How to Trade Using Binance [+ Save 20% Trading Fees]

Use this Link to sign up with Binance and save 20% on all your trading fees:

Binance exchange

What is Binance and how to use the full Power of its Platform?

Beyond being the main cryptocurrency exchange in the world, Binance encompasses a whole ecosystem.

save fees on BinanceEvery day more and more people are interested in bitcoin and access to all the advances of the blockchain, which leads to the fundamental question of how to invest in cryptocurrency in a safe and easy way.

Throughout the evolution of bitcoin and blockchain technology, the industry has been on a continuous advance to create more friendly ecosystems for the common internet user.

Many of the most disruptive applications that this technology has brought are accessed through cryptocurrencies, the inherent value of which lies in the idea of being able to exchange these cryptocurrencies for any other currency that is useful to the user.

That is why we have given ourselves the task of explaining step by step all that is necessary to trade the main cryptocurrencies using Binance exchange, to know the characteristics of cryptocurrencies and to have access to last generation financial services, through Binance.

Binance Crypto Token Exchange

Binance’s CEO, “CZ” Changpeng Zhao, is one of the most influential personalities in the crypto world and ranked by Forbes magazine in 2018 as the third richest in the industry. Previously Chief Technology Officer (CTO) of OkCoin, a crypto exchange in China, CZ departs in 2017 to found what would become the world’s leading crypto exchange house.

Binance conducted a successful Initial Coin Offering (ICO) resulting in the creation of its own native exchange token, the Binance Coin (BNB) which serves as an exchange currency, collateral for leverage and a means of payment with discounted commissions. Now the exchange also has its own stable stablecoin or cryptocurrency, Binance USD (BUSD), a cryptoactive that has its value attached to the US dollar.

Currently Binance exchange has more than 150 crypto coins listed on its platform, positioning itself as one of the largest markets in the crypto world. It also has worldwide operations with headquarters and alliances in countries such as Taiwan, Malta, Jersey, Israel and Bermuda.

“Our vision is to increase the freedom of money worldwide. We believe that by spreading this freedom, we can significantly improve lives around the world. – By Binance.com

Beyond just being a crypto exchange house, Binance has become a whole ecosystem of financial services, market research, education center, startup incubator, charity and much more. Using Binance exchange may look challenging at first glance, but once you understand the different services they provide, it gets fairly easy.

Use this Link to sign up with Binance and save 20% on all your trading fees:

Create an Account at Binance

To get started you can go to the Binance.com website, where at the top right you will see the Register or Login buttons. By clicking on Register you will access a new window to create a totally free account at Binance, and you can do it from anywhere in the world, you just need to register:

  • An email address
  • A password of your choice
  • And a reference code (optional)

With our referral code you can receive a 20% discount on all your exchange fees on the platform. Use this Binance referral ID: IBF0XIJC

Follow this link to create an account with these benefits.

Once you register you will have to confirm the verification of your email, a link will be sent to your mailbox.

After verification you will have access to the platform. As well as the instructions you will receive directly from Binance, we recommend that you set up access to the platform with two-factor authentication (2FA).

This is to add a layer of security to the access to your Binance account, where you will be required to have a security number which is constantly renewed each time you log in from any device. The 2FA can be configured with the Google 2FA tool or our Authy recommendation.

To enjoy Binance’s financial services without limitations you can do a personal data verification, also recommended by the platform. This is simply to verify your real data with photos of your national identity card and a selfie photo.

Here is the Binance video tutorial, first steps:

You can access the Binance.com exchange platform from the web or you can download Binance for iPhone with the iOS mobile app and you can also download Binance for Android here. The app is simple and intuitive, making using binance exchange on the go a breeze.

How to buy Cryptocurrencies in Binance?

In the upper left tab you will see a menu that says “Buy Crypto”, which is displayed in the three current options that Binance has to offer to acquire your first crypto coins:

Credit/Debit Card

As indicated by its name, it is a payment gateway that Binance has to buy cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Basic Attention Token (BAT), Ripple (XRP), the Binance Coin itself (BNB) and stablecoins such as Tether (USDT) and Binance USD (BUSD).

P2P Crypto Exchange

This is the direct person-to-person exchange platform, where users create direct purchase and sale ads with fiduciary currency. Through Binance P2P you can buy with your local currency directly from other users in Binance, with security and guarantee, and the best thing is that at least for now it has no commissions. Here is a video tutorial on how to use this system:

Third Party Payment

These are the payment gateways to buy and sell some cryptocurrencies through the services of Binance associated companies, which offer gateways between fiat and crypto, such as Simplex, Koinal, TrustToken and Paxos.

These third party services may incur fees and commissions from outside Binance exchange.

Use this Link to sign up with Binance and save 20% on all your trading fees:

Markets and Trading

Within Binance you can exchange cryptocurrencies in different ways, according to different levels of user expertise. The platform offers access to crypto markets in a simplified way for beginners and more complete views of the market with different tools for advanced users.

To start exchanging cryptocurrencies in Binance you have to understand that your assets are subdivided into specific purpose wallets within the platform. These can be Spot, Margin, Futures, P2P, Savings and Pool Account. This means that if you are going to trade through P2P, you have to have a specific wallet for that purpose, where you will have to place the cryptocurrencies you want to trade through P2P.

In the basic exchange of cryptocurrencies within Binance it is called Spot, which will be your main wallet for access to all services.

