Are you looking for an honest and a detailed Binance review?
I and many of my friends have used Binance crypto exchange and in this article, I am going to share everything you need to know. I am going to tell you openly all the benefits of Binance but I will also share you a few words of warning that you should keep in mind before getting started.
Is Binance Safe And Secure Or a Scam? – Video Review
Before you run into the article, I want to offer you an opportunity to have a look at my Binance video review on YouTube. You can always ask questions in the comments below and share your own experiences as well. I am more than happy to help you out as always! 🙂
Type: Cryptocurrency Exchange
Short Review: Binance is a reliable crypto exchange and for that reason so many people are recommending it. The biggest benefits of Binance are also low transaction fees and availability of different coins. You can buy many coins on Binance that aren’t available on exchanges like Coinbase, Kraken, Bitfinex or Bittrex. It’s also fast to get started on Binance which is clearly a benefit.
What Is Binance?
Binance is one of the most popular cryptocurrency exchange platforms in the world. Their name comes from words “Binary” and “Finance”. It’s originally a Chinese company but now they are operating the business from Japan which is one of the cryptocurrency friendliest countries.
Binance has also their own cryptocurrency which is called Binance Coin (BNB). Recently it has greatly grown in value and the market cap of the Binance coin has been even over $2 billion. Notice that you don’t need to buy Binance coin at all in order to start trading on their platform. But of course, it can be a potential investment for the future as well.
How to Get Started on Binance?
Creating an account on Binance takes probably less than 10 seconds. You just need to give your email and a password. You can create an account simply by going to Binance.com and clicking “Register” in the upper right corner.
Before you start trading you need to set up 2-factor authenticator. You are probably familiar with this if you have used other crypto exchanges. The most common one is probably Google Authenticator. Another option is SMS authentication. So, when you want to log in, you get a short code to your phone that enables you to log in.That makes it almost impossible for hackers to get your account.
Once you have set up the 2-factor authentication, you can start trading and your daily withdrawal limit is set up to 2 BTC. It’s probably enough for most people but you can also get a higher withdrawal limit if you want. It requires that you send them your ID and wait for the verification. Then your withdrawal limit is 100 BTC per day. If you want to have even higher limit, you must contact them directly.
Overall, getting started with Binance is much easier than in most other crypto exchanges. You don’t need to go through a frustrating 10-step verification process but you can get started within just a few minutes.
Binance 2-Factor Authentication
My personal tip to you is that keep good care of your password and 2-factor authentication. You can recover your password usually easily just by taking an email. However, recovering the 2-factor authentication isn’t always that easy. You would need to contact their support, explain the situation and so on. The easiest way to avoid the hassle is just to keep good care of your phone (or wherever you keep your 2-factor authentication code).
I am saying this because some people were frustrated on forums and websites after losing their code and they couldn’t access their account right away. I want that you take a great care of your account details so this doesn’t happen to you. Then you can concentrate safely on making money.
Trading on Binance – User-Friendly Platform
You can start trading on Binance by clicking “Exchange” on the upper left corner. Then you will have two options, “Basic” and “Advanced”. You can use both of them based on your personal preferences. The Basic mode is more simplistic while Advanced mode provides a few different feature and the interface is slightly different.
Don’t get confused with so many numbers scrolling on the screen. Just know what you are looking for and go for it. For example, if you want to trade Bitcoin to Cardano, just look for BTC/ADA and start trading. You don’t need to care about other currency pairs or numbers at that moment to keep it simple.
When you want to trade Ethereum to Ripple, just look for ETH/XRB. You click “ETH” in the upper right corner and you’ll immediately find ETH/XRB currency pair as well.
In the other words, the process is extremely simple when you know what to look for. If you don’t find your currency pair immediately, you can always use CTRL + F to search something specific on the screen. At least it has fastened my process to find the correct currency pairs.
