Trading is one of the most popular and effective instruments for those, who want to gain profits without producing anything. You simply need to buy and then resell such financial instruments, as stocks, bonds, derivatives, commodities and now cryptocurrencies.
This complex word has already gained popularity across the world but still there is plenty of room for those, who want to make profits out of digital currencies. According to latest statistics, less than 1% of people in the world know what cryptocurrency is and how to invest in it.
Trading cryptocurrency or simply crypto trading is basically the exchange of digital currency. Similar to any other trading markets, through multiple online platforms you can sell, buy and exchange one cryptocurrency on another, and even turn some of its types into USD or Euro.
It is the most popular way of benefiting from the cryptocurrency world without mining. In this article will be discussed Binance, a worldwide cryptocurrency platform, where you can trade over 100 cryptocurrencies.
Digital assets have occupied firm positions among various types of financial tools and Binance is one of the most popular services, where you can exchange them. In simple words, it is a platform, where you can trade (i.e. buy and sell) cryptocurrencies using your bitcoins.
Binance was established in 2017 and its founder, Changpeng Zhao, already had 12 years of experience in the world of online trading. In 2005 he started Fusion Systems (high-frequency brokers systems) and in 2013 became a team member of a cryptocurrency wallet at Blockchain.info.
It has many benefits compared to other platforms and maintains solid positions among competitors due to reliable software, investments and constant improvements.
Once you manage trading on this platform, you will be able to enter the world of cryptocurrency and trade any coins that are present on the market. One of the biggest benefits Binance has to offer is the ability to trade over a hundred of coins, which means that you don’t need to create accounts on multiple platforms if you deal with several cryptocurrencies.
To get started you only need to buy Bitcoin and then transfer it to Binance. Once your wallet has assets, you will be able to buy any other cryptocurrencies you want without leaving the platform.
When it comes to Binance exchange even a completely new user can expect a simple interface. It runs smoothly on various devices, adjusts to all types of screens and can boast a simple and non-distracting color scheme.
For those of you, who pay attention to usability, Binance can offer a simple but yet effective distribution of pages. In a matter of clicks you will hop from one page to another. The menu is easy to understand, and the website is translated into following languages:
- German and a few others.
Just open the drop-down menu on the upper right corner of the webpage and select the convenient language. You will definitely find the necessary language, even if you are from a small country.
On the home page you will see special offers and deals that will help you to get the maximum out of trading. For example, getting 5SGD for bringing a friend or half off from all the trading fees.
Through the menu you will also get access to the exchange page itself, Binance academy, charity foundation and other useful information. In addition, there are Support and News buttons on the home screen, so you can get all the answers at once.
The freshest information on all of the markets (for example, BNB or BTC), latest prices, 24 hours change, and volume are represented in the form of a table on the home page.
As you see, even if you are new to crypto trading, it will be really easy to get started and not to get lost in such a tight flow of information.
Some time ago to enter the platform and to be able to make purchases, you had to use Bitcoin (BTS). Luckily, Binance decided to expand and to offer its users more convenient ways of making payments.
That is why they have teamed up with Simplex, a payment processor, and gave users a great opportunity to buy virtual currency using their credit cards. This means that if you want to buy Ethereum, Bitcoin, tokens, Litecoin or other cryptocurrencies you can now use your real cards (for example, MasterCard or Visa). Moreover, all the operations can be completed on Binance without a need to visit other websites.
Binance is a place, where crypto- and real currencies intertwine, so you can start trading in a matter of minutes without losing the most attractive deals and offers!
It is impossible to imagine a solid and reputable exchange platform that doesn’t have a professional support team. For a reliable company it is crucial to have a team of first-class managers that will be able to answer all of the questions and requests on time. Especially considering that Binance operates all over the world, providing its services to users from a variety of time zones.
It is difficult to say that support system at Binance is flawless because there is always room for perfection. However, their team of managers responds in a matter of minutes and is always there to answer any arising questions.
