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Binance Exchange Review & Tutorial 2021: Beginners Guide

Binance Exchange Review & Tutorial 2021: Beginners Guide

If you’re looking for an exchange to trade a variety of different cryptocurrencies Binance Exchange is one of the most popular platforms. Since early 2018, Binance is considered one of the biggest cryptocurrency exchanges in the world, in terms of trading volume. Supporting more than 100+ coins with 240+ trading pairs.

However, Binance is no longer just an exchange and in this Binance review, I take a look into what Binance has to offer on its platform. Including the likes of Binance Lending, Binance Academy, their own stable coins BUSD and location-specific platforms they are becoming a one-stop-shop for all things crypto.

What is Binance Exchange?

Binance.com is an online exchange platform where you buy and sell cryptocurrencies using digital assets such as Bitcoin and Ethereum.

The platform was founded in 2017, in China by Changpeng Zhao. However, Binance moved their servers and headquarters out of China (to Japan) in advance of the Chinese government ban on cryptocurrency trading in September 2017. Binance has since opened offices in Malta after stricter regulations in Japan and China.

Sign-up to Binance exchange Bitcoin

Back in July 2017, Binance raised $15 million dollars in an Initial Coin Offering (ICO) for its ERC20 BNB token. As of January 2018, it was the largest cryptocurrency exchange with a Binance coin (BNB) market capitalization of $1.3 billion.

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Binance US

For those from the U.S. it’s been recently announced that Binance has updated their terms of use and have stated that “Binance is unable to provide services to any U.S. person”. Effective on Sept. 12, 2019, “users who are not in accordance with Binance’s Terms of Use will continue to have access to their wallets and funds, but will no longer be able to trade or deposit on Binance.com”

However, Binance also announced recently that they are formally expanding to the U.S. via a dedicated platform Binance.us. 

Binance US Review

Binance BNB Token

Binance Coin (BNB) is an Ethereum-based token that allows you to receive discounts on the services of the Binance platform. Users of Binance can receive a 25% discount on trading fees, by paying with Binance’s BNB token.

When trading with cryptocurrencies there is sometimes a small fraction of that cryptocurrency left over. This is known as “dust”. Within Binance you can convert this dust into their BNB coin.

How to convert Binance Dust

BUSD Binance Stable Coin

Working in partnership with Paxo, Binance are launching a dollar-backed stable coin. The upcoming stable coin, which is dubbed as Binance USD (or BUSD) will be pegged 1:1 to the US dollar. They have also received the blessing of the New York Department of Financial Services (NYDFS).

BUSD Binance Stable Coin

When its launched, verified Paxos customers will be able to purchase BUSD tokens directly through the company’s wallet using either US dollar or PAX (which is their own stable coin). Binance users will also be able to trade BUSD for Bitcoin Binance Coin or XRP.

Binance Supported Cryptocurrencies

Binance is predominately a crypto to crypto exchange, meaning that you’ll first need to buy some crypto before you can start to exchange. This means there are no FIAT markets, however there are links to purchase crypto on the Binance.com website using a credit or debit card or even bank transfer (although these will be at higher fees/rates).

With Binance, you can trade in markets including Bitcoin, Alts, Stablecoins and their own BNB token.

Binance Fees

Binance has one of the lowest trading fees of any cryptocurrency exchange at just 0.1% across all trades. However, using the BNB token for transaction fees will give you a discount to your trading fee. By default, if you hold BNB in your account, your trading fees will be automatically subtracted from your BNB balance.

There are also separate fees for Margin and Futures trading.

There are no fees for depositing your crypto into Binance, other than the miner fees for your transactions.

How to Reduce Binance Trading Fees

By signing up to Binance Exchange using this link or referral ID GPZ64I32, you will save 20% when trading. However, you can save up to 45% when using the Binance BNB token. To find out more on how to save 45% trading on Binance Exchange click here.

Binance Referral Code 2021

Binance Withdrawal Fees

An important factor when withdrawing from the Binance exchange is to check out the Binance withdrawal fees. Binance withdrawal fees do vary and depend on the type of cryptocurrency that you are withdrawing.

