Cryptocurrency is a separate asset class that differs from traditional financial instruments. But traders use regular money anyway. Therefore, fiat accounts have been created on the Binance cryptocurrency exchange to provide clients with maximum comfort and expand opportunities when working with the trading platform.
Comparison of fiat money and cryptocurrency
Although both of these currencies can be used for financial transactions, they have quite significant differences.
For example, cryptocurrency (unlike fiat) is not controlled by anyone, and its operation is ensured by blockchain technology, which is decentralized. This system allows you to fully automate transactions and remove any intermediaries between the sender and recipient of funds.
Also, thanks to the blockchain, no one can control the amount of cryptocurrency in circulation. That is, the creator of a digital asset initially includes in it the method and speed of generating new payment units, as well as their maximum number. While the issue of fiat money depends entirely on the decisions of financial regulators.
The lack of government control has made it possible to implement a number of other characteristics in cryptocurrency. For example, complete anonymity, transfers around the world without restrictions, irreversibility of transactions, etc.
Which is better: futures or spot?
There is no consensus on this matter. The choice of the market on which to trade depends entirely on the trader, on his habits, character and work schedule. Spot trading is convenient for traders for whom the market is not a permanent job, but an investment. You buy a coin and wait for it to rise in price before you can sell it. The price of an asset can be checked at any time in your “Wallet”. It also wouldn’t hurt to pick up a few additional services for your smartphone that will help you keep a trader’s diary to track the success of your work.
Futures trading is suitable for professional traders who choose dynamic work, who spend hours, if not nights, tracking charts, because, according to popular belief, all the most interesting things happen on the market at night.
Which trading method is right for you and why? Write in the comments!
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How to Use Fiat Money on Binance
Despite all the advantages of cryptocurrency, fiat money still remains the main means of payment for most users. More than 50 popular currencies of the world are available on the Binance exchange, including the dollar, euro, pounds sterling, rubles, hryvnia and others.
To use this feature, you must verify your account. It comes in three levels:
- Basic. To pass, you need to indicate your full name, date of birth, country and address of residence. At this level, there is a limit on the deposit/withdrawal of fiat money – up to $300, withdrawal of cryptocurrency – up to 2 BTC per day.
- Intermediate. Here you need to provide a scan of your passport, as well as a selfie for face verification. After verification, the limits will be significantly increased: fiat input/output – up to $50,000 per day and up to $500,000 per month, cryptocurrency withdrawal – up to 100 BTC per day.
- Extended. At this level, you need to additionally confirm your address. After this, fiat deposit/withdrawal limits will be increased to $200 thousand per day or up to 2 million per month.
In addition to the ability to use regular money, verification opens access to other additional services. For example, using margin leverage, trading derivatives, participating in the listing of new tokens, etc.
How to top up Binance via p2p
This method is only suitable for verified users. It is the simplest and most profitable on the exchange. There is no commission for replenishment.
The p2p platform itself is a custom exchange within binance. The advantage of the method is that the rate is created by trading participants. You can choose the cryptocurrency purchase option that suits you.
Step-by-step instruction
Let's look at the example of buying BNB for rubles.
- Let's go to P2P trading. This can be done through “Buy cryptocurrency” or “Wallet” – “P2P wallet”
- We select cryptocurrency for purchase and fiat money for payment. We have BNB – Rubles. Payment - Sberbank. Read how to buy USDT in another article on the site.
- Below we see all available offers from exchange users. They are sorted by the most profitable. The Limit/Available column shows the minimum amount for which you can buy crypto in this offer. also look at the percentage of successful transactions and what payment methods the maker accepts.
- Buy BNB from the maker SOHed for 1,500 rubles. Payment - Sberbank.
- Specify the desired amount and click Buy BNB
- Next, we get to the transfer page, where we indicate to whom and how much we must transfer fiat money (rubles to a Sberbank card in our case). After the transfer, be sure to confirm it.
After confirmation of payment, the wallet on Binance will be replenished within 15 minutes in the selected cryptocurrency or fiat money.
Replenishment via bank
On this page you can top up your account via bank cards. Depending on the selected currency, different methods of transferring funds may be available here:
- VISA or MasterCard cards;
- SEPA, SWIFT systems;
- AdvCash, Payeer, Settlepay, GEO Pay and others.
The size of the commission also depends on the chosen payment method - on average it is from 0 to 3%.
Basics of cryptocurrency trading on the exchange
The first rule that beginners in this field need to learn is the competent allocation of resources when concluding deals . To do this, you need to create a cryptocurrency portfolio.
