For most people, the best gateway to owning digital assets is through a crypto exchange. However, most exchanges are designed and developed with professional in mind. Binance is an exchange that focuses on giving both beginners and experienced professional traders an excellent trading experience. Binance begun China, but they moved their headquarters to the island of Malta following the crackdown on crypto exchanges by the Chinese government. Trading commenced in July 2017, following a successful ICO.
How Binance works
The platform is available via your browser, Android, and iOS apps. This makes it very accessible convenient since you can follow and make trades on the go. The platform is relatively new in the market, but it has made a name for itself thanks to the many ICO listings available on the exchange, security features, trading resources, and so much more.
The platform offers a basic interface for beginners to make simple trades and an advanced exchange interface that offers complex options such as margin trading for professional traders. Beginners should however, take a couple of days to learn the platform.
Before you start trading, you will need to set up your account, and the good news is that you do not any verification for Level 1. There are different withdrawal limits for each level, and if you plan to make a large withdrawal, you will need to contact the support team in advance to avoid any inconveniences.
Creating Your Account
The process is easy and straightforward. Click on the ‘Log In or Register’ tab at the top right corner. Select if you are a Chinese national or an international trader, then fill in your last as well as first names and the number of a valid government issued ID. Below the section, there is a section where you should upload a picture of your government issued ID, and a selfie where you are holding up the ID or passport. Ensure that the photos are clear and in ‘.JPG’ format.
Verification times may vary, and it is better to send your verification documents during sign up. Level 1 users who do not submit any form of identity verification can only withdrawal 2 BTC per day while Level 2 users; those with verified accounts can withdraw of up to 100 BTC daily.
Binance Trading Fees
The platform exerts an average fee of 0.1% on every trade you make. However, traders who transact using the Binance token, BNB Coin, get a 50% discount on all trading fees. Withdrawal fees vary for each cryptocurrency. For example, withdrawing Bitcoin, you will pay 0.0005, and for Ethereum, you will pay 0.005. Be sure to check out the chart where they have all the trading and withdrawal fees for each currency.
During the ICO, Binance issued the BNB Coin to the ICO contributors, and the token can be used to pay for goods and services. According to the company, they will use 20% of their annual profits to buy back 50% of all the BNB Coins and destroy them. They plan only to leave 100MM BNB in circulation. This makes it a good idea to purchase the token and sell later.
Finally, Binance holds regular competitions where the winners walk away with amazing prizes. The competitions are mostly for the traders with the highest trading volumes of the currency picked for the competition. Previously, Binance competitions have offered competition for Tron (TRX) and Waves cryptocurrencies. Get in on the conversation on Telegram and interact with other traders as well as follow Binance on Twitter for updates in the exchange and the market.