Any digital or virtual currency, also known as cryptocurrency, can be abbreviated to crypto. Cryptography is used to ensure transactions are secure.
Cryptocurrencies don’t have a central issuing or regulating power. Instead, they rely on a decentralized system for recording transactions and issuing new units. It doesn’t depend on banks to conduct transactions.
What is it used for? It depends on a peer-to-peer system that allows anybody to send and receive payment anywhere. The currency is digitally stored on an online database which records specific transactions.
Each time a transaction is done with cryptocurrency funds, it will be recorded in a public ledger. Every owner of cryptocurrency keeps their funds in a digital wallet.
Cryptocurrency is so named because of its use of encryption to keep and verify transactions. Cryptocurrency can only exist digitally and virtually because it uses encryption methods only computers can understand.
This advanced coding used to store and transmit crypto data provides security and safety as transactions between wallets, and public ledgers are happening.
The first ever Cryptocurrency was called Bitcoin and was founded in 2009. It is still the most well-known cryptocurrency today. However, it is not the only cryptocurrency that exists. Some others include: DogeCoin, Ethereum, BNB (Binance Coin), Tether, Solana, and Polkadot.
Meanwhile, to have these currencies exchanged or traded, one would need the services of a cryptocurrency exchange or a digital currency exchange (DCE).
A Cryptocurrency Exchange is a business that allows customers trade digital currencies and cryptocurrencies for other assets, such as fiat money or other digital currencies.
The functions of crypto exchanges are very similar to those offered by online brokerage platforms. You can use them to purchase and sell digital currencies or tokens for various cryptocurrencies.
Crypto Exchanges accept wire transfers and credit card payments in exchange for digital currencies.
One such dedicated cryptocurrency exchange is Binance.
Binance and Overview How To Buy Slp In Binance Using Gcash
For those of you who prefer a more visual experience, here is a video review from Beau Troxclair on his YouTube channel 0xBeau. To get a comprehensive overview of Binance, you may still want to check out our article below.
Binance is still the best cryptocurrency exchange in the world when it comes to cryptocurrency trading. It has the highest trading volume of any crypto exchange by offering users the most cryptocurrency trading pairs.
Binance was founded in 2017 by Changpeng Zhao (“CZ” Zhao). Although it was originally based in China, it was quickly relocated to the United States due to increasing crypto restrictions. It has been moved around from Japan and Malta, but it did not have a permanent home.
However, news has come out that the company signed a memorandum with Bermuda and Malta to finally establish its home base. How To Buy Slp In Binance Using Gcash
Binance’s popularity was due to its user base who liked the low fees, availability of cryptocurrencies and innovative products. The platform currently offers many crypto-based products.
From Binance, you can avail of such services as exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs, and more.
Binance has its own unique tokens, cryptocurrencies and coins. BUSD is a stablecoin. BNB is a strong performer because of its low fees.
However, Binance has its problems and dark sides.
In 2021, the company was investigated by the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses.
In the same year, the United Kingdom’s Financial Conduct Authority ordered the platform to stop all regulated activity in the country in June 2021. However, this ban had a limited scope and non-registered companies can still interact with UK customers.
It was originally set up in the spring of that year to launch a digital asset marketplace in Britain. However, it withdrew its application because it did not meet anti-money laundering requirements.
In the same year, Binance was also reported to have shared client information, including addresses and names, with the Russian government. The Russian government justified this as a way to help them fight crime.
Binance Perks
Large Selection of Cryptos
Given that the company is among the biggest cryptocurrency platforms in the market. Hence, it is no surprise that many cryptocurrencies and other digital currencies are available. Some of them include decentralized finance (DeFi) tokens, stable coins, alt coins, and popular cryptos.
A few examples of this include:
- Binance Coins (BNB).
- VeChain (VET)
- Harmony (ONE)
- VeThor (VTHO).
- Dogecoin (DOGE)
- Matic Network (MATIC).
For those who want them, Binance also offers and support for the more popular cryptocurrencies such as:
- Dash (DASH)
- Compound (COMP).
