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Binance App Review for iOS (iPhone) or Android – Download, Install and Use

In this article, we provide traders a detailed review of the Binance app for iPhone and Android. We compare app extensions in terms of their design, trade functions, and download/install processes. Additionally, we provide the pros and cons of using apps and how well they perform in comparison with the main Binance platform. In case […]

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In this article, we provide traders a detailed review of the Binance app for iPhone and Android. We compare app extensions in terms of their design, trade functions, and download/install processes. Additionally, we provide the pros and cons of using apps and how well they perform in comparison with the main Binance platform.

In case you’re looking for our Binance Review, please click here.

Does Binance have an app for iPhone and Android?

Yes, however, there are some differences as we will describe in this article.

Step-by-step Guide: How do I trade with the Binance app?

The installation process differs between iOS and Android users that wish to trade with the Binance App. As such, Android owners will find it much easier to install the app, as you shall see from our step-by-step guide below.

1. Installation Process

If you happen to have an Android, just go to Google Play and download/install the app directly.

However, iOS users should first locate the page where installation can commence. You can do so through this link, using a QR code scanner on your phone, as seen below.

Review Binance IOS and Android App: Download and Trade

Then, simply tap
“Install” to start the installation process. This is where it starts to get
even more interesting. App Store does not hold the Binance app anymore, so you
will need to remove barriers for the app. You do so by going to “Settings,”
then “General,’ and finally to the “Device Management” tab.

You will see the owner “mauna, ooo” and you need to tap “Trust” for the app to work, as seen below.

Review Binance IOS and Android App: Download and trade

Do not worry, as the Reddit community verified that name already.

2. Login

Binance app login is very much the same as with website registration. Users have the option to turn on Google Authenticator as an additional layer of security. If you already installed the 2FA but then bought a new phone, you may want to check out our guide on how to reset the Google Authenticator.

3. Choose trading pair

As with any other trading platform, you get to choose a trading pair. In our example, it is NULS/BNB. However, there are tons of other options for you to choose from, including BTC, LTC, ETH, and many other pairings.

4. Select the type of order

Binance app
offers two main types of order, buy (long) or sell (short). In addition, you
have three functions:

  • Limit Order (traders set the price for the order)
  • Market Order (current price in the market)
  • Stop-limit (a stop-loss function)

5. Press BUY to execute the order.

As seen from the snapshot below, all you are left to do is to tap “Buy” for a position to go live. Once you feel you have obtained an acceptable level of profit (or loss), tap “Close” to liquidate the position.

Review Binance IOS and Android App: Download and Trade

Review: Binance app for iPhone and Android:

How to use the Binance app?

As you saw
in the previous screen, there are 5 different tabs at the bottom:

•  Home
(Here are your account’s balance, prices for cryptos, and volumes traded
information)

•  Markets
(Here you can find live changes to coins’ values in combination with the main
pair – BTC, BNB, ALTS, and USD)

•  Trade
(Here is the trade form where you can create and close positions)

•  Funds
(Here is your online wallet where you can check out your balance)

•  Account
(Here you will find your account information, settings, support, and chat
options)

 In the top menu, you will find Order History
which provides information on all of your previous positions.

Trading features: Binance App vs Binance Desktop?

Thinking in terms of Binance App vs Binance
Desktop, there is very little difference between the two. Functions are
practically the same fort both Binance app and desktop extensions. However,
design matters quite a lot for bitcoin traders, especially for starters. There
are two main functions that the phone app has for both beginners and experts:

The Binance app has several differences from the online or desktop versions.

  • Design is very simplified
  • Lack of extensive charting
    tools

Binance app is geared more for a fast
market response whereas desktop allows traders to employ full chart investigation.

Binance app for iPhone vs Android App

During our comparative analysis of the Binance app for the iPhone vs Android app, it is evident that not much can separate the two. Both offer the same trading functions, including limit orders and basic chart analysis. Additionally, all coins are there and US traders cannot use either of them. The company is in the midst of a new exchange creation for US customers. Thus, we might see the corresponding app coming along with the new trading platform as well.

The only major difference is the fact that you can download the Android app directly from Google Play. iOS users would need to go through the Binance website instead since the company withdrew from the Apple store.

Review Binance app for iPhone and Android App: Binance App Pros and Cons

Here are summarized Binance app for iPhone and Android pros and cons that you, as a trader, should know about before you download it:

Pros

– fast trading decisions & analysis

– instant access to altcoin markets

– convenient when away from the computer

Cons

– iOS users cannot download the app from the
Apple Store

– limited charts and charting tools

– not convenient for large trades and deep
market analysis

Overall, both extensions share the pros and
cons, as there is not much difference between them. They are meant for short
trading analysis and smaller transactions. Experienced traders might find these
useful since they already possess enough knowledge to conduct scalping trading.
On the other side, we recommend trading starters to keep crypto trading small
in value.

Conclusion

In this Review Binance IOS, we provide a detailed analysis of the Binance iOS and Android app. As a conclusion, there is not much difference between apps and the main Binance platform in terms of trading functions. However, it is limited in chart designs. Thus, it is recommended for traders to use it mostly for quick market checkups and/or for small-sized trades.

In case you would like to read other trading platform reviews, please click PrimeXBT Review – Crypto Trading Futures and Leverage or eToro Review.

You can find all the reviews that we have published so far in this link.

