Are you considering trading crypto on Binance? Choosing a crypto margin trading platform is an important decision, and one which shouldn’t be rushed. After all, you are trusting these platforms with the security of your investments. You need to know that your money will be stored safely, and that top-quality processes are in place to help protect your crypto trades.
However, simply being a secure trading platform isn’t enough. Although security is vital, it is by no means everything. A good crypto margin trading platform will also offer the right types of trades for your needs, a range of cryptocurrencies that is suitable, an attractive user interface, and excellent customer support. So does Binance fit the bill? Does it have everything a trader needs to experience success with crypto, or is it better to choose one of the many alternative options out there?
Binance is a great choice of crypto margin trading exchange for both begginer and advanced traders.
In today’s complete review and guide to the Binance platform, we will cover:
- Getting started. How easy is it to get set up with Binance, and to begin carrying out trades? We explore whether it’s painful or painless to get going with the Binance platform for the first time.
- Experience. What’s it like to use the Binance platform? Is it intuitive and understandable for even newbies to the world of crypto trading, or is it more complex and harder to figure out? We’ve taken the time to check out the experience of trading on Binance, so you don’t have to run the risk for yourself!
- Trades. What types of trade can you make on Binance? What types of crypto are available on the platform, and does it offer everything you want? Read on to find out!
- Security and Support. You want to trade in Binance safe in the knowledge that your funds, and your personal data, are both safe and secure. Have Binance put processes in place to focus on security, or could they do better? And how does the Binance customer support measure up?
If you’re thinking of trading on the Binance platform for the first time, you need to read this! It contains everything you will want to know before getting started.
Let’s get to it!
How Do I Sign Up To Binance?
For many crypto trading exchanges, the first impression they make on new traders is during the sign up process. This is often the first direct interaction between the trading platform and the trader, and it can go a long way to setting an early good impression, and giving the trader the feeling they are in for a smooth and reliable experience.
Sadly, many trading platforms miss out on the chance to create a good first impression here. They instead end up offering a clunkier and longer than needed sign up process, frustrating the new trader and setting a bad tone for what is to come.
So how is the sign up process with Binance? Have they managed to get it right, or have they squandered the chance to make a great first impression on new traders?
- Easy. To get started creating a Binance account, you only have to enter a few short pieces of information. You just have to enter some basic personal information and that’s it!
- Account Levels. One great feature that sets Binance apart from some other trading platforms is the fact it offers different levels of account. To get started using Binance with the lowest account level possible, no verification is needed. You can simply get started. To verify your account, and unlock higher withdrawal levels among other features, you simply upload some identification
- Deposit. To truly get started on Binance, you need to make a deposit into your account. Binance accepts deposits in crypto only, so you won’t be able to deposit currency in order to begin trading on Binance. If you want to get started as quickly as possible, you should choose to make your initial deposit in the form of Ethereum. This will reach your Binance account quicker than Bitcoin.
Overall, the sign up process for Binance is absolutely fine. We appreciate the fact that Binance offers different account levels, and we are sure you will too. There is nothing better than being able to get started without having to go through an annoying verification process.
Now you know how to get started and set up with Binance, let’s explore in a little more depth how you can begin trading on the platform in the easiest and most effective way possible.
How Do I Use Binance?
Just as Binance offers a range of account types, the trading platform also offers different trading views.
Binance is well aware that every trader has a different level of background knowledge and experience. What some traders consider complex, others consider relatively simple. Binance has tried to take into account this difference in experience by offering two different trading experiences. We’ll explore the main differences between the two now, allowing you to choose which is right for you.
- Basic. If you choose the ‘basic’ exchange view, you are taken to a screen which contains a lower level of information, allowing you to still trade effectively, without being overwhelmed by excess amounts of information.
- Advanced. A more complex view, similar to that found on the most advanced trading platforms out there. A lot more information, provided in a denser and more complex way.
The majority of users opt for the Basic view, as it contains everything that most traders need.
So what exactly is the Basic view on Binance, and what does it look like to use?
The top of the trading environment contains some quick info, such as the latest price for your chosen cryptocurrency, the change in price within the last 24 hours, the average price over the last 24 hours,
Underneath the above info is a large graphic area in the center of the screen. This allows you to quickly and easily select the timeframe of the data shown, allowing you to see data by the minute, or over a larger time period such as over the week.
At the bottom of the screen, in the center, are two large boxes, allowing you to quickly and easily buy or sell the cryptocurrency you have chosen. These are large and color coded, allowing you to avoid any mishaps in the heat of the moment.
The right hand side of the screen shows the current value of all the trading pairs of your selected cryptocurrency. Underneath this is a full trade history screen, allowing you to keep your finger on the pulse of what is currently happening in the market.
On the left hand side of the screen, the view is split into two sections. The top section lists all the prices people are willing to buy the selected crypto at, and underneath is the full list of prices people are willing to sell at.
Overall, the Binance trading environment is a clear and concise portrayal of the market. It’s a great way to have a clear view of exactly what is happening at any given moment, and makes it quick and simple to buy or sell an amount of crypto as per your preference.
