Binance And Bitcoin
The yearly average for Bitcoin is currently circling the $9,000 mark – and this has happened only once before amid the bullish halving sentiment.
The rise in its price may have reversed the losses since Bitcoin’s last crash in March, fortifying trader sentiments, and now, there’s also another price indicator that’s about to reach new heights.
As reported by Yassine Elmandjra, a crypto-asset analyst for ARK Invest, Bitcoin is about to hit a new record high for yearly moving average price!
Additionally, a Forbes report indicates that the price will likely touch the $10,000 mark before halving.
Although many believe the cryptocurrency’s solid performance speaks for itself and should convince most to buy, now that the currency’s behavior in the market indicates a positive outcome soon, it is the perfect time to invest in Bitcoin.
If you’ve never invested in cryptocurrencies, don’t worry – we’re here to help!
Let’s first go over why Binance is the right crypto-trading platform for both new and veteran traders alike.
Why Binance Is Right For You
Finding the right trading platform can be a pain, but since Binance has two options for trading: Basic and Advanced, you never have to worry if the platform is right for you.
The key difference between the two modes is that the advanced version will give you access to additional in-depth analyses of digital currencies.
The basic dashboard still offers several graphs and charts that ensure that your profit-generating potential is never bound by your skill level.
How To Buy Bitcoin
Step 1: Get A Wallet
Binance is technically the only thing you need to buy a Bitcoin.
However, storing your Bitcoins in the exchange is not always safe. They are prone to attacks, and if hackers attack the exchange successfully, they will not only get their hands on your personal information, but they may also get your Bitcoins.
Storing your cryptocurrencies in wallets is always safer, especially if you’re planning to buy a lot of Bitcoin.
You can use a free wallet like Exodus or Bitcoin Core, or get your hands on a wallet like Mycelium with advanced features like Tor routing. Hardware wallets like the ones Trezor offers are also great solutions that ensure the safety of your Bitcoins.
However, not everybody is comfortable with having a physical key to their crypto, and if you’re a beginner, it is best that you stick with storing your Bitcoins on the exchange.
Pick whatever wallet feels right (or don’t), download it, and install it. Don’t forget to set a strong password!
Step 2: Create A Binance Account
Next, you set up your account on Binance. It’s just like signing up on a social media platform – put in your email address and set a password.
You must enable two-factor authentication to ensure that your Bitcoin remains safe.
Step 3: Buy Bitcoin
To buy a Bitcoin, click on the “Buy Crypto” button on the top left corner of the page, and choose your preferred payment option. Pick the cryptocurrency you want to buy (Bitcoin in our case) and pay.
It’s as easy as that!
The best part of Binance is that it is free to use, and there is no fee deposit.
However, you must keep in mind that every trade you make will carry a standard trading fee of 0.1%.
Binance also happens to be the only trading platform on the market that has its own currency – BNB.
If you have BNB in your account, you get a discount on your trading fees when you pay with it.
Withdrawal fees are adjusted dynamically based on the market and your trading level on the platform.
You can transfer cryptocurrency from and to your wallet just as quickly as you can buy it!
All you have to do is go to the Funds menu and click on the Deposits or the Withdrawals option as needed.
How To Recover Bitcoin
If you’re running a full node on your wallet, chances are, your wallet hasn’t synced yet. Leave your wallet running for a few minutes before trying to recover your Bitcoins.
If you’ve accidentally deleted the wrong files, getting your Bitcoins back is as simple as running recovery software.
Although hardware wallets are considered very safe, they are easy to lose. But you can use the recovery phrase or seed on the recovery sheet that you get with your wallet to recover your lost Bitcoins and transfer them to a new ledger wallet.
Make sure that regardless of which wallet you get, you write down the recovery phrase or make a backup – you never know when you’ll need it.
Recover Your Binance Account
To recover your Binance account:
- Go to the Binance login page and type in your login details
- In the next page, you’ll be asked to enter your two-factor authentication code
- Click on the “Lost 2FA?” button
- Enter your email, and the company will send you a link to reset your two-factor authentication
- You will need to send them a picture of your ID, and your request to reset your password should be processed in 7-10 days
Login Problems With Binance
A lot of users complain about being unable to log into their Binance account.
One of the most common issues is being sent back to the login page after logging in to the website.
Here’s how you troubleshoot quickly – try logging in with the Binance app. If you’re able to log in, your browser is the issue. Else, the site is the problem, and you should report it to support.
Clearing your browser’s cache or using incognito mode should solve this issue.
Binance offers 24/7 chat support all year round, enabling you to get help with the software or learn more about your account at any time!
Binance has a dedicated customer service team that can help you with any of your questions and requests regardless of how you reach them.
You can email them, use live chat, go to their request page, or even tweet your issue for quick resolutions.
They have an extensive list of FAQs, which should help answer some of your queries, but if you can’t find the right answer, you can tweet at the handle @BinanceHelpDesk for a quick response.
If you’re a complete beginner, Binance has got you covered. You can learn everything there is to know about the platform using their beginner’s guide!
Technical Support Binance
If you’re having a technical issue, you can go to Binance’s support page and click on the “Submit a request” option.
You can precisely describe what problem you’re having, and a customer support representative should get back to you in a few minutes with a solution.
Now that you know how to use Binance, buy Bitcoins, and troubleshoot any problems you may face, you’re well on your way to making some money trading cryptocurrencies.
With Binance, you should be ready to purchase your first Bitcoins in minutes!