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How To Use Binance Exchange? Step By Step Guide
The Binance exchange was founded in China but later relocated its headquarters to Malta. The reasons can be found in the lack of regulations and the tax advantages. Binance is the largest trading for cryptocurrencies internationally. Buying, trading, and selling run smoothly and the fee system is transparent. Usually, the Binance system is categorized by security. Binance is a serious provider. Since the fee advantages gradually decrease in the years that follow after the token was minted 4 years ago, the Exchange has considered various opportunities for maintaining value. For this purpose, the exchange carries out a so-called token burn. This steadily reduces the supply and leads to a shortage of supply. Binance invests 20 % of the profit generated to buy and burn BNB. This is repeated until there are only 100 million BNB's and the supply has halved. Binance Experiences: Basically, we have had a lot of great experiences with Binance in the past. We also receive a lot of user feedback on Binance with our site and our media channel. We have never heard anything negative from users in recent years. During this time we have probably received and read thousands of emails and comments about Binance. If there was criticism, it was mainly because the network is now very extensive. This means that it is not always easy for beginners to understand the network. How To Use Binance Exchange? Step By Step Guide.
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How to use the Binance exchange? Video and pictorial narration
If you look at the crypto world currently, there is no platform that offers the user more than Binance. In addition, the fees at Binance are by far the cheapest. Anyone who buys a cryptocurrency from Binance pays 0.1% fees (rather less). Foreign providers sometimes charge 1% and more. So it is worthwhile to deal with Binance and to discover the possibilities of the trading. Especially since there are a lot of ways to earn money on Binance in addition to pure trading.
Binance stands for the words "binary" and "finance". It is the world's largest crypto pool and impresses with its low fees and ease of use. Binance has deliberately specialized in trading cryptocurrencies and sees great growth here. It also has a euro wallet for deposits. Some of these issues with such crypto exchanges are:
Bad technical infrastructure - Many networks were programmed with no scalability in mind. With growing requirements, the servers can quickly become complete and fail.
Bad market liquidity - Many stock exchanges have low liquidity so that investments with larger sums are expensive. Binance is built with the knowledge of conventional financial exchanges.
Bad customer service - Binance is prepared from the beginning with great customer service, which is intended to serve the users.
Weak language support - Many exchanges only support one language, but crypto knows no borders. Therefore, Binance is now offering to switch the site to different languages.
Binance Registration
After you have entered the data and clicked the "Register" button, you will receive a confirmation mail with the number you entered. This can take a few minutes.
Open The Link / Link To Confirm
In addition to the confirmation, the mail contains some security instructions. One of the most important things about this is that Binance does not provide phone support, so Binance support staff will never call you to get account information. Click on "Verify" and complete the registration. After you have made your security settings, you can start trading cryptocurrencies such as Bitcoin.
Deposit Money
In order to deposit funds, you need to create an account first. It's a simple step and you can start trading coins in minutes. Brokers only accept deposits in fiat currency so it is very easy to get started.
Decide How You Want To Act
The most popular way of trading cryptocurrency is through the use of Contracts for Difference. A CFD is a way to speculate about price movements by predicting that the price of an asset will rise or fall at some specified point in the future. When you trade CFDs, you do not own the asset itself. Hence, this is preferred for short-term traders that allow you to quickly get in and out of positions.
How Long Does The Binance Identity Check Take?
The process usually takes no more than an hour. If the customer traffic is particularly high on this day, the new members may have to wait up to 36 hours.
How Long Does It Take To Register With Binance?
The usual registration of an account expires within a few minutes. The identity verification can take a few days depending on the current workload.
Can You Use Binance Without Verification?
It is possible to use Binance without verification. All you need to do is create an account, you don't have to verify your address. It should be noted that, without verification, some functions cannot be used or can only be used to a limited extent.
Does Binance Also Work Without An Identity Check?
In principle, the network also works without a completed identity check. However, no cryptocurrency purchases or sales can be made using fiat currencies such as the euro. Other functions are also restricted. Only the deposit of cryptocurrencies is possible.
Do I Have To State Binance In The Tax Return?
If a cryptocurrency is held for more than a year, the profit is tax-free and does not have to be included in the tax return. If the holding period is less than a year and the profit exceeds 500 dollars, this must be taxed and stated in the tax return. You can obtain precise tax data from your tax advisor.
Obtain A Suitable Wallet
Wallets are one way to store coins in encrypted form. They are much more secure than leaving your coins in an exchange account as they can only be accessed with a private key that is unique to you.