They speak several languages, which is very convenient for traders, who are not native in English. You can leave your request using an online form (the Supportbutton on the top right corner of the home page). All the answers are sent directly to your email, so you won’t miss the message even if you don’t log in to Binance website every day.
Unfortunately, they don’t have a live chat option or a phone number, which makes the response speed slower than it could be. Luckily, the support form is very simple and won’t take you long to leave a request.
Apart from the customer support option, Binance has a very convenient form with frequently asked questions. There you can find all of the issues that most of the users face, so there won’t be any need in waiting for the answer. Just choose the question on the menu and find out the answer at once!
The FAQ page is a sort of a separate website with hundreds of articles. With their help you can learn more about the world of virtual exchanges, cryptocurrencies and trading. This means that you will not only make profits but will improve your knowledge, becoming more and more proficient.
One of the drawbacks of the Binance customer support that you will most likely face is the speed of the response. Due to a huge number of requests and questions that come daily, the system simply can’t process some of them without delays. However, this is a common problem for all of the large platforms.
As you probably know, due to its reliability Binance has become one of the leading trading platforms in the world and has experienced fast growth. This led to additional pressure on company’s systems and caused a slower response time.
Just imagine, Binance has become the largest and the most beneficial exchange platform on Earth in a matter of months! This means that the team of managers needs to possess lots of skills and knowledge to be able to face all of the pressure and requirements. Moreover, all of the training should take place in a short time.
Unfortunately, users make a variety of mistakes, which leads to additional requests that could be avoided if everyone followed the rules. For example, you need to pay careful attention to wallet details and to send cryptocurrency to a proper address on a website. Mistakenly mixing wallets is the most common error among crypto trades and it regularly distracts attention of the customer support.
That is why it is better to make a test payment before transferring a bigger sum. Yes, you may overpay a bit, but you will know that all of the details were indicated correctly.
In case you haven’t found a corresponding answer in the FAQ section and still need assistance of the customer support, make sure you provide as many details as possible. This will speed up the process and you won’t have to clarify details a few times before getting the final response.
Give the manager information about your wallet address, date of the transaction and any other information that concerns your problem. Remember, customer support is a team of professionals, but they are only humans and need time to cope with thousands of everyday requests and questions.
Where is Binance Located?
Binance was established in China in 2017 but shortly after they had to move headquarters to Japan because of the Chinese ban of crypto trading in September of the same year. In March 2018 Binance already had their representatives in Taiwan.
At the same time Japanese journalists claimed that Binance failed to follow official rules and regulations. Such report caused market fluctuations and soon after the company announced that they were moving all of the operations to Malta (Europe), which is a well-known island due to its sympathy to cryptocurrencies. The island remains a very popular location thanks to its secure and stable legislation of the blockchain industry.
Such news was met very positively by the international society and even Malta’s Prime Minister welcomed Binance through the official Twitter account. On top of it, Binance has been holding discussions with local banks in order to provide Fiat transactions. This means that users can expect a speedy and secure way of exchanging fiat to crypto and other pairs.
As time goes by, good news continues to arrive, and it seems that Binance is only getting started to eventually become the most powerful and profitable exchange on the digital market!
If you want to get something more and not to stop your crypto journey on simple trading, you can also count on Binance.
It has a variety of additional features to offer and any user will find what he is looking for. For example, Binance is ready to offer:
- A Binance Academy. Any user will be able to learn cryptocurrencies and blockchain absolutely for free. You can find this section in the drop-down menu on the top left corner of the home page. There you will find plenty of tutorials and articles that contain clear and well-explained information on all of the features. What can be better than trading and learning at the same time?
- Binance info. In this section you can get information on the market statistics and ICO reviews to always be aware of the slightest changes and fluctuations;
- Binance Labs. If you are willing to launch a startup and need funding, you can simply upload your project to the website. In case it is worthy, you can expect partial or even full funding, attraction of investors and making connects with necessary people across the world;
- Launchpad. A platform for a token launch.
