. So as soon as you spot the perfect opening, just deposit and you’re all ready to purchase.
Security features:
Being one of the largest and safest exchanges in the world, Binance uses cold storage and multi-sign wallets for your funds and also tight 2FA when you withdraw.
In 2019 May, Binance got hacked and lost around $40 million dollars. But what Binance did to resolve it was not common in this industry. With many exchanges, if you were unlucky, you lost your funds. However, Binance decided to cover the losses with their own reserves and paid back everyone who lost their crypto.
Regulation compliance:
As Binance operates in most countries, they are compliant with all the laws of anti-money laundering and Know Your Customer (KYC) laws.
Mobile functionality/mobile app:
Flexibility is also super easy with Binance as their mobile app runs smoothly. In fact, there’s an extra feature you can only do with their mobile app which you can’t on desktop.
It’s their Options trading platform.
On the mobile app, Binance allows you to trade calls and put options – albeit only a small timeframe of a max 1hr expiry options.
History of Binance
Founded in 2017 by Changpeng Zhao and his company Beijie Technology, Binance has been the fastest growing exchange in the crypto space.
Changpeng’s company raised an ICO of $15 million to create Binance and since then, Investors have had a major successful return as the ICO token – BNB was sold at 10c per coin to early investors.
As Binance rapidly grew in size, Changpeng started to register Binance in multiple countries around the world to limit the exposure on what the Chinese government can do to control Binance.
The Verdict on Binance
Binance has forged a reputation of trust and security in the Cryptocurrency space. Hosting a massive list of coins to buy, a competitive derivatives market, excellent customer support, open communication and much more… Binance has proved why millions trust Binance. Their native token, BNB, is also in the top 10 of all cryptocurrencies, reflecting the sentiment of the amount of trust and respect investors have for this exchange.
If you’re looking to get started in the vast crypto space, Binance is the perfect getaway for you to trade on! Click here to sign up now.