Binance is the largest cryptocurrency exchange by daily cryptocurrency trading volume. This crypto exchange was founded in 2017 and is registered in the Cayman Islands.
The company was forced to leave China in September 2017 after the Chinese government banned cryptocurrency trading. Since then, it has had offices in Japan, Taiwan, and Malta. Binance is currently headquartered in the Cayman Islands.
Binance has its own cryptocurrency called Binance Coin (BNB). The exchange used the Binance Coin initial coin offering to raise $15 million in July 2017. Binance users who hold Binance Coin will receive discounts on trading fee payments when trading any cryptocurrency.
Binance allows users to trade both cryptocurrencies against each other, as well as cryptocurrencies against FIAT. This means that users can alternately trade cryptocurrencies and FIAT money. If you do not yet have any cryptocurrencies, you will first need to purchase them with FIAT money before you can start trading.
Binance supports just over 1,500 different cryptocurrencies and tokens, including the most popular ones such as Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Binance Coin (BNB), Terra (LUNA), Polkadot (DOT), Cardano (ADA), Litecoin (LTC), EOS (EOS)…
How to create an account on Binance
Due to the ever-growing popularity of cryptocurrencies, Binance is growing at an astonishing rate and is currently the highest-rated crypto exchange in the world, as well as the largest crypto exchange by daily trading volume.
In addition, many new crypto coins/tokens that have just had an ICO (”Initial Coin Offerings”, meaning that a company wishing to raise money to create a new coin, application, or service chooses ICO as a fundraising method and offers investors the opportunity to invest in exchange for a share of the company/a certain number of coins) would be more inclined to list on Binance compared to other major crypto exchanges.
In order to use Binance and start trading, we must first open an account on their official website. Due to numerous scams where fraudsters create fake Binance websites to obtain your information, make sure you use their official website https://www.binance.com/sl.
You have the option of registering with your phone number, your email address, or via the mobile app on your smartphone.
- Registration with your phone number. First, you need to click the ”Sign Up” button on their official website, where you will select the option to register with your phone number. You will also choose a password and then receive a confirmation code via SMS, which you enter in the empty field. Each phone number can only be used once per account.
- Registration with your email address. The process is identical to registering with a phone number, except that you must select the option to register with your email address. A confirmation code will then be sent to you via email, which you will need to enter in the empty field.
- Registration via the mobile app. You will first need to download the Binance app, which is available for all smartphones running iOS and Android operating systems. You will have both of the above-mentioned registration options, so choose the one that works best for you. After successful registration, enter the confirmation code in the field.
For all of the registration options listed above, you will need to complete ”two-factor authentication (2FA)” with your phone number and Google verification for better protection of your account.
How to buy your first cryptocurrencies on Binance
Binance has opened the option of an instant cryptocurrency purchase service with a credit or debit card in numerous countries and regions around the world, to help users who cannot use fiat currencies to purchase crypto coins and tokens. You can use Visa, Mastercard, Apple Pay, or Google Pay cards in US dollars (USD), euros (EUR), and British pounds (GBP) to purchase cryptocurrencies.
First, you will need to log in to your account on the official Gate.io website. In the menu, you will need to select the “Buy Crypto” tab and then “Credit Card”. This is where all the payment methods listed above come into play.
Then enter the amount in “Buy with FIAT Currency” and in the “Currency Purchased” field, select the cryptocurrency you wish to buy. Then select the “Service Provider” below (here you will choose the method by which you want to purchase cryptocurrencies) and press the “Place Order” button.
To ensure fast and secure payment, users must complete identity verification with an external service provider (KYC). Once this has been successfully completed, the service provider will immediately transfer cryptocurrency to your Gate.io account.
Binance Coin (BNB)
The entire crypto industry and blockchain technology contains numerous projects and various assets for intended purposes, so it is nothing unusual to see that a particular cryptocurrency exchange has its own native cryptocurrency coin.
Although each cryptocurrency exchange differs in its structure and characteristics, their primary goal is to give people the most optimal options for purchasing cryptocurrencies on their exchange, which is why they also have their own crypto tokens, which are mostly intended for fee discounts.
Binance Coin (BNB) is the crypto token on Binance. It started as an asset that was sold in the Binance Initial Coin Offering (ICO), allowing users to pay significantly lower trading fees when Binance first launched. It operates in tandem with two specific blockchains – Binance Chain and Binance Smart Chain (BSC). BSC is a separate blockchain built alongside Binance Chain, running in parallel with Binance and featuring various functions such as the ability to support smart contracts.
Since then, BNB has maintained its role within one of the fastest-growing cryptocurrency exchanges in the world – Binance, which has expanded into much more than just a digital asset exchange.
Like other cryptocurrencies and tokens, BNB is a crypto token that rises and falls in price as people use and trade it. You can store it in compatible wallets outside of exchanges and also send it to others as payment.
So how do we buy Binance Coin? It can be purchased on the official Binance website or through the mobile app. As always, make sure you have done your own research and do not share your information with websites that are not legitimate.
