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Getting started with Binance

As the crypto industry rises, more and more companies are jumping in to join the hype. Exchange platforms and broker sites are especially famous as the gateway towards the crypto world. As a result, thousands of crypto exchanges have sprung up in the years.

Out of hundred exchanges today, Binance leads the game as the best trading platform for amateur and expert traders alike. Offering a wide range of services with versatile trading platforms, you’ll find the right crypto service for you here.

Binance is a global exchange platform that allows you to trade cryptocurrencies with fiat currencies and other digital assets. With over 200 coins in its roster, it welcomes all kinds of fiat-crypto and crypto-crypto pairs.

Whether you’re new to the world of crypto trading or an experienced trader, you’ll find Binance a well-suited site for you. Discover more about the services it offers here.

The early days of Binance exchange

In July 2017, Binance went live for the first time after being created by Chinese-Canadian developer Changpeng Zhao, also known as CZ, in Shanghai. It quickly grew to popularity because of the crypto boom during the latter half of the year. After a successful ICO campaign that raised $15 million, Binance became available to the public.

Due to regulations, Binance has jumped from one country to another in just a span of a year. It officially launched in Hong Kong but due to stricter regulations in China, they had to move to Japan. Stricter crypto laws followed them in the land of the rising sun so they had to relocate once more to offshore locations. Today, they are based both in Taiwan and Malta.

Today’s biggest crypto exchange site

Compared to its older counterparts, Binance is relatively new. But this did not hinder the company from outperforming every other exchange site in the industry. Now, it sits at the top of CoinMarketCap’s list of best cryptocurrency exchanges with a combined $37 million volume in spot and derivatives exchanges in the last 24 hours.

During its ICO phase, Binance offered its own utility token called Binance Coin or BNB. Binance users can use this to get discounted prices when using the site’s trading services. Get a 25% discount on trading fees if you use BNB in completing your trades.

There’s no doubt that Binance is the largest trading platform today. But what are the services it offers? What can you do with your Binance account? Learn more about it below.

Binance Exchange

In the few years that Binance has been servicing the crypto community, a lot of improvements have been added to the site. With wider payment options and varying trading platforms to choose from, Binance have widened their reach from professionals to beginners. So no matter the difficulty level, you’ll find the right Binance service for you.

Buying crypto

Get started with Binance by exchanging fiat money to Bitcoin or other cryptocurrencies. There are different ways to do this and it depends on the currency you’re using for the purchase.

To find out what are your payment options, set your chosen currency first on the Buy Crypto button. For purchases using USD, you have the following options:

  • Credit/Debit card

To make buying crypto easier and more convenient, Binance accepts major credit and debit cards from its clients. You can use your Visa or Mastercard credit or debit card to buy crypto. However, this comes with additional fees reaching as high as 3.5%.

  • P2P trading

P2P trading is a way of buying crypto currency directly from the sellers. Binace matches you with people who are selling their coins and the available payment option depends on what the seller offers. There are over a hundred payment options for P2P trading including bank transfers.

  • Third-party payment/SEPA (Single Euro Payments Area or wire transfers

For clients purchasing with USD, you can use the third-party services of Simplex and Banxa for a seamless transaction. For European customers, SEPA and wire transfers from selected banks are also available. To make it even better, this comes with no transaction fees.

Binance trading platform

As a trading platform, Binance offers a flexible interface you can customize according to your level of experience. Traders can choose from basic, classic and advanced layouts. Each one offers different trading options in an order book style.

You can do two kinds of basic and advanced trading here at Binance. These include spot and margin trading.

Spot trading

This service lets you exchange crypto for another at the price you set or at the current price. You can do this by placing different kinds of order types such as limit price and market price.

Limit price lets you buy or sell a certain amount of cryptocurrency when it reaches a specific price. On the other hand, market price lets you buy or sell crypto at the current price.

With its streamlined layout, placing buy or sell orders in Binance is easy and instantaneous. Once an order is complete, it will immediately reflect in your balance.

Margin trading

This is more suitable for advanced traders. In margin trading, traders use huge amounts of funds from a third party. This feature allows them to trade with larger amounts of money and increase their leverage up to 10x on some coins.

Binance Futures and Derivatives

Introduced in 2019, Binance Futures is a relatively newer service offered by Binance. Now, not only can traders earn profit from day trading, but they can also increase their income by speculating the price of Bitcoin and other cryptocurrencies.

Instead of buying and selling day in and day out, traders who dabble in future trading only need to speculate on the price of a coin. This platform allows leveraged trading of up to 125x, meaning that traders can increase their profit by as much or they can lose as much.

Binance Financing

Similar to a bank account, Binance is now offering financing services to its customers. Binance Savings lets you earn interest when you put your assets on flexible or locked account types. Locked accounts pay higher interest rates compared to flexible savings accounts which have varying interest rates.

A leading crypto institution

Binance proves it can keep up with the world’s challenges through constant innovation. Trusted by millions of people all over the world, you can rest assured that Binance is an institution you can rely on.

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