Hamzah: Don’t Speculate Let The Police Investigate The Myidentity Leak
HONG KONG, Sept 27 : Binance, one of the world’s largest cryptocurrency exchanges, said on Monday that users in Singapore would no longer be allowed buy and trade cryptocurrencies on its main platform, to comply with local regulation.
The Monetary Authority of Singapore this month warned Binance.com that it could be in breach of local laws and should stop providing payment services to the city-state’s residents.
From Oct. 26, users in Singapore will no longer be able to deposit fiat currencies, or buy or spot-trade cryptocurrencies on the platform, Monday’s statement said – a significant tightening of restrictions announced shortly after the MAS’s statement.
Binance’s local affiliate has applied for a licence in Singapore and, like other applicants, Binance Singapore is allowed to operate in Singapore under an exemption while the MAS processes applications.
Crypto exchanges such as Binance, which previously could serve almost all markets in the world from one platform, are increasingly running into resistance from local regulators, who want to be able to monitor their operations better.
In recent months, regulators in Britain, Italy and Hong Kong have said Binance units are not authorised to carry out some activities in their markets, and Malaysia’s financial regulator reprimanded the exchange for operating illegally there. – Reuters
Spending More Than You Could Afford To Lose
If there’s one rule to follow with any crypto investment, it’s to only spend what you can afford to lose. Don’t put your life savings into Binance Coin. Before you buy any, you should have a three-to-six-month emergency fund and a retirement fund you contribute to monthly.
With all the stories of people becoming crypto millionaires and billionaires, it’s tempting to go all in. But those examples are few and far between. It’s also important to remember that crypto is very new. Bitcoin, the oldest cryptocurrency, has barely been around longer than a decade, and Binance Coin is only four years old.
The future of Binance Coin is uncertain. Hopefully, the price keeps going up and your investment pays off. Just make sure to also plan for the possibility that it doesn’t.
How To Start Using Binance
Binance is a platform for trading cryptocurrencies that is suitable for both beginners and experienced traders. Previously, PaySpace Magazine has reviewed it in detail.
Pros of Binance:
- Support for 40+ fiat currencies.
- The cryptocurrency stored on Binances servers is protected by the FDIC.
- Apps for iOS and Android.
Cons of Binance:
- Not available in the US.
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Do You Want More Of These Free Guides
Come join us in the Cryptohub discord, a fresh discord community group focused on providing beginners with simple and short guides on everything within the crypto-verse. Contains admins tips on hidden low-cap gems, safer top100 investments, Moonshots, and maybe even a trade signal or two now and then. All 100% free of charge. Come have a look!
Subscribe Your Tokens On Binance Locked Staking For Higher Yields
You can also explore Binance Locked Staking and lock in your tokens for as little as 7 days to benefit from higher yields. There are six locked staking opportunities you can explore, all made possible with the participating projects staking mechanisms, with annual yields as high as 16%.
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What Should You Look For When Choosing A Crypto Exchange
Picking the best crypto exchange can be a complicated process.
Important features to consider, says Stephen McKeon, an associate professor of finance at the University of Oregon, are fees, security, and whether they list the assets that you are interested in buying.
First and foremost, youll want a secure exchange, says Spencer Montgomery, founder of Unita Crypto Consulting, which helps the uninitiated learn how to start investing in digital currencies.
As crypto has grown more popular and desirable, its become an increasingly large target for hackers, and many leading exchanges, including Binances international operation and KuCoin, have been hacked recently to the tune of tens of millions of dollars. While exchanges often reimburse those whose coins are stolen through their insurance, you probably dont want to be in that position to begin with. Thats why its important you only invest your money on reputable exchanges, says Montgomery.
You can minimize your risk by spreading your crypto purchases across multiple exchanges or moving your crypto off of an exchanges default wallet to your own secure cold wallet that is not connected to the internet , though youll need to keep up with your passcode or you could lose access to your crypto forever, he notes. But youll also need to look out for withdrawal fees when you move crypto off of an exchange. These often vary by coin type.
Whats more, low-trading markets may end up costing you on sales.
Binance Vs Coinbase: Currencies
Binance and Coinbase both offer access to the top cryptocurrencies on the market, but Binance supports more than 10 times the amount of currencies that Coinbase does. Coinbase supports 44 cryptocurrencies, while Binance has access to over 500.
Both platforms allow you to purchase cryptocurrency in dollar amounts, allowing you to buy fractions of coins. Coinbase has a $2 minimum order amount and Binance has a minimum order of $1.
While the list of supported currencies is too large to share here, both platforms support major currencies such as Bitcoin, Ethereum, Uniswap, Chainlink, and Compound.
To explore more currencies on Binance, you can review their . To view all the tradable assets on Coinbase, check their listing prices.