NFTs on Binance
The acronym NFT stands for non-fungible token. Essentially, these tokens allow us to transfer ownership of digital property, from images and videos to weapons in video games. The transfer of NFTs takes place via blockchain, similar to buying, transferring, and selling cryptocurrencies, but there is a difference. Cryptocurrencies are fungible – every Bitcoin is identical to another. Each NFT, however, is linked to a specific piece of artwork that is unique and non-fungible.
The Binance NFT marketplace is a feature on their cryptocurrency exchange where you can buy and sell NFTs. It is powered by the Binance blockchain, offering users the most liquid platform for trading NFTs.
As for fees on NFTs on Binance, these vary greatly. Binance states that the fees for listing an NFT vary significantly between different projects. However, there is a fixed fee for buying and selling an NFT, which amounts to 1%.
How do we buy an NFT on Binance?
- First, we need to log in to our Binance account. In the menu, we select the option “Binance NFT Marketplace”.
- We find an NFT that interests us. Before doing so, be sure to do your own research and only then decide to make a purchase.
- You will be able to participate in auctions for NFTs or buy them at a fixed price, and in both cases you will need to pay fees as well.
After a successful purchase, these are stored in your Binance wallet, where you can hold them or sell them.
On Binance, you will likely also notice the option to purchase a “Mystery Box.” By purchasing a mystery box, you will receive a random NFT, where you will be required to pay a fixed price without knowing its contents beforehand. Most people buy mystery boxes due to the possibility of acquiring special and rare NFTs at a lower price, which they can either hold in their wallet or sell for a higher price than they paid for the mystery box.
Is Binance safe?
The biggest concern when using cryptocurrency exchanges is probably their security, especially if you are completely new to the crypto world and may not yet know which exchanges are among the safer ones and which are not. Furthermore, no exchange is 100% secure, so it is important to choose the most optimal one for your funds. Here are some facts that will help you determine how secure Binance is as a cryptocurrency exchange.
Binance has a secure fund for its users that helps protect their assets in the event of any hacking attacks. This fund, called SAFU, retains a portion of every fee charged by Binance. It was established in 2018 and allows users to trade with peace of mind, as it guarantees a refund in the event of a loss due to Binance.
In addition, they have numerous other features that ensure your funds are always protected. A whitelist of addresses and device restrictions have been added to your account, and two-factor authentication is also available, providing an additional layer of protection for your account funds.
Currently, the vast majority of governments around the world are reviewing Binance to reach a common conclusion on whether regulation is necessary. In addition, US dollars deposited into Binance are insured by the FDIC (The Federal Deposit Insurance Corporation), as the money is stored in legitimate banks. However, once you exchange your money for cryptocurrencies or crypto tokens, they are no longer insured. This applies to every individual country, so storing your official currencies with Binance should be safe. Once your funds enter the crypto market, Binance will take care of their security.
Fees on Binance
Across the entire crypto market, the Binance crypto exchange offers some of the lowest fees of all, which is why it is also one of the most popular crypto exchanges for both beginners and more experienced cryptocurrency traders.
- Fees for purchasing cryptocurrencies. If you choose to use a debit or credit card to purchase cryptocurrencies, you can expect to pay up to 4.5 percent in fees at the time of purchase. Due to these costs, it is better to use other payment methods, such as bank transfers, as they have no transaction fees, although they are not available everywhere. If your location supports bank transfers, you can use them to avoid paying high fees when using a debit or credit card.
- Deposit fee. There are no fees for depositing crypto assets on Binance with Bitcoin (BTC), Tether (USDT), and Ethereum (ETH). You will first need to exchange your FIAT for cryptocurrencies and then make a deposit.
- Trading fees. Binance charges a 0.1 percent trading fee on the platform and a 0.5 percent fee for instant buying or selling, so your actual fee amount will largely depend on the actual purchase amount. The higher the transaction, the higher the fee. One way to reduce the fee is to have Binance Coin (BNB) stored in your Binance crypto wallet. This can also earn you up to a 25 percent discount on all trading fees.
- Withdrawal fees. Fees are also charged depending on which cryptocurrency you wish to withdraw. These fees change based on the current market status, making it difficult to predict what percentage you will have to pay. Nevertheless, on Binance.US you always have the latest information for each cryptocurrency.
Comparing fees across different cryptocurrency exchanges is very important for all cryptocurrency enthusiasts, as everyone wants to pay as little in fees as possible while keeping their funds stored as securely as possible.
Conclusion
The crypto exchange remains at the top among all exchanges for good reason, due to its low fees, a very diverse offering of crypto tokens/coins, and its advanced platform. With the addition of new features on Binance, it is becoming increasingly attractive to the vast majority of both experienced investors and beginners, for whom the ”Binance Lite” feature provides a very simplified option for buying and trading cryptocurrencies.
Don’t miss out!
If you are interested in learning more about cryptocurrencies, we invite you to read other articles on our website, which can be found in the ”Cryptocurrencies” section. You can also join us at a free webinar where we will be talking about how to earn with cryptocurrencies. You can register at this link: https://zannekrep.com/brezplacno20/
We are not financial advisors. All information regarding cryptocurrencies is accepted at your own risk. Please do your own research as well.
