How to Trade Cryptocurrency on Binance – Review for 2019
UPDATE October 1st 2018: Binance is still my favourite cryptocurrency exchange to trade on but I have changed my strategy big time over the last couple of months. I have been using a cryptocurrency trading bot to make my trades for me and have seen awesome results so far… This is the Notorious Bot – which is becoming pretty famous in Crypto circles. Using the bot reduces the time and stress involved with trading manually and maximises the potential for profit with minimal risk. Crypto trading bots are only really right for those who have a portfolio of at least 5k in cryptocurrency already, if you’re in that position have a read of this post where we review cryptocurrency trading bots and introduce you to the Notorious Bot.
I first heard about trading cryptocurrency for fun and profit in November 2016.
I had bought Bitcoin many times in the past in order to purchase MDMA and other goodies on the dark web but I was almost totally unaware of the massive Cryptocurrency market and the huge potential that was on offer.
Encouraged by a friend who had become an overnight millionaire, I decided to learn as much as I could about the cryptocurrency market and how to make money trading Bitcoin and other coins.
Within a year, I have turned $9000 into $350,000.
Investing in cryptocurrency has completely changed my finances and I honestly believe that crypto is the future. There are so many problems that cryptocurrency helps to solve and although many speculate that crypto is a bubble, I don’t see this bad boy disappearing any time soon.
You don’t need to understand all of the ins and outs of how cryptocurrency works to get started on building your own cryptocurrency portfolio.
I still don’t know about some of the fundamentals of Cryptocurrency – I have no fucking idea what the blockchain is or how it works, I don’t need to.
I research which coins have a bright future, I buy them, I sit on them and I wait for them to explode – more often than not, if you choose the right coins, you can make a killing.
To start off trading crypto, you are going to need to buy some Bitcoin so that you can then buy the other coins you want in your cryptocurrency portfolio.
You can buy Bitcoin in a few different places online, I mostly recommend Coinbase as it’s one of the biggest and most trusted platforms out there. If you use this link, we’ll both score $10 of free Bitcoin when you sign up.
Once you have your Bitcoin, you can then send it to a cryptocurrency exchange where you can purchase hundreds of other coins using your Bitcoin.
Check out this post for a full list of cryptocurrency exchanges – I’ll be updating this daily as exchanges start taking new members again.
I’ve been trading on several different exchanges for about a year now and today I’m going to introduce you to the best cryptocurrency exchange for beginners – Binance
I’ve put together the ultimate guide to the Binance exchange. My goal is to show you guys…
How to trade on Binance
How to deal with Binance exchange fees
Why Binance is safe
I’ll also be giving you a breakdown of what I do like about Binance and what I don’t like about Binance – in short, this is the ultimate Binance review and by the time you are done reading this, you should be ready to kick some ass and start trading cryptocurrency today.
In my opinion, Binance offers the easiest and safest way to buy and trade cryptocurrency.
Let’s make some fucking money.
Quick Answer – How to Trade on BinanceSet up an account on Binance
Deposit Cryptocurrency of choice (I recommend Bitcoin)
Trade alt coins of choice using “Basic Exchange” function
If you are new to the world of cryptocurrency – I commend you! Welcome brave explorer!
You are about to enter a fascinating new world and, if you are quick, be amongst the last wave of early adopters of cryptocurrency.
While it might seem like everyone and their mother is investing in Bitcoin and other digital currencies, truth be told, you are still a pioneer as most of the world’s population has not yet jumped on the crypto train…
According to the Bitcoin database there are only 23 million registered addresses for Bitcoin. While there are plenty of other cryptocurrencies on the market, and this number is growing exponentially, it shows that out of 7 billion people on earth, less than 1% are currently invested in cryptocurrency.
Personally, I believe that cryptocurrency is the future and that by jumping in now you not only stand a very good chance of making a yacht-load of money but you also hedge your bets against crypto taking over.
You still have time to build a cryptocurrency portfolio, and invest in the currency of the future.
But, the window is closing.
Every day, thousands more people are investing, and coin prices are going up.
To get maximum returns on your investment, you need to join the party sooner rather than later as, almost every day, the cost of entry goes up.