Source: https://www.cryptocointrade.com/crypto-trading-blog/review-binance-ios-android-app/?utm_source=rss&utm_medium=rss&utm_campaign=review-binance-ios-android-app

Blockchain

Members of WallStreetBets Forum Alleged in Telegram Crypto Scam Stealing $2M in BNB and ETH

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Members of the popular WallStreetBets Reddit forum were suspected of a presumable cryptocurrency fraud that could have caused losses of no less than $2 million. By creating a designated Telegram group, they duped investors by guaranteeing remarkable returns through capitalizing on the recent crypto market rally.

The Core of the Hoax

Per a report by Bloomberg, alleged members of the WallStreetBets Reddit Forum used the Telegram messaging service to execute a blatant scam. A particular account by the name of ”WallStreetBets – Crypto Pumps” presented users the chance to purchase a new token certified as WSB Finance before it was listed on crypto exchanges. The operation is known as a pre-mine sale.

The essence of the fraud was connected to the recent cryptocurrency boom as bitcoin and most altcoins skyrocketed in value lately. With some of the digital assets reaching 1,000% gains, the targeted WSB members conned investors into sending money without asking questions and with the potential of netting huge profits.

The notorious account also urged users to transfer popular cryptocurrencies such as Binance Coin (BNB) and Ethereum (ETH) to a designated crypto wallet and then to reach its ”token bot” to gain WSB Finance coins.

However, the perpetrators never dispatched those coins. Furthermore, another message on Telegram revealed that the people who had already issued a payment had to send an equivalent amount again or they would risk losing their initial investment.


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The Aftermath

After executing the hoax, more than 3,451 Binance Coins were withdrawn on Tuesday (May, 4th) from the wallet inside the Crypto Pumps messages.

Since the price of BNB at that point was approximately $625, the fraud caused losses of more than $2.1 million. Following the scam, thousands of people expressed their frustration and tried to expose the individuals behind the account. Moreover, the quantity of the other cryptocurrency – ether – still remains a mystery.

Two weeks ago WSB admins warned about offers that might try to take advantage of the forum’s name in order to allure the crypto audience. The ”WallStreetBets – Crypto Pumps” account has been removed from Telegram but whoever managed it left a message that might stun the affected victims:

”Buying Lambo now.”

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Source: https://cryptopotato.com/members-of-wallstreetbets-forum-alleged-in-telegram-crypto-scam-stealing-2m-in-bnb-and-eth/

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Blockchain

South Korean Crypto Exchange Accused Of $1.5 Billion Scam

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The South Korean cryptocurrency exchange platform V Global was accused of luring 40,000 people into illicit multi-level deceit. The entire scheme amounts to more than 1.7 million won, which equals $1.5 billion.

The Investigation

As reported by the Korean officials, the police raided many places in the country related to a virtual cryptocurrency exchange, and its notorious CEO – known as LEE – alleged to fundraising without regulatory permission. The authorities blocked the exchange’s cash deposits as a part of the investigation.

In total, the Gyeonggy Nambu Police Agency reported that it searched the exchange’s headquarters in southern Seoul along with 21 other places and froze more than $214 million left in the account.

Another report from today shed more light on the developments. According to Yonhap News, the name of the organization is V Global. The Korean police are examining the accusations against them for fraud under the Certain Economic Crimes Weighted Penalty Act, the Similar Receiving Act, and the door-to-door sales business.

The main accusation against the exchange is gaining a deposit of 1.7 trillion won ($1.5 billion) from 40,000 members in the period between August 2020 and January 2021. The announcement revealed that most of the people were elderly or housewives with no experience in cryptocurrency trading.


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Too Good To Be True

The investigation revealed that the exchange urged investors to entrust their funds to an account and lured the members that the expected return would be three times higher than the initial investment. According to the authorities, there was a pyramid element in the scam as the exchange promised to grant an introduction fee of 1.2 million won ($1,065) for every newly recruited member.

The report affirmed that the trading venue paid some members in the form of a block. Therefore, people who signed up earlier received funds from individuals who entered the exchange later.

Moreover, the Korean police seem confident to deal with the fraud case as it revealed its intention to confiscate 240 billion won ($214 million) left in the V Global account as of the 15th last month, even before the prosecution process.

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Source: https://cryptopotato.com/south-korean-crypto-exchange-accused-of-1-5-billion-scam/

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Georgia’s central bank is exploring ‘Digital Gel’ CBDC

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The National Bank of Georgia said that it is considering launching a central bank digital currency.

In an announcement today, the central bank hinted at the issuance of a central bank digital currency, or CBDC, in an effort “to enhance efficiencies of the domestic payment system and financial inclusion.” The National Bank of Georgia, or NBG, said it would be inviting fintech firms and other financial institutions to participate in the project, named Digital Gel after the symbol for the country’s fiat currency, the lari.

“CBDC holds the promise to unlock the tremendous value of innovative business models for the benefit of society,” said the announcement. “The introduction of CBDC could increase financial intermediation efficiency, help introduce new financial technologies, facilitate financial inclusion, and reach previously unbanked populations.”

However, the bank mentioned the possibility of risks in the launch of a CBDC in the Republic of Georgia given the “new and potentially disruptive technology.” The NBG said it may conduct extensive testing of the CBDC in a controlled environment to ensure a smooth rollout, but did not provide any details regarding a timeline for launch.

With a population of roughly 4 million and a gross domestic product of approximately $15 billion, a nation like Georgia falls at the smaller end of countries exploring CBDCs. The Bahamas officially rolled out its Sand Dollar central bank digital currency in October, while China has been piloting its digital yuan in select cities prior to a full-scale launch. In the United States, Fortune 500 company Accenture announced this week it would be partnering with the Digital Dollar Foundation to conduct CBDC trials.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/georgia-s-central-bank-is-exploring-digital-gel-cbdc

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