Why to use Binance? This article gives my personal opinion about Binance and why beginners in cryptocurrency should start their crypto journey here.
Are you planning to enter the crypto markets but don’t know exactly if a cryptocurrency exchange is the best place to start? Moreover, the crypto markets are known for their turmoil, and not every exchange out there can be trusted. Therefore, to enter the crypto markets as a beginner it’s very wise to choose a platform that can be trusted.
So, if you are wondering if Binance is good for beginners and are looking for a user-friendly and trusted platform, Binance is an excellent place to begin your journey. Even though this platform can be a little bit overwhelming after you start there, it’s very smart to cut things to the basics first.
In this article, I’ll give you 5 reasons why Binance is good for beginners like you, and how to start your journey there.
In short, the 5 reasons why Binance is good for beginners:
- Simply the biggest crypto platform in the world
- Most trusted crypto exchange among investors
- Depositing fiat currency(money) is easy
- You can earn crypto without making any trade
- To start trading or investing in crypto is a simple exercise here
Disclaimer: I’m not a financial expert and these are my personal experiences when using Binance for almost 5 years in a row.
What is Binance?
In short, Binance is a very popular cryptocurrency platform where users all over the world can deposit money to buy Bitcoin or other cryptocurrencies. Most beginning crypto investors start their journey on this exchange.
Particularly, Binance has been founded in 2017. Since then, it can be considered the best crypto trading platform if you consider the trading volume and the number of coins listed on the exchange.
Moreover, based on daily(24h) trading volumes, Binance is the biggest cryptocurrency exchange in the world. Also, it has millions of cryptocurrency traders using its platform on a daily basis.
Besides trading, Binance offers several other feature-rich products, including custodian wallets, crypto margin trading, lending service, and earning rewards with staking and lending.
Trading crypto at Binance can be done with almost zero fees(0.075%) where you need to hold BNB coins to get the 25% discount for the fees.
Who is Binance for?
As mentioned above Binance is a famous cryptocurrency platform used by millions of traders and investors on a daily basis. Anyone can join Binance(for free), whether you are a professional trader or someone who wants to sell cryptocurrency for money.
Besides using the advanced trading interface, the cryptocurrency platform has some other very important functions:
- Crypto wallets – custodial wallets where you can deposit or withdraw crypto
- Finance – a central place to lend out money or get a loan
- Binance Earn – Earn additional crypto by holding or staking
- NFTs – Buy or sell NFTs on the platform’s marketplace
Finally, I want to mention that not all countries have full access to the Binance.com domain and it depends on your local situation. For instance, if you are living in the USA, Canada, or Cuba it can be a bit hard to enter the platform.
How to get on Binance?
In general, buying cryptocurrency at Binance is a straightforward process, however, first-timers must do some extra necessary steps before they can start using the platform. Like any other platform, you have to go through a sign-up process before you can use it.
In short, below is the buying process for cryptocurrencies at Binance:
- Register at Binance for free by email or mobile phone
- Verify your account(KYC)
- Deposit money by bank account
- Or: Send crypto(BTC, ETH, LTC, or any other) to Binance
- Trade crypto on the Binance platform
5 Reasons why Binance is Good for Beginners
Are you interested in trading cryptocurrency, selling crypto for money, or simply buying crypto and holding, it is all possible here. Next in this article, a deeper explanation of why Binance is good for beginners starting with 5 simple reasons.
Reason 1: It’s simply the Biggest Crypto Platform in the World
As mentioned earlier, Binance is used on a daily basis by millions of crypto traders and investors. For instance, according to the popular Coinmarketcap website, the Binance.com domain has the highest 24 hours trading volume for spot trading. In fact, in just 24 hours $7.5 billion of crypto trading takes place(December 2022) and is by far the biggest.
Additionally, to indicate the difference from other famous trading platforms like Coinbase or Kucoin; Coinbase is in second place with about $655 million in total volume. That’s more than a 10x higher volume for Binance on a daily basis!
Besides the high volumes in trading, the platform also has the most listed crypto coins besides Bitcoin to trade in. At the time of writing, there are more than 350 cryptocurrencies listed and thousands of trading pairs. In other words, if you have a favorite cryptocurrency you’ll have plenty of options to find the proper trading pair on Binance.
Reason 2: Most trusted Cryptocurrency Exchange
If you want to start out in crypto by using Binance it is good to know that the platform can be trusted. Moreover, when you want to use this platform you need to deposit your money or crypto there. Meaning, you’ll give the responsibility and control of your funds away.
The crypto industry is very young compared to traditional finance and not every country in the world uses the same regulation. This ‘free‘ market can be misused by parties who are not serious or even can do harm like the FTX scandal more recently.
Can Binance be trusted? In my opinion, the answer is yes, and speaking from experience where I have been using the platform since 2018 and have never gotten into trouble.
On top of that, the platform has taken some measures by launching the SAFU funds in 2018. It’s a cold wallet(offline) worth of $1 billion in crypto and can be used in cases of emergency.
Also, more than 95% of the user’s funds are stored in cold wallets as well. On their website, Binance regularly posts snapshots of their user funds in cold wallets. Below is a list from the latest snapshot of 10/11/2022.
