Investment in cryptocurrency has changed my financial situation entirely and I truly believe that cryptocurrency is the future of financial freedom. There are various problems that cryptocurrency can help resolve, despite many people speculating that crypto is merely a bubble. Based on my experience, I don't see the bad in this and I definitely don't see the bad boy leaving anytime in the near future.Contrary to popular belief, you do not need to understand all elements of cryptocurrency operations to begin building your personal cryptocurrency portfolio. I am still unsure of some of the fundamental aspects of cryptocurrency. In fact, I have no cooking clue what a block chain is or how it works, but I don't need to know this to use it.
To begin trading in cryptocurrency, you will need to purchase some Bitcoin so you can continue to purchase other types of coins you would like to have in your cryptocurrency portfolio.
You can begin buying Bitcoin from several online resources or platforms. Personally, I recommend Coinbase because it is one of the largest and most reliable platforms currently available. If you utilize this line, we will both ==>>earn $10 of free Bitcoin once you subscribe.<<==
When you have purchased Bitcoin, you can send it to a cryptocurrency exchange where it is possible to buy hundreds of other types of coins using the Bitcoin. Check out this article for a complete list of different cryptocurrency exchanges. I update the list on a daily basis as the exchanges begin taking new members. I have started trading on various different cryptocurrency exchanges for approximately one year now and today I will introduce you to the best cryptocurrency exchange for newbies - Binance.
Our ultimate guide to using the Binance cryptocurrency exchange platform. My overall objective is to show everyone the following:
- how to utilize the Binance cryptocurrency exchange platform
- how to trade using Binance
- how to deal with the exchange fees on Binance
- the reasons why Binance is a safe option
I will also be offering you a breakdown of what I like about the Binance cryptocurrency exchange platform, and what I do not like about it. In short, this is the ultimate review of Binance and when you have finished reading it you will be ready to start trading cryptocurrency with confidence!
Based on my experiences, Binance is one of the simplest and most secure methods of buying and trading cryptocurrency. So, how do you make money in this field? The quick answer is to trade on Binance.
First, you must set up an account using the Binance platform. Next, enable the 2FA feature. Once the account is set up, deposit your cryptocurrency of choice - I would recommend depositing Bitcoin. Trade alternative coins of choice utilizing the "basic exchange" function, and hey, you're making money!
An Overview Of Cryptocurrency
If you are a novice in the world of cryptocurrency trading, then I welcome you! Welcome on this journey you brave explorer! You are about to enter one of the most fascinating online trading worlds and, if you are quick-witted, you may be among the last wave of those early users of cryptocurrency.
It may seem as though everyone and their pet dog is investing in Bitcoin nowadays, but the truth is that traders using cryptocurrency are still some of the internet's pioneers with few people considering the crypto train.
According to statistics from the Bitcoin database, only 23 million addresses are registered for Bitcoin. While there are numerous other types of cryptocurrency on the market, the number is growing; however, it remains a dip in the ocean if you consider that there are 7 billion people on earth minus the 1 percent currently investing in cryptocurrency.
On a personal note, I believe that cryptocurrency is the way of the future. If you do not jump in now, you do not stand a chance of making money in future years. Moreover, you will also hedge your bets against cryptocurrency taking over the majority of global industries.
The good news is that you do still have some time to build a strong cryptocurrency portfolio investing in the future currency, but that window is quickly closing. Each day, more and more people are choosing to invest resulting in coin prices increasing. To gain maximum returns on your crypto investments, it is recommended that you join the party much sooner than later.
One of the best means of making money using cryptocurrency is by selecting a portfolio of coins you prefer based on their mission, technology, roadmap or team. To invest in the coins, thus spreading risk, you will be able to wait for a few years and see if any profit can be made. However, to become involved in the world of cryptocurrency, you will need to join one of the many cryptocurrency exchange platforms.
How To Begin Trading Using Binance
This is one of the most significant aspects to consider! While the Binance coin exchange platform is considered, at least by me, to be the best cryptocurrency trading platform available, it does not allow for trading of traditional currencies!
