Cryptocurrency trading is the gold mine of the 21st century; the business has created lots of millionaires from people that would have still been working a 9-5 job.
From all indications, cryptocurrency is the future. Today we will be talking about Binance exchange, its features, uses, merits, and demerits.
This will help you make a more informed decision when looking for an exchange platform to use as a beginner who is just testing the waters of cryptocurrency.
We have a lot to learn, so without any further ado, let’s jump right into it. (NOTE– this is not a crypto trading tutorial, we will only be reviewing the Binance exchange and seeing what and what you can do with it.)
If you are looking for other crypto and trading apps, please visit our crypto page, where we will continue to list the best and most recent apps with secure, fast, and rewarding features.
Alternative to Binance: Seamless Trading and Earning Extra Crypto with Flitaa App
About The Company.
The name Binance was formed by joining the words ‘Bitcoin’ and ‘Finance’ together. Binance was founded in 2017 by Chanpeng Zhao in Hong Kong.
Prior to the emergence of Binance, he had created fusion systems, a high-frequency trading software.
The company is a Cryptocurrency exchange that is the largest in the world with over 2 billion average daily volume and 1.4 million transactions per second.
Binance is registered in the Cayman Islands. It moved there after the Chinese government started imposing strict regulations on crypto exchange businesses.
As has been stated before, Binance is primarily known for its crypto to crypto trading I.e. trading between two cryptocurrency pairs, what that means is that you give one crypto in exchange for another.
Despite being the largest crypto exchange, Binance has one of the lowest transaction fees for a crypto exchange.
Binance also offers discounts to users who pay in the native BNB cryptocurrency tokens. its supports trade and exchange of over 500 coins including bitcoin, Ethereum, Litecoin, dogecoin, and its own native BNB tokens.
BNB tokens are also known as Binance coins, it’s the cryptocurrency issued by Binance exchange and trades with the BNB symbol. In addition to their cryptocurrency exchange, Binance also has an academy.
The Academy is an open-access platform that will be available anywhere in the world, and also provide a wide range of fundamental and advanced knowledge to anyone anywhere.
The academy focuses on the advancements of blockchain, its application to cryptocurrency, how to create your own coin, and the likes of that. Binance also has a platform called the Binance Launchpad.
The Binance Launchpad is the exclusive token launch platform of Binance, this platform is to support the crypto ecosystem by offering first-look access to quality projects to all Binance users.
Binance has a Crypto-encyclopedia called Binance Info, which is an open and objective information aggregation platform where anyone can contribute to the wealth of knowledge available on the encyclopedia. you can start making money with the affiliate marketing features of this useful app
Why You Should Choose Binance
As a newbie or an amateur in crypto trading, it’s advisable that you register with Binance. My main reason for saying this is that Binance offers.
With its wide array of trade options and a catalogue of over 500 tradable cryptocurrencies, and an easy-to-use platform. Below are some of the reasons why you should consider using Binance to trade.
Low Trading Fees
Binance is the top choice for most active traders. The reason for this is that Binance has low fees, especially compared to its main rivals.
Binance charges a 0.10% trading fee which is far lower than what other trading platforms of its calibre offers. Also, you get to pay a lesser trading fee of 0.90% for those with a 30-day trading volume greater than $50,000 but less than $100,000.
The fees are also lower when you use the platform’s proprietary BNB coin to pay for transactions.
Binance really shines when it comes to their commission framework; fees generally start low as shown in the previous paragraph.
In general, you’ll pay a 0.1% fee for trading. However, the exchange’s volume-based pricing model can cut your costs, and this is based on your 30-day trading volume.
Binance has 11 pricing stages/levels which it enumerates as VIP 0 – 10 depending on your 30-day volume.
Below is a breakdown of how it works:
-VIP 0 pricing: To buy $10,000 worth of bitcoin, you’ll pay 0.1 percent of your trading value which in this case, will be $10.
That is the price; it doesn’t matter whether you’re a maker or taker. If you own enough Binance coin, a stable coin pegged at $1, to pay your trading fee, Binance will automatically reduce your fee by 25% if you’re paying with the BNB coin, so instead of paying $10 for that trade, you end up paying $7.50. Any fees will be deducted from your Binance coin balance first.
-VIP 1 pricing: You will be assigned to VIP 1 pricing as soon as you place a trade worth more than $50,000 in the previous 30 days trading volume and have a Binance coin balance of at least $50.