Select trading pair: At the top right you first have to select which cryptocurrency you want to trade against which. Basically, cryptocurrencies are traded at Binance against Bitcoin and various Altcoins, various stablecoins, and Fiat currencies. You have to note that not every cryptocurrency is traded against dollars. Almost all cryptocurrencies are traded against BNB and Bitcoin. So it can happen that you first have to exchange your money for Bitcoin and then you can then buy the respective cryptocurrency.
If you have chosen which cryptocurrency you want to trade against, you still have to select which cryptocurrency you actually want to trade. You can either click on it directly from the list or enter the name in the search field. As soon as you have selected the desired trading pair, the chart in the middle of the screen changes, and the selected trading pair is displayed again at the top left. In the middle of the screen, you will find the chart. This shows you the current course of your trading pair. You can still set in the chart whether the candles should be displayed in different hours, days, weeks, or monthly intervals. An hourly interval is always preset. Each candle represents an hour. If the candle is green, then the price at the end of the lesson was higher than at the beginning; if the candle is red, the price has fallen within this hour. At the bottom of the chart, you can see the trading as a bar, also on an hourly basis. Below you will find the indicator for experienced investors.
Why The Binance Exchange Is A Good Investment
The purpose of many cryptocurrencies is to be used across the board as a means of payment for a variety of use cases. Therefore, the intended function and use of the Binance exchange initially appears somewhat limited. It can be used practically exclusively on the exchange and has no other purpose outside of it. The limited fee advantages, which are only granted for the first four years, also reduce the use of the coin. Nevertheless, many experts see it as a worthwhile investment in the future as well. But why is it like that?
Binance developed into one of the largest crypto exchanges in the world shortly after it was founded a few years ago. The network moved to Malta in the course of advancing regulation in China. The Exchange offers all important exchanges and is active in various areas. The Binance exchange can be used for a large part of the offer. Due to its deep integration into the Binance system, it is the right choice as a transfer currency for many products in the wallet. Above all, the fast transaction processing due to the Binance Chain is a great advantage.
As mentioned before, certain advantages of using Binance are finite and will not be available for much longer. Nevertheless, many experts see a bright future for the Binance exchange. Experts expect great prices by 2025. Binance plans to closely integrate on its network over the next few years. Therefore, the use of the exchange is guaranteed in the future.
At this point, let's go into the future Binance potential and predict the possible behavior based on the past price development. In fact, the Binance exchange is a promising candidate for many possible currencies. One must not forget: More tokens can be traded on the Binance trading than on most crypto exchanges on our planet. In fact, BNB is often just a means to an end, as investors can become active on reduced terms. This simple principle increases the demand and thus also the price.
The potential becomes particularly clear when you look at the company's figures. A daily trading volume of almost $ 40 billion is achieved on the exchange. When the Binance exchange is soared to a record level, it was trading for $ 100 billion. So you can see that there are connections between trading activity and price.
Binance Exchange Forecast 2021-2025
With the various Binance exchange predictions, it is noticeable that the predictions are much more pessimistic than one could have imagined. In terms of content, the various tests are not that far apart. It was different from other crypto exchanges. Specifically, according to various Binance predictions, the prices will not exceed by 2024. However, it must be taken into account that these Binance forecasts were created before the beginning of 2021, as many price reports also contain forecasts for 2020 price events.
The value of cryptocurrencies is strongly influenced by current events and innovations. And so you can also determine a line between the Binance exchange messages and the price of a token. The Binance prices reached their highest level in mid-May. A short time later, the price collapsed by over 50%.
However, there is always conciliatory Binance exchange news from the Far East. The rates of cryptocurrencies can simply change extremely quickly and should therefore only be bought with care. On the one hand, it is an interesting digital platform that allows investors to trade on the second-largest crypto trading exchange at reduced conditions. That boosts demand. However, current Binance news has slowed the token's advance.
If you are still unsure about whether to buy, don't worry. Here we have summarized the main advantages of the Binance exchange. Below are some questions to help you decide.
Advantages
Tied to the world's most popular crypto exchange
Can be used to access cheaper fees for Binance
Has its own purchasing power on other websites
Frequent coin burns to reduce supply can add value
Considerations For A Long-Term Investment
If you are optimistic about Binance exchange's long-term prospects, it is worth signing up for and buying some coins right away. It might also be worth buying a crypto wallet so you can keep it safe.
Considerations For A Short Term Trading
For short-term traders, it is a good decision to read up on technical facts such as charts and the tools you can use to predict price movements. Then choose a broker with low trading fees so you can make as many trades as you want without paying too much each time.
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Author: Emre Ata Author LinkedIn