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Binance exchange is known to many as one of the top places where you can buy and sell crypto. However, is it the best place? To answer this question, read our unbiased Binance Review.
Cryptocurrencies, such as Bitcoin, are becoming the new asset class. But it’s not simple to navigate the new world of virtual currency. In fact, the process of buying, selling, and trading in cryptocurrencies is now easier than ever with Binance.
Binance is an excellent place to buy and sell cryptocurrencies. The platform’s goal is to make trading as easy as possible for even the average person. That means the site is highly user friendly, and its easy to navigate through different options.
Table of Contents
What is Binance?
CZ, better known as Changpeng Zhao, launched Binance. The Chinese internet entrepreneur has previously developed software for Bitcoin and Blockchain.info as well as been a senior developer at Blockchain.info. He has also worked with Blockchain.info as a key member of their crypto wallet team before launching Binance.
Binance is a cryptocurrency exchange based in Malta and has offices in Taiwan, having moved there from China in March 2018.
In December 2017, Coinbase became the first major US cryptocurrency exchange to exceed a $1 billion in market cap. It’s important to note that this is just for the crypto-markets, not crypto-assets or cryptocurrencies overall.
Binance.US is regulated by US regulatory authorities, who are among the most stringent in the world. In 2018, Binance collaborated with New York-based financial institution Paxos to launch a U.S. dollar-denominated stable coin. While the stable coin attempted to reduce cryptocurrency volatility by merging cryptocurrencies and fiat currencies, this approach ultimately ended up doing more harm than good.
In 2019, Binance has partnered with Israeli company Simplex to allow users to buy Bitcoin, Ethereum, Litecoin, and Ripple’s XRP using credit and debit cards.
Binance has had a meteoric rise in popularity and has grown to become the largest cryptocurrency exchange in the world. The exchange allows people to purchase digital coins and sell them for cash at a low fee. In fact, the fees on Binance are among the lowest in the industry.
It is managed by BAM Trading Services and is located in San Francisco, CA. While it operates under license from Binance and makes use of Binance’s wallet and engine technologies, Catherine Coley, the CEO of Binance.US, is a former Morgan Stanley and Ripple veteran who has ambitious goals for bringing cryptocurrency into more people’s lives in the United States.
Supported Cryptocurrencies
Binance is a crypto-currency exchange platform for people who want to trade in more than 200 different cryptocurrencies. The company offers its own cryptocurrency, Binance Coin, and trading in more than 60 digital currencies on its US version, Binance.us. It also offers the ability to trade in Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Chainlink.
Payment Methods
The Binance platform offers several ways to purchase crypto assets. Traders can fund their accounts by credit card or debit card payment, bank wire transfer or SEPA payments in Europe.
Trading Fees and Limits
Fees
Binance does not charge any fees for deposits. Binance charges a flat fee of 0.20% per trade, as well as a daily penalty on the value of your BNB if you do not have at least one active balance (cryptocurrency).
Your trades and daily balance of your Binance Coin (BNB) are measured every day at 0:00 Eastern Standard Time. To get a 25% discount on trading fees, you may pay with BNB.
Binance charges a flat rate for spot and futures trading. They charge a maximum 0.04% fee for futures trades, which goes down significantly if you are making a maker trade. In addition, ATM and credit or debit card withdrawals can incur fees of up to 3.5% on the more expensive end.
Limits
Binance is one of the most popular exchanges, and it’s been around for a long time. And one of the reasons it’s so popular is because its services are easy to use.
Users at Level 1 can withdraw up to 2 BTC worth of currency every day. Users at Level 2 can withdraw up to 100 BTC worth of currency per day.
Notable trading tools
Binance has an extensive suite of trading tools available for all levels of experience. From following and interacting with professionals to purchasing and selling against other traders for points, Binance has you covered.
Binance Futures Battle
The Binance Futures Battle is a gamification of trading. It allows traders to compete against one another and gain points. Users simply need to guess where Bitcoin will go in the next five minutes and take long or short bets. The leaderboards are a mix of social media and cryptocurrency trading, so you can see and follow the top traders on the platform.
