Monday, 15 January 2018

Buying Alt Coins - Crypto-Crypto Exchange (Binance)

I've receive some questions regarding crypto-crypto exchange recently. And today, in this post, I will be sharing about one good crypto-crypto exchange that I've been using personally. Binance is a crypto-crypto exchange that I've been using for months and there have been many bloggers writing about them.

Today, below, I will write briefly on my personal review of Binance. With Binance recently reopening their registration portal (link), I will also include the latest steps to creating an account with them. (tho there have not been any major changes since the last time I've registered my account with them in November)

Here's the link to Binance (link here).

Review
The beauty of Binance is that it does not require much verification and you're able to get your account done shortly with just your email and Google Authenticator. For transactions under 2 BTC, you will not require further verification. 2 BTC (as of 15/01/18) is priced at 27,000 USD which is roughly about S$35,100. Unless you have transactions that are greater than this amount, you will not need to send in your documents for further verification.

Deposits into Binance are free, whereas for withdrawal there will be a fee imposed. Earlier it was cheaper and they have recently revised the rates. You may wish to refer to the image below for the latest withdrawal fees imposed by Binance:





Apart from the withdrawal fees, transaction fees are relatively cheap at 0.1% for ETH, BTC or USDT and 0.05% for BNB.

BNB is a Binance coin, and you'll need to buy them using ETH or BTC first before using BNB to trade. It's rather impressive that BNB have shot up over 1000% from $2 when I've entered the game to $22 today (as of this moment I'm writing). Hence, if  I were to buy into BNB earlier in Novemeber and trading them, I'm sure my returns will be greater than what I have today. (I'm not advising anyone to get any coins) 

Security wise, so far so good. In fact, whenever you've logged in, you will receive an email from Binance informing you on your login with your IP address. Hence, when you receive an email when you did not login, please disable your account and contact Binance immediately.


Steps to creating an account with Binance
Step 1: After clicking on the link, the page below will display. Click on Register that is on the top right hand corner circled in red.


You will then be directed to the registration menu whereby you key in your email and password your account.

Step 2: Verification. Login to your email you've keyed and check for the email from Binance. There will be a link and click onto it to verify your email.

Step 3: Download Google Authenticator from Google Play Store for Andriod user (here) or App Store for IOS user (here).


Step 4: Login to Binance with your email verified. You will be prompt to activate your 2FA. In this case, the app here from Google Authenticator will be used as your 2FA. There will be a QR code which is on your account menu in Binance.

Scan the QR code from Google Authenticator and key in the 6 digits displayed there. This will be used for subsequent logins.

Step 5: Your account have been successfully created. There's an app for Binance for which you will be able to do your tradings and all on.

For IOS user (link here), you will need to download this app from the link provided. After which, proceed to Settings>General>Device Management and authorise the app. Yes, it is a little strange to see Qingdao Endocrine and Diabetes Hospital as the developer for Binance app. Previously, it had also been some strange hospitals. This makes me wonder why too. Haha. But nonetheless, the app here for me had been working fine for the past few months and yes, they're legit from Binance (link here)

For Andriod users, simple download it from your Google Playstore (link here).

Step 6: From whichever fiat-crypto exchange that you're using, initiate a withdrawal request and send the coins to Binance. This wallets' address for Binance can be obtained by clicking on Funds>Deposits/Withdrawal on the top on your page. Click on the "Deposit" tab and you'll receive your address.

Likewise, when you want to initiate a withdrawal from Binance, please be reminded on the fees above. Just simply click on "Withdraw" tab.

PS: I have my referral link for Binance. But there will be no additional fees paid on your end.