Binance is one of the best options you can choose to trade and invest in crypto. It is the best cryptocurrency exchange you can find worldwide, where you can trade cryptocurrencies. The platform does offer a crypto wallet to traders where they can store their electronic funds. A trader can also find several supporting services using cryptocurrencies when transacting on this platform.
Initially, Binance operated in China, and later it movies Malta because of some regulatory concerns. It has a trading volume of $2 Billion daily, and about $1.4 million transactions every second are processed. The main focus of Binance is to extend its service catalog and launch multiple services, including charity, trust wallet, research lab startup accelerator, and debit card.
This guide will give you deep knowledge about Binance’s features, protocols, and tools. Not just that bit, you will get to know about how you can start using Binance along with the benefits which it offers you!!
Table of Contents
Here you will get a brief description of the main features of Binance, which you can experience. With a trading view in mind, the platform has opted to design three different trading views- basic, classic, and advanced. Each view caters to the needs of a specific user and is relatively easy for the user to use. It even has the advanced IX that includes highly relevant data to market movements with some powerful tools.
Let’s take a look over the features that Binance offers to its users-
Binance offers a fantastic feature for future trading. That is excellent for the profit generation and management of risk. Here, future contracts take place, which does work by getting the parties to agree to transact only on particular assets at the present price and time. Users can even experience the leverage of a 125x margin.
Users can also experience the benefit of the strong risk management system of the platform. It is pretty simple for the person to understand everything, but the trader must buy/ transfer/ deposit crypto, place an order, select a contract, and manage the real-time position.
Options Trading is the simplified version of traditional and American-style option trading. It tracks the perpetual contract, and the expiry dates of the contract do vary from 10 minutes to 1 day.
The platform also offers its users a lucrative method through which they can earn interest on assets they may not currently use. In Binance Savings, four different services are provided to the users: activities, locked savings, locked stacking, and flexible savings. These services aim only for the user to deposit the funds and then lock them for a flexible timeframe.
In Activities, there is a limited supply of assets, but their demand is relatively high, and the variable will increase the annual interest rates. Locked savings are way more profitable for the users as they offer flexible deposits. Locked Sacking product also pays the APY for the coins staking but at a present time frame. Lastly, Flexible staking will allow the users to deposit the funds and then redeem them any time they want, and they can also entail a lower APY.
A well-known and potential profitability trading that you can do is Margin trading. In this, the transactions are made through some other user’s funds. If you have higher capital investment, that will offer you an efficient position.
With margin trading, you can trade quickly and leverage the management with the help of a simple interface. It even helps you unlock significant profitability even during times of volatility in the price market.
DeFi products offer users financial services based on the smart contract. Investing in DeFi products will help you earn more profits, but the entry barriers will be high while investing. Binance will participate in staking with the DeFi product on behalf of its users.
In this, profits will be distributed to you based on the initial deposits that the users have made. These services are quite easy for the person to use and will also ensure the safety of your funds at a high-profit value.
The platform also empowers cryptocurrency usage with the help of debit cards. The only aim of Binance Pay is to increase cryptocurrency adoption as a payment method. The debit card is topped up on this platform by the BNB Coins or Bitcoin, and it will help make the transaction immediately and can be completed just once.
You can even use this debit card to make payments to different merchants from all over the world. The virtual card will be available; however, the company is also preparing to launch a physical card. The only difference between virtual and physical cards is that you can make online payments through a virtual card.
Steps to get started with Binance
While trading or investing with Binance, then there are a few steps that you need to follow. Those steps are mentioned as follows-
1. Register your account
First, you need to register your Binance account. You can register through the Binance website, Binance desktop Application, and Binance App, and the user can register their account by email or phone number.
2. Complete verification
Once the account is created, you must complete the Identity verification. You must complete that because that will help unlock the fiat deposit and withdraw the limits. The whole process of verification may take a few minutes to complete and verify the essential information. You must also provide the ID documentation and upload a selfie on the platform.
But while doing all these things, you must ensure that you have secured your Binance account. The Binance will offer you the security for your information, but a user will also have the option to increase the security of their account.
3. Deposit Crypto
Once you have created the account and verified everything, you must deposit the crypto. For that, you need a wallet where you can hold them, and if you already have a wallet, you can deposit the crypto to your Binance Wallet. If you do not know about the crypto wallet, you should gather some information about it.