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How Does A Crypto Exchange Work
Crypto exchanges work a lot like brokerage platforms you may be more familiar with. Each offers a portal where you can create different order types to buy, sell and speculate on cryptocurrencies with other users.
Crypto exchanges can be centralized, meaning they are managed by one corporate authority, like a brokerage company that facilitates the security of trades, or decentralized. Decentralized exchanges generally distribute verification powers to anyone willing to join a network and certify transactions, much like cryptocurrency blockchains themselves. This may help increase accountability and transparency as well as ensure an exchange can keep running if something happens to a company running an exchange.
How To Buy Crypto Tokens On Binance Smart Chain
Crypto market is gaining new investors by the minute, thanks to the huge success of Dogecoin. While that is not the only factor bringing people to the world of blockchain, the huge percentage gains speak for themselves if we look at some of these new tokens.
Nowadays people are investing into animal based tokens, food based tokens and anything with the word moon in it. These tokens are high risk, high reward cryptos where community is key. While some communities target different charities to donate for their price increase, others try the older promotional approach.
These new community tokens, or shitcoins as people call them are not available on most of the exchanges, mainly due to the fact that all of them have low market cap , low price and no real use case to bring to the blockchain tech. How does one buy these high risk high reward cryptocurrencies then ?.
Well that is what this article is about. The process is lengthy, and can be a bit confusing at times for new investors. So we will try to be as thorough as possible. Heres how to buy best shitcoins on Binance Smart Chain
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Use The Chat To Communicate With The Counterpart
Binance P2P allows users to communicate directly with each other through a built-in chat. The chat is available immediately after placing an order. As soon as you open an order, greet the user, make sure he is online and available for the trade.;
According to statistics, a large number of orders are canceled due to the inaccessibility of the counterparty, and the inability to clarify the necessary information before making the payment. It is important to deactivate the ads if you are not available to answer the counterpart.;
How To Buy Cryptocurrency On Binance P2p
Step 1: Log in to Binance app
- If you already have a Binance account, click Log in and go to Step 4
- If you do not have a Binance account yet, click Register on the top left
Step 2: Enter your email on the registration page and set your login password. Read the Binance P2P terms and click on the arrow to register.
Step 3: Enter your email and password, then click on the arrow to Log In.
Step 4: After you log in to the Binance app, click the user icon on the top left to complete identity verification. Then click Payment Methods to complete SMS authentication and set your payment methods.
Step 5: Go to the home page, click P2P Trading.On the P2P page, click the Buy tab and the crypto you want to buy , and then select an ad and click Buy.
Step 6: Enter the quantity you want to buy, confirm the sellers payment method, and click Buy USDT.
Step 7: Transfer the money directly to the seller based on the sellers payment information provided within the payment time limit, and then click Transfer the fund. Tap on the payment method you transferred to, the click Transferred, next
Note: Setting payment method on Binance does not mean that the payment will go directly to the sellers account if you click Transferred , next .
You need to complete the payment directly to the seller through bank transfer, or another third-party payment platform based on the sellers payment information provided.
This will violate;the P2P User Transaction Policy.
Read Also: What Time Is Best To Buy Cryptocurrency
How To Pay With Ethereum
You can pay for goods and services with cryptocurrencies using a QR code or by entering the address of a cryptocurrency wallet for electronic funds transfer.
For example, this is how you can buy electronics with Ethereum on Gipsybee. After choosing a product and completing registration, go to the payment page.
Gipsybee offers several payment options, including a few cryptocurrencies. After choosing the payment method and specifying the Billing Address, the site generates a QR code that needs to be scanned in the Binance app within 15 minutes. For quick payment by QR code, click on the symbol at the top of the screen.
The second option is to go to Wallets, select Withdraw, then choose the required cryptocurrency, specify the address of the crypto wallet, or simply scan the QR code . After that, you need to specify the token standard in the Network and the amount of cryptocurrency to be debited.
If you have specified the wrong standard or you do not have enough funds in your account to be debited, youll be warned about it by notification in the app.
Using A Costly Payment Method
Crypto exchanges typically offer multiple payment methods. At most exchanges, you pay the least in fees when you transfer money from a bank account. Other methods, such as paying by debit card or a money wire, tend to cost more.
Go over the fees for each payment method with your crypto exchange. Pick the most inexpensive option so that you don’t pay more than necessary.
Keep in mind that bank transfers can take several business days to process. You’ll need to wait for the funds to reach your exchange account before you can make your purchase.
