Experiences & Binance Review
Binance is one of the most popular crypto exchanges of the moment. Thanks to its many users and the large number of crypto coins available, it is the #1 choice for many. On this page we will further explain the Binance Netherlands exchange.
To use the Binance exchange, you first need to register. This is a fairly easy process, all you need to do is create an account. When creating an account, there are a different number of ‘levels’ to choose from, before you can proceed to the actual Binance log in.
For a level 1 account, no verification is required. This account type allows you to pay out 2 BTC (Bitcoin) per day. In general, starting traders will have more than enough of this.
In order to get a level 2 account, you will need to upload a photo of your passport. When this is approved by Binance’s security, your account will be upgraded to level 2. When this is approved, you will be able to pay out 100 BTC (Bitcoin) per day.
There are even higher account levels, but for this you need to contact Binance.
Add Binance currency
When your registration is complete you can start trading. In order to do this you need to have currency of course. The easiest way is to use Bitcoin or Ethereum.
To do this click on the ‘Funds’ > Deposits / Withdrawals button. Then choose the currency you would like to add to your account and click ‘Deposit’.
After following the steps you will see a ‘Wallet address’. When you click Deposit at Bitcoin, you will see your personal Bitcoin address from Binance. Copy this Bitcoin address (or any other cryptomint of your choice) and deposit the amount you want to trade with.
NOTE: It is only possible to send Bitcoins to a Bitcoin wallet. To an Ethereum wallet, you can only send Ethereum, and so on. Are you sending the wrong currency to the wrong wallet? Then you have actually lost these coins!
Now that there is money in your account, you can start trading on Binance. On Binance you will find plenty of opportunities to do this. The offer varies from well-known coins to new coins.
How does the Binance exchange work?
Binance offers you the possibility to trade on the basis of two different options. Namely, Basic and Advance. The difference between the two options is that Advance is a more advanced system with more possibilities. For example, the Advanced version provides more information and offers the possibility to better analyze certain trends of prices.
The advanced version looks like this:
And the basic version this way:
Trading in Binance
After you have put money in your account you can actually start trading on Binance. It doesn’t matter whether you’re using the Basic version or the Advanced version. Take a look at the version which you like to work with the most, because the principle is the same.
It is possible to enter the exchange in different ways. Via ‘Funds’ > Deposits / Withdrawals, you can see which coins you have in your wallet. Suppose you have a TRX/BTC in your wallet then you can click on ‘Trade’. You will then be given the options with which you can trade TRX. In this case this is Bitcoin or Ethereum. Choose which currency you want to trade. This will take you to the exchange.
It is also possible to access the trading page via the Binance Homepage. Here you can see the different markets Binance has. The Bitcoin market is the biggest one. This page also offers the possibility to follow a certain currency. Click on the asterisk on the left side of the coin in question. This will appear in your favorites tab. Clicking on the combination of the coin you want to trade will take you back to the coin’s trading page.
Here you also get the possibility to trade via the Basic version or via the Advanced version.
How does buying Bitcoin on the Binance Exhange work?
When you go to the trading page, you’ll see a lot of information. On the right hand side you will see all the recent purchases and sales. In the center of the page, you will see the chart showing the most recent Bitcoin price developments and the corresponding Bitcoin price expectation. Below you will find the most important element of buying Bitcoin on exchange Binance. Namely, the place where you can place orders. We’ll explain this to you in more detail below. On the top right you can see all the coin combinations that are possible. At the bottom right you’ll see an overview, this overview contains all created sale and purchase orders.
In this example, we’re going to show you how to buy Ethereum with Bitcoins on Binance. In this example there are 3 options:
Here you can set the price yourself. For example, do you expect the price to drop? And do you want to buy coins at a low price? Then enter the amount you want to pay.
Here you can buy coins directly for the current market price. It doesn’t matter if the price is falling or rising. Your purchase will be accepted anyway.
3. Stop Limit
Stop Limit offers the possibility to buy when a certain price is reached. At stop, enter the price at which you want to buy. At limit, you then enter the price at which you want to buy.
At ‘Amount’ you can determine the amount of ETH you want to buy. It’s easy to use a number of percentages of your BTC.
At ‘Total’ you see the total costs in BTC.
To buy click on the green button ‘BUY’. When you do this, your order has been confirmed and your trade has been executed.