So, what does this mean exactly?
This means that you will not be able to transfer any Euros, US Dollars, Sterling Pounds or other traditional currencies to the Binance account. Binance allows trading of cryptocurrency exclusively through the Binance exchange platform. So, before learning how to trade using Binance, you must know how to do the following:
- buy Bitcoin outside of the Binance cryptocurrency exchange platform
- transfer the Bitcoin to your Binance account
- buy other cryptocurrencies you desire using the Bitcoin acquired
- To learn more about how you can purchase Bitcoin, it is recommended that you read this beginner's guide.
The Reason Why The Binance Exchange Platform Is The Best Coin Exchange Available?
I have been trading in cryptocurrency for over one year and let me tell you that this type of trading has changed dramatically in a small amount of time. In previous years, buying, trading and selling coins online was a nightmare. The technology was complicated, the software was impossible to use, and each time I clicked my mouse to either sell or buy I did so holding my breath.
Now that cryptocurrency has become more popular, the game has changed and it has become a more legitimate area of playing. The Binance cryptocurrency exchange platform assisted this change and it is all for the better!
What Exactly Is Binance?
Binance is one of the digital asset exchange platforms. In simple terms, it is a platform used where people can purchase cryptocurrency utilizing Bitcoin in their accounts. Learning to trade on this platform can help you gain a full understanding of the cryptocurrency world, as well as give you the chance to trade with any type of coin in the online market. Best of all, contrary to some of the other cryptocurrency exchanges, Binance provides its users with a staggering amount of cryptocurrencies from which to choose. This means you are highly likely to find the coins you want using the Binance platform.
Where Can it Be Found?
One of the key things is to make sure you are always spelling the links correctly, so follow your own hyperlinks or sign up here==<< The Binance coin exchange company is a China-based operation, and based on this the website supports numerous languages. According to the Craft.co statistics, the Binance coin exchange company received over 10 million US dollars in investment from various Chinese capital groups; therefore resulting a large amount of investment and growth. At the time of writing this article, it seems that Binance is one of the largest and more legitimate exchange platforms based in China. It also seems likely that more cryptocurrency investments will be funded by Chinese groups based on the growing advantages of the trade.
However, while Binance is China-based, it does have a set of benefits and disadvantages that are not based in a single location. We'll get to these in a moment.
The Reason Why Binance Is Considered The Best Trading Platform For Cryptocurrency
In all honesty, there are thousands of exchange platforms where a person can trade cryptocurrency. Some of the popular options include Poloniex, Bittrex, Kraken, and Bitfinex; however, there are hundreds more starting up on a daily basis. Each of the exchange platforms present with several pros and cons, and many of the exchanges have stopped accepting new members because of their popularity.
Binance cryptocurrency exchange is a platform that is highly popular, regarded as reliable, and continues to accept new members. I choose to trade on various exchange platforms, but Binance has become one of my 'go to' alternatives and I trade on this platform regularly. Below are the reasons for my choosing to trade on Binance.
The Different Benefits Of Binance
- A Good Reputation
One of the most significant elements of any cryptocurrency trading platform is their reputation. When reading reviews for Binance, you will notice that they are as simple to use as secure an exchange platform. The team building Binance present with a proven record in both general finance and cryptocurrency. Personally, I have not had any problems with this exchange platform and when I did open a support ticket, the team was fast and useful.
- Useful For Professionals And Novices
Binance's interface is advanced enough for professionals to use, but still simple enough for beginners to learn about trading in cryptocurrency.
- Access To Different Cryptocurrencys
The primary reason I have begun trading on this particular cryptocurrency exchange platform is that of the vast range of crypto coins available. The majority of exchange platforms do not offer more than 20 or 30 coins from which to choose; however, Binance offers the user hundreds of options. Binance focuses on hosting the latest coins before other exchange platforms have them, so you can gain cheap trading deals if you purchase certain cryptocurrencies on Binance. This offers a strong edge if you choose coins that are listed in only certain places. If the coins go on to do well, this will raise the price and you can earn good revenue for getting in early.
