Binance Tutorial

So you’re interested and would like to purchase and hold some Crypto but you don’t know how to get started? This article will try to break it down for you.

Platform and Wallet

You can purchase BTC and ETH through online wallets such as binance.sg. Hence, you’ll need to register with them first. There are 2 accounts that needs to be created here, one is the binance.sg account which allows you to purchase the coins. The other is the xfers account which is a digital wallet that allows you to transfer your money from the bank to the binance.sg platform.

After your registration, the next step is to verify your binace.sg account. Afterwards, you’re going to need to verify your xfers account. This one can be a bit interesting. Basically, the verification requires you to take a selfie of yourself holding a A4 piece of paper with the date of registration.

Verification is required for regulation in KYC (know your customer) and AML (anti money laundering). Verification is extremely important as it enables you to send and withdraw your crypto.

Platform: Binance.sg (uses xfers) (Cheapest direct Crypto seller to bank accounts in SG)

Links:

https://www.binance.sg/en

https://www.xfers.com/sg

After your registration (recommended you wait for your account to be verified), you can purchase your crypto from the platform.

Pros

There are no charges when you withdraw you crypto to your xfers and subsequently your bank account.

Figure 1: Withdrawal Fees Binance.sg

Problems with wallet:

Fees

However, there is a 0.6% fee for every transactionary purchase. If you’re just purchasing and storing that’s fine. But if you are going to be buying and selling your crypto frequently, the fees may affect your potential profits.

Figure 2: Transaction Fees Breakdown Binance.sg

Delay

Another problem is the that your price is generated by the web. There IS price lag and delay when you make the purchase on the site. In addition, the order book does not allow you to set buy and sell orders when the price hits a threshold. Hence you would not be able to catch the highs and lows most of the time.

Crypto is extremely volatile and having a split-second delay due to the network connection may affect your portfolio by 5-15% changes.

Figure 3: Purchase interface (Price-Time insensitive: Lack of order book Binance.sg)

Limited Crypto options

You are only able to purchase a select few: BTC, ETH, BNB, LTC, BCH, XRP, NEO, LINK. This leaves you with limited opportunity for your investment.

Figure 4: Homepage with Limited Options (Binance.sg)

Therefore, I would recommend that you use an exchange such as Binance.com to make your transactions.

Crypto Exchange

Binance.com

https://www.binance.com/en

It is the largest crypto exchange and has the greatest sheer trade volumes. This means that you’re more likely to fulfill your trade buy and sell orders and the exchange is more sustainable as a whole.

Figure 5: Top Crypto Exchanges

https://www.coingecko.com/en/exchanges

ALTs/ Defi

One of the main reasons to move BTC/ETH from binance.sg to binance.com account is to buy into other ALTs and DeFi crypto (Will be discussed in a later article).

*Disclaimer: Higher risk, higher rewards. Potential to lose more capital. (More volatile)

Lower transactionary fees (VIP0: 0.1%)

Rather than a 0.6% from binance.sg, you’re being charged a 0.1% which is much lower. What this entails is that it gives you leeway to make up to 6 bad sell calls before as compared to if you were on binance.sg

Figure 6: Trading Fees Binance.com

So how to get started?

You’ll need to send your BTC/ETH from binance.sg to binance.com through your unique address. And with that you’ll incur another set of withdrawal fees. BTC and ETH are universal currencies and can be used to purchase the alts. Interestingly, it is recommended for you to buy Neo and then transfer your Neo to Binance.com as the fees are FREE!

Figure 7: Fees incurred when sending coins from Binance.sg to Binance.com

Binance.com Mobile App

Once you’ve sent your coins over, you can also trade via the mobile app. It is extremely easy and convenient to use. Below are some images of what to expect.

Figure 8: Binance.com App

As can be seen from the pictures above (numerical order from left to right);

1: Homepage

2: Organise your watchlist to monitor your selected Crypto

Add crypto to your favourites list. This helps you access the price and volume quickly upon opening the app.

3: Chart display

Useful for traders who uses technical analysis to make their trades.

4: Buy and Sell Orders

Especially important as you can set buy or sell orders when it hits certain milestones without requiring to monitor your market 24/7. This also comes in handy when you turn in for the night and it can assist you in selling your crypto at your chosen price.

Although it may seem as complicated and difficult to use, once you get the gist, it can be extremely handy tool.

Withdrawal

Just reverse engineer the information that you have attained from here.

Warning

Just a heads up, there are phishing websites that may try to pose as Binance. It is recommended that you bookmark the websites and double check every time you enter.

The good thing is that there are precautionary steps in place such as 2FA that you SHOULD set up.

Referral

You can use my referral to gain a 5% commission back on your trading fees.

https://www.binance.cc/en/register?ref=ZXKF30KV

Annex:

Basic Account Creation (Binance.sg/xfers):

https://www.binance.sg/en

https://www.xfers.com/sg

https://www.binance.sg/en/fees

Binance.com

https://www.binance.com/en

https://www.binance.com/en/fee/schedule

Disclaimer: This extract is not to be used as proper financial advice. Definitions used reflect highly subjective assumptions and judgements by the author. Crypto is an extremely high risk investment, and I will not be liable for any losses you incur.