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Monday, 14 May 2018
Binance 7
Binance Exchange Fees
As I mentioned before, the Binance exchange fees are really very reasonable and Binance charges just 0.1% on the value of a trade which is less than many of the other popular cryptocurrency trading exchange platforms. It’s free to deposit coins into Binance and you can even cut the trading fees in half if you pay with Binance’s very own coin – The Binance coin. This is probably only worth doing if you are trading tens of thousands of dollars worth of crypto at a time.
Conclusion to Binance Exchange Review
Binance is by far one of the safest, easiest to use and most accessible cryptocurrency trading platforms and, right now, it’s my favourite platform to trade crypto.
Binance are relatively new on the block but are poised to become the biggest digital asset exchange service available. Crucially, Binance are likely to eventually limit the number of users they take on, much like some of the other exchanges, so I recommend opening a Binance account today even if you don’t use it anytime soon – then you at least have the option.
Trading cryptocurrency is a super exciting way to invest in your future, just be sure you follow the golden rules of cryptocurrency trading…
Always use 2FA!
When you’ve made a ton of money, move some off the exchange (I recommend keeping it on Trezor).
Only risk money you can afford to lose.
Be patient, hold firm and don’t panic on the dips.
The more research you do, the more money you will make – fact.
Improving your cryptocurrency knowledge
Ultimately, if you want to make money with crypto you have a couple of options. The easiest thing to do is to build a diversified portfolio of carefully selected coins and then to simply wait a couple of years. However, this is not the most effective way to make mad money. If you want to truly crush it at crypto, you need access to truly knowledgable people.
I am not your guru. I’m a crypto enthusiast, not a professional trader, and I make plenty of mistakes. There are a huge amount of ‘gurus’ and ‘experts’ out there but the truth is that many of them haven’t got a fucking clue what they are talking about. Opinions in cryptocurrency are like assholes, everybody’s got one. It’s extremely easy to predict the market and hell, everybody seems like an expert, when cryptocurrency is experiencing a bull run.
It’s very very easy to make mad money when the market is on an upswing, less so when cryptocurrency enters a bear market. Talented traders, and those with information, can make money on the way up and on the way down.
One thing I’ve noticed is that the media, especially Twitter, can have huge effects of the market. If you decide that cryptocurrency is your new thing, if this is where you want to spend your time, then I strongly recommend that you educate yourself and improve your understanding of who to follow, who to trust, when to buy and when to hold.
There are many groups on Facebook where you can find likeminded folks who will happily talk crypto all day but the problem is that 99% of these groups are filled with people who have only a very basic understanding of cryptocurrency and the knowledge available here is not particularly strong. I have recently left almost every single group on Facebook as, in my opinion, they are largely filled with FUD.
Recently, I joined a paid cryptocurrency mastermind group and the tips in here have been pretty next level. Currently this group, which I cannot name, is not taking new members.
There are alternatives out there though. A friend of mine who is well connected in the crypto space, Derrick, has teamed up with the legendary Diggy Dirk and created a platform for newbie cryptocurrency traders and enthusiasts – Keys To Freedom.
Whilst I am not a member of this community myself, many members have reported tripling their investments by following Derrick’s advice.
If you are serious about cryptocurrency trading, I strongly recommend finding a mastermind group that suits your skill level and budget so that you can improve your knowledge, expose yourself to less risk, and gain access to news and tips before they hit the mainstream market – this is where the real money is to be made.
Disclaimer: I am not a professional (or even a veteran) trader. I am an intermediate trader with a passion for cryptocurrency. I am disclosing my own ventures in crypto because cryptocurrency trading does make up a chunk of my online income and I want to be 100% transparent with you when it comes to making money online. Investing in cryptocurrencies carries a risk – you may lose some or all of your investment. Always do your own research and draw your own conclusions. Again – this article is aimed purely at advising; draw your own conclusions on whether cryptocurrency trading is right for you.
As I mentioned before, the Binance exchange fees are really very reasonable and Binance charges just 0.1% on the value of a trade which is less than many of the other popular cryptocurrency trading exchange platforms. It’s free to deposit coins into Binance and you can even cut the trading fees in half if you pay with Binance’s very own coin – The Binance coin. This is probably only worth doing if you are trading tens of thousands of dollars worth of crypto at a time.