You may also find that there are minimum withdrawal amounts that meet and these will be displayed when withdrawing from the platform. You can find the Binance Withdrawal fees and minimum withdrawal amounts over on their fee page.

Binance Withdrawal fees

How to Withdraw from Binance?

When trading on an exchange, it is important to withdraw your crypto and to keep it stored on an exchange long term. With Binance or any other centralized exchange, you won´t have access or control over your private keys. Also, an exchange that holds a lot of assets is far more likely to be a target for hackers.

Therefore, it’s important to withdraw from Binance and store your crypto safely in a secure wallet. I personally recommend a hardware wallet such as the likes of a Ledger or Trezor where your funds are stored offline and away from any potential harm.

If you want further information about how to withdraw, please check out this step by step guide on how to withdraw from Binance.

How to withdraw from Binance

Binance Smart Chain

The Binance Smart Chain is a new blockchain with an environment for developing high-performance decentralized applications.  Meaning that you can use DEFI apps such as the likes of PancakeSwap or BakerySwap to exchange your tokens, provide liquidity or yield farm. However, compared to transactions on the likes of the Ethereum network, the Binance Smart chain is fast and with low fees.

Binance Smart Chain

How to Connect Binance Smart Chain to MetaMask

MetaMask has always been the go-to wallet for accessing the Ethereum network. However, you now connect to the likes of the Binance Smart Chain for accessing decentralised apps (or DeFi) with low transaction fees.

How to connect Binance Chain to MetaMask

Binance Mobile App

With the Binance mobile app, you can trade Bitcoin and cryptocurrencies from the palm of your hand. The app is available for download for Andriod or iOS. With the app, there’s a host of features available including spot, margin and futures trading. Plus users can use the Binance Savings, Staking and Loans products from inside the app too.

Binance Mobile App

Trust Wallet Binance Official Wallet

Trust Wallet is the official digital wallet of Binance. Binance acquired the secure and intuitive mobile wallet in 2018. For more information on the Trust Wallet check out our video tutorial.

Trust Wallet Review & Tutorial

Binance Lending

In late August 2019, Binance launched their lending platform on a subscription-based service which was on a first come, first service. Its a value added service to Binance users who hold idle digital assets.

How does Binance Lending Works

What is allows, is for Binance users to grow their funds by earning interest income for lending out their holdings over a specific period of time.

They’ve split this across phases. Phase 1 of the lending launch included a 14-day fixed term for BNB, USDT, and ETC. And Phase 2 (released 4th September 2019) included 14 and 28 days fixed terms and included Cardano, BTC as well as the above.

Trade on Binance Directly in Brave Browser

Binance Earn

Binance Earn is a crypto savings account, offering users an interest-earning solution for crypto assets held on the exchange. You can find out more information on Binance Earn by click here.

Binance Earn: Earn Interest on your crypto

Binance Liquid Swap (BSwap)

Binance has recently created its own centralized version of an automated market maker (AMM) pool which is set to rival the likes of UniSwap. BSwap/Binance Liquid Swap (which is the name of their new decentralized exchange) allows users to token swap and provide liquidity in return for an annual percentage yield whilst also getting a share of the protocol’s trading fees.

Binance Liquid Swap

Binance Referral ID Code May 2021: How to Save 45% on Binance Trading Fees

Binance Referral ID Code May 2021: How to Save 45% on Binance Trading Fees

Want to save on Binance trading fees when trading crypto? In this tutorial, I explain how to reduce Binance trading fees up to a massive 45%. Plus, if you’re new I have a Binance Referral ID code for 2021 that 100% works to save an easy 20% today.

When trading cryptocurrencies it’s important to try and reduce your trading fees. At even a fraction of a percentage, these trading fees can really add up, especially with the potential that cryptocurrency has to multiply, in the coming years.

How does Binance Referral work?

To get a 20% discount on your Binance trading fees, you will need to enter the referral code GPZ64I32, at the time of registration. Unfortunately, if you already have a verified Binance trading account, this trading fee discount code won’t work for you.

By following these few steps you can save yourself up to 45% on Binance Exchange trading fees.

