Introduction: Crypto trading platform Binance
Binance is a cryptobourse founded in 2017, which has gained great favor among users thanks to the lowest fees and advanced features. At the time of writing, it is the largest cryptobourse in terms of transaction volume in the world.
Binance.com is fully available in many languages, which is a big advantage over other platforms. Creating an account itself is intuitive, so we will not pay attention to individual points within the registration process. The aim of this article is to show how it is possible to work with the platform more efficiently.
- How to enable the payment of fees via the BNB in the Binance.com account settings and thus save an additional 25% on fees.
- The most convenient way to make deposits: by card or bank transfer.
Pay transaction fees at the BNB
The first thing we recommend you do after registration is to open the Binance page in the account settings fee schedule (control panel → fee structure). Activate the payment of fees in the BNB here. Thanks to this, you will automatically receive a 25% discount on fees:
In the account settings, activate the payment of fees in the BNB and get a 25% discount on fees
Overview of fees: Is Binance the cheapest?
Compared to Coinbase or Crypto.com, Binance offers unbeatable terms. Compared to Coinbas, it is even five times cheaper.
How to deposit money on Binance?
A common topic of discussion forums and Facebook groups is how to send money to Binance. The fastest way is to pay by card. However, this is not always the most advantageous method – in our test, we paid 5.60% on fees with a deposit of USD 1,000. The most advantageous (and relatively fast) method is payment by bank transfer using Revolut, which we present in more detail below.
In any case, we recommend purchasing the BUSD fiat currency or the BNB directly when making the deposit.
Credit Card Payment
At the same time, your bank is likely to charge you a currency conversion fee. However, in some cases, when you need to make a quick deposit to your Binance account, card payment may be the best option.
Deposit with a Binance card: in the menu, click on Buy cryptocurrency → Credit / Debit card or continue via this link.
To illustrate – with a deposit of $ 1,000, we paid 5.60% on fees
Revolut and similar platforms block card payments on most cryptobourses. As a reason in the past, they stated that it was in the fight against money laundering. But it is probably a competitive struggle. Revolut is trying to get their users to use their platform to buy cryptocurrencies.
Bank wire deposit
Payment by bank transfer is free of charge by Binance. However, keep in mind that in the case of payment by bank transfer, your bank will probably charge you a fee for the currency conversion and also for the foreign payment.
Payment by transfer is inefficient both in terms of fees and in terms of transaction processing time. If you do not have a USD account, we do not recommend payment by bank transfer. An alternative is payment by bank transfer using Revolut, which we describe below.
Payment by bank transfer using Revolut
Payment by bank transfer through Revolut is the best way to make a deposit at Binance and other crypto exchange offices. It is the cheapest and also relatively fast: by default, a SWIFT payment is credited within one hour, in rare cases, the payment can take up to a day. How to do it?
1. Send money to Revolut (for example by credit card). Then change CZK → USD in the application.
We recommend making shifts on Revolut on a working day. If you exchange on the weekend, Revolut will charge a surcharge (0.5%). The reason is that the interbank currency market does not work outside working days. Revolut uses the surcharge to cover potential losses in the event of a market fluctuation.
2. Once you have the USD currency on your Revolute, you can send it to your Binance account: on the Binance.com website, go to Buy cryptocurrency → Bank deposit in the menu (or via this link) and select SWIFT payment. You will see the payment information that you enter in the Revolut application. It is very important not to forget the reference code. Without it, it will not be possible to identify your payment.
Binance: deposit by transfer
You can see the credited money on the Fiat a spot page:
Binance: account balance after crediting the deposited money
Buy BNB on Binance
If you have successfully deposited money into your Binance account (for example, they buy BUSD), we can switch to buying a cryptocurrency. The BNB currency is used for trading on Smarty Pay. At the same time, the BNB is used to pay fees, so we recommend always exchanging a little more than you plan to use.
The easiest way is to change at Binance on this page.
Where to go next: Creating a wallet
After registering at Binance, the next step for earning passive income is to set up a virtual wallet. Below are two options: Trust Wallet for mobile phones or MetaMask if you plan to passively receive Smarty Pay on pools via a web browser (eg Google Chrome).