- Bitcoin (BTC)
- Ethereum (ETH).
- Litecoin (LTC).
- Cardano (ADA)
- Cosmos (ATOM)
Low fees
No platform offers trading currencies and tokens for free. Binance is a trading platform that offers deals that are often as good as free. Comparable to other cryptocurrency exchanges, which charge commissions and fees, this is quite a difference. So far, the highest spot trading fee is 0.1%.
The platform uses a maker/taker fee structure. Fees will vary depending on trading volume or Binance Coin (BNB). balance. The fees for trades that involve high volumes are generally lower. How To Buy Slp In Binance Using Gcash
Users can get discounts on certain services, and this is not all. Such as:
- Using Binance (BNB) coins in trades
- You can become a Very Important Person (VIP) by trading certain assets.
However, Binance users still have to pay additional fees. Different fees will apply depending on which type of withdrawal you make and what payment method you use. The chart below is an example.
| Type of payment | Fees |
|
|
We can discuss more about fees in a later section.
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Passive Income on Crypto Assets
Binance lets you earn crypto assets. Of course, these come with varying degrees of risk. You have two options: earning a higher rate of interest (or more) on cryptos through its staking program, or placing assets in flexible savings accounts to get lower but more consistent rates.
There are more available staking options available on the platform. They also pay higher rates than other exchanges.
You can also earn income by adding liquidity to pairs of tokens, but this is a riskier option. Of course, it is really up to you when taking on these risks. Before you jump into these opportunities, you need to be aware of what is at stake.
Advanced Trading Tools
Binance’s advanced trading tools provide an easy way to customize your trading options. It is simple to set a limit on the price at which you can buy or sell crypto. It even accommodates beginner users with its “convert” function.
The advanced trading interface has a lot of charting options that are a delight for veteran traders. A Bitcoin futures section allows people to speculate on the price of Bitcoin.
You can sell leveraged tokens to earn income opportunities that have inherent risk. Customers can multiply their currency positions by selling leveraged tokens. As stated, this is a risky strategy because it can multiply losses and may even cause traders to lose their entire position.
The Binance Shortcomings
This is not for newbies
Binance is definitely not for beginners. Binance is complex platform designed for experienced traders. The general aim of the platform is to have these earners maximize their profits.
We previously discussed the advanced trading tools and the risky opportunities Binance provides its users to earn passive income on their crypto holdings. The thing is, most of these features will only be useful when you know what those things mean and what you are doing.
As for the risky opportunities, more often than not, this is where beginner traders and newbies lose their money. To understand the hidden and inherent risks that trades can carry, it takes years of experience.
It can be difficult to navigate the vast market selection and in-depth dashboards offered by the platform, especially for those just starting out in crypto investing.
Once you are comfortable with the platform, it will be very simple to manage your assets. Also, for what it’s worth, Binance has a simpler interface designed for first-timers. You also have a lot of educational resources.
Binance isn’t very beginner-friendly, but it has many resources that can help those who are interested. Binance is not the place where you can just buy Bitcoin and then relax. How To Buy Slp In Binance Using Gcash
Regulatory Attention
As covered in the overview, one of Binance’s main drawbacks is that it has been in the crosshairs of some countries. It is currently in the crosshairs of several countries, including Japan, Canada, Singapore and Thailand.
The United States authorities are currently investigating the platform in regard to possible money laundering, tax fraud, and insider trading. So far, no charges have been filed, and Binance has denied any wrongdoing. Only time will tell if anything comes out of this.
Binance took steps to improve its compliance team, and keep regulators in line. However, this could prove to be a difficult endeavor as most of the products that make Binance attractive to customers are also the ones attracting regulatory attention.
Not Available in the U.S.
In response to regulations targeting Binance’s business in the United States, they had to build a separate platform for U.S. customers called Binance.US. This U.S. version of Binance has fewer features and cryptocurrencies offered.
