Binance Review
The currency of the future
Overview
Binance is the world’s largest global crypto exchange. It allows you to buy and sell hundreds of different Cryptocurrencies, making it easy for anyone to get in on the action. C.Z. started Binance in 2017 as a way for people who couldn’t afford expensive Crypto trading fees.
For all the people who are looking for an affordable and reliable crypto platform, Binance can be the best option. Binance has some really amazing features that is available at a very reasonable price. Here is the Binance review for you. In this review, we have mentioned all the things that you need to know about this platform.
Binance is the best cryptocurrency exchanger that offers various digital currencies and trading pairs. It has an emphasis on security and efficiency. Users can start trading within minutes, They can instantly deposit the funds into their account, and they can withdraw these funds quickly. Binance uses multi-level encryption to protect users from hackers. In addition to the already advanced security features, Binance offers an additional option for withdrawals and other account functions.
The interface is also easy for beginners, with more in-depth options for advanced traders. Withdrawal limits are placed on every account holder to prevent potential hacking threats and encourage safe trading practices on the platform. Binance ensures 100% uptime by using multiple cloud servers to ensure that your trades are executed very smoothly. In short, the Binance exchange is a fast, secure, and efficient platform which makes it one of the best choices for trading cryptocurrency today.
About
Founded in 2017, Binance has quickly become one of the most popular cryptocurrency exchanges worldwide. Its trading volume reflects its popularity. The binance currently makes up a third of all global trades on their crypto exchange. However, Binance faces regulatory issues, investigations and bans from regulators worldwide for suspected money laundering and tax offences in countries like China and Japan.
Still, experienced traders may appreciate Binance’s variety since this platform offers hundreds of cryptocurrencies for global users. The newbies would find navigating this overly busy interface confusing given that it also has many features to offer, such as charts with technical analysis tools or binance live streaming events. This can be overwhelming to some people who want something simple to use.
Binance Services
Binance Exchange
Binance Exchange allows you to buy crypto with fiat or other coins. You can also use several ways to trade on Binance.
P2P trading
One of the neat features Binance offers is a peer-to-peer trading service that directly connects buyers and sellers to trade cryptocurrency. This facilitates fiat payments with many different payment options, depending on your preferences.
Credit/Debit card:
Binance has partnered with Simplex to provide a brokerage service that supports credit and debit cards. Using this service, you can buy cryptocurrencies and deposit fiat currency into your account using these cards. Unfortunately, the high fees for USD deposits on a debit card can be 4.5%.
SEPA/Wire transfers
More good news for Binance users! They can now buy cryptocurrency with fiat money, and the best part is that there are no transaction fees. This payment option offers many benefits, especially to those who use SEPA or wire transfers in place of ETH or BTC transactions, as they will get their crypto at lower prices. On the downside, though, this new payment method is only available for a few currencies like EUR & GBP (excluding The Netherlands and Switzerland), USD (domestic wire & ACH), TRYs, and Brazilian Reais). Also, Brave has integrated Binance’s widget into its browser so you can trade while browsing online; it also displays your portfolio.
Binance Trading Platform
There are many cryptocurrencies to trade on Binance. You can sell Bitcoin, Ether, or one of the other available pairs for trading like TRX and DOGE. There is also a large selection of crypto-to-fiat pairs on the platform’s fiat markets. Beginners and advanced traders alike have multiple options, including spot trading with an easy interface. You can use derivatives, peer-to-peer (P2P) trades, margin trades–all via their user-friendly platform.
Spot Trading
There are two primary interfaces for spot trading. The beginner-friendly interface, “Convert,” removes all of the advanced features such as charts and different order types; this makes it easy for newbies to trade cryptocurrencies without any confusion. Another interface is available with just the typical exchange features like charts and is more accessible in a default spot trading interface for advanced users.
Margin Trading
Margin trading is available for selected pairs, allowing users to leverage up to 10x on some coins. There are two types of margin trading: cross margining, which risks your entire balance if something goes wrong and isolated margin, which restricts the potential losses to a single trade pair. Margin trading on Binance US isn’t available at this time. In addition to margin trades, Binance stock also offers leveraged futures trades, and I’ll cover those in another section below.
