Friday, June 8, 2018

Binance Review

A Beginner’s Guide to Using Binance

There is a large number of Cryptocurrency Exchanges to choose from, all offering a range of different features. This can lead to a great deal of confusion if you happen to be a newby in the cryptocurrency investment field. It can even be confusing for those investors who have been in the game for awhile.

Let's take a look at one of the most popular rising stars of all the exchanges: Binance


Binance has become extremely popular and is noted for it's professionalism. It operates out of China and has become the go-to platform, to not only buy Bitcoin but also a huge range of other cryptocurrencies, including Ethereum, Iota, Dash, Ripple, Eos, Litecoin, Stellar, Cardano, and Tron, just to name a few. They also offer the ability for you to make trades between cryptos e.g. trade ETH(Ethereum) for ADA(Cardano) etc. There are multiple choices for you to take advantage of. 

Handy hint: Binance trading fees are already quite low compared to others, but they do offer a further discount on trading fees when you use their BNB(Binance coin). So it's worthwhile purchasing some BNB if you intend trading and choose that option in your account settings.

Binance trading pairs are illustrated below.



When you visit the Binance website you'll notice that there is an option to use either the basic or advanced trading platform. I would recommend using the basic version until you become more familiar with the process.

The advanced trading platform option offers a more detailed technical analysis of each cryptocurrency over a period of time. You can choose what period of time you would like to see the data displayed.

Below is an example of the basic buy/sell trading platform.

How to Buy Bitcoin

Below is an example of the advanced buy/sell trading platform.

How to buy Bitcoin on Binance

The advanced platform has a dark background which is sometimes preferred for ease of viewing.

You will need to first register on Binance to create an account. Verification of your account is not necessary for Level 1 status. This level will only allow you to withdraw up to 2 Bitcoin daily, but for most new investors, this is more than adequate. 

If you are wanting to upgrade to Level 2 so that you have the ability to withdraw up to 100 Bitcoin daily, you will need to provide photo ID and wait for approval (approx 24-48hrs).


What has been your experience with Cryptocurrency Exchanges? Leave a comment below.

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