How does Binance Referral work

How to Apply Binance Referral ID Code

When you sign-up to Binance Exchange you will see the screenshot below. Simply add your email, a secure password, and then enter the referral ID GPZ64I32. This is not mandatory and is optional, so make sure you don’t miss this step.

Earn 20% discount on every trade by using referral ID GPZ64I32

Step by Step Guide: How to Enter the Binance Referral Code

  1. Click onto this link to go to Binance and sign-up
  2. Ensure that the referral code is set to GPZ64I32
  3. Enter your email address and a strong, secure password
  4. Agree to the Binance Terms of Service
  5. Create your Account
  6. Start trading cryptos on Binance
How to apply Binance Referral ID Code 2021

How long is the Binance Referral ID valid for?

Unlike some exchange the Binance referral discount code is valid for life and for all trades, so sign-up and start saving up to 45% when trading crypto.

Binance exchange Referral ID Code 2021

How is Binance Discount Referral Calculated?

Trading under 50BTC (over a 30 day period) you will pay 0.10% per trade, so if you trade $1,000 you will pay $1. When you add EveryBitHelps referral code you will save 10% as cashback, plus if you trade with BNB, this will then reduce the cost down by another 25%.

How much discount do I get with Binance referral Code 2021

I understand this may seem small, but these fees do really add up over time. When you add the Every Bit Helps Referral code & you will save 20%.

This Binance Referral ID code is available to use in over 180 countries including the US, UK and Canada.

How Much Discount do I get with a Binance Referral Code?

By using EveryBitHelps Binance Referral ID GPZ64I32, you will receive 20% cashback on all trading fees. Plus, if you hold the Binance BNB token you will also receive an extra 25% discount. In total, you could save up to 45% when combining both offers.

Binance Trading Fees

Binance trading fees are pretty reasonable compared to the likes of Coinbase Pro and the Blockchain.com Exchange. When trading below 50BTC (over a 30 day period), you will be charged 0.1% as a Maker or Taker fee. When trading above 50BTC these fees will come down further, as per the table below.

Binance Trading Fees

Click here to find out more information on Binance Fees

These fees can be reduced even further by using the referral ID GPZ64I32 on sign-up and receiving a 20% discount. If you trade using the Binance BNB token this can further reduce your fees by an additional 25%.

Binance BNB Token

BNB is the native token for the Binance Chain, launched through an initial coin offering in 2017. Initially created as an ERC-20 token, based on the Ethereum network, the BNB token later swapped over to their own Binance Chain.

BNB token is versatile and has several use cases;

  • By using the BNB token to trade, you can reduce trading fees by 25%
  • Participate in token sales, hosted on Binance LaunchPad
  • Payment method
  • BNB powers Binance DEX (Binance Decentralised Exchange)

Binance Earn

Binance Earn is a complete suite of products available for Binance users. Essentially, it acts as a crypto savings account for earning passive income with your crypto holdings. There’s a host of savings options available depending on your level of risk, term and returns.

For more information on Binance Earn click here.

Binance Earn: Earn Interest on your crypto
Binance Earn: Earn Interest on your Crypto Assets

Binance Earn: Earn Interest on your Crypto Assets

In this Binance Earn review and tutorial, I show you around the crypto savings account by the popular cryptocurrency exchange Binance, offering high returns on your crypto assets.

Binance exchange Referral ID Code

What is Binance Earn?

Binance Earn is a complete suite of products that are available for Binance customers. Essentially, it acts as your crypto savings account where you’ll find a great variety of options for earning passive income with your crypto holdings. There’s a whole host of savings options available depending on your desired level of risk, term, and returns.

binance earn interest

Plus you can stake your coins, lend your funds for interest, or safely deposit them into a DEFI service through Binance.  To start using any of the Binance Earn solutions you can transfer your funds from your exchange spot wallet across to Binance Earn.

The different savings options available are split between Flexible Terms, Fixed Terms and High Risk Products.

Who is Binance?

Binance.com is an online exchange platform where you buy and sell cryptocurrencies using digital assets such as Bitcoin and Ethereum founded in China by Changpeng Zhao in 2017.