Features Of Binance
The following are the key features of the Binance platform:
Wallets: The Binance exchange offers a comprehensive list of wallets to hold cryptocurrencies and fiat currencies on the forum.
Mobile Trading: Binance is mobile-compatible and the binance mobile application can be found on Google Play, the Android APK, as well as the AppStore
Interactive Charts: TradingView supports technical analysis by providing users with a wide selection of indicators.
Support Centre: The site has a comprehensive library of articles to assist in queries and to help navigate the platform. Users can also chat directly with customer support and read detailed guides on how to buy cryptos.
Trade: Investing in or trading cryptos is an extensive topic. There are many platforms to choose from, such as “Basic,” “Classic,” and “Advanced.” Margin and P2P offer the opportunity to trade other assets.
Derivatives: You can also trade USDT Futures, Coin Futures, and Leveraged Coin products on Binance. .
Deposits and Withdrawals: With Binance fees, you can deposit and withdraw cryptocurrencies and fiat money very easily. Your money will not get stuck at any point in the time.
Binance Offers A Wide Variety Of Cryptocurrencies.
Binance has more than 365 cryptocurrencies available, but only 65+ are available in the U.S. There is a variety of fiat currencies supported by Binance. Depending on where you are located, there will be a different selection of cryptocurrencies that can be traded for your local currency (USD, EUR) or other coins such as DOGE or MATIC and some popular cryptos like VET and BNB. Binance supports popular cryptocurrencies, including
- Bitcoin
- Ethereum
- Tether
- BNB
- USD Coin
- XRP
- Solana
- Terra
- Cardano
- Avalanche
Fees
Deposit and withdrawal fees:
Deposit fees depend on the currency and payment method. Bank transfers are often free, but there’s usually a fee for debit card payments. Binance allows credit or debit card payments, bank transfers, and peer-to-peer exchanges. You can withdraw fiat or crypto to your bank account. The withdrawal amounts and fees is based on the currency you choose to use when withdrawing from your account.
Trading fees:
The percentage you pay will depend on your trading volume and the amount of BNB coins you hold. Maker orders, which add liquidity to the market, receive lower fees than taker orders which remove liquidity. Anyone can get a 25% discount on their trading fee by purchasing the platform’s native currency: Binance Coin (BNB).
Level | 30d Trade Volume (BUSD) | And/or | BNB Balance | Maker / Taker | Maker / Taker
|
Regular User | <1,000,000 | OR | ≥ 0 BNB | 0.1000% / 0.1000% | 0.0750% / 0.0750% |
VIP1 | ≥ 1,000,000 BUSD | And | ≥ 25 BNB | 0.0900% / 0.1000% | 0.0675% / 0.0750% |
VIP2 | ≥ 5,000,000 BUSD | And | ≥ 100 BNB | 0.0800% / 0.1000% | 0.0600% / 0.0750% |
VIP3 | ≥ 20,000,000 BUSD | And | ≥ 250 BNB | 0.0700% / 0.1000% | 0.0525% / 0.0750% |
VIP4 | ≥ 120,000,000 BUSD | And | ≥ 500 BNB | 0.0700% / 0.0900% | 0.0525% / 0.0675% |
VIP5 | ≥ 200,000,000 BUSD | And | ≥ 1,000 BNB | 0.0600% / 0.0800% | 0.0450% / 0.0600% |
VIP6 | ≥ 500,000,000 BUSD | And | ≥ 1,750 BNB | 0.0500% / 0.0700% | 0.0375% / 0.0525% |
VIP7 | ≥ 1,000,000,000 BUSD | And | ≥ 3,000 BNB | 0.0400% / 0.0600% | 0.0300% / 0.0450% |
VIP8 | ≥ 2,500,000,000 BUSD | And | ≥ 4,500 BNB | 0.0300% / 0.0500% | 0.0225% / 0.0375% |
VIP9 | ≥ 5,000,000,000 BUSD | And | ≥ 5,500 BNB | 0.0200% / 0.0400% | 0.0150% / 0.0300% |
Binance Wallets
Binance offers compatible wallets for the supported cryptocurrencies. You can find the wallets by clicking on “Wallets” in the upper-right corner of Binance’s page.
