UPDATE October 1st 2019: 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 Goldman Stacks 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 Goldman Stacks 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’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 use Binance exchange platform
- 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 Binance
- Set up an account on Binance
- Enable 2FA
- Deposit Cryptocurrency of choice (I recommend Bitcoin)
- Trade alt coins of choice using “Basic Exchange” function
Table of Contents
- Cryptocurrency Overview
- Getting started trading on Binance
- Why Binance Exchange is the Best Coin Exchange
- Why Binance is the Best Trade Platform for Cryptocurrency
- How to Set up an Account on Binance
- How to Deposit Money into your Binance Account
- How to Trade on Binance
- Binance Exchange Fees
- Conclusion to Binance Exchange Review
- Improving your cryptocurrency knowledge
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 will start going up again.
To get maximum returns on your investment, you need to join the party sooner rather than later as these cheap prices won’t last forever.
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 your 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 was 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.
However, due to concerns about unclear government regulations regarding crypto trading in China, they have relocated to Malta. Malta is tiny island nation in the Mediterranean Sea that’s also part of the EU, yet is still very business-friendly (also a great place to visit!). This means that Binance is now an EU regulated exchange which makes it pretty safe, and with less restrictions than a US exchange.
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 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
Click here to get to the exact page of Binance exchange login you need to get started.
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.
Now you can securely login to your Binance account
By using 2FA, the Google App will give you a code that expires every ninety seconds.
When asked, simply open the app, and apply the 6-digit code that Google provided for that moment in time. Super secure, super easy.
At this point we have a secure account on Binance and are ready to trade for whatever crypto coins we want! Let’s dive into how to use Binance…
How to Deposit Money into your Binance Account
Remember, Binance is a trading platform only, and to be able to trade cryptocurrencies on Binance, you need to have Bitcoin in your account.
If you are looking to buy Bitcoin, you can do so here.
Once you own Bitcoin, sending it to your Binance Account is a piece of cake. Within the homepage of Binance, just navigate to the top right hand corner.
Hover over “Funds” then click “Deposits Withdrawals”, which will then take you here…
This is the beauty of Binance coin exchange. It’s ease of use, and it’s ability to work in all major cryptocurrencies. Whatever cryptocurrency you wish to transfer to your account, you can do so easily.
For this example, let’s use Bitcoin. You can either scroll down to find your cryptocurrency of choice…
Or you can type it in the search box…
Once you are sure it’s the cryptocurrency you want to trade into your Binance account, click on the “deposit” tab.
This will then show you your Bitcoin Deposit Address! Now to clarify, this is like your banking routing number for Binance. Simply by using this address, you can now receive (“deposit”) or send (“withdraw”) any cryptocurrency that Binance supports (which is basically all of them).
Maybe you want to send yourself some Etheruem?
Done! This is the beauty of cryptocurrency. Each cryptocurrency you own on Binance will have it’s own separate wallet that is 100% unique to you. The wallet address can be used to receive money, so feel free to send me some at the address above 😉
How to Trade on Binance
I’ve talked before about my favourite longterm holds and right now, my favourite coins for 2020 are Bitcoin, Ethereum, Zcash, Monero, Ripple, Icon, OmiseGO, Neo, Siacoin, Verge and Hempcoin.
My favourite short term coins change weekly and sometimes even daily based on how the market is moving.
Do your own research before deciding which coins you want to invest in. I recommend looking at Coinmarketcap to get a breakdown of different coins that are available and to check out recent developments, news and price action for coins that interest you.
Now that we are set up, let’s take a look at the back end of Binance. I’ll explain how to navigate the site, and most importantly, how to trade on Binance.
The backend of Binance is fairly straightforward. To start trading, you need to navigate to the top left and click on “Exchange”…
… and click on the “Basic” tab. Which will then take you here.
Now I know you might be thinking “WTF!”, but don’t stress!
I understand that these charts might look like something from the Wolf on Wall Street, but once you get the hang of it you’ll realise Binance is actually very easy to use and the charts are simple to read, if you choose to get into reading them anyway – you don’t have to if you want to simply buy and hold, which is what I recommend.
Let’s focus our attention to the two most important parts of the screen…
First you have to identify the coins you want to trade. Typically for a newbie, this will mean you are taking your newly deposited Bitcoin, and diversifying your crypto portfolio by investing into new coins (you are a smart person!).
Let’s say you want to take some of that Bitcoin and buy the best performing Cryptocurrency of 2017 – Ripple. Type in XRP (Ripple’s three letter code) into the box under ‘favorites’ in the top right hand corner.
As of writing this, one XRP costs .00014580 Bitcoins. Click on it.
One thing to note is that I’ve got a couple of different Binance accounts. In this particular account, I have a Bitcoin balance of 0.01238370 Bitcoins. So let’s see what happens when I play around with the different options in the Binance interface.
