What is Binance?
Binance is a Hong Kong-based cryptocurrency exchange that has quickly risen to become the world’s largest cryptocurrency exchange by trading volume. Their initial popularity and growth were so impressive that they had to temporarily halt registrations in January 2018. Binance is now well-established, with over 40 fiat currencies and 300 cryptocurrencies available to customers all over the world, as well as no deposit fees and very low trading fees (maximum 0.1 percent ).
My Overall Thoughts on Binance
Binance is a feature-rich exchange that is ideal for seasoned cryptocurrency traders and investors, as it offers a wide range of trading tools and options. I admit that it can be intimidating for a beginner, but once you get the hang of it, you’ll see why Binance is such a great platform. These are my top three reasons for liking Binance:
1) Binance has extremely low fees, which it is able to offer due to its large trading volume and large customer base. The base rate for buying and selling coins on the market is just 0.1%, which can be further reduced. If you pay your fees in BNB (Binance’s own token), this is the simplest way to get a discount. When you use BNB, you will automatically receive a 25% discount. That means instead of paying 0.1% for a trade, it will be only 0.075%! Furthermore, if your 30-day trading volume is high and you own a certain number of BNB coins, you will be eligible for even lower trading fees..
2) Binance currently offers over 300 cryptocurrencies, with new ones being added on a regular basis. It’s almost certain that you’ll come across a coin that you’d like to invest in. You can now buy NFTs on Binance, which is a fantastic new feature.
3) Spot trading, Margin trading, P2P exchange, and Futures are just a few of the trading options and tools available on Binance. The platform’s detailed charts, as well as the use of limit orders and stop-limits, will appeal to experienced traders.
A Live Chat feature is one thing Binance is missing. You may not find it an issue if you are a seasoned crypto trader, but it can be frustrating for new users to run into problems and not be able to speak with someone to help them solve them. Binance’s customer service, in my opinion, could be improved in the future.
Overall, Binance is an exchange to consider if you’re looking for extremely low fees, a ton of features, and a diverse selection of cryptocurrencies.
Key Features & Advantages of Binance
Binance is one of the most popular cryptocurrency exchanges in the world because of its numerous features. Here’s a rundown of some of Binance’s best features:
What Services does Binance offer?
If you’ve done some research on the best crypto exchanges, you’ll probably notice that there are a lot of them, making it difficult to choose one. I’ll go over some of Binance’s best features so you can decide if it’s the right exchange for you.
To buy, sell, or trade, there are over 300 different cryptocurrencies to choose from:
Binance has over 300 different cryptocurrencies, making it one of the most diverse cryptocurrency exchanges in the world. As the world’s largest crypto exchange by trading volume, you can expect high liquidity, which means you’ll be able to buy and sell any coin on their platform with ease.
Android and iOS mobile apps: Binance has a fantastic app that is user-friendly for beginners as well as advanced traders. Binance Lite, which is great for newbies, and Binance Pro, which gives you access to plenty of advanced features and trading tools, are both available within the same app and can be toggled between with the click of a button. The Binance app has over 10 million downloads on Google Play, with a high user review rating of 4.4 stars from 319 000 reviews.
Advanced, Classic and Basic trading interfaces: Binance caters to customers of all levels, from complete beginners to experienced day traders, in the world of cryptocurrency investing. Selecting the basic ‘Convert’ option, which brings up a very simple interface like the one shown below, is the simplest way to purchase crypto.
Those who prefer a more traditional market interface can purchase cryptocurrency using the Classic mode, which provides a lot more information than the basic version. This is a screenshot of BTC/USDT trade in Classic mode.
Experienced traders can choose the Advanced option under the Trade tab to gain full access to all trading tools, as shown in the screenshot below.
Use Binance Earn to grow your crypto: Binance provides a number of ways for you to grow your cryptocurrency while it is held on their platform. If you plan on HODLing your crypto, this could be a good investment opportunity. Rather than letting it sit idle, you should put it to work for you. Below you’ll find a list of the various stake options available.
Binance Visa Card: Binance has partnered with Visa to offer a card that allows you to spend your cryptocurrency at more than 60 million merchants around the world. The card is completely free, with no administrative or processing fees, and you can earn up to 8% cashback on eligible purchases! This is a huge step forward in making cryptocurrency a mainstream payment option.
P2P exchange: Binance is a peer-to-peer (P2P) exchange that allows users to trade crypto directly with each other in virtually any country on their own terms. If you’re looking to buy BTC with USD, this is how the P2P exchange looks.
