What is Binance and How to Create an Account
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Binance is the world's largest crypto exchange founded by Changpeng Zhao, also known as CZ. Now, you can use a credit card or fiat money. You might think why traders need binance, even though Indodax already exists?
Indodax is a coin exchange that allows traders to buy Bitcoin with fiat, aka rupiah. However, Indodax only gives traders a few coin choices. Indodax provides traders with approximately 9 types of Altcoins, what if you want to buy NEO? The answer is to buy on Binance.
Not only that, Binance also makes it easier for traders to read coin charts. Even though there is a time fee for exchanging coins on Binance, it is very cheap. Every time you make a transaction, you will be charged 0.1%. This is a very low fee when you compare to the various services out there like Bittrex.
Not only facilitating by exchanging coins or selling coins but Binance also has a Crypto coin called BNB, if you pay with these coins then you will get a discount.
Little knowledge about Binance, Binance is not the first exchange to provide coin services. There are many services that provide this kind of service but the advantage of Binance compared to others is that the coin service is the fastest so it ranks at the top of the coin business.
What are the Binance Transaction Fees?
Binance charges a very small and cheap fee of only 0.1% and their service is very fast and trustworthy. Their coins are also loved by traders. However, Binance does not allow you to buy with fiat/ rupiah. You have to buy coins at Indodax or coinbase and transfer them to Binance to exchange them for Altcoins.
Ways to Register on Binance:
1. Go to the Binance website
You have to be careful with bookmarking these websites, because many hackers have created phishing sites to deceive traders.
REFERRAL ID:28183633
Enter those referrals when you create a new account on binance.
Don't forget to always look for the green padlock logo on the top left side, it certifies that the website is official from Binance. This screenshot was taken from the Safari browser, if from Mozilla Firefox or Chrome, the words "secure" will appear.
2. Register an account
Click register to create an account and you will be redirected to the registration page as shown above.
Fill in your email correctly because an account creation confirmation will be sent to that email.
After you have finished registering, you must complete the puzzle/puzzle to verify you are not a robot. This is done to do double secure.
3. Activate 2-factor authentication/2fa
Always enable 2FA on websites that allow you to do so to prevent unwanted things from happening. The way 2FA works is that the password will change every 1 minute starting with opening the Google Authenticaton application on your cellphone, and every time you log in they will ask for a code that appears on 2FA.
You can download the application in the playstore or app store. Not only Google Authentication, your phone number can also be used as your second password. Security on Binance is one to watch out for.
How to deposit from Tokocrypto to Binance?
I will teach you two ways, by transferring coins from Tokocrypto or USDT from any exchange. If it's from Tokocrypto, I always choose BUSD because transaction fees are very cheap.
- Click Wallet
- Click Binance Transfers
Another way to deposit Binance from Tokocrypto is a transfer with USDT (TRC-20). Make sure you use USDT TRC-20 or BEP20 because transaction fees are cheap. Also make sure that YOUR BLOCKCHAIN ON Binance EQUALS USDT (TRC-20) or BEP 20.
- Click Wallet
- Click Withdraw
How to deposit from Indodax to Binance
1. Deposit
I gave an example with NEO. However, the best deposit method to Binance is USDT-TRC-20. You can deposit your coins on Binance in very easy ways like:
- Click Funds
- Click Deposits/withdrawals
After that, you will be redirected to the page listed above, here you can choose which coin to buy. In Binance there are about 50 coins. Thus, many traders who are experts on Binance, read opportunities to earn bigger money.
If you want to transfer BTC from Bitcoin to Binance, you have to go to the page above and enter the BTC address from Binance to the Bitcoin address on the Indodax page.
Copy and paste is the best way to enter the address, thus avoiding your coins being lost forever due to entering the wrong address and you cannot ask Indodax/Binance to investigate your mistake.
2. Buy Altcoins
Buying coins other than BTC aka Altcoins is very easy for beginners, Binance provides various graph measuring tools such as trend line, MACD, down arrow, up arrow. Almost all methods are provided by Binance. This example is if you need to buy ADA using BTC-ADA/BTC.
Limit, market and Stop-Limit can buy coins listed on Binance
- Limit- Buy/sell at the price you set. For example, you believe that the coin will go down, you can set a price below the market price. The market price is the most recent price, this price will change every second.
- Market- This method is the easiest way to buy coins. If you want to buy the coins immediately, use this method.
- Stop-Limit - A more 'advanced' method than the various methods described above, this method is widely used if you hold the coin for the short term.
Goodness on Binance
- The lowest fees on the cryptocurrency market
- The interface is very nice and complete
- Fast
- Many cryptocurrencies are listed
- Multi-device: IOS, Android, ETC
- Processing speed is very high
Weaknesses of Binance
- Cannot be sold to fiat money
- Difficult to use for beginners (don't use advanced trading)
- Only provides Limit and Market Orders.
- Buy Using a Credit Card
You will be redirected to a page like the one below and click “Buy Bitcoin Here.” There are 4 ways to buy, if you have a Visa or MasterCard, use options 1 and 2.
Write down how much you want to buy. If you notice that in your area you cannot make purchases, please use a VPN.
How to Transfer Dollar to Binance?
As a trader, I always buy USDT at Indodax or Tokocrypto and transfer to Binance using USDT-TRC20. On Binance, you cannot cash out to rupiah and I also transferred with USDT-TRC20 to Indodax because I think the withdrawal fees are very fast and cheap compared to other exchanges.
How to Mining/ Earning Money from Binance?
The answer is Launchpad, however, you have to deposit money aka BUSD/BNB deposit on Binance. It can be likened to playing a bank deposit, however, Binance provides higher interest.
- Click Stake Now. I get thousands of TKOs from here.
- Besides that, you can also use Staking if you want to hold coins.
- For now, I really like Binance and use this broker over others.
- How to Stake on Binance?
- Click Binance Earn and select Locked/ fixed or flexible savings.
Locked means you can't redeem until the D-day. If you pick it up, you will be charged. They provide 15, 30, 60 and 90 day locking. APY is interest per year and they can update APY at any time.
Flexible can be pulled at any time. This feature is great if you want to hold on for a while and sell.
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