Binance
The Hong Kong-based cryptocurrency exchange, Binance, was developed and launched by Changpeng Zhao in 2017. Zhao, the owner of Beijie Technology, designed the exchange after raising $15 million from ICO. Investors in the ICO received the Binance Coin useful for trading cryptocurrencies and paying Binance fees. Initially, the value of Binance Coin was $0.1. With higher popularity, the value was on the rise. Today, the trading exchange, Binance, is enjoying high status and reputation.
Binance is one of the largest cryptocurrency exchanges in terms of volume. In the past few years, it has seen rapid growth. This platform manages trades of more than $1 billion every day. Several traders buy and sell crypto tokens and coins using Binance. A brief review of Finance will help you to learn more about it.
Supported cryptocurrencies
and many more
It takes a few seconds to open an account
Visit the official website and click on the register button. You will find a form to be filled up.
Go through the signup process. Enter the accurate details for registration. It is safe to choose a long and complicated password to keep your account safe. Click on the Create Account button, and they will send you a confirmation email.
Go through the 2-factor authentication process. While logging in for the first time, you will find a pop-up on your screen. It will activate 2FA and you will have a secure account.
Now, you are ready to deposit tokens and cryptocurrency coins into your account.
Go to the dashboard and choose the deposit/withdrawal option from the Funds section.
Choose the currency to be deposited. Hit the deposit option based on the preferred coin that you like to deposit. For instance, Bitcoin traders have to click on the option intended for them. Every coin has a different address, and thus, you have to select the right one.
Send the coins to the address that the system has created. When you are going to receive BTC to your Binance account from other exchanges, you have to use this address.
Binance users do not need to pay an amount to deposit the fund. However, to withdraw your fiat currency, your fee must cover the transaction rate. There is a blockchain network, which calculates withdrawal rates. However, network congestion and some other factors may cause fluctuation in the rates.
Binance is the first exchange with its own unique currency, known as BNB. Moreover, BNB helps in making payments for different fees in Binance exchanges:
You will also have an attractive discount when you have used BNB to pay the needed fees. As BNB is a deflationary currency, Binance uses 20% of proceeds to restore it from the market. It will reduce the BNB supply and increase its price.
The overall fee structure is highly competitive to beat the rate of other exchanges. It is easy for traders to pay a flat rate of about 0.1%. They do not need fiat liquidation for it.
Traders using Binance’s Crypto Futures trading platform pay a lower rate starting from about 0.02%. In several other large exchanges, you can find higher rates. You will find a noticeable difference while placing large orders.
Professional and enthusiastic traders like to trade in cryptocurrency on the go. That is why they have released Android and iOS-friendly apps for traders. You can sell and buy crypto instantly by opening the app. Besides, Binance has integrated advanced security features into the app. Thus, your assets and private data will be safe. You can open your account from the app and engage in the trading process by choosing your currency.
Those who already own supported cryptocurrencies can visit the Wallet page. They need to choose the Spot option and select the crypto that they have to deposit. Scan the available QR code to make your deposit process successful. However, you can switch between fiat and cryptocurrency.
The fiat currency traders have to go to the Bank Deposit option from the dashboard. They can select the desired currency to be deposited. You can choose between a card and a bank deposit. Go through the verification process for the successful deposit.
You can decide on your wallet to transfer your Binance-compatible cryptos. You may also select the fiat money withdrawal option from the platform.
To buy crypto, other methods available for you are
However, you have to know about some limits while withdrawing your funds. Account users who have undergone Level 1 verification can withdraw not more than 2 BTC in a day. Similarly, it is 100BTC per day for Level 2 verified users. You need to submit a KYC form for the verification process. Binance will also ask you to submit documents as proof of your identity.
Released in 2019. Binance Futures can help traders in predicting the price of Bitcoin and different altcoins, like Ethereum, Ripple, Bitcoin Cash, and Litecoin. You can trade up to 125 x, with this platform. Thus, you may increase your profits while using Binance.
Your standard trading account balance is different from that of Binance Futures. You can fund them with Tether as collateral. You will find your losses and profits in USDT. The Binance Futures interface looks similar to what you have found with Binance Spot Trading.
Binance Futures fees differ from spot markets and they can be up to 0.04% on your trades. The maker fees are low. Users who deal with a large trading volume will also find it advantageous.
Binance offers collateralized Futures with cryptocurrencies, like Bitcoin, and you can trace them from the Coin Futures tab.
Moreover, Binance provides Leveraged Tokens (a type of derivatives) to provide different contracts based on the cryptocurrency prices.
Binance lets you trade in over 500 virtual tokens and cryptocurrencies. Moreover, you can trade in fiat currencies, like AED, AZN, AUD, CAD, CLP, EUR, HKD, GBP, and RUB.
Binance exchange is accessible across more than 100 countries. Some of the prominent countries include India, Ukraine, Turkey, Sweden, Spain, Russia, and many more.
Binance has highly focused on security to ensure ultimate protection to the users’ personal data. Some of these high-end security features are-
Google Authentication, SMS Authentication, and email address– These methods are useful for security modifications and for withdrawing money.
YubiKey 2-Factor Authentication– You may use the hardware, YubiKey is hardware as the 2FA verification method. You can strengthen your account security with this process.
The security suite from Binance includes a number of measures-
Pros
Cons
No phone call option to contact customer representatives
To sum up, this is a user-friendly cryptocurrency exchange with a feature-rich platform. Reasonable trading fees are one of the major attractions to traders. You can make crypto-to-crypto pairs for trading purposes. Moreover, strong and advanced security features keep your account safe from hackers. When you are searching for a new exchange for cryptocurrency trading, you can try out Binance. The rapid growth of the platform proves the success of Binance. The weekly trading on this platform amounts to millions of dollars. Although Binance is one of the latest released exchanges, you can use it confidently. However, make sure that Binance is accessible to your country, and then, you may register with it.
| Founded | 2017 |
|---|---|
| Coins | 70+ |
| Customer support URL | https://www.binance.com/en/support |
Yes, but you have you use binance.us
Yes, you need to prove your identity