- Lower Fees On Withdrawals And Transactions
One of the greatest draws to the Binance exchange is the reduced transaction fees. Since the beginning of this exchange platform, the fees were some of the most cost-effective available online. Binance will not charge anything for new deposits onto the platform or into your account, and charge only 0.1% on the trade value. To place this into perspective for a novice trader - if you use Bitcoin to purchase $100 of a product, Binance will charge 10 cents on the trade.Understanding this concept is not important, all you need to know is that Binance can process transactions quickly and that's good! I have had problems with lag on certain trading exchange platforms, particularly Poloniex, and this lag has resulted in me losing money on different trades. To date, I have not had this issue when using Binance.
- Support Is Available In Multiple Languages
A multi-language support system is ideal! If you are bilingual, that is.
If you choose to join Binance via my affiliate link, I will earn a commission from the sign up without any cost to you. You can then utilize your account to invite family and friends earning a commission if they choose to sign up. Win-win all around!
What Are The Cons Of The Binance Exchange?
While my favourite platform for cryptocurrency trading is Binance, it is not a perfect platform. Based on my experience, there are only a few complaints; however, there are complaints which are as follows:
- Problems With The Android Version Of The Binance App
While I have not used the Binance app yet because I conduct most business on a PC, I have heard there is a problem with the Android version of this exchange platform.
- Delays When Trading With Certain Coins
I have not had any concerns when trading on Binance, but users have reported on Reddit that trading particular coins on Binance can be a problem where the coins take a while to appear in their accounts. Based on personal experience, if this is a recurring problem across various exchanges and the currency turns up, you can assume it was not you that made the mistake!
- Collecting And Storing User Data
The Binance exchange platform does collect and store their user's information, such as their IP addresses. However, so do many of the other major cryptocurrency trading platforms including Bittrex.
Is Binance Safe To Use?
In the end, the benefits of Binance outweigh the drawbacks of the exchange platform. The platform is as good as it can get, so if you are worried about Binance being secure then rest your head and fear not. All you need to do is be sure of the rules of crypto trading, follow these rules and you will be fine.
As can be seen in the instructional guide to cryptocurrency trading, Binance is one of the more secure cryptocurrency exchange platforms available. Moreover, if you are new to the crypto trading game, it is the most accessible option with straightforward, easy to read charts.
How Can I Set Up An Account Using Binance?
Before we begin, it is advised that you set up a Binance exchange account using a laptop or desktop and NOT a mobile phone.
As is mentioned above, one of the most beneficial elements of Binance is its simplicity of use.
Step #1: Head To Binance
The first step is to visit the Binance website. The page should look like this and there are certain items that you need to keep an eye out for.
Binance's homepage is the area where you can access the platform's login. Notice the top left hand corner has a 'secure' sign. By ensuring that all the websites are secure, you can ensure that you are protected.
In the right hand top corner, click on the 'register' key and register to open an account with the platform. You should be taken to this page.
Binance will require a single capital letter; may I recommend you utilize a non-obvious password including numbers and letters. Fill out the rest of your information with the password that is at least 8 characters.
After you click the 'register' button, you will be met with a verification puzzle. This is for security to ensure you are not hacker software and are a human being.
- Please make sure you enable 2FA. That is the number one and golden rule when it comes to safely trading crypto. To get 2FA set up, click on the "Google Auth" button located on the left. That is a critical step in the Binance verification process.
Step Two - Get Google 2FA Enabled
Again, for security's sake, you need to enable the amazing Google "Two Factor Authentication" feature.
This is a great tool that makes it possible for Binance to make sure that you are not being hacked. It is a cool tool that lets you feel like you are a spy.
The first thing that you need to do is download the "Google Authenticator" app from the iPhone App Store or Android Play Store.
Open up the app after you have downloaded it. Then return to Binance.
This step is very important. Keep these two things in mind:
Your secret key!
Bar Code " This syncs your Google 2FA and Binance account. After downloading the app, you then "scan the barcode." That will sync your Google account with your Binance account so that Binance has a way of knowing it is you when you want to make a trade. Using it is very easy.