- Set which coins you want to trade. For example, BTC to LTC. (Bitcoin to Litecoin)
- Set the price. (You can set this also automatically to the market price.
- Set the amount. How many coins do you want to buy/sell?
- Click BUY or SELL
- That’s it!
Can You Use with Euros/Dollars/Pounds on Binance?
At the moment, you can only trade with cryptocurrencies. You can’t make your deposit to Binance with fiat currencies (€/$/£) at least now. Maybe they’ll add that feature in the future.
So, what is the easiest way to start trading on Binance if you don’t have cryptocurrencies yet?
- Create an account on Coinbase. (Probably the most popular Bitcoin exchange in the world)
- Deposit $/£/€ to your account.
- Buy Bitcoin or Ethereum.
- Trade Bitcoin or Ethereum from your Coinbase account to your Binance account.
- Start trading on Binance.
I know that for the first time to process may feel complicated. At least it felt a bit complex for me for the first time. But once I got familiar with how it works, there isn’t any problem. The key is just to start and take your first step. Then everything becomes more easier.
Within any trading platform there are some kind of fees. Companies don’t usually set up crypto exchanges just for the charity! 😉
However, trading fees on Binance are very low if you compare them to other crypto exchanges. At the moment, they charge only 0,1% fee for each trade. So, if you trade, for example, $1,000 binance charges a $1 fee. On some other exchanges you would need to pay even tens of dollars for trading $1,000.
In addition, you can lower your fee by 50% if you are using their Binance coin (BNB) for the trading fees. Then your fee will be as low as 0,05% per trade. I haven’t seen so low fees anywhere in this industry before (at least when we are talking about big and reliable sites).
What Coins Have I Bought on Binance?
So far I have bought Tron, Cardano, IOTA and Binance coin on Binance. Based on my research, all of those projects have potential to go up in value in the future. As you probably know, I have studied various different cryptocurrencies for hundreds of hours and I am using most of my time on studying them still.
I write regularly cryptocurrency reviews and videos where I share my opinion on each coin. As always, I give my honest opinions and with some coins I have needed to say that they aren’t worth of my time and money. But those 4 that I mentioned above are interesting projects and I have invested in them.
If you have requests or questions about specific coins, you can always ask me know in the comments below. I will give you either or a short answer or (most likely) I will write a whole article and create a video for you as well. My goal is to provide the best answers for you and other readers about cryptocurrencies and that’s why I’m doing it full-time at the moment.
Binance Referral Program
You may have seen many people many people posting their Binance referral links all over the social media. It’s because Binance has a referral program that allows their members to earn some rewards for inviting new people to the exchange.
You can read the details of Binance affiliate program/referral program in the picture below:
In the other words, you can earn 20% commission just by sharing your link. If somebody pays, for example, $1,000 trading fees during his lifetime on Binance, you earn $200 from that referral. If you refer 10 friends like that, you have earned $2,000. 100 friends who spent who pay $1,000 fees and you make $20,000 in commissions. So, you can imagine that some people are making already a full-time income just by promoting Binance and other cryptocurrency platforms.
That being said, I know as an experienced affiliate marketer that for getting referrals isn’t so easy for newbies. I highly recommend that you don’t spam your referral links to everywhere in social groups. It would just give you a bad reputation as a spammer and doesn’t even bring almost any referrals.
If you want to learn how to make big money with Binance referral program or any other affiliate program in the world, I highly recommend taking a look at this step-by-step training.
Conclusion – Is Binance Legit?
Yes, Binance is a reliable crypto exchange that has a positive reputation among the cryptocurrency experts. I also use it myself for buying cryptocurrencies that I can’t buy from other exchanges like Coinbase. I have also several friends who have used Binance and they never had any problems with the platform.
In my opinion, the greatest benefits are fast transactions, low fees and availability of various coins. Would you like to try it out yourself? It’s easy and takes only 10 seconds to create an account.
What kind of experiences do you have with Binance?
Have you made already good money by trading on their platform?