Binance Buys Ftt

binance-review

Cryptocurrency, shortened as crypto, is any digital or virtual currency. Cryptography is used to ensure transactions are secure.

Cryptocurrencies don’t have a central issuing or regulating power. Instead, they rely on a decentralized system for recording transactions and issuing new units. As such, it doesn’t rely on banks to do transactions.

What is it used for? It relies on a peer to peer system that allows anyone to send and receive money from anywhere. The currency is digitally stored on an online database which records specific transactions.

Each time a transaction is done with cryptocurrency funds, it will be recorded in a public ledger. Every owner of cryptocurrency keeps their funds in a digital wallet.

Cryptocurrency’s name is derived from its use of encryption to verify and keep transactions. Cryptocurrency can only exist digitally and virtually because it uses encryption methods only computers can understand.

This advanced coding is used to store and transmit cryptocurrency data. It provides security and safety while transactions between wallets and public ledgers take place.

The first ever Cryptocurrency was called Bitcoin and was founded in 2009. It remains the best known today. It is not the only cryptocurrency. Other cryptocurrency options include DogeCoin and Ethereum, BNB (Binance Coin), Tether and Solana.

To trade or exchange these currencies, one would need to use the services of a crypto exchange or digital currency exchange (DCE).

A Cryptocurrency exchange is a business that allows customers to trade cryptocurrencies and digital currencies for other assets like other digital currencies or fiat money.

The functions of crypto exchanges are very similar to those offered by online brokerage platforms. You can use them to purchase and sell digital currencies or tokens for various cryptocurrencies.

Crypto Exchanges can accept credit card payments, wire transfers, or other forms of payment in exchange for digital currencies or cryptocurrencies.

One such dedicated cryptocurrency exchange is Binance.

Binance and Overview Binance Buys Ftt

binance-logo
For those of you who prefer a more visual experience, here is a video review from Beau Troxclair on his YouTube channel 0xBeau. To get a comprehensive overview of Binance, you may still want to check out our article below.

Binance is still the best cryptocurrency exchange in the world when it comes to cryptocurrency trading. Binance has the largest trading volume of any cryptocurrency exchange and offers users the most trading pairs in cryptocurrency.

Binance got its start in 2017 through Changpeng “CZ” Zhao. Although it was originally based in China, it was quickly relocated to the United States due to increasing crypto restrictions. It has been moved around from Japan and Malta, but it did not have a permanent home.

That said, there has been news about the company signing a memorandum of understanding with Bermuda and Malta, where it could finally find its home base. Binance Buys Ftt

Binance’s popularity was due to its user base who liked the low fees, availability of cryptocurrencies and innovative products. Currently, the platform offers a multitude of crypto-based products.

You can access services such as exchange, earn and staking, derivatives loans, payments credit cards, NFTs and more from Binance.

Binance also has its set of unique tokens and cryptocurrencies. One of which is BUSD, a stablecoin, and the other is BNB which is known as a strong performer due to its low fees.

That said, Binance is not without its issues and dark side.

The United States Department of Justice (Internal Revenue Service) investigated the company in 2021 for money laundering and tax crimes.

In the same year, the United Kingdom’s Financial Conduct Authority ordered the platform to stop all regulated activity in the country in June 2021. That said, the scope of this ban was limited, and that non-registered firms can still interact with UK consumers.

It was originally set up in the spring of that year to launch a digital asset marketplace in Britain. However, it withdrew its application because it did not meet anti-money laundering requirements.

In the same year, Binance was also reported to have shared client information, including addresses and names, with the Russian government. The Russian government justified this as a way to help them fight crime.

Binance Perks

Large Selection of Cryptos

Given that the company is among the biggest cryptocurrency platforms in the market. It is not surprising that there are many cryptocurrencies and digital currencies available. You can get decentralized finance tokens (DeFi), stable coins, alt currencies, and other popular cryptos.

A few examples of this include:

  • Binance Coins (BNB).
  • VeChain, (VET).
  • Harmony (ONE)
  • VeThor (VTHO)
  • Dogecoin (DOGE).
  • Matic Network (MATIC).