Conclusion to Binance Exchange Review
Binance is by far one of the safest, easiest to use and most accessible cryptocurrency trading platforms and, right now, it’s my favourite platform to trade crypto.
Binance are relatively new on the block but are poised to become the biggest digital asset exchange service available. Crucially, Binance are likely to eventually limit the number of users they take on, much like some of the other exchanges, so I recommend opening a Binance account today even if you don’t use it anytime soon – then you at least have the option.
Trading cryptocurrency is a super exciting way to invest in your future, just be sure you follow the golden rules of cryptocurrency trading…
Always use 2FA!
When you’ve made a ton of money, move some off the exchange (I recommend keeping it on Trezor).
Only risk money you can afford to lose.
Be patient, hold firm and don’t panic on the dips.
The more research you do, the more money you will make – fact.
Improving your cryptocurrency knowledge
Ultimately, if you want to make money with crypto you have a couple of options. The easiest thing to do is to build a diversified portfolio of carefully selected coins and then to simply wait a couple of years. However, this is not the most effective way to make mad money. If you want to truly crush it at crypto, you need access to truly knowledgable people.
I am not your guru. I’m a crypto enthusiast, not a professional trader, and I make plenty of mistakes. There are a huge amount of ‘gurus’ and ‘experts’ out there but the truth is that many of them haven’t got a fucking clue what they are talking about. Opinions in cryptocurrency are like assholes, everybody’s got one. It’s extremely easy to predict the market and hell, everybody seems like an expert, when cryptocurrency is experiencing a bull run.
It’s very very easy to make mad money when the market is on an upswing, less so when cryptocurrency enters a bear market. Talented traders, and those with information, can make money on the way up and on the way down.
One thing I’ve noticed is that the media, especially Twitter, can have huge effects of the market. If you decide that cryptocurrency is your new thing, if this is where you want to spend your time, then I strongly recommend that you educate yourself and improve your understanding of who to follow, who to trust, when to buy and when to hold.
There are many groups on Facebook where you can find likeminded folks who will happily talk crypto all day but the problem is that 99% of these groups are filled with people who have only a very basic understanding of cryptocurrency and the knowledge available here is not particularly strong. I have recently left almost every single group on Facebook as, in my opinion, they are largely filled with FUD.
Recently, I joined a paid cryptocurrency mastermind group and the tips in here have been pretty next level. Currently this group, which I cannot name, is not taking new members.
There are alternatives out there though. A friend of mine who is well connected in the crypto space, Derrick, has teamed up with the legendary Diggy Dirk and created a platform for newbie cryptocurrency traders and enthusiasts – Keys To Freedom.
Whilst I am not a member of this community myself, many members have reported tripling their investments by following Derrick’s advice.
If you are serious about cryptocurrency trading, I strongly recommend finding a mastermind group that suits your skill level and budget so that you can improve your knowledge, expose yourself to less risk, and gain access to news and tips before they hit the mainstream market – this is where the real money is to be made.
Disclaimer: I am not a professional (or even a veteran) trader. I am an intermediate trader with a passion for cryptocurrency. I am disclosing my own ventures in crypto because cryptocurrency trading does make up a chunk of my online income and I want to be 100% transparent with you when it comes to making money online. Investing in cryptocurrencies carries a risk – you may lose some or all of your investment. Always do your own research and draw your own conclusions. Again – this article is aimed purely at advising; draw your own conclusions on whether cryptocurrency trading is right for you.
Binance 6
HOW TO TRADE ON BINANCE
I’ve talked before about my favourite longterm holds and right now, my favourite coins for 2018 are Bitcoin, Ethereum, Monero, Ripple, Icon, OmiseGO, Neo, Siacoin, Verge and Hempcoin.
My favourite short term coins change weekly and sometimes even daily based on how the market is moving and the recommendations from a cryptocurrency paid mastermind group I am in.
Do your own research before deciding which coins you want to invest in. I recommend looking at Coinmarketcap to get a breakdown of different coins that are available and to check out recent developments, news and price action for coins that interest you.
Now that we are set up, let’s take a look at the back end of Binance. I’ll explain how to navigate the site, and most importantly, how to trade on Binance.
The backend of Binance is fairly straightforward. To start trading, you need to navigate to the top left and click on “Exchange”…
Never fear – it’s much simpler than it looks
Now I know you might be thinking “WTF!”, but don’t stress!
