Binance is the largest international bureau de change and perhaps the most popular platform to trade a variety of cryptocurrencies. It hasn’t been very long since it was founded, but soon after its foundation in 2017, it managed to convert to the largest cryptocurrency exchange in the world in terms of trading volume. On average, the volume of daily trades in Binance reaches 1.2 billion dollars. The reasons why this platform has succeeded in overtaking its rivals are the lower transaction fees it deducts from the users’ accounts, the more security it provides and the better accessibility users can benefit from through their cell phone and computer applications rather than other available currency exchange platforms.
The thing that should be taken into consideration is that Binance is not a place to purchase digital currencies; it is a place to convert them. That is to say, for each deal made between buyers and sellers, a particular amount of money is deducted as a transaction fee.
How much are you charged?
The fee that Binance charges you depends on the volume of your trades in a period of time. For example, if a user’s trades are fewer than 50 coins every month, they pay 1 percent of each trade.
Another thing to consider is that your transaction fee is reduced by 25% if you use BNB (binance coin).
Lastly, Binance doesn’t charge you for crediting money to your account but you have to pay a fee for any withdrawals.
Instruction on creating a Binance account
1) Enter the website ‘www.Binance.com‘ and click on Register
2) Fill out the application form and insert a valid email address as you will be sent a confirmation email. If you have been introduced to sign up on Binance by someone, you can insert your invitation code in the space provided for Referral ID to allow that person to receive a bonus from your transaction. Bear in mind that the bonus is not extracted from your account and is paid by the website.
3) Put a tick on bottom of the page to submit to the terms and conditions and then click on the ‘Create an account’ button.
4) After you are notified through an email, your account is activated. Now you can enter your user account by the ‘log in’ button.