Binance offers support for popular cryptocurrencies like:

  • Dash (DASH)
  • Compound (COMP)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC).
  • Cardano (ADA)
  • Cosmos (ATOM)

Low Fees

Trading currencies and tokens are not offered free on any platform. However, choosing Binance as your trading platform will give you deals that may as well be free. Comparable to other cryptocurrency exchanges, which charge commissions and fees, this is quite a difference. So far, the highest spot trading fee is 0.1%.

The platform uses a maker/taker fee structure. Fees will vary depending on trading volume or Binance Coin (BNB). balance. The fees for trades that involve high volumes are generally lower. Binance Buys Ftt

Users can get discounts on certain services, and this is not all. These include:

  • Trades using Binance (BNB), coins
  • You can become a Very Important Person (VIP) by trading certain assets.

That said, Binance users are still subject to other fees. There will be different fees depending on the type of withdrawal and payment type. The chart below is an example.

Payment Type Fees
  • Wallet
  • Debit cards
  • ACH transfer
  • Wire transfer
  • Crypto Conversion
  • Trades
  • Buy/Sell Crypto
  • N/A
  • 4.5%
  • No cost
  • $15 for U.S. Customers
  • N/A
  • 0.00% to 0.1%
  • 0.50%

In a later section, we will discuss fees.

binance-coins-with-dollars

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Passive income from crypto assets

Binance lets you earn crypto assets. Of course, these come with varying degrees of risk. A few options include earning 50% APR or more on certain cryptos in its staking program or putting assets into flexible savings accounts for lower but more consistent rates.

The platform offers more staking options. They even pay higher rates than most other exchanges.

You can also earn income by adding liquidity to pairs of tokens, but this is a riskier option. Of course, it is really up to you when taking on these risks. Before you jump into these opportunities, you need to be aware of what is at stake.

Advanced Trading Tools

Binance’s advanced trading tools provide an easy way to customize your trading options. It is simple to set a limit on the price at which you can buy or sell crypto. With its “convert” function, it even caters to beginners.

For veteran traders, the charting tools in the advanced trading interface are something to behold. A Bitcoin futures section allows people to speculate on the price of Bitcoin.

The platform allows you to sell leveraged tokens in connection to earning opportunities with inherent risk. Customers can multiply their currency positions by selling leveraged tokens. This strategy is risky because it can increase losses and even cause traders to lose their whole position.

Binance Shortcomings

This is not for newbies

Binance is definitely not for beginners. Binance is complex platform designed for experienced traders. The general aim of the platform is to have these earners maximize their profits.

We have already discussed the risks Binance offers its users in order to make passive income from their crypto holdings. The thing is, most of these features will only be useful when you know what those things mean and what you are doing.

The most risky opportunities are where novice traders and beginners lose their money. It takes years of experience and honed gut feeling to understand the inherent and hidden risks some trades carry with them.

The huge market selection and the in-depth dashboards presented by the platform can also be overwhelming and difficult to navigate, especially if you are just getting started in crypto investing.

Once you are comfortable with the platform, it will be very simple to manage your assets. Binance also has a simple interface that is suitable for beginners. You also have a lot of educational resources.

While Binance is not that beginner friendly, it still has a lot of resources to help those who want to learn. Binance is not the place where you can just buy Bitcoin and then relax. Binance Buys Ftt

Pay attention to regulatory matters

As covered in the overview, one of Binance’s main drawbacks is that it has been in the crosshairs of some countries. It is currently in the crosshairs of several countries, including Japan, Canada, Singapore and Thailand.

The United States authorities are investigating the platform for potential money laundering, tax evasion, and even insider trading. Binance has not been charged and no criminal charges have been filed. Should anything come out of this, only time will tell.

Binance took steps to improve its compliance team, and keep regulators in line. This could be difficult as many of the products that Binance customers love are also those that attract regulatory attention.

It is not available in the U.S.

Due to US regulations, Binance.US was created as a separate platform for U.S. customers. The U.S. version Binance offers fewer features and less cryptocurrencies.

Binance.US trades more than 120 cryptocurrencies, but does not offer futures trading. It is also not available in all countries. It’s unavailable in Hawaii, New York, Texas, or Vermont.

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How it all Works

We’ve seen the positive and negative aspects of Binance. Now we can talk about how it all works.