Binance.US also trades over 120 cryptocurrencies and does not offer futures trading or leveraged token. It is also not available in all countries. It is not available in Hawaii, New York or Texas.
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How it All Works
We’ve seen the positive and negative aspects of Binance. Now we can talk about how it all works.
As we know, Binance functions as a cryptocurrency exchange. It offers a wide range of services. Some of these include:
- Trade, buy, and sell cryptocurrency
- Establish recurring purchases
- Earn passive income
- Access advanced features such as crypto derivative products, limits orders, and peer-to-peer trading
- Trade non-fungible tokens (NFTs)
- Participate in Binance’s Launchpad and Launchpool to get exposure to new cryptos
- Get portfolio insights and live tracking, as well as alerts
- Its tax reporting tool will help you keep track of all your tax obligations
It is important to remember that many regulatory agencies around the globe have been focusing on Binance’s wide range of products. Binance warns users about the potential risks of investing on the platform.
It also has an anti-addiction setting just in case users become too involved with trading. When a trader suffers heavy losses or a continuous losing streak, the system reminds the user of the risk involved in derivatives trading. They are encouraged to take a break from trading and rest.
The platform believes responsible traders should be critical and keep themselves in check to avoid harmful excesses like compulsive trading or gambling.
These are just reminders. Retail investors will ultimately decide how to manage risk and where they should invest their money.
Signing Up to Your Binance Account
It takes just minutes to create and register your Binance account. You are also given the choice of two types of accounts: Verified and unverified accounts.
For Unverified users:
- Click the register button on the Binance homepage
- Enter Email address
- Create a password
- Accept Binance’s Terms and Conditions of Use
- Click “Create an Account”
- Confirm registration through email
For Verified Accounts
- Register now for an unverified Account
- Login to your account
- Go to User Center and click Identity Verification
- Select Personal
- Please fill in your details
- Select an ID type to verify document authenticity, such as a Passport and Driver’s licence
- Take a photo or upload a file of your document
- Take a picture of yourself
- Click confirm after you have uploaded the document and image.
- Binance will then review your submission as soon as they can. How To Buy Slp In Binance Using Gcash
From then on, you will have to wait for an email from Binance to ensure that your account has been verified.
Trading Experience
Binance provides a wide range of trading tools, as we have already mentioned. These tools include real-time charting with moving averages or exponential moving averages. Trading is also convenient and accessible, as users can place trades through the Binance app, Binance website, or Binance desktop app.
The platform allows traders to view their trade history and portfolios. They can view the order book and price charts. You can also choose from a variety of order types. They can stop orders, limit orders, stop-limit orders, stop-market orders, and trailing stop orders.
Users can also choose from different trading views to better understand data and view it in the way that they prefer. There are many views to choose from, including classic, margin and OTC views.
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Trust Wallet
Binance provides a custodial wallet through its platform. It also recommends Trust Wallet, which supports thousands of cryptocurrencies on most major blockchains. It is easy to withdraw from Binance to a Trust Wallet or other external crypto wallet.
Withdrawals are usually completed in 10 minutes and the fees are very low. Since you can use Binance via a multitude of platforms such as desktop, mobile, or through a web-based app, users will need to provide some personal information to verify their account to get started.
Fees
We all know that one of Binance’s selling points is its low fees. However, this does not mean that users are free from all charges. Users of Binance are still required to pay fees for using the platform.
Deposit and Withdrawal Fees
The currency used to pay and the method of payment will determine how much deposit fees are charged. Although bank transfers are usually free, debit card payments will often incur fees.
Binance may allow you to make credit card or debit card payments, bank transfer, and peer-to-peer payments depending on where you live.
As for withdrawing money, you can do so as a fiat currency to a bank account. You can also withdraw crypto to a wallet or another exchange. Fees for these withdrawals and minimum amounts will be based on your method and currency. How To Buy Slp In Binance Using Gcash
Trading Fees
The trading volume and trading history over the last 30 days will determine the percentage of your trading fees. It will also impact the amount of BNB that you have.
