Post last updated:
19th May 2022
If you want to trade crypto currencies, you have to do this with crypto exchanges or so-called exchanges. The largest crypto exchange in the world is Binance. We show you here how you can use Binance and what you have to pay attention to. In addition, you will receive our experience report. With our Binance Link you also save 10% on fees for life.
The Binance platform has become very complex in recent years. Because in addition to the simple buying and selling of crypto currencies, you can now also invest crypto currencies there and earn interest with them. Our tutorial on Binance has therefore become very extensive to really capture everything important. Unfortunately, not all functions are available for German users on Binance. We also explain here what you can no longer use from Germany.
If you look at the trading volume of the individual crypto exchanges, you will quickly notice that by far the largest trading volume can be found at Binance. Although the crypto exchange has only existed since 2017, it has quickly become the market leader. This is probably not least due to the fact that you can trade over 200 different crypto currencies on Binance. These include Bitcoin, IOTA, Ethereum, Ripple (XRP), EOS, Cardano (ADA) and many more. Meanwhile, Binance also allows euro deposits and withdrawals and the trading of futures (derivatives) with leverage (is limited for German users, just like margin trading).
The fact that Binance is so successful is mainly due to the fact that Binance is technically very well positioned, there are many coins on Binance and the platform is very reliable. The Binance platform was initially funded by an ICO where investors could buy BNB tokens. While Binance was initially based in Asia, they are now spread all over the world and Germans also work at Binance.
If you want to trade at Binance, you can do this against other crypto currencies or against euros. We’ll show you how this works in the video below.
Basically, we have had a lot of positive experiences with Binance in the past. Through our website and our Youtube channel, we also receive a lot of feedback from users about Binance. In recent years, we have never heard anything really negative from users. During this time, we have probably received and read thousands of emails and comments about Binance. If there was criticism, it was mainly because the platform is now very extensive. This ensures that it is not always easy for beginners to understand the platform. The videos in this post can help you to get started with Binance quickly.
If you look at the crypto ecosystem at the moment, there is no platform that offers the user more than Binance. In addition, the fees at Binance are by far the cheapest. For example, if you buy a cryptocurrency from Binance, you pay a maximum of 0.1% fees (rather less). German providers such as Nuri also charge 1% and more (Coinbase also requires 1.49%). It is therefore worthwhile to deal with Binance and discover the possibilities of the platform. Especially since there are many ways to earn money on Binance even in addition to pure trading.
The company Binance is led by its founder Changpeng Zhao who is often called “CZ”. Due to the success of Binance and his private balances in Bitcoin and Binance Coin (BNB), he is now one of the richest entrepreneurs in the world. His fortune is usually estimated at 100 billion US dollars.
CZ was born on September 10, 1977 in Jiangsu, China before emigrating to Canada with his parents as a child. After graduating from McGill University in Montreal with a degree in computer science, he worked as a freelancer for the Tokyo Stock Exchange. Among other things, he developed trading software for the stock exchange. He then went to Bloomberg and worked on a futures trading software. In 2005, he moved to Shanghai and founded Fusion Systems, a software for high-frequency trading.
He found his way into the crypto industry in 2013 when he first worked for Blockchain.info and then became CTO at OKCoin. Known about him is above all the story that he sold his apartment in Shanghai in 2014 for 1 million US dollars to invest the money in Bitcoin. Ultimately, CZ left OKCoin in 2017 to form Binance. The rest is then history.
How to set up an account with Binance
Setting up an account with Binance is very easy. However, you have to verify yourself as a new user. However, this is the case with all platforms that accept deposits in euros and other fiat currencies. After registration and verification, you can start trading directly and the verification is usually completed within a few minutes.
On a positive note, Binance’s website is also available in German. In addition, the help pages and support are also available in German.
Registering with Binance is very easy. You just enter your email and a password. Afterwards you will receive an email with which you confirm your email address again. Binance Registration
After verification, you will also need to verify your phone number.
Since August 2021, every new user who wants to trade there must verify themselves on Binance. For verification, you must provide your personal data. In addition, you will need to upload a picture of your ID or passport. Finally, you have to upload a picture of yourself, with a note in your hand with Binance on it. Your data will then be checked by Binance. This can usually only take a few seconds or minutes. In exceptional cases, for example if the quality of the pictures (ID, passport) is not good, it can sometimes take a few hours. Binance Verification
After registration and verification, you can fund your Binance account. Then you can already start trading. All you have to do is click on Exchange, select your desired trading pair and then you can already buy and sell crypto currencies there. Binance Trading Interface
In the past, it was still possible to change the Binance website to the German language. This possibility no longer exists. So if you want to use Binance, you have to use the site in English.
The reason for this is that BaFin is now taking a critical look at Binance. Since users simply have a variety of professional trading options here and can, for example, easily trade with leverage. In order to avoid trouble here, Binance has on the one hand discontinued Binance Futures trading in Germany and also reduced the German support until there are final guidelines from the BaFin.
Euro Credit Deposit and Withdrawal at Binance
Depositing money has become quite easy at Binance. While Binance initially only allowed purchases of crypto currencies with other crypto currencies (such as Bitcoin and Ethereum), there is now also the possibility to deposit fiat currencies such as euros and thus buy crypto currencies.
The easiest way is to deposit Euro credit at Binance via credit card. However, you pay 1.8% fees for this. With a €1,000 deposit, that’s €18. You can use your Visa or Mastercard.
In addition, there is also the possibility to make deposits at Binance SEPA either via the provider Advcash directly from your bank account to Binance. Advcash is a third-party provider. So you have to register separately with Advcash and create an account. In addition, you also have to verify yourself separately at Advcash. If you have done all this, Advcash works in such a way that you basically have an external Euro wallet with the provider. So you can then transfer money to Advcash and transfer it from there to your Binance account. All you have to do is select Advcash as the deposit option at Binance. A SEPA deposit at Advcash costs €1.