So here on the Investing boards we've seen a big interest in Bitcoin and Cryptocurrency. When most people first get started into Crypto, they typically start using Coinbase and buying Bitcoin, Litecoin, and Ethereum, because those are the only three currencies offered on there.
As people become a bit more familiar with the space they often become more interested in trading altcoins. There's thousands of altcoins out there, many of which have improved features over Bitcoin, and also altcoins is typically where the less risk averse see more chances of higher gains down the road since BTC, LTC and ETH have already risen so so so much in value.
In the past the big altcoin exchanges were Bittrex, Poloniex, and Kracken. Bittrex has in the past always been my favorite exchange, however more and more people have been having complaints about being locked out of accounts. Bittrex is removing cryptos like Safex because they may be construed as securities, and while Bittrex's fee of 0.25% per trade isn't ridiculous, it is pretty steep.
Enter Binance
Binance began as an ICO or initial coin offering back in May of this past year. They have wound up not only delivering on every promise but even going above and beyond. Binance has a lot of benefits over other exchanges such as lower fees, more coins, no verification and high withdrawl limits.
Where as Bittrex, Poloniex, CEX and other exchanges charge fees of 0.25%, Binance is just 0.1% and if you hold Binance tokens (BNB) which gives you a discount you can even trade for as low as 0.05%.
Binance also has very high withdrawl limits even without verification. You can withdraw up to 2 Bitcoins per day which at todays prices is equivalent to about $30,000 without giving a name, social, ID, etc.
Binance also has a wider array of coins than other sites. Recently I became interested in Iota, Ethos, Tron, and other coins and Bittrex doesn't carry those. Because Binance is based out of Hong Kong versus Bittrex which is based in the USA, they can carry coins which Bittrex may not be able to because of the SEC and because some coins could be thought to be securities.
Lastly because Binance is new they do all types of fun giveaways such as trading contests to win cars, airdrops where free coins get handed out and more. Binance is quickly becomming my favorite exchange.
Binance is a great choice for both new users and more advanced users as their trading screens and charts have an option for basic or advanced.
How to Load Funds onto Binance
Unlike exchanges like
Coinbase and
Gemini which allow you to buy coins with fiat money ie US Dollars and credit cards, debit cards, bank transfers, and wires, most altcoin exchanges only accept Bitcoin. In regards to why, mainly because dealing with Dollars brings on a whole big set of challenges like getting money transmitter and MSB licenses in each state which can take years and cost millions. By only dealing in crypto it's much simpler to get a business up and running and there's much less red tape.
In order to get funds onto Binance, or Bittrex, or any crypto exchange for that matter you first need to buy Bitcoin, Litecoin or Ethereum on a site like Coinbase. I would suggest getting Litecoin or Ethereum as you can load your Binance account, and the fees will be MUCH MUCH MUCH cheaper, and the transactions much faster than Bitcoin as the Bitcoin network is currently really bogged down.
Once you purchase your Litecoin or Ethereum you'll go into your Binance account and type in the ticker for the currency you bought on Coinbase, for this example we'll say Litecoin so (LTC). You'll then click the tab which says deposit at which point you'll be given a Litecoin address that looks something like this LTavtCDTcQkzeEE9DnS6ZaTwVpzndypLvB
You'll then go back to your Coinbase account and click "accounts". You'll then click "send" and when prompted for a Litecoin address you'll put in the Litecoin address you received when clicking "deposit" on Binance.
You'll then select how much you want to send either in USD or LTC price, and click send and within a few minutes your account will be funded. You can then swap your Litecoin for Bitcoin or Ethereum and then trade all the BTC or ETH pairs to buy currencies like Iota, NEO, Lisk, ARK, Ripple and others.
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