The best way to make money with cryptocurrency is to select a portfolio of coins you like (based on their tech, mission, team or roadmap), to invest into several of these (thus spreading your risk) and to then simply wait a couple of years.
To get involved in cryptocurrency though, you need to join a cryptocurrency exchange…
Getting started trading on Binance
This is very important! Whilst the Binance coin exchange is the best trading platform available for digital currencies, you cannot trade traditional currencies on it!
What does this mean?
This means you can’t transfer you US Dollars /Euros / Sterling Pound to your Binance account – you can only transfer cryptocurrency into your Binance exchange account.
So before learning how to trade on Binance, you need to…
- Purchase Bitcoin outside of Binance.
- Transfer your Bitcoin to Binance.
- Purchase the other cryptocurrencies you want using your Bitcoin.
To find out more about buying Bitcoin, read this ultimate guide.
Why Binance Exchange is the Best Coin Exchange
I’ve been trading crypto for over a year now and let me tell you – crypto trading has come a long, long way in a remarkably short amount of time.
A few years ago, buying, trading and selling coins was a fucking nightmare. The technology was iffy, the software was unnavigable, and every time I clicked my mouse to ‘buy‘ or ‘sell‘, I did so whilst holding my breath.
But now that cryptocurrency is larger than the entirety of JP Morgan, the game is very very different and has become much more legitimate. Binance exchange has helped change the game for the better.
What is Binance
Binance is a digital asset exchange service. Basically it’s an online platform that allows people to buy cryptocurrencies using Bitcoin. Learning how to trade on Binance will get you in the cryptocurrency game and give the ability to trade basically any coin on the market. Best of all, unlike some other exchanges, Binance offers a truly staggering number of cryptocurrencies for you to buy and sell so you are very likely to find the coins you are looking for on the Binance platform.
Where is Binance Located?
Binance coin exchange is a Chinese based company, and because of this the website supports multiple languages. Binance exchange has received a ton of growth and investment. According to Craft.co, Binance has received over 10 million dollars in investment funding from various Chinese venture capital groups. Binance is, at the time of writing, one of the largest and most legit exchanges based out of China and this is a huge advantage. It seems likely that more and more cryptocurrency investment will continue to be driven from China so trading on a Chinese based exchange has some advantages.
Binance being located in China has its own set of pros and cons, but we’ll get over that in just a minute.
Why Binance is the Best Trade Platform for Cryptocurrency
Truth be told, there are a ton of platforms to trade cryptocurrency on.
Some of the more popular ones are Bittrex, Bitfinex, Kraken, and Poloniex – but there are hundreds of others. Each has their own unique set of pros and cons and many exchanges have now stopped taking on new members due to exploding in popularity.
Binance Exchange is one of the few, well regarded and trusted, exchanges remaining that still takes on new members.
I trade on several exchanges but in the past few weeks, Binance has become my go-to and I am now trading almost exclusively on the Binance platform. This is for a few reasons…
Pros of Binance
- Great reputation
The most important thing about the best cryptocurrency trading platforms is their reputation. The reviews for Binance are through the roof as it is easy to use and most importantly – SECURE! The team behind Binance has a proven record in both cryptocurrency and finance in general. Personally, I’ve had no problems with Binance thus far and when I did open a support request I found the team to be super fast and helpful at getting back to me.
- Good for newbies and pros
The interface is easy for beginners to use, and advanced enough for pros to really crush it.
- Access to hundreds of cryptocurrencies
The main reason I’ve now started trading almost exclusively on Binance is because of the massive range of coins available. Many exchanges don’t offer more than 20 or so coins, Binance offers hundreds. Binance focuses on hosting newer alt coins before other exchanges so often the cheapest place to buy certain cryptocurrencies anywhere online is on Binance, this can give you a massive edge if you pick up coins that are only listed in a couple of places and those coins then go on to do very well and get listed elsewhere; this will push up the price and you’ll make a killing just for entering early.
- Low fees on transactions and withdrawals
One of the biggest draws to Binance is the super cheap transaction fees. Since Binance are in the startup phase, the fees really are some of the least expensive out there. Binance charge nothing for new deposits of coins onto the platform and just 0.1% on the value of trades. To put this in perspective – if you were to use your Bitcoin to buy $100 of Ethereum, Binance would charge you 10 cents.