It is obvious that unlike competitors Binance decided to create a self-sufficient digital universe, where users can enjoy not only earning but learning, launching their own projects and communicating with same-minded people from all parts of the world.
Pros of Binance
Here are some of the benefits of Binance:
- Outstanding reputation
It is obvious that the most important quality that an online exchange platform should have is a solid reputation. If you take some time to read reviews and testimonials on Binance you will see that it is probably the safest platform with a crystal-clear reputation and a transparent policy.
Moreover, the company’s founders are well-known figures on the finance and cryptocurrency markets, so they know how everything works and have necessary connects. When trying out the platform and trading there for the first time you won’t experience any difficulties or problems.
All the processes are fast and secure, so Binance is definitely worth your attention. Even when contacting the support team, you can expend speedy and professional assistance.
If you want to enter a new platform it is recommended to read reviews and to make sure that the company has years of experience and managed to earn a solid reputation on such a tight market.
- Equally good both for new users and for experienced ones
This means that even if you are a complete newbie it will be more than simple to understand what to do, how to register and where to start. However, it doesn’t mean that the interface lacks intelligence and style: even if you are a real pro you will find all the necessary features and will be amazed how great the design is.
- Provides access to 100+cryptocurrencies
One of the reasons why so many users turn to Binance and stop using other platforms is that they offer trading of a huge amount of different coins. While their competitors can’t offer more than 15-20 coins, Binance has a hundred.
Binance is usually the first to deal with new coins, which means that its users have a unique right to try them out and buy for the cheapest price. This means that you are able to buy new coins, which are listed only on a few other platforms and then to make huge profits when the price goes up.
You probably know that every market participant is able to influence the price and with such a variety of coins you get a chance to make thousands simply by being an early bird.
- Affordable transaction and withdrawal fees
Another thing that attracts hundreds of thousands of users to Binance is a very low transaction and withdrawal fee. Actually, if you compare their fees to other platforms you will see that they are one the lowest on the market. You won’t have to pay anything for new coins deposit and will only have to give the platform 0,1% of the trade value. For example, if you want to buy $200 of ETH, the platform will charge you with 10 cents.
- Enough power to process 1.4 million requests per second
You don’t need to know what exactly this means. All you have to remember is that time equals money, so when the system has lags and delays, this may cost you thousands or even hundreds of thousands of dollars.
Thousands of users claim that they never had such issues with Binance, because its systems work equally well not depending on the number of requests.
- Providing support on many languages
Binance operates globally, so you don’t need to worry that you won’t understand certain terms or conditions. In case you need any clarifications and are not able to find them on the website (after selecting your language in the drop-down menu), you can contact the support team in the convenient language and receive a comprehensive answer. Speaking the same language is crucial if thousands of dollars are at stake!
- Programs for affiliates and outstanding rewards
Like most of the online platforms, Binance offers a referral program. This means that you can invite your friends to the website, giving them your unique link, and get additional funds. The more friends you invite, the more money you make without doing anything!
Besides, the website offers various rewards and discounts that make cooperation smooth and affordable for every participant.
Cons of Binance
As you see from the above benefits, Binance is really a great and secure platform, where you can trade lots of coins without any fears and restrictions. However, this article wouldn’t be complete without listing flaws of the platform that some of the users notice. They include:
- Delays with some types of coins
Majority of users never experience any problems or delays with withdrawals or any other operations. However, when studying Reddit comments there were several negative testimonials.
Users claimed that it took the platform quite a while to transfer the coins to their wallets. However, after testing and using lots of other exchanges and it becomes obvious that such a flaw is a common issue for most of them. Imagine how many stages your coins need to go through, when finally arriving to your personal account.
Although the coins always turn up, which means that you haven’t been fooled and this is the only thing that matters.
- Sometimes it doesn’t run smoothly on Android devices
While most users prefer trading on the laptop, sometimes it is necessary to get access to the platform from a smart phone. Unfortunately, slight delays in response and a less appealing design of the Android Binance app were noticed. Although it is not very crucial, because all other aspects of the platform work smoothly.
