Trading fees
0,1%
Purchasing fees
0.5% for purchases of cryptocurrency made with cash balances
Supported cryptocurrencies
600+
Platform
Mobile + web
Broker type:
Cryptocurrency
Education
Yes
https://academy.binance.com/en
Customer Service
Live chat 24/7
Pros
- Extensive selection of cryptocurrencies
- Excellent support
- Low trading fees
- Advanced transactional features
- High liquidity
Cons
- .Inadequate regulatory approval
- Can be difficult for some novice users
Binance Review
When it comes to the volume of trades, Binance is by far the most prominent cryptocurrency exchange online. In point of fact, it holds the number one spot among the rankings of cryptocurrency exchanges that are kept up to date by CoinMarketCap. These rankings are determined by 24-hour trading volumes, exchange scores, and average liquidity. Binance comes out on top, beating out competitors like Huobi Global and Coinbase, who are now ranked second and third, respectively.
This Binance review will look at the pros and cons, the platform, the features, and how to start trading with one of the top cryptocurrency exchanges in the world today.
About Binance?
Binance, headquartered in the Cayman Islands, is a leading cryptocurrency exchange. The Binance cryptocurrency exchange, as of this writing, offers trading in more than 600 different cryptocurrencies at some of the lowest costs in the industry. Among these is the company’s very own cryptocurrency, known as Binance Coin (BNB). Binance is widely regarded as one of the most comprehensive and feature-rich cryptocurrency exchanges currently in operation for a variety of reasons, including its cutting-edge trading platform, extensive range of supported transactions, and sophisticated feature set.
History of Binance
Yi He and Changpeng Zhao established the cryptocurrency exchange platform Binance in the year 2017, over a decade after the Bitcoin network went live. The two founders were previously executives of the Chinese crypto trading site OKCoin, who are now based in the U.S. Binance is a portmanteau of the phrases “binary” and “finance,” which together describe the platform’s primary purpose.
Changpeng Zhao, the founder, and CEO of Binance began his career as a creator of high-frequency trading systems for stockbrokers. With this background, he was well-prepared to enter the emerging cryptocurrency industry and emerge as one of the world’s foremost leaders. After its initial introduction in 2017, Binance will eventually move the location of its headquarters to a number of different countries in the hope of evading legal action and regulatory supervision. The primary operation of the business would eventually move to the Cayman Islands, while a subsidiary known as Binance.us would be established in the United States.
The co-founders intended to conduct an Initial Coin Offering, also known as an ICO, in which they would offer investors a total of one hundred million Binance Coins as compensation for their investment. Because of the euphoria around bitcoin at the time, the Company was able to raise $15 million owing to this event. The co-founders of Binance came to the conclusion that 50% of the cash received should be used toward branding and marketing, 35% should be allocated toward upgrading and improving the Binance platform, and 15% should be set away for unexpected events.
Who Should Use Binance?
Binance is a great place to start if you’re new to cryptocurrency trading because of how intuitive it is and the many useful tools it offers. That is not to mean, however, that it is not appropriate for more seasoned traders. The Binance Academy is another feature that sets it apart from other cryptocurrency exchanges; it provides access to a large variety of educational materials that cover everything a user needs to know about cryptocurrency, trading, and smart investing.
Is Binance Safe?
Binance was the victim of a significant attack on the 7th of May, 2019, which resulted in more than 7000 Bitcoins being taken from the exchange. Since that time, Binance has invested every available resource into making the platform as safe and secure as possible. They now provide customers with a variety of options to assist in the process of securing their accounts, one of which is the usage of two-factor authentication.
Other security features include whitelisting of IP addresses and devices, cold storage, and the brand new Safe Asset Fund for Users (SAFU). Even while no cryptocurrency exchange can absolutely ensure that there won’t be a security breach, the extensive security measures used by Binance make it extremely improbable that your cryptocurrency investments will be compromised while using the site.
Binance Platform & Features
Advanced Trading Options
Users of Binance’s platform have access to a variety of financial instruments, including options, complex charting tools, and the very best technical indicators currently on the market thanks to the platform’s comprehensive nature, which was developed with the highest levels of trading in mind.
The platform’s Advanced section caters to more experienced traders who want to do in-depth technical analysis before calling a trade and as such, it offers these users a more sophisticated trading screen that facilitates this kind of analysis and allows them to place an order simultaneously.
