Using Binance for Crypto Investment and Trading
Recently, I was on Publish0x and came across an article that talked about a Military Veteran in the US losing his life savings in a crypto scam. He was recommended by someone he met online to invest through a certain platform. In the beginning, he received his withdrawals but later when he asked for a big withdrawal, he was blocked and he lost his money.
One of the reasons why a lot of people are suspicious of crypto is because of scams. But if you analyze these scams, you will see a large percentage of scams occur because people were using wrong platforms. This brings us to a conclusion why you should be using a trusted crypto exchange like Binance and Coinbase for crypto investment and trading.
If you want to start with crypto investment and trading, you will be overwhelmed with the number of crypto exchanges and wallets. These exchanges and wallets are basically divided into two groups decentralized and centralized platforms. Decentralized platforms are like public enterprise where as centralized platforms are like private companies. Binance is centralized exchange, it is owned by a Chinese man referred to as CZ. Both centralized and decentralized platforms have risks, however, the benefits you get by using Binance outweighs the risk associated with centralized exchanges.
Want to Invest, Trade or Earn Ffrom Staking? Use Binance
A lot of people say that Coinbase is better than Binance. However, Coinbase available for the users in Europe and America, the services are limited or not available in my African and Asian countries. For instance, Coinbase does not offer full functionality in my home country. Binance is available in more than 130 countries world wide. Binance has P2P trading feature that makes it ideal choice for people in the country where the banks do not accept crypto. Based on user base, Binance is bigger than Coinbase. There is no other exchange that offers as many cryptos assets as Binance.
Coinbase is mainly concentrated in Europe and America, in many developing countries in Africa and Asia, coinbase does not have full functionality. For instance, Coinbase does not support fully in my home country. However, Binance is available in more countries than Coinbase. In my home country, Binance offer full functionality. Binance has P2P trading enabled which is beneficial for people where crypto is not supported by governments or the banks do not approve crypto transactions. Therefore, I believe Binance will continue to evolve. In fact in terms of company worth, Binance is bigger than coinbase
Binance is beginner friendly, after downloading the app and verifying your account, you can start buying crypto. If you cannot fund your account for crypto investment, you can even use P2P feature and buy crypto from other users in your country through Binance. P2P is very secure on Binance.
Binance offer multiple ways to earn, and Binance Affiliate is one of the easiest methods to start earning by promoting the app. You can try mining, eth staking, simple earn etc. to make money from the platform. You cannot just earn interest on your assets, you can even get loan. If you do not want to sell your assets but need money on immediate basis, getting a loan is a better option.
If you use Convert feature to exchange between different currencies, you do not have to pay for exchanges. P2P trading is also does not have any fees.
A couple of years ago, you could use Binance to send and receive crypto without being verified. You had to verify for other activities, for instance, withdrawing, trading, staking, etc. However, these days, you cannot use Binance without being verified. Therefore verification is a must if you want to continue using Binance. You need a Passport, Driving License, or National ID in order to get verified. Apart from these three types of documents, Binance will not recognize any other ID, including voter ID, Tax ID, etc. Sometimes you can encounter problems with verification even when you submitted Passport, Driving License, or National ID. In that case, you can contact support. Sometimes it is difficult to understand why they reject our documents even when you have submitted the correct documents.
You can receive cryptocurrencies on your Binance account either by sharing your crypto address or QR Code (of the currency you are trying to deposit on your Binance account) or Binance Pay ID. While Binance Pay ID is for transfer between Binance to Binance accounts, a crypto address or code can be used to receive funds from Binance accounts or external wallets and exchanges. User-to-user transfer through Binance Pay ID or wallet address is free (you can send and receive funds to/from Binance users for free), and sending to external wallets comes with fees. While depositing from Binance accounts is almost instant, it takes time for your assets to be credited if you are using external wallets. If you are not sure about the kind of assets you will be receiving from another Binance user, the best way to perform the transaction is through Binance Pay ID. Deposit by banks is not globally available.
Benefits of Using Binance
There are a lot of crypto exchange platforms and these exchanges are decentralized platforms as well as centralized platforms. Binance is centralized exchange, there is a risk associated with using centralized platforms, however, the benefits you get by using Binance minimizes the risk associated with using centralized exchanges.
Binance Affiliate: You can earn crypto by referring users.
Multiple Crypto Assets: There is no other exchange that accesst as many cryptos as Binance.
Free Exchange: You can exchange between different cryptops through convert option and this does have any fees.
P2P: You can buy and sell cryptos through peer to peer method and there is zero fees for sellers.
Mining Pool: Binance offers mining pool and you can use this feature if you are a miner.
Binance earn: Binance offers multiple earning methods and one of the common ways to earn on Binance is through Earn program. You can stake your cryptos for a fixed term and earn passive crypto rewards. If you are a crypto investors and want to earn passive income through your assets, consider staking your assets. There are a lot of platforms where you can earn staking rewards, but I use Binance as Binance is number one exchange based on the user base. Therefore, I recommend Binance for staking rewards. On Binance, you can earn staking rewards on stable coins like USDT (around 4 percent), BUSD (just under 1 percent), DAI (2 percent), and USDC (slightly under 4 percent). You can also earn staking rewards on ETH and other assets but if you consider crypto risky converting your USD into stable coins and staking them on exchanges may offer better returns than holding your money in banks. The lower volatility of stable coins reduces risks associated with staking.
Loan: If you have cryptos, you can earn interest on your assets, and earn additional cryptos. You can also use your assets to get a loan by using your assets as collateral. Platforms like Binance let you earn interest on your assets as well as provide borrowing services. If you need money but do not want to sell your assets, the best ways to use your cryptos is by using them as coilleteral and borrow. It's like turning your digital gold into real-world cash, with the added bonus of earning interest on your assets. Just like with a normal banking services, you can earn interest and also get a loan. However, you need to remember, like any good loan, you'll need to pay back the principal and interest later.
Crypto Investing: Take Control of Your Coins
If you have not invested in crypto yet, this is the time, crypto winter has passed and the bull market is coming. Recently Security Exchange has approved crypto ETFs and this has already sent positive signals in the crypto market and coins are growing rapidly.
If you want to invest in crypto, choose a reputable exchange like Binance, Coinbase, Crypto.com, KuCoin, etc. and verify your account. Then, fund your account with fiat currency and choose crypto to invest. Start with BTC and ETH. These are the most trusted coins. Remember, crypto is volatile, so invest wisely, diversify by investing in multiple coins and do your research!