With so many choices out there in the digital currency market, you need to put some thought into which exchange you wish to use and trust your investment with.
The largest and most popular exchange happens to be Binance. Don’t let the fact that it’s based in China scare you away, nor the fact that it’s among the newer exchanges out there, because the fact remains it’s a level ahead of the rest of the exchanges due to it’s low trading fees and impressive number of ICO’s (initial coin offerings.)
Sign Up Today —> Binance.com.
In this Binance.com review, I’m going to share everything you must know about how Binance works, as well as everything you should take into account in regards to trading fees, account security, financial limits, and of course, the level of customer service.
When you first reach their website, you’ll find that they offer two options to start trading.
If you have ever traded digital currency you’ll be fine using the platform’s services, but a novice may have to poke around for information the first few sessions.
Differences in the Two Options
It’s not a huge, but there are some technical factors that appear in the form of analysis that will be shown in the advanced version. However, the basic version does offer everything you need, including graphs and history of your activity. I consider myself an advanced user and find myself using both options.
Here is a screen shot of the Basic View:
And next, let me show you a look at the Advanced View:
How to Sign up For a Binance Login
Step One: create an account using the link below.
——> Sign up Page.
This is very simple and straight forward. You will receive a level 1 clearance, which allows you to withdraw 2 Bitcoins daily.
If you decide to move up to level 2, this limit gets bumped to 100 Bitcoins. For this option, you’ll need to provide your valid photo ID. Users who want more than 100 can contact service and they will assist.
Once you establish your account, you are ready to add funding. While there is no shortage of ways you can fund your account, the suggested currencies are BTC or ETH.
Note: you cannot currently fund your account any other way. I recommend to Americans (most of my blog audience) that their easiest way to obtain a BTC or ETH is to create an account and buy them here, and then move them over via a transfer.
The reason for this notice above is that they sporadically disable new registrations. In fact, they just opened up again on January 11, 2018. They received an influx of 240,000 new users, so act fast before you may miss out on an opportunity. I do like this because it means they want to grow smart. I can also say that when Binance didn’t allow new users, I was able to trade just fine.
Here is the process to follow to fund your Binance Account:
#1: Visit “Funds”
#2: Select “Deposits / Withdrawals” (top of the site)
#3: Find the currency you want to send, and finish by clicking “Deposit.”
#4: The above step will provide you with the address of the wallet. Using this unique number (like a bank account number) you can send funds to the address and start to trade.
You are now ready to start your investing and trading!
How to Execute Trades on Binance
This is very simple if you are a seasoned cryptocurrency trader and have used another exchange. After your funds are credited to your account, you can trade in the following pairs:
The major learning curve for new traders and investors is that the “base” isn’t the US Dollar. It’s the BTC. Once you are used to using that as your currency in which everything is valued, you will get the hang of it.
From the top of your screen on the right hand side, click on “Exchange” and then select the Basic or Advanced version. For this example we will use the Basic version.
Choose a tab out of the options given in the bullets above. From there, select your currency of choice from the options provided.
When you have selected a currency, have a look at the two charts you’ll see on your screen to your left. One chart is showing what people are looking to sell. This is red in color.
The other chart, in green, shows you what people are looking to purchase. The number showing up in the middle will show the last sales price.
When you go to make an order, it’s almost parallel to trading stocks. There is a buy box in which you can enter a price or choose to click on a number that you’ll find on the left hand column. From there, you enter the amount of the currency that you wish to buy OR you can select the buttons that range from 25% to 100% and they will fill your order with that amount of the currency you are using to purchase with. When you place the order, it’ll sit in the “Open Orders” section until it’s filled.
The Currencies supported is growing, and I’ll be back with a full list soon.