Today we’re going to talk about how Binance Exchange works and why you should consider joining its users.
When thinking about trading there are a lot to take into consideration. From the fear of losing money through scams, to the need of capital, there are a lot that can scare off a novice. We’re here to make the job easier for the newcomers.
I’m sure that a lot of the experimented traders definitely know what I’m about to talk. But stay with me. There’s always a chance you missed something.
Binance definitely aimed for the top from the beginning. From their almost fatal start point, they’re strategy proved efficient because of a few key factors. The creation of their own currency, the BNB, the reduced fees and discounts when using it and the asset insurance for users definitely cemented them a spot among leaders of the market. You can find out more about the flat fees and how you can trade Binance Coins with a simple Google Search.
How Binance Exchange Platform Works?
Being a top exchange platform, you won’t find many differences from the other leading platforms like Coinbase. The platform offers two options for cryptocurrency trading – basic and advanced. The difference between these two comes in form of in-depth analysis and market indicators, so that shouldn’t be a concern at first.
One thing you may notice is the professional look of the platform. When I say professional, I mean crowded with information. Don’t get me wrong, I love the amount of data that is served to you in real time.
I try to outline the fact that you should get a grasp of some basic trading terms before joining in. For the ones who already dealt with digital coins before, the amount of information might come in handy.
The professional traders might really appreciate the design. Charts, price indicators and buy-sell console on the same screen really gives you a good overview.
Opening an Account
Leaving the trading board aside for a moment, creating an account is really easy. Knowing that a vast majority of the accounts are owned by new traders, the account creation process was made accessible. You just have to enter their website, Binance.com, click register, and verify your account through email. Just like any other website that has an account system.
There are few things to watch for. Don’t click on the website from external sources. Always double-check the link address. After creating an account, enable the 2FA security on it. Although Binance secures the financial assets of its user, it’s always better to be safe than sorry.
The account system is a tiered one. Depending on the sum you wish to invest or withdraw, more security measures and limits can be added.
For examples, when you create an account, you are Level 1. Your daily withdrawal limit is set to 2 BTC. For sums up to 100 BTC you have to register a valid ID. The verification process might take a while so you should plan this in advance.
When starting with Binance, they recommend using Trust Wallet. It is a trustworthy, multi-asset, digital currency wallet. It allows you to integrate your debit card and buy you preferred cyptos directly from the app.
On top of all features, it is absolutely free. It’s guaranteed to make your life a whole lot easier.