If you are looking for the most competitive rates for cryptos of your choice, you must visit Binance. The crypto exchange offers tremendous perks to the users by letting them buy and sell digital assets at their best prices. Also, the platform has the lowest trading fee for its traders. Above all, the exchange is the best option for beginners, experts as well as those who trade occasionally.
Binance has been rated as the most popular exchange online. And, its features do vouch for its fame among crypto traders. Being easily accessible in many languages and supported across hundreds of countries, the platform has been able to reserve its importance among traders from across the globe. Founded in 2017 by Changpeng Zhao, a well-known developer, the platform did not take much time to gain trust among its users.
In just a matter of a few years, it became one of the most trustworthy exchanges catering to the highest trading volume per day. After a successful ICO able to raise around $15 million in funds, Binance was put to work. Every investor was rewarded with BNB, Binance native token that valued at $0.1, did gain at price with time.
So, let us find out our way through the Binance platform and learn how to start trading using this amazing platform. You could be among those who are making huge profits trading on Binance. Hence, why wait, just jump to the details.
How to Create Account on Binance?
If you want to trade on Binance that supports over 230 cryptocurrencies and has various market options, you must start by creating an account first. This is easy and very simple. Although the platform itself isn’t very friendly to start with, the sign-up process is very handy. If you have ever created an email, you would know the drill.
Starting with the sign-up button, you can enter a few details, including your name, phone number, email address, etc. Once you put in all the information, you can go ahead and sign up. Always remember to enter the correct details as you would be sent a verification link to your entered email address. And, it is important to verify the details for going ahead with trading on Binance.
But the work isn’t done here. Once you log in for the first time, you would be prompted to enable the two-factor authentication. Make sure you do that. This will offer extra security for your funds on Binance.
From here, the trading just begins. To start trading, you first need to deposit funds to your account. Go to your dashboard and locate the deposit/withdrawals button. You will find this option under the ‘funds’ tab. Select the coin for depositing to your Binance account. You can also make the search for the coins you do not find on the first page.
The next step would be to generate the address which you can do by clicking on the deposit next to the coin you selected. Later, you can use this address to deposit your coins. Make sure to generate the correct address as it differs for each currency.
It is amazing to find that such a reliable platform is also easy to afford for trading. Yes, the trading fee is nothing compared to the almost every exchange out there. It does make a huge difference, and the exchange is taking all the benefits it could by offering users such competitive rates.
Binance charges a flat rate of 0.1% from takers as well as makers. Things become even more interesting after learning that there are further discounts accessible on this smaller fee as well. The BNB token mentioned earlier is the key to higher discounts. If you pay using BNB tokens, you can get over 50% discounts on the trading fee.
The deposit fee is null. This means that you do not need to pay anything extra for depositing fee in your Binance account. However, like most of the other exchanges, withdrawal fees do apply. This keeps on updating as the network fee changes. And, it usually competitive enough to hold the traders’ interest in Binance.
The withdrawal limits change for different levels of users. There are two levels with Binance, depending on the verification users go through. If you haven’t submitted your photo id proof, you are on level 1. On this level, you can withdraw up to 2 BTC in 24 hours. There are no deposit limits though.
If you complete your KYC information, you become eligible for level 2 benefits. Here, you can withdraw up to 100 BTC every 24 hours. That is a big difference. So, if you can, never forget to complete your KYC details for extra perks.
Now, this is where you must put extra stress. Any exchange that does not have proper security measures can become a target for online threats easily, giving away users’ funds easily. But Binance isn’t just that easy to break. The attempts have been made in past but it has stayed tall and up.
Hence, one can be assured of the extra precaution that the platform is known to take for making sure that the traders are completely secure. It reserves most of the funds with cold wallets and uses 2fa verification to ensure that the traders stay safe.
Above all, it is well popular among users and has been trusted by traders from around the globe. That must be a reason to believe its trustworthy, isn’t it?
What could we say? You would love how fast the customer service responds to the queries of the users. It does not take more than a few hours to ensure that the traders are provided resolution without any delays. Plus, the lowest trading fee, highly advanced platform, and various other perks often leave customers happy, without needing many hands from those who are responsible to run the show from behind.
By now, you must have been feeling relieved that your selection wasn’t wrong. If you wish to go with Binance, you must. The platform is very reliable and offers users some of the unique advantages and various little to bigger perks. Such as, you can also earn rewards through their affiliate programs. They have funds insurance to keep you safe during unwanted situations.
Overall, you will love to work your way through the charts and indicators, helping you make the right cut. If you know how to go with the lead, you would find this platform highly helpful. With meaningful comparisons and charting analysis, it gets you the details right in front of your eyes without needing many efforts from your end.
You may take some time to understand the platform. But as you do, nothing would seem even closer to what Binance has to offer. It really deserves attention. So, how about paying it some?
Filip Kopa has an MA in Economics and Finances. When bitcoin first appeared, he thought of it as an interesting experiment. His little investments then hit a big turnover, after which he got hooked on cryptocurrencies and a new age of finance.