Binance offers a quick and easy way to trade, by clicking on 25%, 50%, 75% or 100%.
For example, let’s say I’m really into Ripple (XRP) and want to use ALL of my Bitcoin to buy as much Ripple as I can. I click 100%…
This means that at the time of writing, I can use the .01225392 Bitcoin in this account to buy a maximum of 84 Ripple. Let’s see what happens when I only want to do 25%…
As of writing this, 25% of my .01225392 Bitcoin gets me 21 Ripple coins. Simples!
This is just one feature that I like about Binance as a cryptocurrency trading platform, and one of the reasons why it’s my number one recommendation. It’s logical. It’s easy. Case closed.
Binance Exchange Fees
As I mentioned before, the Binance exchange fees are really very reasonable and Binance charges just 0.1% on the value of a trade which is less than many of the other popular cryptocurrency trading exchange platforms. It’s free to deposit coins into Binance and you can even cut the trading fees in half if you pay with Binance’s very own coin – The Binance coin. This is probably only worth doing if you are trading tens of thousands of dollars worth of crypto at a time.
Conclusion to Binance Exchange Review
Binance is by far one of the safest, easiest to use and most accessible cryptocurrency trading platforms and, right now, it’s my favourite platform to trade crypto.
Binance are relatively new on the block but are poised to become the biggest digital asset exchange service available. Crucially, Binance are likely to eventually limit the number of users they take on, much like some of the other exchanges, so I recommend opening a Binance account today even if you don’t use it anytime soon – then you at least have the option.
Trading cryptocurrency is a super exciting way to invest in your future, just be sure you follow the golden rules of cryptocurrency trading…
- Always use 2FA!
- When you’ve made a ton of money, move some off the exchange (I recommend keeping it on Trezor).
- Only risk money you can afford to lose.
- Be patient, hold firm and don’t panic on the dips.
- The more research you do, the more money you will make – fact.
Improving your cryptocurrency knowledge
Ultimately, if you want to make money with crypto you have a couple of options. The easiest thing to do is to build a diversified portfolio of carefully selected coins and then to simply wait a couple of years. However, this is not the most effective way to make mad money. If you want to truly crush it at crypto, you need access to truly knowledgeable people.
I am not your guru. I’m a crypto enthusiast, not a professional trader, and I make plenty of mistakes. There are a huge amount of ‘gurus’ and ‘experts’ out there but the truth is that many of them haven’t got a fucking clue what they are talking about. Opinions in cryptocurrency are like assholes, everybody’s got one. It’s extremely easy to predict the market and hell, everybody seems like an expert, when cryptocurrency is experiencing a bull run.
It’s very very easy to make mad money when the market is on an upswing, less so when cryptocurrency enters a bear market. Talented traders, and those with information, can make money on the way up and on the way down.
One thing I’ve noticed is that the media, especially Twitter, can have huge effects of the market. If you decide that cryptocurrency is your new thing, if this is where you want to spend your time, then I strongly recommend that you educate yourself and improve your understanding of who to follow, who to trust, when to buy and when to hold.
There are many groups on Facebook where you can find likeminded folks who will happily talk crypto all day but the problem is that 99% of these groups are filled with people who have only a very basic understanding of cryptocurrency and the knowledge available here is not particularly strong. I have recently left almost every single group on Facebook as, in my opinion, they are largely filled with FUD.
Recently, I joined a paid cryptocurrency mastermind group and the tips in here have been pretty next level. Currently this group, which I cannot name, is not taking new members.
If you are serious about cryptocurrency trading, I strongly recommend finding a mastermind group that suits your skill level and budget so that you can improve your knowledge, expose yourself to less risk, and gain access to news and tips before they hit the mainstream market – this is where the real money is to be made.
To find out more about building a cryptocurrency portfolio and my journey making money from trading crypto, check out this post.
Disclaimer: I am not a professional (or even a veteran) trader. I am an intermediate trader with a passion for cryptocurrency. I am disclosing my own ventures in crypto because cryptocurrency trading does make up a chunk of my online income and I want to be 100% transparent with you when it comes to making money online. Investing in cryptocurrencies carries a risk – you may lose some or all of your investment. Always do your own research and draw your own conclusions. Again – this article is aimed purely at advising; draw your own conclusions on whether cryptocurrency trading is right for you.
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Writer and entrepreneur. Adventurer and vagabond. Master of the handstand pushup. Conqueror of mountains, survivor of deserts and crusader for cheap escapades. Will has been on the road for thirteen years, travelling to far-flung lands on a budget. Today, he runs a number of online ventures, including The Broke Backpacker – the world’s largest budget travel blog. He is passionate about solving the plastic problem and cleaning up the oceans. Currently, Will is based in Bali where he plans to open his first Tribal Hostel in 2020.