A big advantage of blockchain technology is that all funds can be tracked and traced by anyone because of the open ledger technology. By showing the balances to the public, the Binance crypto exchange makes sure that your funds won’t be used by third parties in order to trade or invest.
Reason 3: Depositing Fiat Currency(money) is Easy
Next on the list of answers to ‘Is Binance good for beginners‘ is the usability of the platform. To start using Binance after you did a sign-up requires you to deposit funds.
To start buying cryptocurrencies with money Binance has made life easier for you by using ‘Fiat Gateways‘. Simply put, fiat gateways serve as entrances to the cryptocurrency world, the step at which you can deposit fiat into a cryptocurrency app or exchange.
Below is the list of options, Binance is using for its Fiat Gateways.
Credit and Debit cards
Do you have a Visa Mastercard or any other? Using a credit or debit card is the quickest way to own cryptocurrency. Using this method comes with a minimum investment of $15, but also depends on the local currency you are using.
Deposit local currencies and use Bank Transfers
If you want to use quick bank transfers and own the Russian ruble(RUB), Australian dollar (AUD), and Brazilian reais (BRL). You can then use these deposited funds to immediately purchase Bitcoin on the Spot, Margin, and Futures markets on Binance.
The best way to deposit local currencies on Binance would be through the users’ wallet page. Users can first select ‘Fiat and Spot‘ under the ‘Wallet‘ page and click on ‘Deposit‘ to choose the fiat currency of their choice.
Third-party and e-wallet options
Do you use a third-party wallet for your crypto funds? On Binance it’s very easy to purchase and connect to do a trade.
Many wallets and exchanges accept credit cards, debit cards, direct bank transfers, PayPal, and more. An example of an e-wallet payment gateway would be Advcash. Users can deposit supported local currencies on Advcash, which they can then purchase cryptocurrencies on Binance.com.
Reason 4: You can earn Crypto without Trading
If you think cryptocurrency is only for professional traders, think twice ☺️. Since the start of the platform in 2017, and the innovation in the crypto markets, Binance has grown and expanded its services.
In other words, to start out in crypto doesn’t mean you need to be a trader, and there are many other ways to earn crypto daily on Binance. A good example of this is the Binance Earn section.
Binance Earn is a world-leading crypto passive income platform. Meaning by simply holding and locking up crypto coins for a specific period you can earn additional cryptocurrencies.
All these are thanks to the crypto staking technology. For instance, if you bought some Polkadot coins(DOT) on the platform you can earn approximately 21,79% APR! How does this work?
On Binance go to the Binance Earn section in the menu and search for DOT coin. The next thing to do is choose locking duration and ‘Subscribe‘ or move your funds here. Remember that if you lock up your funds you won’t be able to sell your funds during this period. As a result, you have to ‘wait out‘ the sometimes volatile market conditions.
Reason 5: Start Trading Crypto is very simple
Finally, if you were wondering if Binance is good for beginners because you are serious about starting trading. Binance is a good option to start out.
As mentioned above the daily trading volumes are very high and more than 350 different coins can be traded here. For instance, if you own some unknown coins like ZEC or THETA, big chance you can sell them immediately on Binance because of the high volumes in the order books.
On the other hand, if you don’t own any cryptocurrencies yet you can trade them very easily without using the advanced trading user interface. How to do this?
You can use the Binance swap function called ‘Binance Convert’. Moreover, by using Binance Convert you just swap your EUR or stablecoin(USDT, BUSD) for crypto right away. All this, without the need to load the Binance trading engine interface.
Again, if you are more serious about trading crypto and want to start out as a trader you can use the Spot trading option. More advanced traders can even use the Margin trading interface for leveraged trading services.
All in all, Binance has made it very easy for beginning crypto investors to enter the markets depending on which level you are at.
Conclusion: Is Binance good for Beginners?
In this article, I have given you 5 reasons why Binance is good for beginners. Of course, I can’t measure if you are the right fit for this platform and it all depends on your level and intentions.
Also, when you first start out on this platform it can be a bit overwhelming because of all the different options you have. However, if you are planning to enter crypto for the long run, it’s best to cut to the basics by using simple trading options and custodian wallets first. From here you can grow and maybe one day there will be another crypto hero out there 😎.
Finally, it’s free to sign up so why don’t you give it a try? Besides, sign up here and you’ll get 10% back on every trade or transaction you make on the platform!
FAQ – Is Binance OK for beginners
What do I need to Know Before using Binance?
In general, buying cryptocurrencies at Binance is a straightforward process, however, first-timers must do some extra necessary steps before they can start. In short, below is the buying process on Binance:
- Register at Binance by email or mobile phone
- Verify your account(KYC)
- Buy cryptos with a credit card at Binance
- Or: Send crypto(BTC, ETH, BNB, or any other) to Binance
- Start trading cryptos straight away
Should I Use Binance as a Beginner?
Most beginning crypto investors start their journey at Binance. Over the years Binance has grown into the biggest crypto platform worldwide. Also, buying with credit cards and several local currencies is a very easy exercise. All in all, a solid platform that allows you to learn more about cryptocurrencies.
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