Security Key - We recommend that you take the key and save it in three different places. Write the security key down in a journal or book, put it somewhere in your email, and photograph it and then lock it inside of a vault-app (Keep Safe is the one that I like using - it is secure and free). That ensures that you have several ways to access the important key. That is important in case you end up losing your phone or getting locked out of the account, since it is the only to access your Binance account. Follow my advice. It is like having crypto-insurance, and you don't ever need to have insurance until you really need it. Follow all of these steps, and be sure to do them right - you will definitely be glad that you did.
You can now login secure to your Binance account.
- When you use 2FA, you will be given a code by the Google App that expires each ninety seconds.
- When prompted, just open up the app, and then add in the 6-digit code that is provided to you by Google for that specific time. This is super easy and super secure.
- At that point we will have a secure Binance account and be ready to trade any crypto coins that you want. So let's discuss how to use Binance.
- Steps For Depositing Money into your Binance Account
- Keep in mind that Binance is only a trading platform, and in order to trade cryptocurrencies from Binance, you must have Bitcoin inside your account.
- If you want to purchase Bitcoin, it can be done here.
- After you own Bitcoin, it is very easy to send it over to your Binance account. On the Binance homepage, navigate over to the right hand top corner.
- It is easy to learn how to use Binance, and that is why it is one of our favorite platforms for crypto trading.
- Hover over the "Funds" option and then click on "Deposits Withdrawals," and will take you over here...
- Check out all of the gorgeous alt coins that you are able to trade on Binance!
- That is what is so beautiful about Binance coin trading. It is every easy to use, and allows you to work with all of the major crypto-currencies. No matter what cryptocurreency you want to transfer into your account, it is easy to do.
Let's use Bitcoin for this example. You can scroll down in order to find your favorite cryptocurrency.
Or you can also type it into the search box.
After you are sure that is the cryptocurrency that you would like to trade in your Binance account, then click the "deposit" tab.
That will show you what your Bitcoin Deposit Address is! To clarify this, it is like your Binance banking routing number. When you use this address, it will let you send (withdraw) or receive (deposit) any crypto currency supported by Binance (it is basically all currencies).
You might want to send some Etheruem to yourself?
Done! That is what is beautiful about cryptocurrency. Every cryptocurrency that is owned on Binance has its own 100% unique and own separate wallet. This wallet address may be used for receiving money.
Trading on Binance
I have discussed one of my favorite long-term holds before, and right now my favorite 2019 coins are Verge, Litecoin Neo, OMiseGO, Icon, Digibyte, Monero, Ethereum, and Bitcoin.
My favorite coins for the short term change every week and even daily at time based on the way the market is moving as well as the recommendation in our pirvate bear den and monthly newsletter!
Do your research before you decide which coins you would like to invest in. What I recommend is that you look at Coinmarketcap for a breakdown on various available coins and check out the recent price action, news, and developments for coins you are interested in.
Once you are set up, then look at Binance's back end. I will explain how the site can be navigated, and even more importantly, how to best trade on Binance.
Binance's back end is fairly straightforward and easy to understand. To get started with trading, first you need to navigate over to the left top and click on the "Exchange" option.
Then click the "Basic" tab. That takes you here.
Don't worry - it is a lot easier that it looks at first.
You may be thinking "WTF!," however don't stress out.
I know the charts may look like they came out of the Wolf on Wall Street. However, you will get used to it after you understand that Binance is quite easy to use and that the charts are easy to read. If you are going to be reading them anyway - then you won't have to just buy and hold, and that is my recommendation.
Now let's focus on the two parts of the screen that are the two most important parts.
First of all you need to identify which coins you would like to trade. For a newbie, typically that will mean you take your recently deposited Bitcoin, and diversify your crypto portfolio through investing into some new coins (if you are smart!).
Say you would like to use some of your Bitcoin to purchase 2017's best performing Cryptocurrency. Type in XRP (the three letter code for Ripple) into the 'favorites' box in the right top hand corner.