As a maker or a taker, you’ll pay a 0.9 percent transaction fee at this level. However, if you pay with the Binance BNB token, Binance will still reduce the fee by 25%.
-VIP 2 pricing: This is where things start to get interesting. You will be upgraded to VIP 2 pricing as soon as you have traded at least $100,000 in the previous 30 days and have a Binance Coin balance of at least 100.
A maker pays 0.08 percent on all trades at this level, while a taker pays 0.09 percent. The same $60,000 trade now costs $48 as a maker and $54 as a taker. If, however, Binance deducts your fees from your Binance Coin balance, you will still receive a 25% discount, reducing those fees by their respective amounts.
you can as well check out a list of other apps and various ways you can save, earn or even discover new features and technology
How to Register With Binance
When it comes to registering with Binance, there are 3 main ways through which you can register and get your account verified with Binance. And they are:
- Registration with phone number.
- Registration via Email.
- sign up via the Binance app.
How to Register With Phone Number:
- Go to Binance.com and click ‘register’
- Click mobile number and enter the mobile number and password for your account.
- On the Referral ID column, enter the code here:358279291
- Read and agree to the terms and conditions and select ‘create account’
- Complete security verification.
- The system will send an SMS verification code to the phone number you entered. Please enter the 6-digit verification code within 30 minutes. If you don’t receive it, click ‘resend’, or click ‘please try voice verification’ to use voice verification instead
- To enhance the security of your account, ‘go to dashboard’ and enable two-factor
- authentication on your account. This includes phone verification and Google verification.
How to Register With Email:
- Go to Binance.com and click ‘register’
- On the registration page, fill in the spaces with your email and password for your account as labeled, and also fill in the referral ID if any.
- Complete the security verification.
- The system will send a verification code to the email you entered. Please enter the verification code within 30 minutes. If you don’t receive it, click ‘resend’ to resend.
- To enhance the security of your account, ‘go to dashboard’ and enable two-factor authentication on your account. This includes phone verification and Google verification.The procedure for registering an email address is the same as that for registering via phone number.
How to Register On the Binance App:
- Open the Binance app, and then tap ‘log in/register’
- Tap ‘register’ and enter the email the email address you’ll use for your account. (and the referral ID if any)
- Check the box place next to the ‘I understand Binance’s Terms of Use’ and tap the Arrow.
- Drag down the slider to complete the Security Verification Puzzle.
- A confirmation The email will be delivered to your inbox; please enter the code within 10 minutes. If you did not receive the code, tap’send code’ to receive another.
How to Buy Crypto on Binance
You can buy crypto on Binance with your credit/debit card, follow the next few steps to buy.
- Log into your Binance account and click ‘buy now’ on the homepage banner
- You can choose to buy crypto with different fiat currencies (USD, EUR, GBP, etc.)
- Enter the fiat amount you want to spend, and the system will automatically display the amount of crypto you can get. Click ‘continue’.
- You can choose your preferred method of payment. To buy with debit/credit card, click ‘visa/MasterCard to continue.
- Follow the instructions and enter your card information.
- Your card will be added, click ‘Continue’
- Please check the payment details and fees and confirm your order within 1 minute, or the amount of crypto you can get would be recalculated based on the current market price. You can click ’refresh’ to see the new order amount.
- Now, you will be redirected to your bank’s OTP page.
- To verify payment, follow all the on screen instructions to verify the payment
- After all that is done, your purchased crypto will appear in your Binance Spot Wallet instantly.
How to Sell Crypto on Binance
- Log in to your Binance account. Tap on the trading button and tap ‘sell’
- Choose the cryptocurrency you want to sell and enter the amount. Tap ‘sell’
- Select how you want to receive the fiat currency. Binance offers different fiat channels for users in different countries.
How to Cash Out Your Money
- Log in to your account.
- Select Withdraw.
- Click on the ‘fiat’ tab.
- Pick the fiat currency you want to withdraw. Choose a payment method too.
- Enter the details as directed by the page.
- Enter your verification code.
Summary
Any way you want to look at it, Binance is an industry standard when it comes to a cryptocurrency exchange.
It has the highest trade volume, boasts of a more affordable transaction fee, has a more sophisticated security framework, is very easy to use, has over 500 cryptocurrencies, and is available in over 100 countries worldwide.
In this post, we saw how to register with Binance, buy and sell cryptocurrencies, and also cash out your money. We previously published a list of fintech apps that you can use to earn a decent living from the comfort of your own home; you can read about these apps here.
