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How or where do I store my Bitcoin?

2021-03-29

Since cryptocurrency has started to become more popular, it led to numerous exchanges. All these aim to trade, sell, and purchase various cryptocurrencies. Thus, trying to decide what exchange to use can be quite tricky. Some aim for beginners, while others are great for highly advanced traders. Because of that, it would be best to know the best exchange for you.

Here is a complete overview of Binance that would allow anyone to understand that it’s the best exchange for them. It includes background information on Binance and how it became among the best exchanges for trading cryptocurrencies. We will also explain Binance’s advantages and sole disadvantage.

Included here is a clearly defined guide on how to withdraw, trade, and deposit coins that could provide anyone with the needed information so they can begin trading on the exchange on their own.

The Pros and Cons of Binance:

Pros

  • Has more than a hundred cryptocurrencies available for trading

  • It comes with a two-factor authentication

  • This platform is a famous crypto-exchange

Cons

  • It may become challenging for those who are starting in crypto, but Binance is rolling out something to address this really soon with Binance Lite.

Detailed Information on Binance

Binance hosts crypto-to-crypto trades on its exchange that doesn’t accept real money like Euros or U.S. Dollars. It initially got created last 2017 in China but eventually moved to Japan because of China’s strict laws and Japan’s love for cryptocurrency. Since China and Japan had highly strict regulations, Binance eventually opened an office in Malta and signed a Memorandum of Understanding (MoU) with the Government of Bermuda. Binance eventually had a memorandum signed with the Malta Stock Exchange for the development of a platform aimed for trading security tokens. It aimed to expand its influence in Europe through the Jersey based exchange that offers British pound, the Euro, and exchange offers based in Jersey.

Changpeng Zao, also known as CZ, is the man who made Binance. He previously built some of the Tokyo stock exchange’s trading systems and used his experience to create Binance. Before Binance was able to open their exchange, they were able to raise money through the ICO (Initial Coin Offering). The ICO is quite similar to crowdfunding as it is a place where people could invest in starting operating.

The ICO may still be different; instead of investing real money, people invest in cryptocurrency. Binance had an ICO that raised $15 million and gave their cryptocurrency token to investors. They eventually called it the BNB or Binance Coin. Despite being referred to as the Binance “Coin,” it is still a token that got built on the Ethereum blockchain.

INTERESTING FACTS

Binance has been quite successful since it began last 2017.  ETH contracts remained as Binance’s most traded altcoin futures that generated more than $7 billion in volume last 2020. LINK trailed in second place with more than $3.3 billion in volume, as it reached a 24-hour ATH of $590 million. There has also been a significant growth in VET, XTZ, and  ADA as these were able to record more than $1.4 billion, $3.2 billion, and $2.2 billion in volume respectively. 

Last December 2020, Binance Labs, Binance’s incubator and venture capital and incubator was able to lead the $12 million series B funding round for MATH. MATH is a cross-chain and multi-chain blockchain assets hub that works behind MathWallet which is a universal crypto wallet. This 2021, Binance designed a new initiative called the Binance Binance Launchpool designed to provide its users with a DeFi (decentralized finance) experience so they can acquire new tokens in exchange for staking. BTCST aims to solve the issue of having limited exit options through providing exchange-grade liquidity in mining Bitcoin. For secondary trading BTCST will become a leverage Bitcoin token that is free from the risk of liquidation. BTCST will make a market that is highly efficient for the mining power of Bitcoin just like the way Grayscale Bitcoin Trust was able to allow Bitcoin to have institutional liquidity. This February 11, 2021, Binance got ranked as the world’s largest cryptocurrency exchange with a trading volume of $30.53 billion that is more than twice the second biggest exchange, HBTC, which was at $12.57 billion. This happened because of the significant increase in the trading volume among Korean users by the end of December 2020.

Why Binance?

Before registering a new account on any exchange, it would be best to know its pros and cons. Having this information can help you make sure that you choose the best exchange.

Advantages

Here are the significant advantages of the crypto trading platform, Binance:

Minimal Fees

Binance has the lowest fees among the industry’s lowest fees for crypto-to-crypto trading. Since they only charge 0.1% for every trade, when you trade 1 ETH, you will only get charged with 0.001 ETH. You can even have a 50% discount on trading whenever you deal with a BNB or Binance Coin.

