CitizenTrader

Citizens Trading Information

Trading on Binance.com in the US

Trading on Binance.com in the US has become a little more difficult than it used to be. Binance.com no longer services US customers due to several reasons we won’t go into during this article. What we will do, is show you how to connect to Binance.com from a location in the US without losing access to your wallet.

Getting Started

To start trading on Binance.com in the US, you will need two items ready to go beforehand.

  • Cryptocurrency ready to be transferred to your Binance.com account
  • A VPN that will allow you to connect from an appropriate country

Your existing crypto can come from just about anywhere, as long as you can create a transaction and send it to the address found within your Binance.com wallet. We’ll go into that more at a later time.

Not all VPNs are the same

When you choose your VPN, it is highly advised to avoid any that are offering free services. There’s a good chance that VPN is not as secure or consistent as the VPNs you will find from reputable providers. Our VPN of choice is ExpressVPN. They provide high-quality VPN connections from locations all over the world.

Create your Binance.com Account

Once you’ve gathered all your resources, activate your VPN in a location that is supported by Binance.com. We regularly use the UK locations, as they have been consistent in bandwidth and connectivity.

Navigate to Binance.com and select “Register”

Fill out the appropriate information, supplying an email address and password. It is recommended to avoid supplying a phone number or any other identifying information, as this may trigger Binance.com to restrict your ability to access your wallets. However, two-factor authentication through Google Authenticate is a good idea to add an additional layer of protection.

Transfer your crypto to Binance.com

Now that you have an active account, navigate to your “Fiat and Spot” wallet. This will be the only wallet that will allow for transferring any currency in or out of your Binance.com account.

Find the appropriate wallet for the currency you wish to transfer and ensure you read all of the information presented on the screen. Some currencies require specific pieces of information for the transaction to be successful. If you miss these instructions, there’s a good chance your crypto will be lost forever.

Note: We’ll put some links here for some of the more popular coins and how to transfer them properly in the near future.

Time to Trade

You have an account. You’ve funded your wallet. Now it’s time to trade. Binance.com has several platforms to choose from, like Spot, Margin, and Futures. Take care to understand what and where you are trading, and manage your risk accordingly. Crypto trading is very volatile and losing an entire account is something that does happen. Make sure the money you play with is money you can afford to lose.

What is the Bitcoin Lightning Network?

What is the Bitcoin Lightning Network? Why is it important? Let’s find out!

Bitcoin Logo, the blockchain that supports the Lightning Network

Crypto is on the run!

Cryptocurrency is quickly becoming the currency of the future and has no shortage of new approaches and use-cases. With Bitcoin breaking $40,000 and surges of volume moving into the market, it’s no wonder more and more people are starting to talk about it.

Faith in the stock market is falling

Not to mention, the trust in stock markets and the big fish who swim there is steadily dwindling, even more so after the most recent events involving Gamestop and AMC stocks, along with several others.

How does Bitcoin survive?

So how does Bitcoin continue maintaining its hold as the #1 cryptocurrency, even though it fails to scale nearly as well as many other lower priced coins? The answer may be in the new Lightning Network implemented as a 2nd layer protocol riding on the Bitcoin blockchain itself. Comprised of scripts called “Smart Contracts”, users creating transactions on the Lightning Network can send and receive Bitcoin much quicker and for much lower fees.

How does the Network work?

The network itself relies on yet another decentralized approach of creating nodes hosted by individuals running the proper software to conduct transactions. These nodes are connected to other nodes, creating a “path” from one user to another, much like when an internet network transmits information.

It’s not perfect, but…

While the Lightning Network does have some flaws, which you can read about HERE on Forbes, it does solve a lot of issues with future-proofing the Bitcoin blockchain as well as offering its userbase a better way to complete transactions.

Learn More

To find out more about the Lighting Network, visit their main site at HERE.

Running a Lightning Network Node

We will be diving in on how to set up your own Lightning Network node, which not only contributes to the Lightning Network, making it more secure and faster but also offers some opportunity to earn a little income in the process. We’ll update this article with the link once it goes live. Until then, stay tuned for more Crypto info as we head into the future. Thanks for reading.