How to use Binance for Basic Trades?

Now you know how to use Binance to make trades, I need to tell you about Binance trading fees…

Binance trading fees are some of the lowest on the market. Binance doesn’t charge users for making deposits. This is because the exchange is cryptocurrency-only. It avoids the high fees that exchanges that offer fiat trading have to charge.

Binance charges different withdrawal fees for different cryptocurrencies but they are all quite low. For example, if you withdraw Ethereum you’ll be charged 0.01 ETH and if you withdraw Ripple you’ll be charged 0.25 XRP.

Binance trading fees are capped at 0.1% of each purchase or sale users make. This fee is reduced by 50% if traders use Binance Coin to pay them. So, that’s a final fee of just 0.05%!

You only need to check the trading fees of its competitors to understand why Binance is one of the most popular exchanges on the market. Bittrex and Bitstamp are well-known for having low fees and they both charge 0.25% for each trade. That’s five times more than Binance!

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.

If I teach you nothing else today, I’ll teach you how to use Binance safely!

There are several ways Binance users can protect themselves against thieves and hackers:

Two-factor authentication:

This security feature is so important I’ve mentioned it twice!

Ignore requests from people claiming to be from Binance:

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!

Only use the official Binance site:

Use strong anti-virus software:

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.

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, crypto newbies!

So far, I’ve taught you how to use Binance to open an account and make basic trades. I’ve also taught you about Binance trading fees and security. Before you head over to Binance and start trading, I want to take a quick look at what kind of user Binance is designed for…

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