Binance Loan: Loan is available to anyone who has registered as a user. You can borrow for 7, 14, 30, 90, or 180 days, with the option to pay it back early and only be charged for the hours you borrowed. Interest is calculated hourly at a rate of 0.001667% per hour (0.04% per day).
NFT Marketplace: NFTs are becoming increasingly popular, and Binance has jumped at the chance to participate. You can now mint, buy, and sell NFTs on new NFT marketplace.
Margin trading with up to 10x leverage: Margin trading is only available for a few trading pairs, with some pairs allowing users to leverage up to 10x. Cross margin trading is extremely dangerous because it puts your entire account at risk, whereas isolated margin trading only puts the trading pair you’re looking at at risk.
Trade Futures and Derivatives: Futures is a relatively new feature that allows users to speculate on the price of Bitcoin and other altcoins such as Ethereum, Ripple, Litecoin, Bitcoin Cash, and others. When trading futures, users aren’t actually buying or selling cryptocurrencies; instead, they’re profiting from price fluctuations.
The interface for Binance Futures is very similar to the trading interface. Functions such as the ability to view open positions and functions that allow traders to control leverage are the only differences. The fees on Futures stand at a maximum of 0.04% on any trade. Traders with large monthly trading volumes or whose trades frequently increase liquidity in the order book before being executed pay lower fees.
Binance Fees
Binance has extremely low fees, with the ability to reduce them even further. This will be explained further down.
Binance Deposit Fees
There are no fees when depositing cryptocurrency into Binance.
The fee for depositing fiat currency into Binance varies depending on the deposit method and the currency. PayID/OSKO, for example, is free to use when depositing Australian Dollars (AUD). When depositing Hong Kong Dollars (HKD) with a bankcard, however, the fee is 3.50 percent. Check the fee for your fiat currency and deposit method by clicking here.
Binance Withdrawal Fees
When you withdraw cryptocurrency from your account, you will be charged a flat fee to cover the costs of moving the cryptocurrency to your wallet. The fee varies by coin; you can find out how much it costs by clicking here.
The fee for withdrawing fiat currency varies depending on the withdrawal method and currency. Withdrawing Australian Dollars (AUD) via bank transfer, for example, is free. A 1% fee is charged when withdrawing Pound Sterling (GBP) with a Bankcard. By clicking here, you can check the fees for your currency.
Binance Transaction Fees
Binance fees for spot trading (buying and selling crypto) start at 0.1 percent, and if you pay with Binance’s own coin, you can get a 25% discount (BNB). This means that each trade costs you only 0.075 percent! To learn more about BNB, watch the video below.
Trading fees compared against other popular exchanges
|
Binance |
KuCoin |
Coinbase |
Bybit |
|
|---|---|---|---|---|
|
Trading Fees |
0.075% |
0.10% |
4.5% |
0.10% |
If you’re a high-volume trader with a lot of BNB, you can get even lower fees, with the lowest rates being 0.015 percent maker fee and 0.03 percent taker fee, including the 25% discount for using BNB.
Pros and Cons of Binance
- Largest crypto exchange in the world based on trade volume
- Extremely low fees of 0.1% with a further 25% discount if you pay with BNB
- Mobile app available for iOS and Android
- Over 300+ cryptocurrencies available
- Additional features such as staking, NFT marketplace, margin trading, futures trading
- Not available in the USA; US residents need to use Binance.US
- Poor customer service – lacks live chat support
Binance Security
Binance is a safe cryptocurrency exchange that keeps the majority of its digital assets in cold storage and offers security advice to its customers. It has options for enabling two-factor authentication (two-factor authentication), whitelisting devices, managing withdrawal addresses, anti-phishing codes, and even U2F (universal 2nd factor authentication), which requires physical access to hardware to access your account.
Despite their best efforts to remain a secure crypto exchange, Binance was the victim of a cybersecurity breach in 2019, resulting in the loss of over $40 million in Bitcoin. Binance’s response to the situation was commendable; they fully covered the loss, ensuring that their customers were not harmed. Binance received ISO 27001 certification four months after the incident, after passing an audit of its information security management. It demonstrates Binance’s dedication to providing a secure platform for their users. Binance is always looking for new ways to improve its cybersecurity defense.
Verdict
Binance is a well-known cryptocurrency exchange, and for good reason. It is the world’s largest crypto exchange by trade volume, with low fees and a platform that caters to both novice and experienced traders. It is an excellent platform for you to rely on for your blockchain ventures, with over 300 different coins available and extra features like staking, margin trading, futures, and even an NFT marketplace.
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