I understand that these charts might look like something from the Wolf on Wall Street, but once you get the hang of it you’ll realise Binance is actually very easy to use and the charts are simple to read, if you choose to get into reading them anyway – you don’t have to if you want to simply buy and hold, which is what I recommend.
Let’s focus our attention to the two most important parts of the screen…
First you have to identify the coins you want to trade. Typically for a newbie, this will mean you are taking your newly deposited Bitcoin, and diversifying your crypto portfolio by investing into new coins (you are a smart person!).
Let’s say you want to take some of that Bitcoin and buy the best performing Cryptocurrency of 2017 – Ripple. Type in XRP (Ripple’s three letter code) into the box under ‘favorites’ in the top right hand corner.
Binance coin exchange is super easy
As of writing this, one XRP costs .00014580 Bitcoins. Click on it.
One thing to note is that I’ve got a couple of different Binance accounts. In this particular account, I have a Bitcoin balance of 0.01238370 Bitcoins. So let’s see what happens when I play around with the different options in the Binance interface.
Binance offers a quick and easy way to trade, by clicking on 25%, 50%, 75% or 100%.
For example, let’s say I’m really into Ripple (XRP) and want to use ALL of my Bitcoin to buy as much Ripple as I can. I click 100%…
This means that at the time of writing, I can use the .01225392 Bitcoin in this account to buy a maximum of 84 Ripple. Let’s see what happens when I only want to do 25%…
binance coin exchange made simple
As of writing this, 25% of my .01225392 Bitcoin gets me 21 Ripple coins. Simples!
This is just one feature that I like about Binance as a cryptocurrency trading platform, and one of the reasons why it’s my number one recommendation. It’s logical. It’s easy. Case closed.
Binance 5
HOW TO DEPOSIT MONEY INTO YOUR BINANCEACCOUNT
Remember, Binance is a trading platform only, and to be able to trade cryptocurrencies on Binance, you need to have Bitcoin in your account.
If you are looking to buy Bitcoin, you can do so here.
Once you own Bitcoin, sending it to your Binance Account is a piece of cake. Within the homepage of Binance, just navigate to the top right hand corner.
Hover over “Funds” then click “Deposits Withdrawals”, which will then take you here…
Look at all the beautiful alt coins you can trade on Binance!
This is the beauty of Binance coin exchange. It’s ease of use, and it’s ability to work in all major crypto-currencies. Whatever cryptocurrency you wish to transfer to your account, you can do so easily.
For this example, let’s use Bitcoin. You can either scroll down to find your cryptocurrency of choice…
Or you can type it in the search box…
Once you are sure it’s the cryptocurrency you want to trade into your Binance account, click on the “deposit” tab.
This will then show you your Bitcoin Deposit Address! Now to clarify, this is like your banking routing number for Binance. Simply by using this address, you can now receive (“deposit”) or send (“withdraw”) any crypto currency that Binance supports (which is basically all of them).
Maybe you want to send yourself some Etheruem?
Done! This is the beauty of cryptocurrency. Each cryptocurrency you own on Binance will have it’s own separate wallet that is 100% unique to you. The wallet address can be used to receive money, so feel free to send me some at the address above
Remember, Binance is a trading platform only, and to be able to trade cryptocurrencies on Binance, you need to have Bitcoin in your account.
If you are looking to buy Bitcoin, you can do so here.
Once you own Bitcoin, sending it to your Binance Account is a piece of cake. Within the homepage of Binance, just navigate to the top right hand corner.
Learning how to use Binance is easy, which is why it’s one of my favorite crypto trading platforms
Hover over “Funds” then click “Deposits Withdrawals”, which will then take you here…
Look at all the beautiful alt coins you can trade on Binance!This is the beauty of Binance coin exchange. It’s ease of use, and it’s ability to work in all major crypto-currencies. Whatever cryptocurrency you wish to transfer to your account, you can do so easily.
For this example, let’s use Bitcoin. You can either scroll down to find your cryptocurrency of choice…
Or you can type it in the search box…
Once you are sure it’s the cryptocurrency you want to trade into your Binance account, click on the “deposit” tab.
This will then show you your Bitcoin Deposit Address! Now to clarify, this is like your banking routing number for Binance. Simply by using this address, you can now receive (“deposit”) or send (“withdraw”) any crypto currency that Binance supports (which is basically all of them).
Maybe you want to send yourself some Etheruem?
