Welcome to my Binance review!
Looking for the best cryptocurrency exchange platform? If so, this post is for you.
First things first, I’m really happy for you that you’re willing to do your own research before joining any program as there are way too many online scams that can waste you a ton of time and money.
And this is the only way to stay away from scams and find the legitimate way to make money online!
Let me be completely honest with you, I’m not associated with Binance in any form so I’m not here to sell anything to you.
Instead, I want to show you why you should avoid
So, if you’re doing research about is Binance a scam or legit, rest assured that this is the right place.
In this review, I’m going to be giving you a thorough breakdown of Binance and whether you should join this program.
Product Name: Binance
Price: Free to join
Overall Rank: 60 out of 100
Binance was founded in Hong Kong in 2017, which is a digital currency exchange platform that enables users to buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, and hundreds more.
Over the past few years, Binance has already become the largest cryptocurrency exchange platform in the world, making over 1.4 million transactions per second.
How Does Binance Work?
Formarly, Binance only offered a crypto-to-crypto exchange, which means that it didn’t involve in any fiat deposits or withdrawals. However, the platform starts offering support for bank account as well as credit card deposits recently.
There are two options for digital currency trading, basic and advanced.
If you’re just getting started with digital currencies, chances are you may find it really complex.
Basically, the basic version offers a number of graphs and charts, making it easier to see what the latest trade prices are, whereas the advanced version offers an advanced charting tool where users can get access to a more comprehensive analysis of digital currency value.
Here’s a screenshot of the basic version:
This is a screenshot of the advanced version:
Let me walk you through this 4-step process that you’ll need to follow to get started with Binance.
1. Register a Free Account
Go to the Binance Homepage and register a free account. Note that you don’t need to create an account if you just want to check out the trading platform.
2. Set up a two-factor authentication
Once you’ve registered, you’ll need to set-up two-factor authentication (2FA) to further secure your account, you may also need to install the Google Authenticator on your mobile devices and use it each and every time you want to log in.
or perform key account functions like a withdrawal request, you’ll need to enter a unique code that can only be found on your phone.
3. Deposit Coins
For some countries or regions, you can simply deposit funds using your credit card or bank account.
But if you’re looking to deposit with a cryptocurrency, head over to the funds section (deposit page) and choose the fiat currency that you would like to deposit.
Then, copy the unique wallet address that is provided to you and transfer the funds from your private wallet.
Once your cryptocurrency deposit has been transferred, choose whether you want the basic or advanced version at the top of the website.
If the crypto coin that you deposit isn’t paired with the coin that you want to purchase, you’ll need to exchange it for Bitcoin or Ethereum first.
As soon as you complete the trade, the coin will be available in your Binance account and you can either keep it or withdraw it to another wallet.
For support, you can submit the support tickets via the form on their website’s. Like other trading exchange companies, you’re unlikely to receive immediate response due to the volume of users.
When asking a question, make sure you provide adequate information including your wallet address, transactions time, and other details related to your question in order to speed up the process.
On top of that, there’s a FAQ section where you can learn more about the company as well as other important information.
Binance offers free trial for users, it also charges a low average fee of 0.1% on each trade that you make. If you choose to pay with Binance token, you will also get a 50% discount on the fee.
In addition, there is a certain amount of withdrawal fees for each digital currency, for example, 0.0005 will be charged for Bitcoin while 0.01 will be charged for Ethereum.
It takes 3 steps to earn referral commissions:
1. Get Referral Link
Register a free account to receive a unique referral links along with QR codes.
2. Invite Friends
Invite others to register via the referral link or QR codes to earn instant rewards when they complete trade.
3. Earn Crypto
Every time your referrals make a trade, you’ll earn a portion of the commission instantly.
If your referral’s daily average account balance is less than 500 Binance Coin (BNB), you’ll earn 20% of commissions. If the referral’s daily average account balance is 500 BNB or more, you’ll earn 40% of commissions.
The Good & the Bad
1. Available Worldwide
At present, Binance is available for all countries and everyone except US passport holders, this is because Binance is planning on launching a domestic exchange for US citizens that abides by the regulatory requirements.
2. Low Trading Fees
Like I’ve mentioned above, the trading fees are extremely low comparing to other exchange companies, you can also get in half-price provided that you pay with Binance token.
3. Lots of Currencies Available
As far as I know, there are now more than a hundred of cryptocurrencies that can be bought and sold on the platform, offering innumerable trading pair on Binance.
1. Lack of Support
Apart from the slow response, Binance doesn’t offer any live chat support nor phone number where customers can get contact with the support team instantly.
2. Not for Beginners
To be completely transparent with you, if you’re a complete newbie, binance will probably be too complicated for you because both the basic and advanced version are not geared towards beginners. As a matter of fact, they are best for people who have prior knowledge of digital currencies as well as how exchanges work.
Who is Binance for?
Binance is a global cryptocurrency exchange that works for ANYONE (except for US citizens currently due to regulatory requirements), all you need is to register an account with an email address to get started.
However, if you’re a complete newbie who doesn’t have anything about digital currencies or bitcoin exchange, you’re likely to lose money so my recommend is to stay away from it.
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What is Affiliate Marketing?
Affiliate marketing is the process of promoting and selling other peoples’ or companies’ products, and earn a commission when someone buys it via your affiliate link.
As simple as that!
Here’s a diagram simplifying the process:
Unlike bitcoin exchange where you’ll risk losing all your money. Once you’ve established your affiliate marketing business, it’ll start driving sales and generating significant revenue to your bank account even while you sleep. Not just that, all you need is internet access and a website to get started, so you’ve basically got nothing to lose!
Binance at a Glance
Product Name: Binance
Price: Free to join
Overall Rank: 60 out of 100
Is Binance a Scam?
No. Binance is a legitimate digital currency exchange platform that enables users to buy, sell, and trade cryptocurrencies without spending a lot of additional trading fees.
But as you may know, cryptocurrencies are extremely unstable and your earnings will bascially depend on their market capitalization and you may end up losing substantial money at once. Therefore, I would not recommend Binance for you.
So if someone asks me what is the best way to earn money online with only a little risk. My answer would undoubtedly be affiliate marketing.
To be honest, affiliate marketing is not a get-rich-quick business since the time and energy you put forth now, normally pays off MONTHS from now.
But if you are willing to devote the time and work extremely hard, I assure you that you’re in a great position to create a lifelong profitable business within the online world!
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