Read Also: How Do I Access My Bitcoin Account
Is It Safe To Hold Crypto In The Binance Or Coinbase Exchanges
Although Binance and Coinbase are among the best crypto exchanges, users are encouraged to store funds in a hardware wallet for long-term savings. Any currencies held online may be a target of hackers, and most exchanges have experienced breaches, including Binance in 2019. Although Coinbase told The New York Times that it’s never been hacked and only 0.004% of its users had experienced ‘account takeovers’ in the past year, mistakes can happen on your end, putting your coins at risk.;
Both Binance and Coinbase insure their hot storage, but it may be safer to use your own cold storage via a hardware wallet. A hardware wallet is a device that isnt connected to the internet, and youll need to plug it into your computer to access your digital currency.;
How To Buy Crypto On Binance
This method allows you to look through a list of thousands of merchants on Binance and select your preferred vendor with the most suitable payment option.;
based on the amount of crypto you want to buy and your desired payment option
Please note that buying crypto on Binance with fiat currency is not supported or allowed in some countries. Please make sure you follow your countrys laws when interacting with Binance.;
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Should I Use The Coinbase Wallet
The Coinbase Wallet is a secure digital wallet that allows you to hold your cryptocurrency in one place. It has multiple layers of protection, including biometric access controls and a 12-word recovery phrase.
Coinbase Wallet is a popular choice for exchanging crypto and can be used on many decentralized applications. If you are looking to trade cryptocurrency, or simply hold the keys to ones you already own, Coinbase Wallet is a secure way to store them.
Other Ways To Buy Or Invest In Bitcoin
Bitcoin ATMs. These work like normal ATMs, only you can use them to buy and sell bitcoin. Coin ATM Radar shows more than 7,000 bitcoin ATMs around the U.S.
Peer-to-peer bitcoin owners. You can buy bitcoins directly from other bitcoin owners, much like you would buy items on Craigslist, through peer-to-peer tools like Bisq, Bitquick and LocalBitcoins.com. Use extreme caution if buying bitcoin directly from individuals.
Grayscale funds. Grayscale Investments is a digital currency asset manager. Two of its investment trusts;;Grayscale Bitcoin Trust and Grayscale Ethereum Classic Trust ; are publicly traded over the counter, which means you can buy them through many discount brokers.;There are fees, and GBTC often trades at a premium, that is, GBTC shares often cost more than bitcoin, even though bitcoin is its only holding. The thinking is that some investors are willing to pay extra to buy bitcoin through a traditional exchange, without needing to worry about wallets and storage.
Recommended Reading: What Crypto Should I Buy Now
Setting Up A 2fa On Your Account
Now go back to the homepage and sign in to your account using your email ID and the password you selected in the first step. When you log in for the first time, Binance asks you to set up a 2FA for your account.
On Binance, you can choose between G-mail and SMS authentication methods to receive the 2FA code.
How To Open Account On Binance Via Mobile App
- Your password must contain at least 8 characters, including one uppercase letter and one number.
- If youve been referred to register on Binance by a friend, make sure to fill in the Referral ID .
Note:*Before starting P2P trading, you may need to complete KYC and 2FA authentication.
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Where Are Bitcoin And Ethereum Accepted
Today, there are dozens of websites and even offline businesses that accept cryptocurrencies for payment. Bitcoin, as the most popular cryptocurrency in the world, is accepted for payment most often. However, other crypto assets are not lagging behind. For instance, you can find extensive articles on the Internet about where Ethereum or Ripple are accepted.
You can buy online with ETM:
- Food, drinks
- Gift cards
- Rent rooms in hotels and buy tickets for traveling
- Get paid for freelancing and pay for freelance services
There are also multipurpose marketplaces like Peddler.com, where you can buy different categories of goods for Ethereum.
Send Bnb From Your Local Exchange To Metamask Address
Buy some BNB and send it to metamask from your preferred exchange. Most preferable exchange for this transfer would be Binance. So try to send BNB from Binance to your metamask address.
Step 1: Go to Binance
Step 2 : Click on fiat and spot
Step 3 : Click on Withdraw in the BNB row
Step 4 : Copy the metamask wallet address from your wallet and paste it in Binance window
Step 5 : Select network as BNB Binance Chain
Transfer BNB after filling the details. It might take some time to reflect in your metamask wallet, so please be patient.
Also Check: How To Buy Small Amounts Of Bitcoin
How To Register On Binance
1. Install the Binance app.
2. Complete a simple registration by entering your email address and choosing a password . Then complete the verification and confirmation of your email address by entering a code that will be sent to you by email.
Note. If you want to withdraw fiat funds to a bank card, increase the limit on fiat funds deposit and the crypto withdrawal to 100 BTC , you have to identify yourself by uploading a photo of your ID card, passport or drivers license to the app.
3. Choose your experience level with cryptocurrencies: experienced trader, have some experience, or a novice. If you choose the last option, you will be prompted to switch to Binance Lite, a simplified version of the app for buying and selling cryptocurrencies. For beginners, there are also tips and videos on how to use Binances app at the top of the applications home screen.