There is no denying that the world of cryptocurrency is booming at the moment! More and more people are looking to invest, and this shows no signs of slowing down. If you want to get involved in purchasing and selling cryptocurrency, you will need to choose an exchange. One of the most popular options is Binance Exchange. In fact, as of June 2021, more than 1.4 million transactions are supported per second, making Binance Exchange the biggest in the world.
Founded back in Hong Kong in 2017, this platform has a strong focus on altcoin training. In fact, you can trade in over 500 virtual tokens and cryptocurrencies, including Dogecoin, Litecoin, Ether, Bitcoin, and much more.
In fact, the exchange has released its own token as well, which is known as Binance Coin, often abbreviated to BNB. Initially, the Binance coin ran on the Ethereum blockchain, with ERC 20 standard, yet it has since become the native coin of the Binance chain.
If you want to hone your skills and become a guru in Binance, this is the guide for you. Below, we will take you through five important pieces of advice that will help you to become a Binance expert.
Make sure you compare exchanges and buying platforms carefully
There is only one place to begin, and this is by carefully considering how you are going to purchase Binance. There are lots of great platforms, and we would recommend starting off by reading up on how to buy Binance coins on Moonpay. Moonpay is a global cryptocurrency payment solution, which enables you to purchase crypto coins with ease.
When looking for a service like this, there is a lot that you need to take into account to make sure that you end up with the best solution for you. For example, you will want to discover what payment methods are supported so you can make sure you can buy cryptocurrency in the manner that best suits your needs.
Aside from this, no matter whether you’re buying BNB on Moonpay or you’re looking to discover how to buy ADA in Canada, you need to ensure that the platform you choose is secure. Do not merely take their word for it. Find out what security approaches and techniques they use to keep personal data secure and safe.
You should also take a look at the supported assets and the fees you will need to pay. After all, understanding the costs you are going to face is imperative if you want to make sure your investments are financially sound and likely to bring profit.
Make the most of great savings when using the Binance platform
If you have decided that you are going to use the Binance exchange as part of your cryptocurrency investment efforts, it is important to make sure that you optimize your efforts as much as possible.
You may be wondering what we mean by this! Well, the great thing about Binance is there are several different ways that you can make your money go further so you can maximize the value of your investment. However, it is all about understanding your options and using them correctly.
For example, the OTC trading portal is highly recommended for anyone who is purchasing or selling more than $10,000 in crypto assets. By going down this route, you will save yourself both time and effort when executing trades, as well as limited slippage and saving money in terms of fees.
You can also increase your VIP level on Binance to lower your fees. There are 10 different VIP levels available, ranging from VIP 0 to VIP 9. Your 30-day trading volume will determine what category you fall into. The more you trade, the more likely you are going to be able to reduce the fees you pay.
Finally, you can also save yourself fees by making the most of the Binance referral program. There are two different types of referral links floating around at the moment. Spot referrals mean the discount will differ based on the referrer, yet you can save as much as 20 percent on spot market fees. Futures referrals mean you will save money on Futures trading when using a friends link.
Don’t dive right in; do your research first
We must stress the importance of making sure you take the time to do your research and actually understand what Binance coin is. Yes, we know that this is why you are on this page, to begin with. However, don’t simply jump in and spend lots of money without a solid strategy or really knowing what you are getting yourself into.
As Binance coin is an investment, you need to understand what you are purchasing first. This may sound basic, but you would be surprised by how many people part with their cash simply because they have heard that one of their friends is doing so!
As is the case with any investment, especially cryptocurrency, there is no sure thing. Binance may be very successful but there are no guarantees. You need to educate yourself so that you can make the right calls and ensure your investment is protected as much as possible.
Consider your payment method wisely
Earlier, we mentioned cryptocurrency exchanges, and we spoke about how you need to consider a number of different factors when choosing one, including the payment methods that are available.
You will find that most exchanges today will offer a number of different payment methods for you to select from. At the majority of exchanges, you will be subject to the lowest possible fees when you use a bank account transfer to pay for your cryptocurrency. Other methods, such as a money wire or debit card payment will typically cost more.
Of course, this can differ from exchange to exchange, which is why it is important to take the time to find out what payment method is going to be the cheapest for you. We always advise you to go for the most cost-effective option so you can be sure that you are not paying more money than you need to.
However, do note that low fees can often come at a compromise of convenience and speed. The majority of bank transfers can take a number of business days to be processed. So, you will have to wait for the funds to get to your exchange account before you can then go ahead and make your purchase.
This is not to put you off using bank transfer as your go-to method. However, should you choose this option, you will need to be a little bit more organized and prepared when it comes to making your crypto purchases.
Don’t try to time the market
Last but not least, our final piece of advice when it comes to becoming a Binance guru is to avoid trying to time the market. It does not matter whether you are purchasing cryptocurrency or stocks, timing the market is impossible. This is even more so the case for the likes of Binance when you think about the volatile nature of cryptocurrencies.
If you try to purchase Binance coin at the “right time” you will typically end up feeling paralysed by analysis. Should the price increase, you will start thinking that you need to wait for the next dip. Should the price go down, you feel like you should keep waiting so that it drops more and you can secure the best possible deal. This can result in you missing out altogether.
It is critical to remember that you are investing in Binance coin because you believe it is a worthy investment. Because of this, there is no reason to get stressed about purchasing at the absolute lowest price you are able to achieve, as you have the confidence that the price is only going to increase in the future.
Final words on becoming a guru in Binance
So there you have it: some tips and pieces of advice that will help you to become a Binance guru!
From doing your homework and learning as much as you can to avoiding trying to time the market, we hope that the suggestions we have provided you with above will help you in terms of honing your cryptocurrency strategy and achieving the very best results.
The only last piece of advice that we have for you is to make sure that you do not invest more money than you can afford to lose. After all, there are no guarantees when it comes to investing, so you always need to make sure you are not taking too many risks.