4. Buy crypto
To purchase the crypto, you must deposit the crypto that will depend on your country. The user can deposit up to 50+ fiat currencies to your Binance account with the help of a bank card or transfer. Once you deposit the money then, you can directly buy the crypto.
5. Use a Credit or Debit card.
The user can consider buying crypto directly with the help of a Debit or Credit card. You can now purchase it on the Binance website or application so easy.
6. Using P2P
Another way to buy crypto is through P2P or peer-to-peer, allowing users to purchase the crypto from any other crypto seller who will sell it to them directly.
7. Explore different Binance Product
Once you have paid and purchased the crypto, you must explore the Binance product and start trading.
8. Spot Trading
Once you get the crypto, you need to keep exploring more options; in the spot market, you can trade with hundreds of crypto, including BNB. It is because the native coin of Binance is BNB, and there are several cases such as paying trading fees on Binance Exchange or paying for goods and services in-store or online. The best part is if you choose BNB, you will also get a special discount on the trading fees.
9. Binance Earn
Do you want to earn profits with crypto holding? Then, you should try Binance earn, which helps you earn a passive income.
Benefits of sending Crypto on Binance
With the digital revolution, you can now send money anywhere you want to without making any fuss. If you choose Binance, then you can send crypto and also learn about the benefits that it offers. It is one of the great platforms for users because of the benefits it provides-
1. Instant Payment
Binance is not like the traditional money transfer system, and it does not take long processing hours to send and receive the crypto online. It will not delay your money transfer because of multiple intermediaries, missing paperwork, bank holiday, and many other factors. It operates on a user-to-user basis, which is why it does not involve any delays and allows the transfer faster than before.
If you want to send the crypto on the spot, you can do it by scanning their QR code with the application and sending it. It is one of the best methods to pay payment which you can find.
2. Zero fees
Binance is the platform that will allow its users to send and receive the crypto without charging any charges or fees. Irrespective of how much you spend, it will not cause any effect. Unlike traditional money transfer fees, it does not add foreign exchange charges, handling charges, or any other charges.
Traditionally when you used to send the money, there will be some intermediaries between you and the other person that may cost you higher fees. But with this, you will not have to face that problem as there will be no intermediaries or fees.
The platform offers its users various cryptocurrencies that you can pick from there. There are more than 300 cryptocurrencies that the platform supports, and the user can select any of their favorite cryptos to send or receive.
When you choose Binance, that will help you send and receive the crypto from worldwide. If you are the recipient of Binance, then you can get the chance to send crypto from all over the world, and it even offers you international money transfers without any restriction.
5. Send crypto to non-Binance users instantly
One of the best benefits you can experience from Binance Pay is that it will also allow you to transfer the crypto to non-Binance users. But they do need an internet connection and a smartphone that has the Binance app on it. You can invite others, even those not using the app, and transfer the crypto between you and your friends in the future.
Fee schedule for trading and withdrawal
When you choose Binance, you will realize that it has a complex fee schedule which means fees will be based on multiple factors. Based on the 30-day trading volume, there can be a reduction in the standard fees. The schedule is based on the level, which means you will pay lower fees if you have the higher VIP Level.
The trading volume requirement of Binance is straightforward. BRB is the native token of Binance and is used to pay the transaction fees. To encourage the economy, Binance has also opted for a 25% discount on the users.
If you talk about the withdrawal fees, the cost does vary and will depend on the coin being transferred. To lower the fees, you must choose the withdrawal process through NEAR blockchains, BEP20 (BSC), and BEP2.
Desktop and Mobile App
A user can easily access Binance via a web browser, but it has developed a series of apps that will offer the user an in-depth trading experience. You can download the application on your Android or iOS devices. If you get the desktop-based problem, you can access it on Linux, Windows, or macOS.
The platform also allows and encourages integrating different trading applications, which is doable easily through API.
Methods for deposit and withdrawal
On Binance, the deposit and withdrawal of cryptocurrency are processed quickly via the wallet, and you can send the funds quickly to your desired address. If you want to deposit the fiat currency, that will support multiple payment options, including SEPA bank, iDEAL, Advcash, Visa, and Etna. Several deposit and withdrawal methods can be unlocked with the help of P2P exchanges.
Hopefully, based on the above guide, you may have learned about Binance and how it is the best cryptocurrency exchange in the world. It is easy for the person to become the recipient of this platform and enjoy the services. The company has long-term goals which are customer oriented, so the user will not have to worry about anything!