As we know, Binance functions as a cryptocurrency exchange. It has a huge range of services. Some of these include:

  • Trade, buy, and sell cryptocurrency
  • Establish recurring purchases
  • Earn passive income
  • Advanced features like crypto derivative products, limits orders and peer-to-peer trading are available.
  • Trade non-fungible tokens (NFTs)
  • To get exposure to new cryptos, you can join Binance’s Launchpad or Launchpool
  • Access portfolio insights, plus live tracking and alerts
  • Its tax reporting tool will help you keep track of all your tax obligations

That said, it still bears repeating that the platform’s broad range of products is what landed them on the crosshairs of many regulatory bodies around the world. On their side, Binance does warn users of the risks involved with investing in the platform.

It also has an anti-addiction setting just in case users become too involved with trading. The system warns traders about the risks involved in trading derivatives if they suffer heavy losses or a losing streak. They are encouraged to take a break from trading and rest.

The platform believes responsible traders should be critical and keep themselves in check to avoid harmful excesses like compulsive trading or gambling.

These are just reminders. Retail investors will ultimately decide how to manage risk and where they should invest their money.

Signing Up to Your Binance Account

It takes just minutes to create and register your Binance account. There are two types of accounts available: unverified and verified.

For Unverified users:

  1. Register on the Binance homepage
  2. Enter your email address
  3. Set up a password
  4. Accept Binance’s Terms and Conditions of Use
  5. Click “Create an Account”
  6. Confirm registration through email

For Verified Accounts

  1. Register for an unverified account.
  2. Log in to your account
  3. Go to User Center and click Identity Verification
  4. Select Personal
  5. Fill in your Details
  6. Choose an ID type for document verification, such as a Passport or Driver’s license
  7. Upload a file or take a picture of the document
  8. Take a photo of yourself
  9. After uploading the required document and photo, click confirm.
  10. Binance will then review your submission as soon as they can. Binance Buys Ftt

From then on, you will have to wait for an email from Binance to ensure that your account has been verified.

Trading Experience

Binance provides a wide range of trading tools, as we have already mentioned. These tools include real-time charting with moving averages or exponential moving averages. Trades can also be made easy and accessible through the Binance mobile app, Binance website or Binance desktop application.

Traders can also use the platform to look at their portfolios and trade history. They can view the order book and price charts. You can also choose from a variety of order types. They can stop orders, limit orders, stop-limit orders, stop-market orders, and trailing stop orders.

Also, users can choose different trading views to easily comprehend data or view them in a way they prefer. Views range from classic to margin and OTC views.

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Trust Wallet

Binance offers a custodial wallet on its platform. Trust Wallet is also recommended by Binance, which supports thousands upon thousands of cryptocurrencies across all major blockchains. It is easy to withdraw from Binance to a Trust Wallet or other external crypto wallet.

Withdrawals are usually completed in 10 minutes and the fees are very low. Since you can use Binance via a multitude of platforms such as desktop, mobile, or through a web-based app, users will need to provide some personal information to verify their account to get started.

Fees

Binance is known for its low fees. However, this does not mean that users are free from all charges. Users of Binance are still required to pay fees for using the platform.

Deposit and Withdrawal Fees

Deposit fees depend on the currency and method of payment. Although bank transfers are usually free, debit card payments will often incur fees.

Depending on your country, Binance might allow credit or debit card payments, bank transfers, and peer-to-peer payments.

As for withdrawing money, you can do so as a fiat currency to a bank account. You can also withdraw crypto to a wallet or another exchange. These withdrawal fees and minimum amounts are determined by your currency and method. Binance Buys Ftt

Trade Fees

The trading volume and trading history over the last 30 days will determine the percentage of your trading fees. The amount of BNB you hold will also matter.

Some people, like Maker orders (those that add liquidity to the market), will also get lower fees than taker orders (those that remove liquidity orders from the market).

The platform also encourages the use of its own native currency, the Binance Coin (BNB). Anybody who does so will receive a 25% discount on their trading fees. Binance also offers 0% trading on selected Bitcoin and Binance USD (BUSD) pairs.

The chart below shows how VIP status, the 30-day trade volume, and maker/taker are related.