Depositing money is always free. However, withdrawals have a cost. Most of the exchanges operate the same. For every cryptocurrency, withdrawal fees are not the same, and they change based on their value.

One example is the LTC or Litecoin. Fees amount to 0.01 LTC for every withdrawal. Every time the Litecoin value increases, the withdrawal fee would also go up. The cost gets fixed according to Litecoin’s price and not top of the local currency’s price.

When it comes to the value of deposits, there are no limits. In case you want to have more than 2 BTC of cryptocurrency withdrawn, you would have to verify it by submitting identification like any valid ID.

Extensive List of Alt-Coins

The Binance exchange is so famous as it lists many cryptocurrencies. Right now, there are more than 8 thousand cryptocurrencies, with a lot of new ones created every day. Binance has more than a hundred cryptocurrencies available in its platform, ranging from smaller coins like ZCoin and CyberMiles and famous ones like Litecoin and Ethereum. It has so many more options than Coinbase that only has four coins.

ICO Launchpad

Binance is famous for having new cryptocurrencies listed once they finished their ICO. Because of this, lots of crypto companies consider Binance as their chosen exchange. This platform doesn’t only list old cryptocurrencies but also lists solid ones.

Prizes

People who regularly trade on the Binance exchange could win prizes. These prizes have continuously changed and included free cryptocurrencies like ONT (Ontology) and WAVES. The deal could also give away a Maserati vehicle, which is fantastic!

High-Volume Trading

As one of the top-rated exchanges, people can sell, trade, and buy cryptocurrencies, so many transactions happen every time. It allows people to have a great chance of instantly selling their cryptocurrency whenever it is needed.

In case you want to purchase crypto, if the trading volume is low, buying may be more difficult because of the lack of sellers. In case many people want to have that coin sold, buying can be easy. Binance has technology that is capable of processing 1.4 million transactions every second.

Security

Since Binance seriously considers security vital, customers need to have two-factor authentication set up whenever they register an account. The 2FA provides an additional security level with a unique code sent to your mobile phone whenever you want to log-in and withdraw or trade funds.

Binance is safe as the website uses the CCSS (CryptoCurrency Security Standard) that is the industry-standard to protect the accounts of significant exchanges. 

How to use Binance?

Now that you have a great understanding of Binance, their exchange’s advantages and disadvantages, and the things that they do, here is how you can open an account on that platform:

How to Open a Binance Account in the Philippines:

  1. Register at the Binance homepage

  2. Choose a strong password and enter your email address

  3. Have your email address confirmed so you can have an account with Binance.

  4. Once you log in for the first time, you will get a notification to ask if you want a two-factor authentication set up. We recommend that you set this up as this can protect your account.

  5. Complete the setup by entering your mobile number

How can I Deposit Funds at Binance?

The Binance Exchange doesn’t let people deposit through any known payment method like credit or debit card. You need to deposit a cryptocurrency, and the easiest way to do this is through ETH (Ethereum) or BTC (Bitcoin). There are also other exchanges that you can easily buy with fiat money.

1. Check out Funds and click on Deposits.

2. Choose the Select Deposits Coin. Type the code of the cryptocurrency you want to deposit. In case Ethereum is what you want to deposit, type in ETH.

3. It will then show your specific deposit address. There is a unique deposit address for every cryptocurrency. Whenever you try to have ETH (Ethereum) sent to your BTC (Bitcoin), you may end up losing your ETH!

4. Click on Copy Address to copy the deposit address.

5. Check out your cryptocurrency wallet and have the Bitcoins transferred to your Binance account. Make sure to have the coins sent to the correct Binance deposit address by double-checking the address after it gets copied and pasted.

6. Once you have coins sent to your account, you could get them in ten minutes. Check if they arrived by mousing over Funds and clicking on Balances.

7. After Binance confirms your deposit, your Available and Total balances will get updated.

8. Your Binance exchange now has funds that you can use for trading!

How Can You Trade on Binance?

Since you are now aware of how you can add crypto to your Binance account, you can start working on your first trade. Binance has more than 100 cryptocurrencies available. It would be best to replace the coin with the cryptocurrency you want to purchase.