Some people, like Maker orders (those that add liquidity to the market), will also get lower fees than taker orders (those that remove liquidity orders from the market).
It also encourages users to use their native currency, Binance Coin (BNB). Anybody who does so will receive a 25% discount on their trading fees. Binance offers 0% trading for selected Bitcoin and Binance USD pairs (BUSD).
The chart below shows how VIP status, the 30-day trade volume, and maker/taker are related.
| VIP | 30-Day Trade Volume (BUSD) | Maker/Taker |
| 0 | Below 1,000,000 | 0.10%/0.10% |
| 1 | 1,000,000 to 4,999,999 and at least 25 BNB | 0.09%/0.10% |
| 2 | 5,000,000 to 19,999,999 and at least 100 BNB | 0.08% / 0.10% |
| 3 | Between 20,000,000 and 119,999.999, with at least 250 BNB | 0.07% / 0.10% |
| 4 | 120,000,000 to 199.999.999 with at least 500 BNB | 0.07% / 0.09% |
| 5 | Between 200,000,000 and 499,999.999 and at most 1,000 BNB | 0.06% / 0.08% |
| 6 | 500,000,000 to 999,999,999 and at least 1,750 BNB | 0.05% / 0.07% |
| 7 | Between 1,000,000,000 and 2,499,999.999999 and at most 3,000 BNB | 0.04% / 0.06% |
| 8 | Between 2,500,000,000 and 4,999,999.999999999 with at least 4,500 BNB | 0.03% / 0.05% |
| 9 | More than 5,000,000,000 and at least 5,500 BNB | 0.02% / 0.04% |
Security
Binance is a platform that handles sensitive and high-stakes data. It should be expected that it has strong security measures to protect their assets and clients.
Binance includes two-factor authentication (2FA) via the Google Authenticator app or short message service for the customer side. It uses address whitelisting, device administration, and the ability restrict device access.
Binance also claims to have its own insurance fund made by storing 10% of all trading fees in a secure fund. This insurance fund is supposed to protect against hacking losses, which Binance is well-versed in (more later).
This insurance is not the same as having a third party doing it, but it does give users some protection.
Lastly, as its main security feature, Binance keeps most of its funds offline in cold storage. This is done to prevent hackers from getting in touch.
That said, customers should still be wary of Binance since its security needs a better track record. The platform was hacked in early 2019 for $40 million in BTC. Another major hack occurred in October 2022. This time, it cost them $570 million in BNB.
However, there is a bright side to this; sometimes, it would be better to have exchanges experience these incidents so they know which part of their security they should focus on and fix. As for the customer side, at least they can see how the platform handles themselves and their customer base whenever these cases happen.
Binance quickly responded to the hack and reimbursed all those affected through their Secure Asset Fund for Users. This cold storage wallet keeps enough capital to cover users’ losses.
Customer Service
In terms of customer support, Binance offers three basic options. You have three options for customer support: submit a ticket, chat with a representative, or reach out via Twitter.
You simply need to fill out a form on the Binance website for tickets. Submitting a ticket entitles you to receive email assistance.
For support, all you need to do is tag or mention Binance (@BinanceHelpDesk). Binance has been known to encourage users to tweet their issues through this channel as it has more visibility.
If you need to get in touch with Binance directly, there is a chat box at the bottom right corner. You can access this on the Binance website.
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Binance Pros & Cons
Pros
- Low Fees
Low fees are one of the main reasons Binance is a top choice for crypto exchanges. This is no surprise. It is a no-brainer. Crypto traders and investors can keep more of their earnings and investments if the platform charges lower fees.
- You have the ability to make passive income in many different ways.
It is impossible to not desire passive income. It is like getting paid while doing nothing, and Binance has a lot of opportunities for doing so. That said, these opportunities also carry inherent risks in them. These opportunities are not for the weak-hearted. How To Buy Slp In Binance Using Gcash
- There are many Cryptocurrencies to choose from: You can purchase everything from Bitcoin to Dogecoin, Etherium and more at Binance. And that number is growing, with newly added cryptos like Fish(FISH) and Fanverse (FT).
