A Beginner’s Guide to Binance, The Best Overall Crypto Exchange in 2021
Binance is a constantly evolving exchange that supports a wide variety of coins and trading options. However, there could be improvements on the customer support side. I consider it a great place for beginners and seasoned traders alike. If you use Binance, let me know in the comments below what you think.
Founded in 2017 by Changpeng Zhao, who goes by CZ in Shanghai and now based in Malta. Binance is essentially a global Bitcoin exchange that allows you to trade cryptos. Binance offers basic and advanced trading services as well as futures and margin trading. This means you get around nicely whether you’re just starting out or an experienced trader.
Aside from trading, Binance offers a brokerage service that allows you to buy crypto via credit card. Keep in mind that this service is more expensive than trading on the platform but its also much more simple. Binance funded its initial operation via an ICO, a crowdfunding mechanism where each investor received tokens known as Binance coin or BNB. Which can be traded for other cryptos or used to receive a discount on Binance trading fees.
They now have their own Trust crypto wallet where users can invest, make payments, and apps in one easy to use all in one package. One feature I like using is their staking services where it can give you passive income in the long run.
Binance’s fee structure is extremely impressive with a flat 0.1% fee for most trading activities. You also get an additional 25% discount if you pay for your trading fees using Binance coin. One feature I really like is SAFU, the Secure Asset Fund for Users. Its an emergency insurance fund that helps compensate users in case their funds are stolen from the exchange. It’s funded by 10% of all trading fees on the platform. Another service worth mentioning is the savings accounts which allow you to deposit your crypto and you can earn interest on it. Binance also offers a mining pool, a debit card, and advanced account security features, and more.
And if you are signing up for the first time, I have a signup Link here. It won’t cost you anything but I’d be grateful if you used it.
Use my referral ID to get a lifetime 10% off your trading fees + BITCOIN bonuses: FE8LTZDZ
My referral link — I share 10% trading fee commissions with you!
As stated above with the below link I am sharing 10% of the commission with you, this is the maximum and I can currently give back to you without staking at least 500 BNB.
To create an account, the steps are simple, you need to enter your email and password, as well as some photographic ID. Once you’re signed up and logged in. The first thing you’ll need to do is to finance your Binance account. You can do so with a whole host of different currencies.
Or alternatively, if you don’t have any cryptos to trade with, they have a few options where you can buy with a debit or credit card, P2P crypto exchange and a third party payment system. Go to your wallet on the top right-hand side of your screen and click spot wallet. Which is for deposits and withdrawals. Any balance that you have will appear on the screen where you have an option to hide it too. To deposit cryptos into your spot wallet, click deposit and check that you have the address or QR code for the right coin.
Before you start trading, you’ll want to secure your account. Which you can head to the right-hand side and click security. You have the option to secure your account with Google authenticator, SMS and email verifications too.
I hope this article has helped you make your next best-informed decision in the cryptocurrency world by joining Binance.
References
https://www.binance.com/en/support/articles/360043011652
Disclosure: Some of the links in this article are affiliate links
This is not a financial advise, just a tutorial how to sign-up to Binance using their referral program and how it works!