Supported Countries
Binance does not state what countries are supported by its exchange. However, it is available to many people worldwide, excluding the U.S. and some others. But the customers from the U.S. can now use Binance US after Binance withdrew its leading service from that country in 2019 due to legal issues with New York’s virtual currency regulations. Reports have claimed that certain users’ accounts were closed for living in certain countries such as Iran or Serbia, though Binance itself never confirmed this.
Privacy and Security
Binance provides a high level of security to protect your personal and financial information. Security measures involve
YubiKey 2-Factor Authentication
A YubiKey is a hardware device that can be used as 2FA on Binance to increase account security.
Google Authentication
For withdrawing funds and securing your account.
Device Management
Users can manage their account by clicking “Manage” and selecting the devices that have access to it. Here, users may also delete unwanted ones.
Address Management
This address management setting helps you save and write memos for each withdrawal address. You can also add a list of “whitelisted” lessons, which will only allow withdrawals to those specific wallets.
SMS Authentication
For withdrawing funds and securing your account.
Anti-Phishing Code
Setting up an Anti-Phishing code will allow you to differentiate between Binance emails and phishing attempts.
Account Activity
The dashboard provides users with account activity. It is categorized into login and security activities.
Email Address
For withdrawing funds and securing your account.
What is Binance Lite for?
From what has been said above, it can be inferred that the Lite version is intended for those who are new to Cryptocurrencies and new users of crypto exchanges, people with a basic knowledge of exchange functions as they’re not very interested in this area except buying or selling currencies.
What is Binance Professional for?
In contrast to Lite Mode, Pro Mode is for experienced users who have been in the crypto sphere for a long time and not only deal with simple trade but also use advanced features offered to them.
Binance Review – Pros and Cons
Pros
- This platform is user-friendly, with plenty of tutorials to help you get familiarised with it.
- Binance offers a wide range of cryptocurrencies and also has an extensive list of crypto pairings that you can trade.
- Binance provides greater liquidity for traders with high trading volumes.
- The company has a strong emphasis on security, with various measures to protect investor assets.
- Launchpad is a service offered by Binance that provides users with access to new coins and tokens.
- Cryptocurrency users can earn interest by saving cryptos and earn rewards for staking cryptos.
- They have a comprehensive support centre with 24/7 customer support.
- KYC verification provides an additional layer of protection for Binance users.
Cons
- Demo binance accounts are available exclusively for the Binance Futures platform.
- Not available in the U.S.
Affiliate Program
Every new user that you refer to Binance will lead to a commission on your part. In other words, for every new user referred, the person who invited them will receive a percentage of any fees from trades they make in spot or binance markets. This is possible with either their spot referral link or futures referral link, and there are no limits as long as it’s through one of these links!
Spot Referrals:
- Affiliates get a referral rate that ranges from 41%-50%. They can choose to share 0%, 5%, 10%, 15%, or 20% of their earnings with friends they invite.
- A user can choose their percentage of the invitee’s daily average BNB account balance under 500 BNB and base referral rate at 20% and share 0%, 5%, or 10%.
- If you are an inviter and your average daily BNB account balance is 500BNB or more, your base referral rate will be increased to 40%. You can choose any number from 0% to 20% that they want you to share.
Binance Review - Final Thought
Binance is a world leader in the cryptocurrency space and offers users an extensive range of products to explore. Few compete with a global presence. It is one of the most extensive crypto offerings, and an impressive trading platform. Liquidity protocols offer investors and traders stability while security delivers peace of mind when making exchanges on this platform. Following the rollout of Binance Visa Card & Launchpad, it is evolving into a perfect choice for both newbies and for more advanced traders looking to trade or spend their hard-earned cryptocurrencies.
