You Should Trade with Binance cryptocurrency exchange

Fredrick Awino
09.07.2022
336 Views

Crypto mining and trading have become popular since their first launching in 2009. Binance is a crypto platform and it has varied approaches. The platform is very user-friendly for any person who wants to trade in crypto. Thus, it is a good place to start off as a trader.

WARNING: Investing in crypto, or other markets, can be of a high risk for your savings. Do not invest money you cannot afford to lose, because there is a risk for losing all of your money when investing in crypto, stocks, CFDs or other investments options. For example 77% of retail CFD accounts lose money.

Binance is among the largest platform that offers one the opportunity of trading in crypto. However, even if you sign up for the platform, you need to know the best way of trading Binance. The platform was founded in China in 2017. The founders were Yi He and Changpeng Zhao. The platform is mainly used for trading virtual tokens and cryptocurrencies. Some of the cryptos traded on the platform are Bitcoin, Ether, Litecoin, Dogecoin, and Polkadot.

Features of Binance

  • The platform has low features and hosts several cryptocurrencies. Also, it has comprehensive charting options.
  • In terms of fees, it imposes 4.5% on debit card purchases. Also, it has 0.10% spot-trading fees.
  • Binance supports over 500 global traders. 100 of them are in the United States
  • The maximum trading amount differs based on the crypto
  • The types of transactions supported include one-cancels-the-other order, margin trading, limit order, peer-to-peer trading, stop-limit order, market order, and post-only order.
  • Binance has several security features. They include cold storage and FDIC-insured USD balances for Binance. US. The others are 2FA verification, address whitelisting, and device management.

Opening account and depositing in Binance

  1. You go to com then click register. It is on the top-right side.
  2. Click mobile and enter your phone number including the country code. Also, you have to set the password. In case you were referred by someone, you have to enter the referral ID. After that, you read the terms of use and agree to them. You may also choose to register with your email. For that, you enter your email instead of your phone number. Remember that the password consists of 8 characters.
  3. Thirdly, you have to complete the security verification. You do this by completing a puzzle.
  4. The system sends SMS on your mobile phone or email verification code. After that, you enter the 6-digit verification in 30 minutes. In case you did not receive the code, you can click resend button. Also. You may use voice verification in case you need it.
  5. Successful registration at Binance

Depositing in Binance

  1. After creating an account, you can log in to your Binance account and to the wallet overview page.
  2. Click the deposit option on the right side of the screen
  3. Select ‘deposit crypto’
  4. Choose the cryptocurrency that you need to deposit. It all depends on you.
  5. Select the deposit network. However, you have to ensure that the network is in line with the platform network from which you are withdrawing funds.

The Benefits of Trading with Binance

The first advantage of trading your futures with Binance is that it has low fees. The taker or even maker fees can at times go as low as  0.000% or 0.017%. The strategy is to give the traders the chance of keeping their earned profits.

Binance is a good platform that even if you need assistance with something the support is always ready to help. Apart from that, support is offered in 17 varied languages. This enables all traders all over the world to trade.

Binance has a varied selection of cryptos. Did you know that the platform has over 500 crypto-to-crypto trading pairs? The aim of having so many trading pairs is to enable people with even DeFi Coins and meme coins such as Shibu Inu and Dogecoin to trade.

When using Binance to trade your fortunes, you are assured that the funds are SAFU. The reason is that Binance’s insurance fund holds about $300 million. The aim of having such a huge holding is to protect the bankrupt traders from suffering from more losses. Also, it ensures that one’s profit is paid in full.

Binance also has a 25% trading fee discount in case one pays using Binance Coin. In addition, the platform has enough education resources available. Apart from that, there is a tax statement portal that assists you as a trader to prepare the crypto taxes.

Cons of Binance

The account verification process is complex as compared to the other exchange platforms. Besides, it is not available in some of the U.S states. It also tends to have a non-transparent corporate structure.

Ways of Making Passive Income from Binance

The first way of earning money passively through Binance is by staking and lending. Staking is the process of getting more profit by storing crypto in the Binance account through blockchain. On the other hand, lending helps people with individual deposit projects and structured products.

Another one is maker and taker. The program assists in reducing commission fees based on the activities of a trader. A maker is a person setting up the pending orders. On the contrary, a trader sets the market order. For instance, a trader at VIP 0 cannot make much passive income as compared to one at VIP 9. The higher you go the lower your commission becomes.

Author Fredrick Awino