- Binance gathers and stores certain data of the users
When you create a personal account, the system saves your IP address and other important details. However, this is done for your protection and for security of all of the deals. It is a common practice for all of the exchange platforms and definitely shouldn’t be considered a flaw.
Actually, if you find a trading website that doesn’t store such information, it is better to stay away from it, because if your coins are stolen, it will be impossible to track and return them.
How to Trade on Binance?
First step – Set up an account
Just type in Binance.com in your browser and wait till the home page opens. Here is how it should look like:
If you want to become a participant of the crypto universe, you should pay careful attention to the websites you visit. That is why it is important to check whether the page you are visiting is ‘secure’ or not.
The most common scheme of scammers is landing on a fake platform and sending the earnings to someone else’s wallet. As you understand, you won’t be able to see your money again. That is why when you see that the website is secure you protect yourself and your wallet.
Then press ‘Register’ on the top right corner of the home page. You will be transferred to the following page:
You will then need to fill in all of the required fields. Keep in mind, your password should consist of at least eight characters and contain one capital letter.
If you want to protect your money, try to avoid using names of your children or pets. Generate a completely new password that contains all of the elements: numbers, letters and capitalizations. Such a simple step will help you to remain the only owner of your earnings.
When you press the register button, you will need to complete a simple puzzle to verify yourself. It is a simple way of checking whether you are a person or a robot.
Just slide a slider to make the puzzle match the piece and your verification is over!
Now you need to check the indicated email and press the ‘Verify Email’ button.
This will take you to the following window, where you will need to press ‘Login’.
Type in your login and password:
And then solve the same verification puzzle. No doubts that now you will deal with such a difficult task very quickly!
Then you will see the following message:
This one is really important. It is strongly recommended to enable 2FA. It is the first and the most important rule for all of the crypto traders.
To set it up you need to press the ‘Google Authentication’ on the left. It is an important step of verifying your Binance account.
Second step – Enabling 2FA
To make sure that your account is protected, it is recommended to install a popular ‘Two Factor Authentication’ by Google. It is a great instrument that helps Binance to track whether you are hacked or not. You not only feel protected but can also imagine yourself being a part of the James Bond movie.
Start with downloading ‘Google Authenticator’ at App Store or Android Play Market. Here is how it looks like:
Launch the application and open Binance website at the same time. This stage is really important and you need to pay attention to the following aspects:
- Secret key.
- Bar code. This code will synchronize your account with the 2FA application. When you download the app, you will need to scan the QR code on the screen. This simple action will synchronize Binance and Google accounts and you will let Binance know that you are the one to make an exchange. As you see, it is very simple and doesn’t require any specific skills;
- Security Key. It is better to save it in a few different places. For example, somewhere on your email, in a folder with journals or notebooks and inside a safety app (like Keep Safe, which is by the way completely free to use). This will give you a chance to have access to the Security Key without any troubles. Remember, it is the only way to get back to your Binance account if you have lost your cell phone or were locked out of the website account.
At last you can login to the platform in a secure way. When using 2FA, the app will generate a code, which will expire every 90 seconds. If the request appears, you just need to open 2FA app and insert a digital code, provided by Google. It’s very simple but yet super-efficient.
Now you have a completely safe and protected Binance account and can trade any coin you want!
How to use Binance Exchange Platform?
As you probably know, there are both long and short term coins on the market. So far, the most secure long-term ones are Bitcoin, Ripple, Ethereum, Verge, Siacoin and Hempcoin. When it comes to short term coins, it is impossible to give concrete recommendations, because sometimes preferences may change weekly.
If you are one of the traders, who prefers researching the market, reading to the latest news and comparing prices, try surfing Coinmarketcap or other websites. They have recent information and updates, so you can decide which coins to buy and which to trade.
Now let us get back to Binance. You already know how their website looks like and what sections it consists of, how to create an account and what coins to choose. Finally we are ready to talk about trading itself.