The platform even has its crypto in the form of BNB. This allows crypto investors and traders flexibility in making their selections.
- Advanced Trading Tools
A trading platform will only be as good as the tools it provides its users. In the case of Binance, it gives users enough tools for a more flexible trading experience. Investors and traders will have no trouble trading on the platform.
- There are many ways to deposit money
If you don’t have any money to invest, trading is impossible. Binance makes it easier to start crypto trading by making it easy to deposit funds through its many ways.
- Flexible trading Options and Order Types
Trading is like gambling. While assets and stocks may be worth a lot right now, you never know when they will lose value. Binance, one of the best trading platforms, should allow users to trade in any way they like. How To Buy Slp In Binance Using Gcash
Cons
- Platform can be overwhelming for beginner users.
Multiple options and advanced tools can be a bad thing. Seeing a multitude of selections can easily overwhelm beginner users and might paralyze them from the sheer number of options given. Some experienced traders even claim they are intimidated by Binance’s many available options.
- Regulation issues in many countries
Binance has faced several regulatory and legal issues. This is a major issue that many investors are considering switching to other exchanges.
Despite this, the platform is working hard to resolve these regulatory issues.
- Not available in the United States
Binance was temporarily banned in the United States due to problems with US regulatory bodies. Binance U.S. was created by the parent company to provide a U.S-exclusive version.
Binance U.S. has a smaller selection than the original Binance. It is not available in certain states, such as New York and Vermont.
- There is no built-in digital wallet
Most popular cryptocurrency exchange platforms have their digital wallets built-in and included in. For some reason, Binance does not. Rather it recommends a third-party service called Trust Wallet. Although it is a well-respected service, they may not be able to offer sufficient support. How To Buy Slp In Binance Using Gcash
Binance Last Thoughts
Let me start this final thought by saying that I am a noob when it comes to crypto. All my knowledge comes from a few youtube videos, an article here and there, and some Reddit threads.
I chose Binance for the main reason that many choose the platform, and that is because of its low fees. I joined cryptocurrency to find out what all the fuss was about. I am not planning to take this seriously (yet).
Creating my account from scratch and verifying it took no time. Within just a few minutes, I could look at the UI and everything the platform offers. Let me tell you…..
With confidence, I can say that Binance is not for beginners. I can tell you that the myriad of choices presented to me by Binance was pretty intimidating and overwhelming. I needed a friend to help me understand the complexities of all this stuff.
With his assistance, and some tutorials from Binance Support, it was easy to get my bearings and start trading. Although it is still confusing at times, I am slowly getting the hang of trading.
Right now, I hope I bet on the right horse, not the wrong one.
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Common Questions about Binance How To Buy Slp In Binance Using Gcash
Is Binance Safe?
It is safe but not with a great track record.
Binance does have its own security measures, but it has been hacked twice. Although the company increased its security, it will be determined if they can withstand attacks.
How do you decide if Binance is right for you?
To be honest, it is difficult to pinpoint which platform is right for you until you read their reviews and try the services yourself.
You may find Binance a good fit for you, if you:
- You are not a newbie in crypto trading, and you have intermediate to the advanced crypto trading experience.
- You want a service that charges low fees and carries many currencies.
- You are looking for a service with many advanced features.
- You are an institutional trader carrying a high or ultra-high net worth.
- You are not a citizen of the United States.
Bianance offers FOREX trading
No, Binance does not offer traditional Forex (Foreign Exchange Trading).
It lacks the currency pairing required to join FOREX. To enter FOREX-only exchanges, a company needs access to thousands. This is quite a distance from Binance which has only 50 currency pairs.
Does Binance Offer CFD Trading?
Binance offers CFD (Contracts For Difference) trading.
These are still controversial in the crypto industry, as many prefer to own native assets. Unlike CFD’s, these assets can easily be withdrawn to a personal wallet. That said, CFDs do have their advantage. For one, they can be very liquid.