There is no way around it: Binance is the world’s largest exchange. But what does that mean to you and why should you open an account there?
We can break down that into multiple points and you can decide if this exchange fits your trading strategy and profile.
At a ridiculously low 0.1% Binance has the lowest trading fees of any Exchange worth having an account on. And on top of that, if you choose to hold some BNB (Binance’s coin) and use it to pay your fees you get an amazing 25% discount dropping those fees to 0.075%.
Not enough? Alright… what about an extra 10% off deal from Ghost Crypto?
A combined discount that will lower your fee from from 0.1% to 0.065%.
Just click the link bellow to signup with this offer.
Taking advantage of extreme low fees may be less important if you want to just buy and HODL, but it is absolutely crucial for success on many trading strategies like Scalping, Day Trading and Swing Trading.
Take our Scalper Sniper as an example: With very high volume of trades and razor thin profits, means you will be making a lot of low profit trades. Binance fees without any discount could take up to half of your profits. So that seemingly low combined discount is in fact extremely attractive could increase your profits by 20-40%.
Coins offers and Volume
The second most important thing you need to pay attention to is if this exchange offers the trading pairs you need between your currency of choice and your favourite coins.
Most traders will use USDT (US Dollar Tether) as a base currency as it will offer the most available pairs and open your trading opportunities far and wide.
But there is absolutely nothing wrong on using your own fiat (USD, EUR, BRL, NGN, AUD, etc) if you wish to trade the most popular coins. Chances are, the pairs will be available for you.
Our Ghost strategies will analyse on any pair you wish to use but with some caveats which brings to the second part on this section:
Why does this matter? Trading volume basically makes it easier for you to fulfil a trade. And that can make a big difference. If your trade takes too long to execute you entry it too late or it may even timeout and not trade at all. That will happen if there aren’t many people trading on this pair, say BTC-BRL (Brazilian Real).
And that’s one of the reasons so many people choose to convert their funds to USDT and trade on this pair. USDT trades tend to fulfil fast and you’ll get more predictable performance.
That said, Binance is the biggest exchange in the world and changes are you’ll not feel too much of a difference. But your mileage may vary, so testing is king.
Deposit and Withdraw
Binance offers multiple options for deposit withdrawal of both fiat and crypto.
On the Fiat side, if will vary according to the currency and region, so be sure to check out if their options on your region work for you.
For the Euro region in particular, they have temporarily disabled SEPA transfers but are in negotiations on bringing it back. Currently you can deposit and withdraw using Credit Cards or Advcash partner with very low fees.
For most regions, Binance offers bank deposit and withdrawals free of charge.
Binance offers a bunch of extra services that may be useful for you, like a debit card that you can use to buy anything in this world using your crypto holdings, a mining pool that pays you daily, and most important of all:
Savings and Staking
This is one serious way to increase your profits while holding crypto. Binance offers different products like
- Flexible savings with daily interest pay and possibility to withdraw at any time.
- Locked savings with higher interest pay, but your funds remain locked for the contract period.
- Staking contracts where funds are held to support the operation of a blockchain network. Funds remain locked for the contract period. High interest reward.
Binance offers many other financial products with high risk/high reward which we think aren’t for everyone and would advise to stay away from it unless you are absolutely certain of what you’re doing.
Be sure to look in Binance Earn section and look forward additional articles on making passive income with your crypto holdings.
Binance is a great exchange and offer a suite of features that are extremely helpful on achieving higher profits due to its low fees and additional income with its financial products. It’s an exchange that you definitely should try out and there is a lot to love there.
If you decide to give it a go, don’t forget to take advantage of our special offer on the link bellow.
Happy trading, Ghosts ?!