The Binance exchange is well known for its low trading fees, a wide range of available cryptocurrency pairings, and high liquidity. However, Binance has more recently become more than just an exchange and now offers a wide range of financial services to their customers.

Binance Review & Tutorial 2021

Binance also has its own Binance Coin (BNB). This is an Ethereum-based token that allows you to receive discounts on the services of the Binance platform. Users of Binance can receive a 25% discount on trading fees, by paying with Binance’s BNB token.

Flexible Terms

Within Binance Earn the flexible options give users the opportunity to earn interest without having to lock in their fund for set periods of time. The interest rates will be lower with these options . However, will be lower risk and the ability to withdraw at any time.

Flexible Savings

Flexible Savings offers Binance users the ability to deposit crypto and gain interest on a daily basis. This option is great for Crypto that may be just sat idle in your spot wallet otherwise.

Earn interest on your crypto

With Flexible Savings there are currently 56 savings products. Users can currently earn up to 10% interest on the likes of 1INCH, BUSD, BAL, BTC, ETH and USDT.

Plus you can also auto transfer which will automatically use your available spot balance to purchase flexible savings.

LaunchPool

With Launchpool you can deposit the likes of BNB, BTC, and other cryptocurrencies to get a share of a new token that’s being launched on Binance. 

Earn new crypto rewards farming

Currently there are rates as high as 68.64%. You can view information such as the total rewards, the farming period and available tokens to stake for each event.

LaunchPool is deemed as flexible terms. This is because although you are locking these tokens you can still redeem them at any point during the event.

BNB Vault

The BNB Vault is a BNB yield aggregator that combines Flexible Savings, BNB DeFi Staking and Launchpool to give you the best APY returns. 

When you stake your BNB tokens, you will receive BNB Vault assets . These rewards will be sent to your spot wallet. With BNB Vault you have flexible terms and can unstake your funds.

BNB Staking

Fixed Terms

Fixed Terms essentially means you’ll be depositing your funds for a specific “Fixed” period and on a regular basis. You’ll find that the interest rates are higher than Flexible Terms. 

Binance Locked Staking

Fixed Savings

With Fixed savings, you deposit your crypto for fixed terms which are between 7 to 90 days. These rates will increase the longer you deposit your crypto for.

You can currently deposit the likes of USDT, BUSD and USDC. These deposits are currently at rates of up to 7% for a 90-day term. During this term, your crypto is locked in.

Locked Savings with Binance

Locked Staking

With Locked Staking users can gain rewards through staking assets on the blockchain.  There are around 30 staking products available which include the likes of staking tokens such as; 1INCH, SUSHI, YFI, ATOM, EOS and DASH with highest rate currently at 30%.

These products also come with minimum locked amounts too and vary in term lengths.

Locked Staking Interest Earnings

Activities

Activities are special events with limited supply and higher demand. Because they are generally at a capped supply, you sometimes need to be quick to subscribe. 

There’s been around 155 of these activities events so far with the highest rate being 88%. Activities can offer even higher returns than Fixed Savings usually does.

earn passive income with crypto events

ETH 2.0 Staking

ETH 2.0 staking is again fixed terms and a safe and secure place for ETH staking with up to 20% APY.

Now when you do stake this can’t be redeemed during the first phase, which may take more than 2 years. However, Binance will regularly distribute on-chain rewards to all participants based on their BETH position (which is the token provided as proof of your staked ETH) in a 1:1 ratio.

Binance ETH 2.0 staking

Once the first phase is complete you can redeem your ETH. However, in the meantime, you can swap your BETH for ETH on a 1:1 basis. You can swap BETH back to ETH at any time, and receive the amount equivalent to your current BETH amount.

Argent Lido ETH 2.0 Staking

High-Risk Products

These products can offer some of the highest interest rates. However they do come at a higher risk and users should invest with caution, once they have fully understood the risks.

Binance Earn High Risk Products

DeFi Staking

DeFi Staking is a way that you can access DEFI without having to manage your private keys, make trades or perform other complicated tasks required to participate in DeFi Staking. Decentralized Finance (DEFI) staking a way of providing financial services to users through smart contracts and provide higher earnings for specific currencies.

