Cryptocurrencies have increased in numbers and in users lately and many people usually deal with cryptocurrencies. Buying and exchanging of cryptocurrencies are now everywhere. Many people too have started making a living by transacting in this great platform.
And so, today, we will be bringing to you a very good platform when talking about cryptocurrencies which is called Binance: Bringing to you what you can learn on binance including the Pros and the Cons of using Binance.
Table of Contents
What is Binance?
Binance is Cryptocurrency platform or a cryptocurrency place built to help the users of the platform in exchanging and in storing Cryptocurrencies like bitcoins. Binance is an exchange where users can trade cryptocurrencies. They support many of the most commonly traded cryptocurrencies. Binance provides a crypto wallet for its traders, where they can store their electronic funds.
On a historical Background, the Binance company was founded back in 2017 in China but later moved to Japan in September of the same year when the Chinese government banned the use of Cryptocurrencies.
How can one create an account in Binance
First thing to be able to use Binance is to have an account in your name to create a binance account is quite simple and not complicated;
- The first thing is to download the Binance app or binance software
- Then the next thing will be to go the homepage of your application and tap on register
- After a form will be provided for you to fill which will include your email, complete names and a password created by you. Make sure to read and accept the terms and policy of Binance before confirming your form
- Then a small puzzle will appear for you to complete which is quite simple for all human beings apart from robots.
You are now the owner of a binance account
Note that at the first login into your account, you will be asked to install a 2FA password method of security. And this is one of the best methods of securing your account and it is very important! If you choose Skip, for now, you’ll regret it later!
Two Factor Authentication
2FA is two-factor authentication. It’s a security feature that gives users an extra form of password. When using 2FA, users enter their normal password and a second code which can be sent to a mobile device by SMS or created by the Google Authenticator app.
After you’ve set up 2FA, you’ll be ready to fund your account and start dealing with your cryptocurrencies. You can do this by sending cryptocurrency from a crypto wallet or another exchange - like Coinbase - to your Binance account. check it on the link
Advantages and Disadvantages of Using Binance
Advantages
Good Security; Binance is provided with the 2FA security method which is one of the best security methods that exist presently which permits you to have two different passwords for your account.
Easy to Use: The Binance office has thought of the fact that some beginners might want to learn how to work with online Cryptocurrencies and they made their platform very easy to use for both beginners and for advanced users.
Good trading: Binance is presently one of the best platform one can use for trading online crypto
Broad: Binance has a very broad office of work and does not deal with only one cryptocurrency but has put in place about 14 different cryptocurrencies including Bitcoin, Ethereum, Ripple etc.
Disadvantages
Every good thing could also have bad sides,
One of the biggest disadvantages to Binance exchange is that customers can't deposit funds using traditional payment methods.
Binance is definitely one of those exchanges that are taking their security seriously, and because of that, Binance is a great platform to use for trading cryptocurrencies. But it is not advisable to leave your cash in your Binance account.
As you can see, Binance trading fees are one of the exchange’s best features. Next, I want to tell you about another one of its features - security.
Binance Security
There are several ways Binance users can protect themselves against thieves and hackers:
1. How to use Binance: phishing.
Nobody from the Binance team will ever ask for your passwords or your 2FA codes. They will also never ask you to send coins to a “safe account” or anywhere else! So you have to avoid reading messages from people claiming to be Binance.
2. How to use the Binance official website.
Don’t click on links to Binance in emails/pop-ups. Check the official Binance URL and bookmark it! If you need to contact the Binance team, use the contact information found on the homepage of your app.
3. Anti-virus softwares.
Your Binance account is only as safe as the device you’re accessing it from. Make sure all the devices you use to access your Binance account are free from bugs and viruses. And for that, avoid viruses with very efficient and strong Anti-Viruses
Using a crypto exchange isn’t like using the services provided by your bank.
There are no 24-hour helplines to call or buildings you can visit to complain! You’re responsible for the security of your account, so be safe!
Who is Binance for?
Binance is designed to appeal to as many users as possible. The exchange is simple enough for newbies to use, and offers enough coins and features to keep expert traders happy, as well. I would recommend Binance to crypto traders of almost every level of experience.
The only users who might struggle to use Binance are first-time traders. These users probably won’t own any cryptocurrency and may not understand the basics of crypto trading. If this sounds like you, then I suggest signing up to an exchange like Coinbase. With Coinbase, you’ll be able to purchase your first cryptocurrency with fiat currency and make some simple trades. Then you’ll be ready to try Binance.
Trading with Binance will take you from beginner to expert through its Basic and Advanced settings. You can start by making simple market trades and move on to the more complex limit and stop-limit order trades.
Binance offers its users a great selection of coins and the kind of market information you won’t find on most other exchanges. The one thing it doesn’t have is fiat trading. But that’s about to change.
Conclusions
In this Binance tutorial, I have shown you a few advantages and disadvantages of using the Binance platform.
To continue learning, Learn;