How do i convert ltc to btc on binance

Binance is the world’s largest crypto asset exchange and is based in Malta. Originally launched in China, the company decided to relocate to a more cryptocurrency-friendly environment. Even though the exchange was only launched in 2017, it has gained the trust of millions of investors and quickly became the leading cryptocurrency exchange in the world. Binance is not currently registered with any legislative board.

Nevertheless, it is considered a trustworthy exchange because of the extra security measures, such as anti-phishing code, PCI Scanning, Secured Sockets Layered encryption technology, pseudonymisation, and internal data access restrictions, that it has voluntarily decided to implement. These aim to protect the customer’s funds and personal informal from unauthorized personnel.

Binance is popular among both novice and serious traders alike as it offers different trading interfaces. For professional traders, it provides advanced trading techniques, including margin trading, whereas the inexperienced traders can quickly exchange any cryptocurrency for BTC or ETH or any of the other hundreds of Altcoins available on the platform.

Although Binance is best-known for its exchange capabilities, the platform has today evolved into a multi-service offering which includes staking and futures trading. Binance Launchpad is a popular annexe to the platform, providing users with an opportunity to launch IEOs within a safe and mass-market environment.

This Binance review will analyse several aspects to provide you with an all-rounded detailed overview of the exchange and its services. Although Cryptimi does its best to provide you with accurate information and updates it on a regular basis, we strongly recommend you to visit Binance for any updates which might occur afterwards.

Is Binance Exchange Safe?

In 2019 the exchange became the victim of a sensational cyberattack which resulted in the loss of 7,000BTC. Whilst this would have spelled the end for most exchanges, Binance was able to replace all lost coins, meaning that no user lost any funds. In addition, learning from this incident, the platform bolstered its security measures, transforming it into one of the safest exchanges in the world.

Today, Binance protects the account of its users using 2FA (Two Factor Authentication) so that it is very difficult for the hackers/fraudsters to steal information and surpass security. In addition to that, users can also set a unique, anti-phishing code to differentiate between the genuine and the fake emails which are sent by phishing websites. Binance processes the withdrawal requests only after getting confirmation from the user via email.

Binance Exchange

Binance is considered as a centralized cryptocurrency exchange broker as it only directly deals with crypto-based assets such as Bitcoin, Altcoins or ICO tokens. Buying and selling of select cryptocurrencies is permitted through Binance’s partnership with Simplex. Users can quickly exchange their coins and tokens without even submitting any documentation to verify their account. Unverified accounts, however, have a limit on the withdrawal of 2BTC/24hrs. When compared with other exchanges, it charges only a nominal fee of 0.1%. Users are eligible to get further discounts if they are holding the Binance Coin (BNB).

How does Binance compare to other trading platforms?

• Type
• Centralized Exchange (CEX)

• Best For
• Advanced Beginners, Experts, Long Term Investors, Short Term Trading, Day Trading

• Instruments
• Cryptocurrencies

• Fees
• Maker @ 0.1% & Taker @ 0.1%

• Deposit Methods
• Credit Card, Debit Card, Cryptocurrency

(Comparing 1 of 10)

• Type
• Centralized Exchange (CEX)

• Best For
• Newcomers, Advanced Beginners, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares, Options, ETFs

• Fees
• Varies, 0.75% Spread for BTC & 1.9% Spread for ETH

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer, Cryptocurrency, Paypal

(Comparing 2 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Advanced Beginners, Experts, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares, Options, ETFs

• Min Deposit
• Varies€100/$100/£100 for credit cards & €/$/£500 for wire transfers

• Fees
• Varies, A spread fee of 0.6% applies on BTCEUR market

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer

(Comparing 3 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Newcomers, Advanced Beginners, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares

• Min Deposit
• Varies29 EUR/GBP/USD (once), 100 EUR/GBP/USD (for subsequent deposits)

• Fees
• Free, Varies, Floating spread, Swap fee, Conversion fee

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer

(Comparing 4 of 10)

• Type
• Centralized Exchange (CEX)

• Best For
• Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading, Day Trading

• Instruments
• Cryptocurrencies

• Fees
• Starting from Maker @ 0.16% & Taker @ 0.25%

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer, Cryptocurrency

(Comparing 5 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares, ETFs

• Fees
• Spreads starting at 0.03

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer

81% of retail CFD accounts lose money

(Comparing 6 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Advanced Beginners, Experts, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares, Options, ETFs

• Min Deposit
• €100 for credit card deposits.

• Fees
• Varies, A spread fee from 0.56% up to 3.28% applies

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer, Paypal

80.5% of retail CFD accounts lose money

(Comparing 7 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares

• Min Deposit
• Varies between $250 to $300 depending on account type

• Fees
• Main fees are spreads, as low as 0.03 pips

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer

(Comparing 8 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Newcomers, Advanced Beginners, Experts, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares, ETFs

• Min Deposit
• 250 EUR/USD/GBP

• Fees
• Varies, No overnight or maintenance fees

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer, Paypal

(Comparing 9 of 10)

• Type
• Centralized Exchange (CEX)

• Best For
• Newcomers, Advanced Beginners, Long Term Investors, Short Term Trading

• Instruments
• Cryptocurrencies

• Fees
• 5.9% per trade and another 5% for credit/debit card purchases

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer

(Comparing 10 of 10)