Binance 4
Step Two – Enable Google 2FA
Again, in the name of security, we are going to enable Google’s amazing “Two Factor Authentication”.
This is a fantastic tool that enables Binance to ensure that you aren’t getting hacked… and it’s pretty cool, you’ll kind of feel like a spy.
First, download the app “Google Authenticator” from the Android Play Store or in your iPhone App Store. It looks like this…
Once you have downloaded the app, open it. Then, go back to Binance.
This part is very important. There are two things to keep in mind.
Your barcode
Your secret key
1 Bar Code – This is what will sync your Binance account with your Google 2FA. Once you have downloaded the app, you will “scan the barcode”. This will get your Binance account synced with your Google account to give you a way for Binance to know it’s you when you are making a trade. It’s super simple to use.
2 Security Key – I recommend taking this key, and saving it in three places. Write it down and store it in a book or journal, bury it in your email, and take a picture and lock it behind a vault-app (I like to use Keep Safe – it’s free and secure). This ensures that you have mutliple means of accesing this important key. In case you get locked out of your account, or lose your phone, this is the only way to get into your Binance account. Heed my advice. This is like crypto-insurance, and you never need insurance until you fucking NEED insurance. Take the steps, and make sure you do it right – you won’t regret it.
Now you can securely login to your Binance account
By using 2FA, the Google App will give you a code that expires every ninety seconds.
When asked, simply open the app, and apply the 6-digit code that Google provided for that moment in time. Super secure, super easy.
At this point we have a secure account on Binance and are ready to trade for whatever crypto coins we want! Let’s dive into how to use Binance….
Again, in the name of security, we are going to enable Google’s amazing “Two Factor Authentication”.
This is a fantastic tool that enables Binance to ensure that you aren’t getting hacked… and it’s pretty cool, you’ll kind of feel like a spy.
First, download the app “Google Authenticator” from the Android Play Store or in your iPhone App Store. It looks like this…
Google Authenticator (G2FA) on Android
Once you have downloaded the app, open it. Then, go back to Binance.
This part is very important. There are two things to keep in mind.
Your barcode
Your secret key
1 Bar Code – This is what will sync your Binance account with your Google 2FA. Once you have downloaded the app, you will “scan the barcode”. This will get your Binance account synced with your Google account to give you a way for Binance to know it’s you when you are making a trade. It’s super simple to use.
2 Security Key – I recommend taking this key, and saving it in three places. Write it down and store it in a book or journal, bury it in your email, and take a picture and lock it behind a vault-app (I like to use Keep Safe – it’s free and secure). This ensures that you have mutliple means of accesing this important key. In case you get locked out of your account, or lose your phone, this is the only way to get into your Binance account. Heed my advice. This is like crypto-insurance, and you never need insurance until you fucking NEED insurance. Take the steps, and make sure you do it right – you won’t regret it.
Now you can securely login to your Binance account
By using 2FA, the Google App will give you a code that expires every ninety seconds.
When asked, simply open the app, and apply the 6-digit code that Google provided for that moment in time. Super secure, super easy.
At this point we have a secure account on Binance and are ready to trade for whatever crypto coins we want! Let’s dive into how to use Binance….
Binance 3
HOW TO SET UP AN ACCOUNT ON BINANCE
Note – I highly recommended you do this on a desktop or laptop, not your mobile phone.
As mentioned, one of the best aspects of Binance is how easy it is to use.
This step by step guide will show you exactly how to set up an account with Binance, so you can start trading cryptocurrency straight away…
Step One – Go to Binance
Click here to get to the exact page of Binance exchange login you need to get started.
The page should look like this. A few things to keep an eye out for…
Notice in the top left hand corner. “Secure”.
*Pro tip* – Now that you are in the crypto world, it’s a good idea to always keep an eye out for secure websites. The most dangerous part of cryptocurrency is landing on a fake website and sending your hard earned crypto to a scammers wallet – if you do that, you can’t get it back.
By ensuring websites are “secure”, you can ensure you are protecting yourself.
In the top right hand corner, click “Register”
You should then be taken to this page.
Fill out your information. The password you create must be at least 8 characters with ONE capital letter.
*Pro tip* Please, for the love of god, do not use your pets name as your password. Generate a new password, filled with letters, numbers, capitalisation, and everything in between. These little steps help ensure your account and beautiful cryptocurrency stays warm and safe.