Everything is rather simple and you need to press the ‘Exchange’ bar on the top left corner of the home page.
Then select ‘Basic’ option in the drop-down menu. This will transfer you to the following page:
You may feel stressed after seeing the page, but it is not as scary as it seems! Of course, the above charts look quite confusing and you may even think that only real professionals can manage them, but everything is actually much simpler.
Moreover, if you just want to buy and sell or hold coins it is not necessary to understand what every table means. To be completely honest, I don’t recommend wasting your time on getting familiar with peculiarities of every chart and line. It is better to focus on the following two tables on your screen:
You should start by deciding what coins you are willing to trade. If you are new to the market, it is most likely that you have just bought a Bitcoin and want to research the platform before buying new types of coins.
For example, let’s assume that you want to take your Bitcoin and buy Ripple, which was called the best performer in 2017. Then you need to type in XRP under Favorites in the top right corner.
As you see, on the moment of writing this article, XRP costs .00001959 Bitcoins. Press on it.
As you see, Binance offers a variety of trading methods simply by clicking 25%, 50%, 75% or even 100%. This means that if you want to invest all of the bitcoins into buying XRP, you need to press 100%. If you want to see what happens with the coin and its rate, you can choose a 25% or 75% option.
This is one of the features that Binance is very popular with. You can just compare what will happen with your wallet and earnings under different options.
Binance Exchange Fees
While you may pay attention to the platform’s reputation and the quantity of coins it trades, you will probably choose another place if the fees are too high. With such a tight competition on the market it is necessary to offer the best deals if the company wants to stay afloat.
In this sphere Binance doesn’t have competitors and they constantly improve and lower their fees to offer users the best deals. If you are a trader, who doesn’t need urgent fiat liquidation, you will surely find a rate of 0.1% more than appealing! Especially considering that this rate is flat and doesn’t change under different conditions.
Just imagine: most of the platforms have the rate 0,2% or even higher, which means that Binance is double more profitable than the rest! If you operate thousands of dollars you will feel the difference.
If you pay attention to BNB, the Binance token, you will get a bonus 25% off when trading this coin. Making deposits at Binance is free, which is an additional plus!
However, you will need to pay a certain fee for withdrawals. It is not regulated and depends on the transaction fees of the blockchain. Luckily, they are regularly updated and meet the average market fees.
It has already been mentioned that Binance is second to none, when it comes to the quantity of the coins it trades. Here are only some of the coins you can use: Bitcoin and Bitcoin Cash, Ethereum and Ethereum Classic, NEO, Dash, LiteCoin, Ripple and many more. As a part of the ICO listings Binance also supports a variety of tokens. This attracts thousands of traders to the platform and gives them a chance to stick to one exchange only without a need to jump from one website to another.
After Binance ICO they are able to add newly emerging coins really quickly, which means that traders can buy them really cheap and to earn more profits, when the coins reach other platforms and the price goes up.
At the moment trading pairs include BTC, ETH, BNB and USDT.
ICO or initial currency offering is one of the ways that makes Binance stand among other platforms. It appeared on July 2017, when over 100 million BNB (Binance coins) were sold. To make tokens stable and profitable, Binance has bought 5 million coins and burned them. Now they are planning to burn around 100 million tokens by investing 20% of their quarterly income.
Another benefit of Binance ICO is that you get as much as 20% commission for every referral you attract to the exchange. During the first year of BNB trading, users have a 50% discount on the transaction fee. On the second year this discount makes up 25%. On the third year it becomes 12.5% and on the fourth – 6.75% respectively. By the fifth year there won’t be any discounts on transaction fees when using BNB.
Although a few other platforms trade BNB, it remains popular inside Binance, because its users get a chance to obtain discounts and participate in loyalty programs.
In addition, Binance is always a place, where new coins appear and you have a more favorable position compared to hundreds of other users due to quicker access and lower prices.
How can I withdraw my earnings?
It is very simple: just log in to your account, press Funds and then choose Withdrawals. Then you can either type in the name of the coin or token or choose it from the drop-down list.