What Types Of Trade Can I Execute Using Binance?
The range of trades offered on Binance is relatively simple, so if you are looking for incredibly advanced and complex trading types, as found on some other exchanges, this might not be right for you.
However, for the majority of traders, you will find what you need enabled by Binance. Binance allows you to:
- Buy. You can buy the crypto of your choice, based on either a limit order, or a market order. This enables you to automate elements of your trading, meaning you don’t have to always keep an eye on the market to be an effective trader.
- Sell. You can also set orders to sell the crypto you hold when the value reaches a certain level. You can either set a precise amount of your holding that you will sell, or you can set it as a percentage. For example, you can say you want to sell 50% of your Bitcoin holding when its value reaches a certain amount.
- Stop-Limit. Want to set stops for your crypto holdings? It’s easy to do so via the Binance platform, and this function is available to all, even those traders using the Basic view.
There might not be the full range of trading types available at Binance than found at some other exchanges. However, for most traders, you will be able to carry out the type of trade you need. It also means that, coupled with the Basic trading view on offer, and the various account types, Binance is a great choice of exchange for newcomers to the world of crypto trading.
So now that you know what the trading environment looks like on Binance, and the type of trades you are able to place, let’s consider the range of fees and other logistical concerns.
What Type Of Fees Are Charged By Binance?
For any savvy trader, the fees charges by a crypto trading exchange are an important consideration.
After all, it’s vital to factor in how much of your profit you will be required to pay in fees. Different exchanges offer very different levels of fees, so it’s important to make a comparison and shop around before opening a trading account.
To save you time and frustration, we’ve gathered all the vital information you need to know about the fees charged by Binance right here:
- Flat rate. On average, Binance will charge 0.1% of the amount on any given trade. This is affordable, and is a fair rate compared to some other exchanges out there. However, there is a way to reduce this amount. Binance have their very own crypto coin, called Binance Coin. If you opt to pay your trading fees in Binance Coin, the fee rate is set at half.
- Withdrawal. The withdrawal fee you pay when removing your funds from your Binance account differs depending on the type of coin you withdraw. If there is a particular type of coin you wish to trade on Binance, it’s worth checking exactly how the withdrawal rate stacks up against other exchanges.
- Deposits. You won’t be charged a fee for depositing money into your Binance account. However, to remove deposit and withdrawal restrictions, you will need to verify your account through a standard KYC process. Basic accounts don’t require this, but to make the most of your Binance account, it’s well worth doing.
The fees charged by Binance are reasonable. The fact you can make them even cheaper by using the Binance Coin is an excellent an innovative option. The one downside here is the fact that Binance choose to charge a withdrawal fee, as this isn’t the case with some other trading exchanges.
How Do I Deposit and Withdraw To My Binance Account?
If you want to add funds into your Binance account, there are a couple of ways you can do that.
The main Binance service only offers deposits in crypto. This means that you will not be able to deposit in fiat as standard. However, there is a specialist service called Binance Jersey where this is possible.
If you have an amount of crypto elsewhere, it’s easy to transfer into your Binance account. Some cryptos are quicker than other to reach your Binance funds. Ethereum tends to be the quickest option if you are keen to begin trading with the minimal level of delay.
Which Currencies Are Supported By Binance?
So which coins are supported by Binance? After all, a trading exchange is only as good as the trades it allows you to make. If there is a particular coin you are looking to trade via Binance, you absolutely need to take the time to check it’s on offer before the process of creating an account.
At the time of writing, Binance offers support for hundreds of different coins. In fact, we can safely say that if you are looking for the widest ranges of coins to trade, Binance is a great choice of exchange for you. We can’t list all of them here, but some of the most popular include:
- Binance Coin.
- Bitcoin Cash.
If you are looking for some of the most obsucre crypto coins out there, you’re almost certainly sure to find it on Binance. The company also supports ICOs and tokens, allowing you to experience better value.
One of the most attractive aspects of Binance for most traders is the existence of the dedicated Binance Coin. When you choose to pay your fees in this coin, they are half the rate they would otherwise be!
Can I Carry Out Leveraged Crypto Trading With Binance?
For a long time, one of the major downsides to the Binance trading platform was a lack of support for leveraged trading. For many crypto traders who have skill and experience, leveraged trading is the best approach to making big profits.
However, that has recently changed. As of incredibly recently, Binance has rolled out support for leveraged crypto trading. Some traders refer to this update as Binance 2.0. So what are the key facts you need to know about leveraged trading on the Binance platform?
- Levels. It remains to be seen exactly what level of leverage will be settled on, but for now it appears that users are able to borrow an extra 200% of the value in their account.
- Futures. Apparently Binance are bringing out the option to invest in Bitcoin futures at a leverage rate of 20%.
The new leveraged trading option with Binance is likely to grow and expand in the future. If your focus is on leveraged crypto trading, you might find other exchanges to be more suited to your needs. For example, at BitMEX, you can get up to 100x leverage on some cryptocurrencies.
However, if you’re new to the world of leveraged crypto trading, and are looking to learn it for yourself, Binance, is a great place to do that. The levels of leverage on offer are pretty low, and the user interface is quite simple and suited to newer traders. This combination makes Binance a great place to learn leveraged trading for the first time.
