Binance is now the world's largest cryptocurrency trading platform. The company has been active since 2017, and has taken up residence in Hong Kong after conflicts of interest with the Chinese government. Every day, 40 billion financial flows pass through the platform. Binance also has 20 million users, which is almost half the number of Coinbase. Binance offers very attractive fees, but the interface can be discouraging at first sight. Let's see how to use Binance for your crypto purchases, and get the best fees!
When you are new to Binance, it can be discouraging. Indeed, one immediately sees several menu sections containing other menu sections. One may not immediately understand what this means. In addition, numbers flash in red and green: these are the orders placed in real time. A complexity that is not represented in Coinbase or SwissBorg.
Binance is primarily a cryptocurrency exchange platform. But the platform has also created its own cryptocurrency: the BNB. Thanks to the BNB, the platform offers really great fees for users. But the benefits don't stop there. For example, BNB gave birth to the "Binance Smart Chain" (BSC). This is a lighter transfer protocol allowing faster transactions. The company also offers a "stablecoin", the Binance USD (BUSD), which is a non-volatile asset backed by the dollar.
The important thing to remember is that a multitude of financial services are available with Binance.
Today, it is also possible to buy a tokenized stock directly from Binance. For example, you can buy Apple or Coinbase shares directly from Binance without going through the traditional markets.
1) Inscription
Go to this link to begin the registration process. Fill in the information in the appropriate boxes. Choose a strong password, and activate the two-step login. However, you can activate the two-step login later for better security. Once you have filled in the information correctly, accept the terms of use and click on the "Create an account" button.
A confirmation email will be sent to you, a link inside will allow you to continue the registration.
2) Verification
At Binance, no verification is required for deposits under $150. However, if you wish to deposit a larger amount, you will be required to send in your official documents for account certification. By sending a copy of your ID you will get an advanced verification that will allow you to increase your limit to $5000/day in deposit/withdrawal.
Make sure your photo ID is legible, unobscured and complete. Once you have submitted your official document, you will then be asked to take a selfie. This is also to protect your account, if you lose your credentials, facial recognition could save your wallet. The verification can take up to 12 hours depending on the traffic.
3) Buy
You are literally a few clicks away from being a lucky cryptocurrency holder. Now you need to buy cryptos. This action is like exchanging your government currencies for Bitcoins. To do this, click on your wallet overview. On your account overview page, you should see the "Deposit" button in the upper left corner of your web page.
This should take you to a page where you can make the purchase.
Click on the "Deposit Fiat" insert to deposit government currencies.
From this window, you will have for example the possibility to deposit euros to exchange them for cryptocurrencies. You can either make a deposit by bank transfer or by credit card. There are no fees for wire transfers, but the processing time will be 24 hours minimum. Depositing by credit card will be instantaneous, but will be taxed at 1.8%.
All you have to do is decide on the amount of your deposit and validate the transaction with your bank.
Check the details on the order confirmation carefully and then confirm it.
Finally click on "Confirm" the payment to finalize your order. This is the last step. Indeed, you will be invited on the next window to enter your credit card information to validate the payment.
Once the payment is done, you are a crypto-currency owner!
Concerning the fees, very clearly, this is where all the power of Binance lies. It is on this point that the platform is ahead of everyone else. Moreover, it offers one of the widest range of crypto-currencies. You can trade more than 500 different ones. Besides, it is always the ultimate goal for new crypto-currencies to be listed on Binance. And that makes it a great advantage because the site adds new cryptos very regularly. In conclusion, if you're looking for a new crypto launched on the market and sought after by traders, it's highly likely that you'll find it on Binance!
Regarding the fees on Binance, they are 0% on purchases by bank transfer and 1.8% fee for transactions made by credit card. Cryptos purchased by credit card are credited directly to your account, while bank transfers take between 24 and 72 hours.
We'll see later how to use your crypto-currencies, but in the meantime they can stay safely in your Binance account. If you are in a "Hold" strategy, i.e. keeping your Bitcoins for the long term, you can largely trust Binance to be there for you.
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