How To Earn Money With Crypto Binance

 

How To Earn Money With Crypto Binance

Binance

Binance is a crypto trading platform that offers one of the most competitive rates around. Whether you’re a beginner or a seasoned trader looking to trade crypto, this is probably the easiest and cheapest way to go.

 

The platform accepts users from around the world and has received favorable reviews from the crypto community. Recently the exchange has also partnered with 3rd party companies such as Simplex to allow credit card and wire transfer purchases of cryptocurrencies at a premium. Finally, US users can trade on Binance-US which is compatible with US trade regulations.

 

1.Binance Overview :

 

Binance is a Hong Kong-based cryptocurrency exchange launched by developer Changpeng Zhao (aka CZ) in July 2017. Zhao’s company Beijie Technology created the exchange after a successful ICO that raised $15 million.

 

Investors who invested in the ICO got Binance Coin (BNB) in return which can be used to trade cryptocurrencies and pay for fees on Binance. BNB’s initial value was around $0.1, and as Binance got more and more popular the coin appreciated at price.

 

Beijie Technology and its founder maintain an impressive track record within the industry. Zhao’s CV includes high-profile positions, such as technical director at Blockchain.com, and his company now provides trading systems for over 30 other platforms.

 

Following struggles with the Chinese government’s views on cryptocurrencies, Binance now runs its servers from more lenient states, providing it with the freedom to run a competitive exchange service:

 

“In response to China’s decisions, we are moving our IP’s from Hong Kong to an offshore location. So we are registered in multiple locations and we have people in multiple locations. That way we will never be affected by one regulatory body,” explained Zhao.

 

The trading exchange has been experiencing astounding success since its summer launch, and it now sits around the top ten in terms of 24-hour trading volumes on Coinmarketcap.

 

2. Binance Services :
 

Binance Exchange

 

Binance‘s Exchange allows users to exchange fiat for Bitcoin or other coins. There are several ways you can buy crypto on Binance:

 

P2P trading :
 

A very neat feature, Binance provides a peer-to-peer (P2P) trading service, which connects buyers and sellers of cryptocurrency directly. This facilitates fiat payments, with a wide variety of payment options that depend on the users’ preferences.

 

Credit/Debit card:
 

Binance has recently partnered with Simplex to supply a brokerage service via credit and debit cards. This service allows you to buy 31 different cryptocurrencies with a credit card. However, this service comes with a premium that can get as high as a 3.5% fee for USD purchases.

 

SEPA/Wire :

 

transfers Thanks to integrations with additional 3rd party providers, Binance now enables its users to buy crypto directly with fiat using SEPA & bank transfers. This option is especially attractive, as SEPA & wire deposits entail no transaction fee at all. On the downside though, while this payment method is available for several fiat options such as euros, CAD & AUD, it is not available for USD deposits.

 

Last, Brave, the privacy-focused browser integrated a Binance Widget for in-browser trading. The widget allows users to buy and trade crypto through Binance, as well as view and manage their crypto portfolio.

 

Binance Trading Platform (I will only explain spot trading) :

 

Spot trading

 

For spot trading, users can select between three different interfaces, based on their experience level. The classic interface allows a quick view of market and trading pairs, making it easier to switch pairs. The advanced view gives users access to advanced charting tools.

 

For people who are new to trading, there won’t be any difference between the two views – both would seem too complex.

 

Less experienced traders have a basic quick trade option which allows you to simply convert coins at the market rate, without charts or order books.

 

3. Currencies and Payment Methods :

 

All in all, the number of coins available to trade, deposit and withdraw on the exchange is nearly 200, including major altcoins such as:

 

Bitcoin (BTC) Ethereum (ETH) Litecoin (LTC) Ripple (XRP) Bitcoin Cash (BCH) Chainlink (LINK) Binance Coin (BNB) Binance USD (BUSD) Basic Attention Token (BAT) Cosmos (ATOM) Dash (DASH) EOS (EOS) Nano (NANO) Paxos Standard (PAX) TRON (TRX) TrueUSD (TUSD) Tether (USDT) Stellar Lumens (XLM)

 

Crypto can be traded for fiat (or other cryptos) on the trading platforms or purchased directly using these payment methods:

 

Credit/ Debit card

 

Bank transfers

 

SEPA

 

4. Binance Fees :

 

The fees at any exchange are very important to consider. Every trade occurs between two parties: the maker, whose order exists on the order book prior to the trade, and the taker, who places the order that matches (or “takes”) the maker’s order. We call makers “makers” because their orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers’ orders with their own. The maker-taker model encourages market liquidity as the makers providing the liquidity often receive a fee discount compared to the takers.

 

There are also a number of top crypto exchanges that don’t charge different fees between takers and makers. Usually, we call such exchanges’ trading fees “flat”.

 

Read more: Binance Fees

 

5. Binance Limits :

 

Binance has a very simple limit structure, there are only withdrawal limits. Level 1 verified accounts can withdraw up to 2 BTC every 24 hours.

 

Level 2 verified accounts can withdraw 100 BTC every 24 hours. Verification requires filling out a basic Know Your Customer (KYC) form and providing proof of identity among other documents.

 

6. Supported Countries :

 

Binance does not mention which countries are supported by its exchange which makes it basically available worldBinance.comwide. Customers from the USA can now use Binance US after Binance withdrew its main service from the country.

 

There is also no mention of exceptions for US citizens which caused Binance to come up on the US Department of Financial Services radar for potential violation of New York’s virtual currency regulations.

 

Create a free account: Binance.com

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