After you click register, you’ll be presented with a quick verification puzzle. Again, this is for safety to assure you are a human being and not hacking-software.
Slide the slider over the puzzle piece and viola!
We are on our way! Now check your email…
While a bit of a process, Binance verification ensures your transactions are secure
…and click “Verify Email”.
Which will then take you here…
Click “Login”…
Then….
Then…
EXTREMELY IMPORTANT!
Please, for the love of God, enable 2FA. This is rule number one of the golden rules of trading crypto safely. To set up 2FA, click the “Google Auth” button on the left hand side. This is a crucial step in the process of Binance verification.
Note – I highly recommended you do this on a desktop or laptop, not your mobile phone.
As mentioned, one of the best aspects of Binance is how easy it is to use.
This step by step guide will show you exactly how to set up an account with Binance, so you can start trading cryptocurrency straight away…
Step One – Go to Binance
Click here to get to the exact page of Binance exchange login you need to get started.
The page should look like this. A few things to keep an eye out for…
Binance’s Homepage – where you can access Binance Exchange Login
Notice in the top left hand corner. “Secure”.
*Pro tip* – Now that you are in the crypto world, it’s a good idea to always keep an eye out for secure websites. The most dangerous part of cryptocurrency is landing on a fake website and sending your hard earned crypto to a scammers wallet – if you do that, you can’t get it back.
By ensuring websites are “secure”, you can ensure you are protecting yourself.
In the top right hand corner, click “Register”
Click register in the top right hand corner to get to the Binance Exchange Login
You should then be taken to this page.
Binance requires one capital letter. I recommend using a non-obvious password with lots of letters and numbers
*Pro tip* Please, for the love of god, do not use your pets name as your password. Generate a new password, filled with letters, numbers, capitalisation, and everything in between. These little steps help ensure your account and beautiful cryptocurrency stays warm and safe.
After you click register, you’ll be presented with a quick verification puzzle. Again, this is for safety to assure you are a human being and not hacking-software.
It’s a strange captcha but it’s effective (Binance Exchange Login)
Slide the slider over the puzzle piece and viola!
Binance verification is taken seriously
We are on our way! Now check your email…
…and click “Verify Email”.
Which will then take you here…
Click “Login”…
https ensures you are not going to get hacked
Then….
Then…
2FA (Otherwise known as “Google Authenticator”) is highly highly highly recommended
EXTREMELY IMPORTANT!
Please, for the love of God, enable 2FA. This is rule number one of the golden rules of trading crypto safely. To set up 2FA, click the “Google Auth” button on the left hand side. This is a crucial step in the process of Binance verification.
Binance 2
WHY BINANCE EXCHANGE IS THE BEST COIN EXCHANGE
I’ve been trading crypto for over a year now and let me tell you – crypto trading has come a long, long way in a remarkably short amount of time.
A few years ago, buying, trading and selling coins was a fucking nightmare. The technology was iffy, the software was unnavigable, and every time I clicked my mouse to ‘buy‘ or ‘sell‘, I did so whilst holding my breath.
But now that cryptocurrency is larger than the entirety of JP Morgan, the game is very very different and has become much more legitimate. Binance exchange has helped change the game for the better.
WHAT IS BINANCE
Binance is a digital asset exchange service. Basically it’s an online platform that allows people to buy cryptocurrencies using Bitcoin. Learning how to trade on Binance will get you in the cryptocurrency game and give the ability to trade basically any coin on the market. Best of all, unlike some other exchanges, Binance offers a truly staggering number of cryptocurrencies for you to buy and sell so you are very likely to find the coins you are looking for on the Binance platform.
WHERE IS BINANCE LOCATED?
Binance coin exchange is a Chinese based company, and because of this the website supports multiple languages. Binance exchange has recieved a ton of growth and investment. According to Craft.co, Binance has recieved over 10 million dollars in investment funding from various Chinese venture capital groups. Binance is, at the time of writing, one of the largest and most legit exchanges based out of China and this is a huge advantage. It seems likely that more and more cryptocurrency investment will continue to be driven from China so trading on a Chinese based exchange has some advantages.
Binance being located in China has it’s own set or pros and cons, but we’ll got over that in just a minute.
WHY BINANCE IS THE BEST TRADE PLATFORM FOR CRYPTOCURRENCY
Truth be told, there are a ton of platforms to trade cryptocurrency on.