Bitcoin and other crypto currency sales at Binance
Selling Bitcoin on Binance basically works the same way as buying Binance. Here you have the same options. Namely, Limit, Market, and Stop-Limit. To sell Binance, you determine the price at which you want to sell the currency and the quantity you want to sell.
In the image above, you see that you can sell the ETH again for BTC. With the Stop-Limit function you can not only determine the price should the price drop, but you can also place an order to sell in advance. For example, if you’ve made a nice profit and want to sell, this is a very handy feature.
Every time you decide to buy or sell a coin. Then you pay a small percentage of Binance fees. This is how Binance makes her money. In general, Binance fees are quite low. Especially when compared to other known exchanges. Currently the Binance fees are set at 0.1%.
The fees per payout are different per currency. There is no limitation on the number of coins you can send to Binance. The payout limit depends on the user level on which you trade. Do you want to trade small amounts without passport verification? Then you can start trading as a level 1 user.
Is Binance safe and is Binance reliable as an exchange?
Binance is known as a very safe and reliable exchange. Everyone in the Binance team is listed with their name and personal details in the whitepaper on the website.
Despite the fact that Binance is a relatively new exchange, Binance has an extremely strong security. The fact that Binance is reliable is, in our opinion, one of the most important reasons why Binance has become so popular in a short period of time. All traders naturally want to trade on a secure exchange. After all, it is all about real money.
Also, the exchange is very user friendly and very fast in use. For example, current prices can be tracked constantly, in milliseconds, in terms of the changes that take place.
As far as we are concerned, the question of whether Binance is safe can be answered with a big YES. Binance is constantly working on securing trading accounts and tries to protect users from possible hackers at all times.
Binance has become a very important player in the development of the crypto sector. With a very good track record. Binance has developed an extremely secure trading platform, which is extremely suitable for daily trading in many different crypto currencies. All this at relatively low commissions in contrast to other crypto exchanges.
Binance has undergone an enormous development within the crypto sector in a short period of time. For this reason it is important that you are careful and vigilant with your Binance account. You should invest in an encrypted and secure hardware wallet. Besides that, make sure that you activate all the important security measures Binance offers you.
Nevertheless, Binance has a reputation for having developed a very secure trading environment. And is therefore highly regarded. The Binance experiences of users on the internet are almost all positive.
The Binance exchange is known for the enormous amount of crypto coins you can buy and trade. But also for example tokens. These tokens are part of a so-called ICO (initial coin offering). ICO is mainly offered by starting companies, who want to introduce their own coin on the market. Binance offers you the opportunity to buy these coins earlier than others. With a good investment, in the right coins, you can quickly make a high profit.
For contact Binance is very easy to reach. For example, they have a Support centre where you can go to find out any questions you may have. This support centre, contains a website with frequently asked questions and offers you the possibility to contact one of Binance’s employees by phone.
On the support centre page you will also find a beginner’s guide. With the beginner’s guide you can easily learn how to get started with Binance through a handy manual.
The official website of Binance is: www.binance.com
Would you like more information about different exchanges? Check out our extensive reviews of BTC direct and Bitonic.
Are you using this exchange? Leave your review!
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What is Binance
Binance has become the largest cryptocurrency platform in the world, with continuous new innovations. It offers the widest range of cryptocurrencies, as well as the possibility to buy, strike and even soon offer a crypto credit card.
Binance is active in 25+ countries and is the biggest player in the world at the moment.
Binance is the biggest cryptocurrency exchange worldwide.
New products are constantly coming from the company.
The platform offers you the option to stack your coins.
Easy to use platform thanks to the clear interface.
Frequently asked questions
Is the Binance Exchange safe to use?
Yes, security is very important at Binance. We work on this all the time. This is one of the reasons why this Exchange has grown so fast in popularity.
Is Binance suitable for beginners?
Yes, Binance offers the opportunity to trade on different ‘Levels’. Level 1, for example, is very suitable for beginning traders, who were trading small amounts at a time.
Why is Binance so popular?
Binance owes its popularity mainly to the fact that they are an extremely secure trading platform. The fact that they have very low trading fees, compared to other exchanges, also plays an important role in this.
Can I buy and sell on a bitcoin exchange?
This also depends on the exchange, with some you can only trade while with others you can also buy and sell.