Currently, the interest rates reach 8.79% for staking the likes of DAI. Plus they offer both flexible locking and fixed locking deposits. This staking also comes within minimum lock amounts.

Binance Defi Staking

Dual Savings

Dual Investments/Dual Savings are another way to earn, but this time it doesn’t matter which direction the price goes. 

With Dual Savings, you deposit a cryptocurrency and earn a return based on two assets. You commit your holdings, lock in a yield, but earn more if the value of your holdings increases during the time that they’re locked up.

Binance Dual Investments

The annualised rates of return 160% users can deposit BTC, BUSD or USDT.

Although the rate of return is fixed, the final settlement is determined based on the settlement price and the pegged price. Therefore, the risk associated with Dual Currency Investments mainly lies in the high rate of market volatility. Users are advised to invest with caution once they fully understand the risks.

Liquid Swap

The final high-risk savings option is Liquid Swap. This is where you can become a liquidity provider and can earn double rewards with rates up to 15.67%.

Liquid Swap also known as BSwap is obviously not risk-free either. When the market price of tokens fluctuates greatly, the staking income may be lower than the income of ordinarily holding the tokens, and losses may even occur at this point.

Binance Liquid Swap

How to Save on Binance Trading Fees

By signing up to Binance Exchange using this link or referral ID GPZ64I32, you will save 20% when trading. However, you can save up to 45% when using the Binance BNB token. To find out more on how to save 45% trading on Binance Exchange click here.

Binance Referral Code 2021
How to Withdraw from Binance

How to Withdraw from Binance

If you’re trading crypto over on the Binance exchange it’s important to withdraw from Binance and not to keep your crypto stored on an exchange long term. As with any centralized exchange, you don’t have access or control over your private keys and are entrusting a 3rd party. Also, an exchange that holds a lot of assets is far more likely to be a target for hackers.

Its, therefore, recommended moving your crypto assets from Binance and into the safety of a wallet once you’ve finished trading. One of the safest wallets would be the likes of a hardware wallet like a Ledger Nano or a Trezor. Hardware wallets allow you to keep your crypto assets offline and away from any potential threats.

How to Withdraw from Binance – Step by Step Guide

In this step-by-step guide, I’ll show you how to withdraw from Binance and send your funds across to an external wallet address. Withdrawing your crypto to a hardware wallet such as a Ledger or Trezor are the safest ways to store your crypto.

To get started, log Into to Binance.com, go to ‘Wallet’ at the top of the screen, and select ‘FIAT and Spot

Binance withdrawal

This will then display a list of all your available Fiat and Crypto Balances. You can then select the token you wish to withdraw by clicking ‘Withdraw‘.

Binance Fiat & Crypto Balance

The crypto withdrawal screen will then display, where you’ll be prompted to enter the ‘Recipient Address‘ for your withdrawal. Copy your ‘Receive‘ address from your chosen external wallet (or scan the QR code) and paste it into this field.

Withdraw Bitcoin from Binance

Enter the amount that you would like to withdraw, or click onto ‘Max‘ to withdraw all of your available balance. Any minimum withdrawal amounts will be pre-populated in the ‘Amount‘ field.

Binance minimum withdrawal

The fees for your crypto withdrawal will be shown on screen, as well as the total amount that you will receive.

When you are ready, select ‘Submit‘. Depending on your 2-factor authentication method, you may be requested to complete this before the withdrawal will complete.

Any withdrawals will be displayed under your ‘Recent Withdrawal History‘.

Binance Withdrawal History
Binance exchange Referral ID Code

Binance Withdrawal Fees

When your withdrawing your funds from Binance, an important factor to check out are the Binance withdrawal fees. Binance withdrawal fees depend on the type of cryptocurrency that you are withdrawing and is on a crypto-by-crypto basis. There are also minimum withdrawal amounts that you’ll need to adhere to. You can check out the Binance Withdrawal fees and minimum amounts on their fee page.

Binance Withdrawal fees

How to Reduce Binance Trading Fees

Binance Referral ID Code
Trade with Binance Widget Directly in Brave Browser

Trade with Binance Widget Directly in Brave Browser

In the latest version of Brave’s desktop update (version 1.8), Brave Browser has now released the Binance widget into its privacy-based browser. 