Some of the more popular ones are Bittrex, Bitfinex, Kraken, and Poloniex – but there are hundreds of others. Each has their own unique set of pros and cons and many exchanges have now stopped taking on new members due to exploding in popularity.
Binance Exchange is one of the few, well regarded and trusted, exchanges remaining that still takes on new members.
I trade on several exchanges but in the past few weeks, Binance has become my go-to and I am now trading almost exclusively on the Binance platform. This is for a few reasons…
Pros of Binance
- Great reputation
The most important thing about the best cryptocurrency trading platforms is their reputation. The reviews for Binance are through the roof as it is easy to use and most importantly – SECURE! The team behind Binance has a proven record in both cryptocurrency and finance in general. Personally, I’ve had no problems with Binance thus far and when I did open a support request I found the team to be super fast and helpful at getting back to me.
- Good for newbies and pros
The interface is easy for beginners to use, and advanced enough for pros to really crush it.
- Access to hundreds of cryptocurrencies
The main reason I’ve now started trading almost exclusively on Binance is because of the massive range of coins available. Many exchanges don’t offer more than 20 or so coins, Binance offers hundreds. Binance focuses on hosting newer alt coins before other exchanges so often the cheapest place to buy certain cryptocurrencies anywhere online is on Binance, this can give you a massive edge if you pick up coins that are only listed in a couple of places and those coins then go on to do very well and get listed elsewhere; this will push up the price and you’ll make a killing just for entering early.
- Low fees on transactions and withdrawals
One of the biggest draws to Binance is the super cheap transaction fees. Since Binance are in the startup phase, the fees really are some of the least expensive out there. Binance charge nothing for new deposits of coins onto the platform and just 0.1% on the value of trades. To put this in perspective – if you were to use your Bitcoin to buy $100 of Ethereum, Binance would charge you 10 cents.
- Capable of processing 1.4 million transactions per second
Knowing exactly what this means is unimportant. Just know that Binance is fast, and fast is good. I’ve had some real issues with lag on some trading exchanges, especially Poloniex, and sometimes this lag has cost me serious money on trades. I haven’t had this problem occur on Binance.
- Support is available in many languages
Good if you are bilingual!
- Great reward and affiliate programs
If you sign up to Binance through my affiliate link, I’ll earn a small kick back at no cost to you. You can then use your own account to invite friends and family and earn a small commission yourself.
CONS OF BINANCE
While Binance is my favourite platform for exchanging cryptocurrency, it’s not without it’s flaws. My experience has mostly been positive but I’ve noticed a few complaints online….
- Difficulty with Android version of app
I actually haven’t used the app yet, as I conduct most of my business on my laptop.
- Delays with certain coins
I haven’t had any problems but some users on Reddit have expressed frustration at coins taking a long time to turn up in Binance wallets. In my experience though, this is a recurring issue across all exchanges and the coins do always eventually turn up – assuming you haven’t fucked it up!
- Binance does collect and store some user data, such as logging IP addresses
But so does Bittrex and the other major trading platforms.
IS BINANCE SAFE?
Overall, the pros of Binance greatly outweigh the few cons. Truthfully, this platform is as good as it gets, so if you are wondering if ‘is Binance safe?’ – fear not! Just be sure to follow the golden rules of safe crypto trading – more on that later – and you shall be fine.
As you will see in the step-by-step guide, Binance is one of the most secure and best cryptocurrency trading platforms out there and if you’re new to crypto, Binance really is the most accessible platform with some of the simplest, easiest to read, charts.
I’ve been trading crypto for over a year now and let me tell you – crypto trading has come a long, long way in a remarkably short amount of time.
A few years ago, buying, trading and selling coins was a fucking nightmare. The technology was iffy, the software was unnavigable, and every time I clicked my mouse to ‘buy‘ or ‘sell‘, I did so whilst holding my breath.
But now that cryptocurrency is larger than the entirety of JP Morgan, the game is very very different and has become much more legitimate. Binance exchange has helped change the game for the better.
WHAT IS BINANCE
Binance is a digital asset exchange service. Basically it’s an online platform that allows people to buy cryptocurrencies using Bitcoin. Learning how to trade on Binance will get you in the cryptocurrency game and give the ability to trade basically any coin on the market. Best of all, unlike some other exchanges, Binance offers a truly staggering number of cryptocurrencies for you to buy and sell so you are very likely to find the coins you are looking for on the Binance platform.