The Mobile App
You can easily access your Binance account from anywhere, thanks to the app’s compatibility with all mobile devices. Binance will also provide you with regular market information so that you can make educated selections regarding every trade that you engage in on their platform. The mobile app for Binance may be downloaded on mobile devices running either iOS or Android.
Ease of Use
Binance is one of the easiest, most open, and most convenient places to buy and sell cryptocurrencies in the world. The platform has a quick sign-up process that lets you buy crypto in less than 10 minutes after you sign up. When you sign up, you go through a simple sliding verification to make sure you are not a robot or a computer system.
The Basic segment is intended for new users who do not want or require significant technical analysis to make strategic decisions. As such, you may purchase or sell cryptocurrency and even set stop limits in this area, which features a simple chart for each trading pair you select.
Binance Fees & Commissions
Users of Binance are encouraged to use the bank deposit option whenever possible. If you choose this method, each deposit will cost you a fixed charge of around $1. You will be subject to a 1.8% deposit charge if you choose to pay with a Mastercard or Visa.
While there is a 0.1% cost associated with spot trading, there is a 0.5% trading fee associated with direct purchases of cryptocurrency using cash balances.
Binance has its own blockchain and token, the Binance Coin (BNB). When compared to the alternatives, using BNB will have significantly cheaper transaction costs. If you trade using BNB, your transaction costs will be reduced by 25%.
Deposits that are made by means of an ACH transfer are not subject to any fees. On the other hand, all debit card deposits are subject to a pretty substantial fee that is equal to 4.5% of the deposit amount.
The platform will determine your trading fee level and place you in one of many distinct VIP levels based on the amount of BNB tokens you have in your account as well as the amount of trading volume you have had over the past 30 days.
On the other hand, the level of verification that you achieve on the platform will determine the maximum amount that you can withdraw.
- Up to $5,000 every day after basic verification is done
- Up to $1 million a day after advance verification is complete
- Up to $5,000 with ACH or $10 million wired after a fiat account has been verified.
Cryptocurrencies Available on Binance
Binance facilitates the purchase of cryptocurrencies using a broad variety of fiat currencies, including US Dollars, Euros, Chinese Yuan, Australian Dollars, Indian Rupees, and Russian Rubles, amongst others. You may also buy cryptocurrency with a wide variety of stablecoins that are accepted, such as Binance USD (BUSD), Coinbase USD Coin (USDC), and Tether (USDT).
You can buy and sell over 600 cryptocurrencies on Binance. These are just a small list of some of the popular ones available to trade:
- Bitcoin (BTC)
- Ethereum (ETH)
- PAX Gold (PAXG)
- Harmony (ONE)
- Orchid (OXT)
- Helium (HNT)
- Chainlink (LINK)
- Cardano (ADA)
- Stellar (XLM)
- Tether (USDT)
How to Open An Account?
Signing up for a Binance account is simple. Start by going to the official Binance website and clicking the “Register” button there. This will take you to a form where you can fill in your information.
Just follow all of the necessary procedures to get your account up and running.
To finish the verification of your identification, use the dropdown menu and select “Identification” from the menu that appears. On Binance’s help desk, you can find a comprehensive rundown of the verification procedure in its entirety.
Once you’ve finished all of the steps, your account will be ready for trading. The Binance platform gives users the option to either deposit fiat currency or cryptocurrency, as well as make a direct purchase of cryptocurrency using a credit card.
In Conclusion
Binance is a cryptocurrency exchange that supports a broad range of currencies. With a focus on rapid transaction speeds, customers should be able to take advantage of some of the best crypto pricing on the market. When it comes to day-to-day operations and the technologies it employs, Binance has made one of the best environments for cryptocurrency trading. Furthermore, the Company’s track record, investments, and ongoing expansion all point to a dedication to perfecting the manner in which it serves its customers.
Binance Review Overall
Binance is a leading cryptocurrency exchange with low trading fees, an extensive selection of over 600 cryptocurrencies, and advanced trading features. It offers excellent 24/7 live chat support and high liquidity, making it ideal for seasoned traders. However, it lacks regulatory approval in some regions and can be challenging for novice users. Overall, Binance is a top choice for experienced traders seeking a comprehensive and feature-rich trading platform.
Pros
- Extensive selection of cryptocurrencies
- Excellent support
- Low trading fees
Cons
- Inadequate regulatory approval
- Can be difficult for some novice users
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Trading and Account Fees:
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