Once you indicate the withdrawal sum, the transaction fee will be added up automatically. Note that if you haven’t completed the verification process your limit is 2BTC per 24 hours.
When you want to withdraw tokens, you may be asked to indicate not only the withdrawal address but also to complete the Tag section (it can also be called Payment ID or Memo).
What tips on security you can give?
By now you already know that security is one of the pillars of positive online trading. Without it you can’t be sure whether your wallet will be safe or not. Here are the basic tips we would like to share with you:
- Never give your password to others. Even if you know the person or you receive a phone call from a so-called manager of the platform. They are all scammers, because we never ask our users to share their passwords with us;
- Never send money to people, who claim that they are Binance members;
- Always use Google Authentication, an app both for Android and iOS devices;
- Never call back on suspicious numbers, especially if they are not local.
These tips concern not only trading platforms but any online activity you may have. Remember, hackers always sharpen their skills and we should remain alarmed, using every protecting tool that exists.
What is ‘Taker’ and ‘Maker’?
Let us explain the basic terms you may face during trading:
- Taker. If you are placing an order, which trades at once by partial or full filling before entering the order book, such trade is called ‘taker’ trade. Market orders will always be Takers, because they never go to the order book. Basically, such orders ‘take’ pressure off an order book that is why they got such a name. The same reasons made Limit IOC and FOR orders Takers;
- Maker. When your order goes partially or fully to the order book any trades will be considered ‘makers’. As you get, such orders add additional volume to the book, ‘making’ the market. That is why they are called Makers.
Withdrawal to a wrong address
It is impossible to underestimate the importance of inserting a right address, when creating an account, withdrawing funds or completing any other operations on Binance.
The system will start the withdrawal process automatically after you press the Withdrawal button in your email. This means that the system won’t be able to stop the process once that single click is made.
Blockchain is anonymous, so the company won’t be able to see where your money has been sent. In case you have noticed such a mistake, try to find alternative ways of locating the recipient in order to contact him.
In case you have initiated the withdrawal to another platform with a wrong or incomplete description, you need to contact the addressed platform and they will organize the refund.
How to use the referral program?
- Enter Binance home page and choose Referral Program;
- Log in to your account;
- Share the program with your friends by any of the following means: referral link, referral ID or a QR code;
- When your friend creates an account on Binance and starts trading, you will get a 20% commission of the trading fee in a real time (during first promotion month). Event page contains all the necessary information on your Referrals, Value of commission, latest history of commissions and so on.
As you see, there is absolutely nothing difficult in earning additional money simply by inviting your friends to the system.
However, you need to remember that you won’t be able to get your commission if the referral simply logs in to the platform. He needs to transfer BTC to the account to start trading. Only after the first operation you will be able to get the commission fee. The more friends you invite, the more benefits you will have!
Is Binance Safe?
As you can see, the benefits of Binance surely outweigh slight drawbacks the platform has. Yes, it may have some difficulties with an Android version or collection of personal data but at the same time it has an outstanding reputation and latest software, which makes Binance one of the safest players on the market.
If you are new to the game or have previously experienced problems with other platforms, Binance is really a place to be. Just make sure you follow common rules of safe crypto trading and you will always be protected!
In today’s review you can find everything that you need to know about Binance: its background, interface, policy and fees. Now you also possess a step-by-step guide on how to create an account. You have learned about its pros and cons, so now you are able to make up your own mind whether you can trust Binance or not.
Binance has all the chances to become the number one crypto platform in the world, especially considering a variety of additional features they have to offer: a free Academy, Launchpad and BNB, its own tokens.
Most likely they will soon limit the number of users, so it is better to create a personal account even if you are not planning to use it immediately.
Crypto trading is a great way investment method, but you should always mind the main rules:
- Use 2FA. Always!
- When you have made an impressive amount of money, it is better to move it off the platform;
- You can risk only if you are ready to lose;
- Remain calm and patient;
- Never regret time for a proper research.