- Capable of processing 1.4 million transactions per second
Knowing exactly what this means is unimportant. Just know that Binance is fast, and fast is good. I’ve had some real issues with lag on some trading exchanges, especially Poloniex, and sometimes this lag has cost me serious money on trades. I haven’t had this problem occur on Binance.
- Support is available in many languages
Good if you are bilingual!
- Great reward and affiliate programs
If you sign up to Binance through my affiliate link, I’ll earn a small kick back at no cost to you. You can then use your own account to invite friends and family and earn a small commission yourself.
Cons of Binance
While Binance is my favourite platform for exchanging cryptocurrency, it’s not without its flaws. My experience has mostly been positive but I’ve noticed a few complaints online….
- Difficulty with Android version of app
I actually haven’t used the app yet, as I conduct most of my business on my laptop.
- Delays with certain coins
I haven’t had any problems but some users on Reddit have expressed frustration at coins taking a long time to turn up in Binance wallets. In my experience though, this is a recurring issue across all exchanges and the coins do always eventually turn up – assuming you haven’t fucked it up!
- Binance does collect and store some user data, such as logging IP addresses
But so does Bittrex and the other major trading platforms.
Is Binance Safe?
Overall, the pros of Binance greatly outweigh the few cons. Truthfully, this platform is as good as it gets, so if you are wondering if ‘is Binance safe?’ – fear not! Just be sure to follow the golden rules of safe crypto trading – more on that later – and you shall be fine.
As you will see in the step-by-step guide, Binance is one of the most secure and best cryptocurrency trading platforms out there and if you’re new to crypto, Binance really is the most accessible platform with some of the simplest, easiest to read, charts.
How to Set up an Account on Binance
Note – I highly recommended you do this on a desktop or laptop, not your mobile phone.
As mentioned, one of the best aspects of Binance is how easy it is to use.
This step by step guide will show you exactly how to set up an account with Binance, so you can start trading cryptocurrency straight away…
Step One – Go to Binance
The page should look like this. A few things to keep an eye out for…
Notice in the top left hand corner. “Secure”.
*Pro tip* – Now that you are in the crypto world, it’s a good idea to always keep an eye out for secure websites. The most dangerous part of cryptocurrency is landing on a fake website and sending your hard earned crypto to a scammers wallet – if you do that, you can’t get it back.
By ensuring websites are “secure”, you can ensure you are protecting yourself.
In the top right hand corner, click “Register”
You should then be taken to this page.
Fill out your information. The password you create must be at least 8 characters with ONE capital letter.
*Pro tip* Please, for the love of god, do not use your pets name as your password. Generate a new password, filled with letters, numbers, capitalisation, and everything in between. These little steps help ensure your account and beautiful cryptocurrency stays warm and safe.
After you click register, you’ll be presented with a quick verification puzzle. Again, this is for safety to assure you are a human being and not hacking-software.
Slide the slider over the puzzle piece and viola!
We are on our way! Now check your email…
…and click “Verify Email”.
Which will then take you here…
Step Two – Enable Google 2FA
Again, in the name of security, we are going to enable Google’s amazing “Two Factor Authentication”.
This is a fantastic tool that enables Binance to ensure that you aren’t getting hacked… and it’s pretty cool, you’ll kind of feel like a spy.
First, download the app “Google Authenticator” from the Android Play Store or in your iPhone App Store. It looks like this…
Once you have downloaded the app, open it. Then, go back to Binance.
This part is very important. There are two things to keep in mind.
- Your barcode
- Your secret key
- Bar Code – This is what will sync your Binance account with your Google 2FA. Once you have downloaded the app, you will “scan the barcode”. This will get your Binance account synced with your Google account to give you a way for Binance to know it’s you when you are making a trade. It’s super simple to use.
- Security Key – I recommend taking this key, and saving it in three places. Write it down and store it in a book or journal, bury it in your email, and take a picture and lock it behind a vault-app (I like to use Keep Safe – it’s free and secure). This ensures that you have multiple means of accessing this important key. In case you get locked out of your account, or lose your phone, this is the only way to get into your Binance account. Heed my advice. This is like crypto-insurance, and you never need insurance until you fucking NEED insurance. Take the steps, and make sure you do it right – you won’t regret it.