It is very easy to use Binance coin exchange.
Currently the cost of one XRP is .00014580 Bitcoins. Click here.
One important thing to note is I have a few different Binance accounts. In that specific account, my Bitcoin balance is 0.01238370 Bitcoins. When I play around with various options on the Binance interface let's see what happens.
Binance provides an easy and quick way to trade, and click on 100%, 75%, 50%, or 25%.
For example, if I am interested in Ripple (XRP) and would like all of your Bitcoin to purchase as much Ripple as possible. Then I will click on 100%.
That means that currently, I can use .01225392 Bitcoin for this account to purchase a 84 Ripple maximum. So let's see what will happen when I want to do just 25%.
Currently, if I want to use 25% of the .01225392 Bitcoin in my account will give me 21 Ripple coins. Easy!
That is one Binance feature that I like for a cryptocurrency trading platform and a major reason why it is my top recommendation. It is easy and logical. Case closed on that.
Binance Exchange Fees
Like I mentioned previously Binance has very reasonable exchange fees, and they only charge on 0.1% on the trade's value which is lower than many other popular trading exchange cryptocurrency platforms. Depositing coins in Binance is free and you can cut those trading fees by fifty per cent if you pay with the Binance coin. That is probably worth doing only when you are trade tens of thousands of dollars of crypto at once.
Binance Exchange Review Conclusion
By far Binance is one of the most accessible, easiest to use, and safest cryptocurrency trading platforms available, and currently it is my favorite crypto trading platforms.
Binance is fairly new but is poised to turn into the largest digital asset exchange service that is available. Importantly, Binance is most likely to limit how many users they work with eventually, much likely many other exchanges do. That is why I recommend that you open a Binance account now even if you aren't going to be using it soon - that way you will have the option at least.
Trading cryptocurrency is a very way to invest into your future, but just make sure that you follow the cryptocurrency trading golden rules:
Use 2FA always!
Once you have made lots of money, then move some of it over to another exchange (I recommend that you keep it at Trezor).
Don't risk any more money that what you can afford to lose.
Hold firm, stay patient, and don't panic when there are dips
It is a fact that the more research that you do, the more you will earn.
Improve your knowledge on cryptocurrency
Ultimately, if you would like to earn money with cryptocurency there are a few options that are available to you. The easiest way is building up a diversified portfolio of coins that are carefully selected and then wait a few years. However, that isn't the most effective way of earning big money. If you would like to really crush it with crypto, then you need to have access to very knowledgeable individuals.
I'm a crypto enthusiast, and not a guru, not a professional trader, and I've made lots of mistakes. There are so many so-called 'experts' and 'gurus' out there, but truthfully many of them have no clue what they're saying. Everyone has an opinion about cryptocurrency. It is very easy to predict the market, and everyone appears to be an expert, especially right now while cryptocurrency is in the middle of a bull run.
It is so easy making crazy money whenever the market is experiencing an upswing, but not as much whenever cryptocurrency is in a bear market. Informed and talented traders can earn money when it is on the way down as well as when it is on the way up.
One thing that I notice is the media, and Twitter in particular, can have big effects from the market. When you make the decision that you want to do cryptocurrency, if that is where you would like to spend your time, then I highly recommend that you become educated and improve your understanding of when to hold and when to buy, and who you can trust and who you should follow.
There are numerous Facebook groups where you can find other like minded people who love talking about crypto all day long. The problem with that is 99% of the groups are full of people who have just a basic understanding about cryptocurrency and there isn't an especially strong knowledge that is available. Recently I left most of the Facebook groups that I belonged to, since I think they are mostly full of FUD.
I recently paid to join a cryptocurrency mastermind group and I have received tips from there that have been next level. This group is currently not accepting any new members.
If you really are serious about getting started with crypto trading, then I highly recommend that you find a mastermind group that is suited to your budget and skill levle so that you can be exposed to less risk, improve your knowledge, and get access to tips and news before they get into the mainstream market - that is where you can make serious money.