WHERE IS BINANCE LOCATED?
Binance coin exchange is a Chinese based company, and because of this the website supports multiple languages. Binance exchange has recieved a ton of growth and investment. According to Craft.co, Binance has recieved over 10 million dollars in investment funding from various Chinese venture capital groups. Binance is, at the time of writing, one of the largest and most legit exchanges based out of China and this is a huge advantage. It seems likely that more and more cryptocurrency investment will continue to be driven from China so trading on a Chinese based exchange has some advantages.
Binance being located in China has it’s own set or pros and cons, but we’ll got over that in just a minute.
WHY BINANCE IS THE BEST TRADE PLATFORM FOR CRYPTOCURRENCY
Truth be told, there are a ton of platforms to trade cryptocurrency on.
Some of the more popular ones are Bittrex, Bitfinex, Kraken, and Poloniex – but there are hundreds of others. Each has their own unique set of pros and cons and many exchanges have now stopped taking on new members due to exploding in popularity.
Binance Exchange is one of the few, well regarded and trusted, exchanges remaining that still takes on new members.
I trade on several exchanges but in the past few weeks, Binance has become my go-to and I am now trading almost exclusively on the Binance platform. This is for a few reasons…
Pros of Binance
- Great reputation
The most important thing about the best cryptocurrency trading platforms is their reputation. The reviews for Binance are through the roof as it is easy to use and most importantly – SECURE! The team behind Binance has a proven record in both cryptocurrency and finance in general. Personally, I’ve had no problems with Binance thus far and when I did open a support request I found the team to be super fast and helpful at getting back to me.
- Good for newbies and pros
The interface is easy for beginners to use, and advanced enough for pros to really crush it.
- Access to hundreds of cryptocurrencies
The main reason I’ve now started trading almost exclusively on Binance is because of the massive range of coins available. Many exchanges don’t offer more than 20 or so coins, Binance offers hundreds. Binance focuses on hosting newer alt coins before other exchanges so often the cheapest place to buy certain cryptocurrencies anywhere online is on Binance, this can give you a massive edge if you pick up coins that are only listed in a couple of places and those coins then go on to do very well and get listed elsewhere; this will push up the price and you’ll make a killing just for entering early.
- Low fees on transactions and withdrawals
One of the biggest draws to Binance is the super cheap transaction fees. Since Binance are in the startup phase, the fees really are some of the least expensive out there. Binance charge nothing for new deposits of coins onto the platform and just 0.1% on the value of trades. To put this in perspective – if you were to use your Bitcoin to buy $100 of Ethereum, Binance would charge you 10 cents.
- Capable of processing 1.4 million transactions per second
Knowing exactly what this means is unimportant. Just know that Binance is fast, and fast is good. I’ve had some real issues with lag on some trading exchanges, especially Poloniex, and sometimes this lag has cost me serious money on trades. I haven’t had this problem occur on Binance.
- Support is available in many languages
Good if you are bilingual!
- Great reward and affiliate programs
If you sign up to Binance through my affiliate link, I’ll earn a small kick back at no cost to you. You can then use your own account to invite friends and family and earn a small commission yourself.
CONS OF BINANCE
While Binance is my favourite platform for exchanging cryptocurrency, it’s not without it’s flaws. My experience has mostly been positive but I’ve noticed a few complaints online….
- Difficulty with Android version of app
I actually haven’t used the app yet, as I conduct most of my business on my laptop.
- Delays with certain coins
I haven’t had any problems but some users on Reddit have expressed frustration at coins taking a long time to turn up in Binance wallets. In my experience though, this is a recurring issue across all exchanges and the coins do always eventually turn up – assuming you haven’t fucked it up!
- Binance does collect and store some user data, such as logging IP addresses
But so does Bittrex and the other major trading platforms.
IS BINANCE SAFE?
Overall, the pros of Binance greatly outweigh the few cons. Truthfully, this platform is as good as it gets, so if you are wondering if ‘is Binance safe?’ – fear not! Just be sure to follow the golden rules of safe crypto trading – more on that later – and you shall be fine.
As you will see in the step-by-step guide, Binance is one of the most secure and best cryptocurrency trading platforms out there and if you’re new to crypto, Binance really is the most accessible platform with some of the simplest, easiest to read, charts.
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