1. Mouse on the exchange and choose Basic.

2. Click on Favorites on the right side of the page and choose the cryptocurrency deposited into your account. It may be ETH for Ether or BTC for Bitcoin.

3. Have the currency code of your desired cryptocurrency entered. If you want to buy LTC (Litecoin), enter LTC.

4. After clicking on the currency pairing like LTC/BTC, you will get to the trading screen.

5. Your chosen pairing market information you select will get displayed in graphs. Scroll down and search for the Green Buy. Make sure that you will click on the Market. Why should you choose Market and not Limit? Having Market chosen will let you purchase cryptocurrency at the current market price that is the best available price. Selecting Limit will allow you to enter the exact price you want to buy. We highly recommend this option to short-term, experienced investors.

6. Complete the trade by entering the number of coins you desire to purchase. Two options are available here:

Option 1: You may choose a specific percentage of your balance in Binance. If you have 0.05 BTC (Bitcoin) deposited 

Option 2: Enter the precise amount of coins you want to purchase. If you’re going to buy 10 LTC (Litecoin), have it entered in the box.

7. Complete your trade by choosing the green BUY LTC. Once you select Market, the order will be complete in several seconds.

8. Make sure that the trade was successful by checking out the section Funds > Balances.

9. Once you completed that, you have just finished your first crypto-for-crypto exchange! Congratulations!

How can You Withdraw from Binance?

Know how you can deposit funds into your Binance account and purchase your first coin. However, if you want to have your funds withdrawn, here is a list of steps on how you can do that:

1. Have your mouse moved over Funds at the top of the page and choose Withdrawals.

2. Ensure that you have set up the two-factor authentication, or else Binance will not allow you to proceed.

3. Choose the Select Withdrawal Coin” and have the cryptocurrency that you want to withdraw entered. Always remember that you would have to enter the cryptocurrency code like ETH BTC.

4. Send your coins by entering the wallet address. Make sure that the correct address gets entered, or you may end up making a costly mistake. We recommend that you do this by copying and pasting the address you desire to withdraw.

5. Have the number of coins you desire to withdraw and click on Submit.

6. Frequently, Binance withdrawals take no longer than thirty minutes to get to your destination wallet. However, it may take longer whenever the network becomes busy.

Who Should Use Binance?

There are two options people can choose from Binance: Advanced and Basic. Thus, Binance is a prevalent exchange that is great for both advanced users and beginners.

Since you now know the essential functions, allow yourself to become a trading expert by checking out the advanced section’s added features!

Binance Advanced

Once you become a highly experienced trader, the advanced options can help you know more about the detailed information. In case you want to see the price movements between Ethereum, Litecoin, and Bitcoin, you can check out their highly advanced graphs.

There are candlestick bars that let people check out the cryptocurrency’s lowest, highest, opening, and closing prices in a specified period.

Remember that when you are just beginning with cryptocurrency trading, it would be best to choose the primary option until you become more comfortable using it.

Know how or where you can store your Bitcoin with Binance 

The prominent cryptocurrency exchange in terms of users and trading volume is Binance. It announced a P2P (peer-to-peer) trading platform in PHP or Philippine Peso. The company aims to provide Filipinos access to cryptocurrency in their local currency.

It can now be possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using the Philippine Peso. Binance has a P2P platform that allows Filipinos to do this without any transaction fees. Integrating this will enable the user to trade crypto in their preferred prices and payment modes. They can even have their crypto assets transferred to a Binance wallet without an added cost.

Because of the platform’s zero transaction fees, it offers an escrow service. It aims to ensure that all of the cryptos will go to the users’ wallets. Binance has a P2P platform that lets users gain more access to various financial services. Included here are spot, margin, lending, and futures trading of Binance.com.

Since its launch in October 2019, Binance’s P2P platform has supported approximately 31 fiat currencies. It was also able to process trades of more than $1 billion. For their Global P2P Merchants Program, the company now actively searches for local merchants with reliable crypto and fiat access. Here, verified merchants enjoy a lot of benefits. It includes exclusive support for customers, VIP discounts, ad transactions and postings, and security deposits without any fees.

Start learning about Binance P2P trading by downloading the Binance mobile app now.