Now that you’ve joined the cult that is Binance (I am kidding) it’s time to learn the ropes of how you can make your first transfer of funds into your binance account. head’s up! Binance is an exchange and not a stall where you can just go and buy Bitcoin or any of the other cryptocurrency using cash.
You can transfer your Bitcoin, Bitcoin Cash, Ether (Ethereum), or Litecoin from your Coinbase to Binance but do know that the if you transfer Bitcoin Cash or Litecoin from Coinbase, you’ll then have to convert them into Bitcoin, Ether(Ethereum), or Binance Coin (which is Binance’s own in-platform coin) to trade the coins on Binance.
The first step is to transfer money to an exchange. and then send them to an exchange to buy alts. Out of all of these exchanges, I recommend using Binance, which is the most popular exchange right.
I somehow figured out how to jump through all the hoops to be able to send Bitcoin to my Binance account. However, I decided to test it out by only sending $10 of my Bitcoin from Coinbase to Binance because I wanted to make sure I was doing it right and wasn’t about to lose a lot of money.
Related: Binance Eyes Launch of Crypto Exchange in South Korea "These. Others can live a couple of months on fake volume,
Binance does collect and store some user data, such as logging IP addresses. Why to close Binance account? Not interested in cryptocurrency anymore; One of the major reasons to delete Binance account, is the trend of cryptocurrency has moved drastically low over the past few months. So investment in digital currency is not safe anymore.
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In order to cash out of Binance, as a US citizen, you must convert the crypto that you would like to cash out into LTC, ETH, or BCH in preparation for it to be transferred out. The reason for avoiding BTC during this conversion is simply due to the high transaction fee associated with it.
Since Binance is strictly a cryptocurrency exchange, you’re not able to fund your account with fiat currency or get money out of Binance. This means you will want to withdraw your crypto to an exchange like Coinbase, GDAX, BitStamp, etc. that allows you to sell for fiat and then withdraw to your bank account.
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