After announcing their intended partnership and integration back at the end of March 2020, Binance and Brave enthusiasts were only previously able to preview a version of the widget. 

However, from today 1st May 2020 the Binance widget is now easily accessible from within Brave Browser. Meaning that millions of users can now seamlessly trade and manage crypto without ever having to leave their browser. 

Trade on Binance Directly in Brave Browser

Brave has grown rapidly in popularity with over 13.5 million active users and Binance is the world’s largest cryptocurrency exchange by Trading volume and users. So by integrating the 2 platforms, it should be mutually beneficial to both companies with the hope that more Binance users will adopt Brave Browser and Brave users will sign up to the Binance Trading platform.

This widget is available for both Binance and BInance.US users although US-based users may not yet be able to buy using the widget which is due to be released soon.

How to trade with Brave and Binance Widget

How to Update Brave Browser

To get access to your Binance Widget the first thing you’ll need to do is update your browser to the latest version 1.8. If you’re unsure which version of Brave you are currently using.

Launch Brave and in the top right hand corner of the screen select the “Settings” or burger menu.

Then select “About Brave“.

And in here you can check which version you’re running in the bottom left and it’ll also check for the latest version which you “Update” and “Relaunch Brave“.

Or you may be automatically prompted to install the latest update like this and where you can go ahead and follow the screens to update and relaunch.

how to update Brave Browser
Download Brave Browser for Free

How to Connect Binance Widget to Brave Browser

Once your browser has been updated to the latest version, the Binance widget can be found by creating a “New Tab” and is then visible on the right-hand side of your Brave desktop browser.

To connect your Binance Widget to Brave, click onto the Binance widget and click onto “Connect“.

how to connect binance widget

You’ll then be prompted to “Sign in to Binance login to continue with your Brave Browser” and at this point, you’ll need to enter your Binance username/email address and password.

It then provides you with some information in relation to what the brave browser will be able to do. Then if you’re happy with all of that you can go ahead and log in to connect.

Then once you’re signed in you’ll all set to start using the widget.

Buy & sell Bitcoin on Binance Exchange

Binance Widget Tabs

There are several tabs that you can use within the widget, these include “Summary”, “Deposit”, “Convert” and “Buy”. However, please note that US users are currently unable to use the “Buy” option, although this is set to be released soon.

Summary

The summary is the first tab you will see on the widget and this shows a list of your asset balances from within your Binance account. This may automatically be set to not be visible when the Widget is first launched, but can be made visible by clicking onto the eye icon.

view balances in binance widget

Deposit

The Deposit tab will show your deposit addresses, including your QR codes and the functionality to be able to “Copy” the deposit address so that you can send funds to your account.

deposit funds with binance widget

Convert

With the convert tab you can easily convert from 1 crypto to another. Simply by selecting these assets from the drop-down available. You can preview your conversion which is valid for 30 seconds. This will show your your related fees for converting your crypto and you can “Confirm” when you’re happy.

Once your conversion is complete, the binance widget will then reflect the new balance in the summary tab soon after the conversion has completed.

convert crypto with binance.com binance.us

Buy

Within Buy, you can buy any crypto thats available from the dropdown in your chosen currency. 

When you proceed to buy your crypto, it will take you to Binance.com to complete the transaction

how to buy bitcoin with binance

Widget Settings

Within the widget, there is a settings menu which can be found under the icon with the 3 vertical dots in the top right of your widget. This is where you can Hide Binance so that it no longer appears within Brave, you can refresh the data shown or you can disconnect your Binance account.

how to disconnect binance widget

How to Disconnect Your Binance Account from Brave

If you want to Disconnect your Binance account from the widget and erase the widget settings, it will not effect your Binance account. It just means that the brave browser can not interact with your account again until you reconnect it.

Then if you want to use it again you’ll need to reconnect.

Binance Widget for Brave Browser Mobile

Brave will release a mobile version for its Browser available on Android and iOS later in 2020.

Brave for Mobile Android ios

Download Brave Browser

Download Brave Browser