• Type
• CFD Trading Platform (CFD)

• Best For
• Advanced Beginners, Experts, Long Term Investors, Short Term Trading

• Instruments
• Crypto, Indices, Forex, Commodities, Shares, ETFs

• Min Deposit
• €215 for most cases

• Fees
• Varies, 0% Commission on trades

• Deposit Methods
• Credit Card, Debit Card, Bank Transfer

Binance Wallet

Binance provides a wallet service to deposit your coins, however, they will not provide you with the private key, but only with your public address key. Binance exchange has acquired the popular Trust Wallet which can be used to store ERC20 and ERC71 tokens along with 14 cryptocurrencies. In the coming months, the Binance wallet is expected to start offering cold storage solutions as well as expanding its support to the top 20 cryptocurrencies.

You could also check out our other recommended wallets, in combination with Binance’s services:

Binance Account

With the Binance exchange, it is possible to buy cryptocurrencies or any token only after depositing cryptocurrency into your account.

How to Signup on Binance

To create an account on Binance, do the following:

1. Visit their official site and click the ‘Register’ link located on the top right of the page.
2. Enter your email, password and click the ‘Register’ button after agreeing to the terms.

Within a few minutes, you should receive a confirmation email from the Binance team. Click the ‘Verify Email’ link on that email, or paste the link address on your browser to activate your account.

How to Log in on Binance

To log in to your Binance account, follow the below steps:

1. Navigate to Binance and click the ‘Log In’ link located on the top right of the home page.
2. Enter your email address, password and click the ‘Log In’ button. Due to the possibility of phishing scams, Binance displays a message requesting you to double-check the URL you are visiting.
3. For the first-time login, Binance exchange displays a message to enable 2FA for your account.

You can follow the instructions to set 2FA immediately or click the ‘Skip for now’ button to do that later. We highly recommend setting up 2FA to better protect your account and funds.

Verification Requirements

You don’t have to submit any documents to trade cryptocurrencies on the Binance exchange. The non-verified account holders (Level 1) can withdraw up to 2 BTC per 24 hours, whereas verified account holders can withdraw up to 100 BTC per day.

To verify your account and move to Level 2, you must submit a government-issued ID. While uploading the documents, ensure that they are of excellent quality and all the information is clearly visible. In addition to the documents, you should also provide your personal information:

• Name
• Nationality
• Country of residence
• Age
• Gender

You will also be required to upload a selfie by holding the ID in your hand. This is standard KYC (Know Your Customer) and AML (Anti-Money Laundering) procedure. Whilst Binance is not required to perform these checks since it is not regulated, it chooses to implement them in order to protect all users and funds from fraudsters.

To further increase the withdrawal limit to Level 3, you will need to contact the Binance support by submitting a ticket to upgrade your level. Further information on how to do this can be found later in this Binance review.

How to Deposit Coins on Binance

Before starting to trade you will need to have deposited one or more cryptocurrencies, preferably BTC or ETH, onto your Binance account. To do so follow this step by step guide:

1. Log into your Binance account.
2. Select ‘Funds-Deposits’ located on the top of the page.
3. On the left-hand side, enter the coin/token (eg. BTC) to deposit from the drop-down box.
4. You will be shown the deposit address to which you have to send the selected cryptocurrency. If your wallet has a mobile app, you can scan the barcode to get the address. Otherwise, you will have to copy the full address and paste it on your wallet to make the transfer.

To know the status of your deposit, navigate to Funds-Transaction History located on your account page.

How to Buy Digital Currency on Binance

You can trade a large number of cryptocurrencies on the Binance Exchange with a nominal trading fee. To do so, you must have any one or more of the four trading currencies (BTC, BNB, ETH, USDT). Alternatively, you will need to make purchases using a credit/debit card option.

Binance offers two types of modes to buy/trade cryptocurrencies: Basic and Advanced. The Basic mode is intended for novice traders, whereas, serial or professional traders can make use of the Advanced mode.

How to Buy Bitcoin (BTC) on Binance

This example will show you how to buy Bitcoin (BTC) using Ethereum (ETH).

1. Log into your Binance account.
2. Choose ‘Exchange – Basic’, located close to the top left-hand side of your account page.
3. On the right-hand side of the page, you should see a box detailing difference cryptocurrencies and their respective prices. Above that box, you can choose any of the markets (BTC/ETH/BNB/USDT). In this example, the option ETH is selected.
4. Select Bitcoin by searching ‘BTC’ on the search box provided and click on the result ‘ETH/BTC’.
5. In the trading graph which appears you will find the ‘Buy/Sell’ section with different types of orders (Market, Limit, Stop-Limit). Click the ‘Market’ tab.
6. Enter either the amount of BTC you would like to buy or the amount of ETH you would like to trade. Then click the ‘Buy’ or ‘Sell’ button accordingly.

How to Buy Ethereum (ETH) on Binance

This example shows how to buy Ethereum (ETH) using Bitcoin (BTC).

1. Log into your Binance account.
2. Follow Steps 2 to 6 of the ‘How to Buy Bitcoin (BTC) on Binance’ section above, replacing BTC with ETH.

How to Buy Ethereum Classic (ETC) on Binance

This example shows how to buy Ethereum Classic (ETC) using Binance Coin (BNB).