How Is The Binance User Interface Organized?
As stated earlier, Binance offers two main trading interfaces – basic and advanced. We’ll give a brief description of each below, along with some screenshots so you can judge which is right for your needs.
This is a white background
interface, divided into three main columns. The column on the left is split
into two. The upper half shows the price people are willing to buy your chosen
crypto at, and the lower half shows all the available sell prices for the
crypto you have selected. The middle is a graphical section, allowing you to
choose a timeframe to see performance graphs for your crypto. Underneath this
graph section is a simple, color coded buy and sell box, allowing you to
quickly execute orders. The right side of the screen shows all the pairing
values for your chosen crypto, along with a full trading history underneath.
The advanced view
features a dark background, instantly setting it apart from the white
background featured in the basic view. The advanced layout of Binance offers
all of the same info from the basic view, but in a different layout. The
graphical section is on the left, and all of the data from the left and right
columns in basic view is combined into a single area on the advanced view. The
buy and sell box is still there, but is lower prominence, and doesn’t have the
color coding from the basic view.
Overall, we really love the fact that Binance have taken the time to include different user interfaces. No matter whether you are just starting out on your crypto journey, or are a tried and tested trader with a lot of experience, there is an interface suited to your needs. When coupled with the different trading account types on offer, Binance truly is an exchange suited to different types of traders.
What Safety Features Are In Place At Binance?
If you’ve spent any time at all around the world of crypto, you’ll know that safety isn’t always what it should be.
It’s inevitable in a high tech, high value world such as that of crypto trading, that attempted hacks will happen. It’s not so much about hacks taking place as it is about how the companies respond.
When it comes to Binance, there are a lot of encouraging signs in place that they respond to well to security and safety concerns. For example, Binance suffered a hack back in 2018. They responded by beefing up their security measures, and replacing any funds users had lost.
Binance operates on a decentralised basis, meaning that if it goes down in one location, it doesn’t go down overall. This, plus the fact Binance have a security fund in place should any mishaps occur, means that traders can feel confident about trading crypto on this platform in particular.
Does Binance Offer Customer Support?
Good customer service can make all the difference, and this is especially true for something as complicated and high-value as a crypto trading exchange. When it comes to something as important as your money, you want to make sure that any questions you have will be responded to in a prompt and helpful manner.
So how does Binance measure up when it comes to providing traders with high levels of customer support?
We’d say that Binance offers acceptable customer support, but it isn’t the best out there. You can submit a support ticket via an online form, and you will receive a response via email.
The response time for support to get back to you is average. There are faster exchange support services out there, but there are definitely slower ones as well. The responses themselves tend to be accurate and useful.
If you’re looking for flashy customer support with live chat and phone support, this isn’t going to be right for you. However, if you’re content with simple but sufficient customer support, you will find what you are looking for at Binance.
Binance Crypto Margin Trading Exchange – Overall Verdict
Now that you’ve got a whole range of useful information about trading crypto on Binance, what’s our overall verdict? Can we recommend it as a worthwhile crypto trading exchange, or are there better options out there?
Ultimately, despite being a relatively new entrant to the world of crypto trading exchanges, Binance brings a lot to the table. They might not be the best option for the most advanced traders out there, but they have a lot to offer your average trader.
Our main reasons to choose Binance include:
- Choice. One of the widest ranges of cryptocurrencies out there. If you are looking to trade some of the more obscure options, Binance will make this possible.
- Levels. Are you a new trader? There’s an interface just for you. More advanced? Binance has got you equally covered. The flexibility in interfaces and account types is a great feature of Binance.
- Trust. After Binance suffered a hack, they made it right by compensating users for any losses. This helps build trust, something that is often in short supply in the online world of crypto.
If you’re looking for an advanced exchange with the highest levels of leverage possible, you might want to choose another option, such as BitMEX.
However, if you’re looking for a user friendly trading platform, with a really wide range of crypto coins, why not check out Binance? It’s a great choice of trading experience, and is improving all the time with new features and options.
Margin trading is a form of trading in which you trade with an extra amount of money borrowed from someone on the basis of the money you already have. This is also called leverage.
1. Please visit Binance official website: www.binance.com, and click the "Register" on the top right side.
2. On the registration page, please follow the instructions and insert your email address and password. (password is the combination of numbers and letters).
3. You will receive a verification email, please log in your registered email inbox to confirm.
4. Click on the "Verify Email" button to confirm your registration.
1. Log in your Binance account, please visit: www.binance.com
2. After you successfully login your account, please click 【Wallet】-【Deposit】on the upper right side of the page.
3. Please input keyword of the coin or select coin/token to deposit.
4. you can "Copy Deposit Address", and paste it to the corresponding address section in the platform where you proceed with your withdrawal.
1. Convert all your Binance coins to BTC. Head to Funds -> Deposits / Withdrawals.
2. Transfer your Bitcoin from Binance to your Coinbase Wallet. ...
3. Sell your Bitcoin for USD in Coinbase.