Binance is a Cryptocurrency exchange that holds more than 600 cryptos. Currently, there are over 90 million registered customers on this platform who trade at a lower fee of less than 0.1%.
The platform is one of the largest cryptocurrencies in terms of trading volume and liquidity. It offers hundreds of different cryptocurrency pairs, in all shapes and sizes.
For example, while you can trade major coins such as Bitcoin and Ethereum, Binance also has plenty of ERC-20 tokens available. Here we have a comprehensive review of the Binance Crypto Currency exchange.
About
Binance was launched in 2017 in China but later relocated its head office to Malta in Europe. The exchange deals with pure crypto and fiat currencies.
Even though it’s one of the new entrants into the market, it has managed to capture a large chunk of the market with multiple coins and low fees.
The platform also has Binance Pay which enables you to make payments on multiple platforms.
The Binance Trading App allows you to earn anywhere on the go. You can download it from Google Play or the app store.
The Binance crypto trading Earn feature allows you to grow your digital assets. Here you can lock your cryptos for several months or years and earn rewards. To stake, you must have proof of stake.
Security
Binance exchange stores at least 10% of the trading charges in a secure fund to offer ample protection for users’ funds. It’s more like insurance. Further, most of the funds are stored in cold or offline storage.
The fund allows personalized access and therefore restricts third parties from accessing your digital assets.
There’s also a highly advanced data encryption system that ensures end-to-end encryption of personal information.
Another unique feature of Binance is the real-time monitoring thanks to the risk management structure that analyses withdrawals, email, passwords, and 2-FA resets.
The exchange also has highly advanced organizational security including the TSSS which is a multi-stage signature that guarantees the protection of your funds.
User-level security features include email alerts, API access control, and safe sign-in.
What are Binance Trading Fees
Binance crypto trading exchange is also attractive in terms of fees. Binance exchange charges only 0.10% commission per transaction. This commission can be further reduced if you trade in large quantities and hold a minimum amount of Binance coins (BNBs).
How to Deposit Money with Binance
Binance exchange supports trading of 150 plus cryptos. Thus, you may deposit or withdraw cryptos easily using this platform.
Binance has no limit on the amount of deposit you can make. The easiest way to receive the amount every day is determined with a verification level. You can receive up to 2 BTC if they have not submitted any verification details. This can be considered level 1 for an unverified account.
To access level 2 of the Binance blockchain, you must comply with the two-factor authentication or Google authentication. Currently, two-factor authentication is only available in Chinese SMS numbers. You can now receive up to 100 BTC at this level.
ICO Token and Binance (BNB)
The Binance crypto trading platform has launched its own ICO token known as the BNB. Binance tokens enable traders to pay fees and become one of the best future key base currencies.
Binance Trading Instruments
Binance crypto exchange is also a popular alternative because you can trade anonymously. To do this you can deposit or withdraw money in cryptos to avoid sharing your identity. However, there is a catch since you can only trade not more than 2 BTC per day.
Binance blockchain is one of the few crypto exchanges that allow derivatives trading. It also supports Futures and Margins which are popular with institutional or advanced investors.
Spot Trading
Binance crypto exchange supports Spot trading through a spot wallet which is a unique feature that enables you to trade cryptos and own them. You can also deposit funds in the form of fiat or virtual currency, and withdraw or transfer them to other wallets.
You also have access to other functionalities such as Limit, Market, and Stop-Limit. For example, you can place Limit orders or Limit to buy cryptos. However, the buy is not instant and will only happen when you reach a certain price. On the other hand, Market orders permit you to purchase cryptos instantly.
The Binance blockchain exchange also offers Margin Trading via the Margin Wallet. However, this is recommended for advanced traders since it involves amplifying gains by incorporating leveraging effects.
In this case, you can borrow from third parties to buy digital assets. Be careful because there’s also a possibility of increasing your losses.
Futures Trading
The Binance crypto exchange also has the Futures Wallet feature that enables you to access Futures trading where you can buy/sell derivatives. Here, you don’t own cryptos during trade but CFDs.
How to Open a Binance account
To get started, you need to complete the registration on the Binance website. The sign-up is easy since you can use your phone or email address.
A link is sent to your email for confirmation and after that, you can choose a unique password for future access.
Because you’ll be dealing with financial-related issues, it’s vital to complete the KYC process before you can commence trading with your Binance account.
During sign-up, you’ll need to select the 2FA account. You can also install the Binance app and sign up. Importantly, you should store your credentials in a safe place.
Other Resources
Binance exchange website has a resource center where you can get materials including articles and gather enough knowledge on cryptos.
Customer service is available via the support function on the website,
Pros
- Supports multiple crypto pairs
- The trading commission is only 0.1%
- Supports credit and debit card payments
- Its highly reputable
- Advanced traders can enjoy a wide array of tools and features.
Cons
- Third-party fees may apply when depositing or withdrawing cryptos.
Conclusion
The Binance exchange is one of the most highly reputable exchanges in the world. It’s reliable and comprehensive and is packed with multiple features along with lower fees. There are no restrictions to joining as long as you can complete the KYC process. It’s a satisfactory exchange for any investor willing to buy/sell/exchange cryptos. Thus it offers an opportunity to engage in Binance trading.
