In the crypto world, Binance is the destination destination destination for all things cryptos. It’s home to both a number of leading cryptocurrency exchanges and a wealth of lesser-known coins that may or may not have any crypto links at all. But if you ask most crypto professionals and there’s no doubt they’ll have heard of Binance – it’s probably because they are one of the largest digital asset exchange platforms in the world. And while they do have their fair share of drawbacks, including slow site performance and demand for specialist advice on trading, they have something to offer everyone else who is looking to make money with cryptocurrencies. Here are 5 reasons why you should trust Binance as your #1 place to buy & sell cryptocurrency In this blog post we’ll take you through the basics and what makes a good fit for Binance as your first port of call when buying & selling cryptocurrency. If you are just getting started with cryptos and want to see how things work from an amateurish perspective then this might be worth checking out first.
What is a cryptocurrency?
A cryptocurrency is a digital asset that uses cryptography to secure its information. Unlike conventional cash, cryptocurrency transactions are not verified by governmental agencies – unlike banks, credit unions and credit card issuers. Moreover, unlike fiat money, no one but the owner of an cryptocurrency can print its own currency. This makes cryptocurrencies different from traditional fiat money in that they are not backed by anything: no government, corporate or other source of authority.
How to buy & sell cryptocurrency
You can buy or sell cryptocurrencies on any trading platform. If you want to buy and sell frequently, consider trading on a platform like Binance. There are many different types of exchanges, but the most popular is Coinbase. Another popular exchange is Kraken. If you are unsure where to start, look no further!
The reasons why you should not trust Binance as your first port of call when buying & selling cryptocurrency
Freaking out about Binance’s domination?
We’ve got the almost all crypto exchange bankrun in the world after FTX. There are running into Binance, because CZ, the CEO triggered the bank run time bomb and he then set up funds to prevent bank run.
https://twitter.com/web3isgreat/status/1596253479462322176
- web3isgreat
The platform may be reliable, and its history goes back to 2011. It’s the biggest exchange by far in the world and it has been around for over a decade. It’s not a new concept – you’ve probably used exchanges like this for the last 10 years or so.
The exchange is owned and operated by used to be Chinese company binance.cn. All trade activities are handled through a virtual private network (VPN). This is a secure way to move your assets between public and private computers. You can use different digital wallet apps such as Electrum, My Wallet, etc. to store your cryptocurrencies. There are plenty of different exchanges available on binance.
What are the fees like on Binance?
You’re more likely to notice the high fees on Binance than Coinbase in certain situations. These include high trading volumes, high liquidity, and high trading rates. So pay particular attention to these factors when deciding which exchange to invest in. At the end of the day, we recommend setting a budget of around $100 - $250 per month (according to how much time you want to spend in the business) to avoid paying too much in fees. You can also save money in the long run by using an exchange that allows withdrawals within 24 hours.
Bottom line
If you are looking to profit from crypto trading, you need to look no further. The options are endless. In order to make the most of your investment, you need to pick the right exchange (or don't) and make the most of your time in the market. Finding the right trading platform, understanding the differences and risks of different exchanges, and using a variety of strategies and tools can save you a lot of money in the long run. If you are new to the market or unsure where to start, look no further! The right exchange for you will work out like a charm. Just make sure you keep your eye on the prize and are prepared to take some risks.
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Photo by Esteban Lopez
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