This 2018, our technology has gotten more futuristic compared to before. Now, we can talk with someone on our mobile phones and can also have a video call with them. We can now shop using our computer and an Internet connection without leaving the comforts our home. And now, there is a currency in the digital world wherein you can invest and earn money from it – cryptocurrency.
In the world of trading cryptocurrency, Binance is one of the fastest growing coin exchange. It has entered the top 10 cryptocurrency exchanges in a span of five months. With its user-friendly interface and being available in different languages, Binance has become favored by many. Not only that, it can also process orders in a small amount of time due to its super high-speed program. It can’t be used on any FIAT wired deposits as it is attainable solely for exchanging cryptocurrencies.
Why you should open an account in Binance
Binance’s fame is skyrocketing nowadays thus if it will be used by people more, the possibility of it being used for trading coins worldwide is definite. With more and more people creating an account on Binance and compared with Poloniex and Bittrex, major cryptocurrency exchanges, a number of newly-launched coins are getting into Binance list too.
How to open a trading account on Binance
Open the Binance website (www.binance.com). Binance has only one website so be wary of other websites that are claiming they are Binance. A good tip also is to have the website authenticated by assessing the Secure Certificate to assure you are on the right website.
Use an e-mail address that you usually use so that you can be easily updated. Then use a strong password following their guidelines and it is best to write it down also and put it in a safe place so no one can hack your account. Confirm your password by retyping it, click the “I agree to Binance’s Term of Use” and hit Register. Once registered, check your email on confirming your Binance account.
Now that you have created a Binance account, on your first log-in you will be asked to enable the 2FA (2-Factor Authentication) to secure your account more. If this is new to you, you are required to download a Google Authenticator app and scan your QR code.
When you have completed this sign-up steps and have your Binance account, you can now deposit withdrawals. Go to the Funds page and click on Deposit Withdrawals, there you see a list of traded coins available. Deposit on any coin that you want from that page. You can always check the transactions you have made in the History page.
Not only you can deposit or withdraw coin but you can also trade it. Meaning to say you can buy more coin or sell yours and you can use it for investment and buying.
Of course, all cryptocurrency companies have their pros and cons. Let’s tackle Binance’s.
- They do not require you a certain amount in making deposits. Deposits are absolutely free. This magnets more people to join in Binance as they won’t worry on paying fees without doing an actual trade. You can keep your coin you deposited in your account for a time before deciding on whether you will buy something with or sell it.
- It has a low trading fees of 0.1%. As a trader, a decrease of 0.1% is really a big savings for you. Your investment will not be wasted on paying trade fees but will be used for circulating your coin.
- Though Binance serves millions of its user, they are known for processing transactions fast. With their advanced technology, they can process 1.4 million orders per second. As a trader, speed is really important to be updated on exchanges. At the present, Binance ranks 17 on providing trading volume in 24 hours and it is not impossible that they will rank higher in the future. The higher their rank would be, the more it will be recognized and patronized by more coin traders.
- They have a strong security procedure so their users do not have to worry about their account getting hacked. Most users even in social media got their accounts hacked and failed to log in anymore as the password has been changed or worse, the account has been closed down. But with their tight security, only you can manage and open your Binance account.
- They can cater more people around the world through multiple numbers of language support – English, Chinese, Korean, and Japanese. Usually, most cryptocurrancy companies and their websites only support English or Chinese. But with Binance additional Korean and Japanese languages, people from South Korea and Japan respectively can now join in coin trades. This is a great opportunity for them and for you as more people can trade increasing the Binance’s worth.
- They also accept a variety coin trades such as BNB, BTC, ETH, and LTC. In this way, you can trade majority coin without leaving their website. This lets the users compare the fluctuations of each coin trade and decide where they want to invest in.
- Changpeng Zhao is Binance’s CEO who is famous for being successful in the world of trade, finance, and technology. He is also a co-founder of OKCoin, one of the biggest Bitcoin exchanges worldwide). With that said, you can be rest-assured that Binance is also a success with Zhao as CEO and his team.
- For the first year, owners of BNB (Binance Coin) will receive 50% discount on all their trading fees. And if you also invest on one of the Initial Public Coin Offering (ICO) with your BNB, you will also get a discount and have a positive outcome in the future.
- As it was launched only last year, it is expected that it has limited coin exchanges compared to its competitors. If for example, the coin trade you want is not on their list, then you must search for other websites who support that trade. But as the company grows, it keeps on updating and expanding their list. Thus, this will not be a problem you will encounter with Binance in the near future.
- As Binance was originated and established in China, of course their platform is mainly in Chinese. You may encounter some words translated to Chinese to other languages they support that are not that accurate to their meaning.
- You cannot exchange fiat currency. As fiat currency is considered as legal because it is supported by central banks, it cannot be considered as a real money to be used in the world. You cannot pay your phone bills, purchase your groceries or pay your taxes with BNB. Even though you have so much bitcoin in your account, you cannot directly use it for purchasing in the “real world.”
After reading the pros and cons of Binance and wish to continue maintaining your account, the first thing you need to do of course is to deposit your cryptocurrency coins into your account. Now we all know that you cannot directly transfer money from your bank or Paypal account to Binance so you must first purchase BTC, ETH or BNB. There are numbers of websites where you can exchange your money to cryptocurrency but the most recommended as it is the easiest is through Coinbase. Create an account in Coinbase.
On Coinbase, you can buy (or sell) ETH or BTC using fiat methods. These include paying through Paypal, bank account, or debit/credit card. Their conversion varies on the location of their client. They also have conversion fee for every transaction. You can always check their pricing and conversion fees on their website. After you buy coins using any of the given methods, you can now use it on Binance. On your Coinbase account, go to “Send” and type in all the information you are required to complete. These are the Recipient (email or bitcoin address), Amount, and Notes if you have any.
When you have signed in in Binance, you unlock level 1 and you can withdraw 2 BTC per day. When you reach level 2, you can withdraw 100 bitcoin a day and if you will more likely to withdraw any higher amount you could contact them and have your account be upgraded to level 3.
When depositing coins in Binance, go to the Funds page and look for the Deposit option. When you click on it, an address will be shown and and that is what you need in to copy and paste to the “Recipient” option in Coinbase. You can expect your bitcoin to be transferred from Coinbase to your Binance account fast as this is what they are famous for.
It is also a great idea to exchange your bitcoin to Binance cryptocurrency which is BNB. This will lower your fees such trading fees (when you buy and sell coins), withdrawal fees (yes, making a deposit is free but you need to pay a certain amount when making withdrawals), and listing fees. As Binance is one of the first exchange that has its own currency, having a BNB has a lot of potential in terms of trade and you can save a lot of coins with its lower trading cost up to your 4th year.
Of course, you would want to buy and sell coins and make your account active. You can always go to their exchange list, choose what coins you want to buy and click buy. Instead of inputting the amount, you always have a percentage option that is based on your wallet’s amount. The action is same when you are selling, you can choose how much coins you will be selling. This will help you navigate the trade page easier and faster.
You can always check their page to see where you can exchange your coins and earn from it. This is how the page looks like:
When opening your Binance account, it is always and best recommended to go to its official page. There are numerous ads now that are popping up on social networking sites or cryptocurrency sites claiming that they are an ad for Binance. Binance has made its move on not allowing any user to do referrals and validating their log-ins or sign-ups if they used the sponsored links usually found on Bing, Google, etc. This is to ensure the safety of their users’ security and for people not to confuse Binance with other cryptocurrency sites.