Binance-Futures margin trading interface

Spot

This is where it all begins. In the Spot wallet you can search for all the cryptocurrencies listed in Binance, where each will reflect the balance if any, market price and estimated value in bitcoin, along with the Deposit, Withdrawal and Transaction shares. The first two options are the wallet addresses provided by Binance to send or withdraw your crypto assets from the platform, and the last one is where you click to go to the market window where you can trade.

To send any cryptocurrency to Binance just look for it in the Spot wallet, click on Deposit, and it should show you the wallet address of that asset linked to your Binance account. Once you send it, it should be reflected in your wallet balance after a few minutes. Similarly to Withdraw, it is just place the address where you want to receive that cryptocurrency out of Binance and that’s it.

Margin

Margin trading gives you access to the binance leverage market. This is a system for users with experience in the exchange of cryptocurrencies, where through collateral you can access loans in order to make trading of greater volume and follow more advanced investment strategies such as Long and Short.

Here is a video tutorial on Margin Trading:

In order to use this option, you must transfer your own cryptocurrencies from the Spot wallet to the Margin wallet.

Futures

The futures wallet gives you access to leverage services for expert users. The level of risk and complexity is much higher in this trading category. Recommended only for professional traders and advanced users.

Through the derivatives market how Binance Futures has access to a 125x leverage, with the best trading rates. Here a post about the benefits of this service and in this link you can try the Binance Futures Demo Account.

Binance recently announced the availability of Quarterly Futures Contracts on its platform. These are Bitcoin derivative contracts that expire every 3 months and have physical settlement, meaning that there is a settlement of the contract as such in a buy/sell of Bitcoins from the market.

This is a speculation instrument for traders on an underlying asset in a limited period of time, with access to new levels of leverage. According to the announcement made in June 2020, these are the characteristics of the quarterly futures contracts at Binance:

The Quarterly Futures contracts offered by Binance, have the following characteristics:

BTC Settlement: Contracts are settled based on BTC. Therefore, it provides ease for new users to participate in these markets with greater comfort.
Expiration/Delivery Date: The 0925 Quarterly BTC contract expires on September 25, 2020 at 08.00 (UTC), users will not be able to place orders 10 minutes before the expiration date.

Contract Multiple: The contract multiple represents the value of a contract. Each contract represents the equivalent of 100 USD. For example, there is 1,000 USD in BTCUSD Quarterly 0925 for long positions (100 USD x 10 contracts) and 2,000 USD in BTCUSD Quarterly 0925 for short positions (100 USD x 20 contracts).

Binance Fees & Commissions

Use this Link to sign up with Binance and save 20% on all your trading fees:

Binance trading fees vary according to the type of exchange you make, your user category (which depends on your personal data verification and exchange volume) and may also vary over time and according to special events carried out by the exchange. Here you can find the company’s post specifying all the commission levels according to their wallet.

The commission basis for any exchange is 0.1%, which can be reduced by having Binance Coin (BNB) in your wallet balance. Here you can read about what the Maker and Taker commission means.

Savings – Binance Savings

This is a service similar to a fixed term. If you have cryptocurrencies and are not planning to use them at the moment, you can generate a passive income by putting them into a savings program that has a limited period of time and where you are offered different opportunities to generate an annual interest on your balances in different crypto assets.

There are the Flexible Savings, where you can enter at any time during the duration of the contract, which offers an annual interest rate between 1 and 2%.

While there are also the Blocked Savings, where a date of entry and exit of the capital of the fixed term is fixed, with periods of 7, 14, 30 and 90 days. Where the yield becomes more interesting for the user, offering up to 10% annual return according to the cryptoactive.

To access the information of the existing savings plans, simply go to the Binance home page, at the top where the “Finance” tab is displayed.

Pool Account

The Binance Smart Pool is a mining pool service for users who carry out Proof of Work operations, i.e. who mine Bitcoin or any of its derivatives.

At the moment Binance’s shared mining platform is only possible on Proof of Work systems of the SHA256 algorithm, which is used by Bitcoin block chains (BTC), Bitcoin Cash (BCH) and BSV.

What is Binance Labs

This is the investment arm of Binance. An incubator and accelerator of startups, that is, young companies or projects, which are developing something within the focus areas according to the global plan of the exchange.

With ambassadors in Africa, Latin America and Europe, Binance Labs’ scope to foster the development of crypto and blockchain in those regions where it can make a significant impact. Applications are open for projects around the world, where you can apply for a direct investment or in the incubation program.

“Binance Labs’ mission is to support industry projects that help grow the largest blockchain ecosystem, realizing the full potential of blockchain technology and its social impact, while increasing the adoption of cryptocurrency worldwide. – Binance Labs

According to Binance labs’ website at this moment their approaches for direct investment already require a minimum developed product, and in the incubator mode they offer a 10 week program where they accompany young startups in the process of creating/identifying a product that fits the market needs.

The program has already formulated approaches according to the geographical area, where a clue for entrepreneurs who want to apply to which products or ideas they are looking to support through Binance labs:

In the American region we are looking for:

  • Stablecoins – stable cryptocurrencies
  • Payments
  • Payment gateways connected with fiat
  • Remittances
  • Commercial infrastructure

Binance Academy

A whole educational center on cryptocurrency and blockchain technology. With many articles and tutorials on all kinds of topics related to the Binance ecosystem, learn for free and at your own pace.

As you can see there are many things that the Binance exchange ecosystem has to offer.

We still have to mention some products and services that are constantly being advertised. Keep an eye on our guides and tutorials to learn more.