The largest social trading networks are more like trading exchanges where traders can create their own account and trade between themselves. eToro’s version, on the other hand, is more like a brokerage, providing an opportunity for traders to connect with each other and place trades.
Binance Asset Conversion
A crypto-to-crypto exchange is a function that allows you to convert assets into a coin-margined wallet without having to go through the spot market first.
Cross-collateral
Users can collateralise their cryptocurrencies to borrow against other cryptocurrencies.
Price prediction
In a volatile market, price predictions protect customers from losing money. This is a common occurrence in cryptocurrency trading.
Financing
Binance Savings
“Flexible” or “locked” savings accounts on Binance allow customers to make the most of their money while it isn’t being invested.
In return for keeping funds for a set length of time, the restricted account pays a guaranteed interest rate.
Binance Staking
Binance staking accounts offer Binance users the ability to earn passive income from proof-of-stake and decentralized finance by allowing them to set up an account with an amount of stake that they wish to stake.
Binance Smart Pool
The incentive distribution model works by giving crypto data miners the ability to combine their efforts and share in the profit generated by mining. This automated system eliminates the need for data miners to work hard and earn less than they would if they mined on their own.
Binance Crypto Loans
Binance is one of the largest crypto exchanges with over 2.0 million users. The company offers loans of cryptocurrencies in the form of stable currencies (USDT or BUSD) that are backed by Bitcoin or Ethereum and available to Binance customers.
Binance Liquid Swap
The smart contract is programmed to create an Automated Market Maker (AMM). Liquid Swap coin has little or no slippage. You can use Liquid Swap to trade digital assets for free or even pay for the ability to make markets!
Binance Visa Card
The Binance card is a Visa-branded debit card that can be used to pay in places that only accept fiat currency. Users are not charged any fees when their cryptocurrency is converted to fiat currency.
Customer Support
Binance’s extensive FAQ page should be the first stop for customers seeking answers or concerns. This includes lessons, blog posts, and articles that might answer any questions they may have. The firm’s exceptional Academy, meanwhile, provides quick and easy-to-understand instructions on everything crypto.
The Academy offers excellent customer service through their 24/7 live chat feature. Their service is available 24 hours a day, seven days a week. When a customer has a problem, they simply enter it into a ticket system and the support team will work to help them.
The response time depends on the current volume of inquires. There is no phone assistance available. Finally, there is a community chat with almost 5,000 members, around 10% of whom will be online at any one moment, ready to assist their fellow cryptocurrency enthusiasts.
Is Binance Safe to Use?
Binance employs two-factor authentication, which makes it a safe place to trade cryptocurrency. This security system has been hacked, but user losses are covered by a fund called SAFU.
Binance is a major crypto exchange and cryptocurrency trading platform founded in China. It utilizes SSL certificates that are both 256-bit encrypted and trusted by banks, governments, and other financial institutions to ensure the security of customer data.
Who is Binance designed for?
The platform is designed for advanced cryptocurrency traders. That isn’t to say that it hasn’t been embraced by newer players who seek out more about cryptocurrencies online. The platform offers all of the features a crypto trader needs, and while many traders still prefer more traditional trading platforms, it is easy enough to start trading with Bitmex for those new to cryptocurrency.
Binance Academy is a place to learn about Bitcoin and altcoins. Beginners will be able to learn everything they need to know about cryptocurrencies in one place and the information can be easily shared with friends.
Newbies will appreciate Binance’s comprehensive cryptocurrency information as well as the Academy. The cryptocurrency trading platform offers a broad range of tools for the beginner to more experienced trader. A top-tier research platform, Binance Research provides the best crypto insights for serious traders.
Best Binance Alternatives
Binance is the most popular cryptocurrency exchange in the world, but if it is not to your liking, here are few alternatives you can consider.
Conclusion
Binance is a cryptocurrency exchange with over 15 million active users. It’s a tough force to be reckoned with.
Binance is the world’s largest cryptocurrency exchange, with over $1B in daily trading volume. It offers an incredible amount of coins and has very low trading fees.
It’s simple to use for both novices and experts, which makes it an excellent choice for traders looking to expand their horizons. Binance’s customer protection features are world class, and it’s these factors that add to its popularity.
