What is Binance?
Binance is a cryptocurrency to cryptocurrency exchange that currently ranks as one of the top 10 cryptocurrency exchanges in the world by trading volume.
It has users spread across 180 different countries worldwide.
It supports a number of different cryptocurrency pairs including:
- ETH/BTC (Ethereum to Bitcoin)
- XRP/BTC (Ripple to Bitcoin)
- BCH/BTC (Bitcoin Cash to Bitcoin)
- LTC/BTC (Litecoin to Bitcoin)
It also supports a number of more obscure coins including:
- ADA/BTC (Cardano to BTC)
- XEM/BTC (NEM to BTC)
- DASH/BTC (Dash to BTC)
- XVG/BTC (Verge to BTC)
How Do I Signup to Binance?
The signup process is relatively simple.
Step 1. Navigate to the Binance website and Click on the “Register Button”
In the upper right hand corner click on “Register” button (see the screenshot below).
Step 2. Fill in your email and password, then click register
Enter your email and password.
Once all your details are filled out click the “Register” button.
Step 3. Log into email and verify account
Log into the email that you used to register.
Click “Verify Email” to verify your account.
Step 4. Login to Account and Start Trading
Login into account by entering in the “email” and “password” your used to register.
Click the “login” button, complete the “puzzle” and you should be done!
How Does the Trading Process Work?
As mentioned Binance is a cryptocurrency to cryptocurrency exchange. This means you must have cryptocurrency to trade.
It is quite inexpensive to trade with the fee structure as follows:
- Deposits: Free
- Trading Fees: 0.1% (0.05% if converting with Binance Coin – see more information at the end of the article)
Step 1. Purchase Cryptocurrency from an Exchange
You can use CoinJar to purchase some bitcoin. You can also follow this CoinJar Guide: https://tradecryptoaustralia.com/coinjar-guide-australians/.
Step 2. Transfer Your CryptoCurrency to Binance
Login to Binance and go to upper right hand corner.
Click “Funds” then Click “Deposits and Withdrawals”
This should take you to screen listed below. Select “Deposit” button which correlates to BTC (bitcoin).
Once you click deposit, this should reveal a “bitcoin address”, this is the address that you will be entering into CoinJar to conduct a transfer.
Use CoinJar and select “Everyday Bitcoin Account”.
Fill in the Binance Bitcoin Address as identified above.
Fill in “Bitcoin Amount” to be transferred.
Select “Review and Confirm” once complete.
Step 3. Use Your CryptoCurrency and Convert it to another CryptoCurrency
Log into Binance.
Go to “Exchange”, then select “Advanced” from the drop down menu.
Select a currency trading pair (upper right hand corner “XRP/BTC”), then select a quantity.
Once this is complete, select “Buy”.
Extra: What is Binance Coin?
Binance has issued it’s own token called the Binance Coin (symbol: BNB). The token runs on the ethereum blockchain and exists as an ERC-20 token.
There is a total supply of 200 million with a current circulating supply of 120 million. It is currently one of the top 50 cryptocurrencies by market capitalisation.
Advantages of Binance Coin
One of the main advantages is that using the Binance Coin is that it results in a 50% discount on trades.
Value appreciation of this coin is also ensured as Binance uses 20% of its profits every quarter to buyback and remove coins from circulation, with the aim to ensure that only 50% of the total supply of BNB remains (100 million coins “burned”).
P.S. If you would like to sign-up to Binance click here.
P.P.P.S If you would like to get an EDGE ON YOUR CRYPTO TRADES, we recommend you use a charting tool like Trading View (click here to sign up for FREE)
Note, TradingView is free to use but also has paid upgrades that provide extra benefits like automated SMS and email alerts.
P.P.P.P.S You can also get access to PREMIUM TRADING SIGNALS in one EASY TO USE PACKAGE (to be used with TradingView) from the following site: https://www.cryptotradesignals.org/