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Less than 1,000,000 0.10%/0.10%
1 1,000,000 to 4,999,999 and at least 25 BNB 0.09%/0.10%
2 5,000,000 to 19,999,999 and at least 100 BNB 0.08% / 0.10%
3 Between 20,000,000 and 119,999.999, with at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199,999,999 and at least 500 BNB 0.07% / 0.09%
5 200,000,000 to 499,999,999 and at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 99,999,999999 and at most 1,750 BNB 0.05% / 0.07%
7 1,000,000,000 to 2,499,999,999 and at least 3,000 BNB 0.04% / 0.06%
8 Between 2,500,000,000 and 4,999,999.999999999 with at least 4,500 BNB 0.03% / 0.05%
9 More than 5,000,000,000, and at least 5,500 BNB 0.02% / 0.04%

Security

Binance is a platform that handles sensitive and high-stakes data. It should be expected that it has strong security measures to protect their assets and clients.

Binance includes two-factor authentication (2FA) via the Google Authenticator app or short message service for the customer side. It uses address whitelisting, device administration, and the ability restrict device access.

Binance also claims to have its own insurance fund made by storing 10% of all trading fees in a secure fund. This insurance fund is supposed to protect against hacking losses, which Binance is well-versed in (more later).

Although this insurance does not provide the same protection as third-party insurance, it can give some protection.

Lastly, as its main security feature, Binance keeps most of its funds offline in cold storage. This is done to prevent hackers from getting in touch.

That said, customers should still be wary of Binance since its security needs a better track record. The platform was hacked in early 2019 for $40 million in BTC. It also suffered another major hack in October 2022, this time costing them $570 million in BNB.

However, there is a bright side to this; sometimes, it would be better to have exchanges experience these incidents so they know which part of their security they should focus on and fix. As for the customer side, at least they can see how the platform handles themselves and their customer base whenever these cases happen.

Binance quickly responded to the hack and reimbursed all those affected through their Secure Asset Fund for Users. This cold storage wallet has enough capital to cover losses.

Customer Service

Binance provides three options for customer support. You have three options for customer support: submit a ticket, chat with a representative, or reach out via Twitter.

You simply need to fill out a form on the Binance website for tickets. You will be able to get email assistance by submitting a ticket.

For support, all you need to do is tag or mention Binance (@BinanceHelpDesk). Because it is more visible, Binance encourages users to tweet about their problems through this channel.

Lastly, Binance has a chat box on the bottom right corner of the support screen if you want a more direct approach. This can be accessed on the Binance website.

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Binance Pros and Cons

Pros

  • Low fees

One of the reasons why Binance is among the top choices for crypto exchanges is its low fees. This is no surprise. After all, if a platform asks for lower fees, crypto traders and investors get to keep more of their investments and earnings to themselves.

  • Ability to earn passive income in many ways.

Whoever does not want to earn passive income. Binance offers many opportunities to make passive income. It’s like being paid for nothing. That said, these opportunities also carry inherent risks in them. As such, these are not for the faint-hearted. Binance Buys Ftt

  • There are many Cryptocurrencies to choose from: You can purchase everything from Bitcoin to Dogecoin, Etherium and more at Binance. And that number is growing, with newly added cryptos like Fish(FISH) and Fanverse (FT).

The platform even has its crypto in the form of BNB. These multiple selections allow crypto traders and investors flexibility in their choices.

  • Advanced Trading Tools

The tools that a trading platform provides to its users will determine how good it is. Binance provides enough tools to allow users to trade more easily. As such, traders and investors will not have a hard time doing trade on the platform.

  • Multiple ways of Depositing Money

If you don’t have any money to invest, trading is impossible. Binance makes it easier to start crypto trading by making it easy to deposit funds through its many ways.

  • Flexible Order Types and Trading Options

Trading is like gambling. The assets and stock own may be valuable now, but you will never know when their values will drop. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. Binance Buys Ftt

Cons

  • Platform can seem overwhelming to beginners.

Of course, multiple options and advanced tools are not always a good thing. A multitude of choices can overwhelm beginners and make it difficult to choose from. Some experienced traders even claim they are intimidated by Binance’s many available options.

  • Regulation issues in many countries

Binance has been faced with numerous legal and regulatory issues. In fact, this is a glaring issue that has multiple investors considering other exchanges.

That said, the platform has been trying hard to remedy these regulatory issues and doing its best to meet the requirements to comply with and solve these issues.

  • It is not available in the United States

Due to issues with the United States regulatory bodies, Binance was somewhat banned in the country. That is why the parent company created Binance U.S., a U.S.-exclusive version of the platform.

Binance U.S. has a smaller selection than the original Binance. It is not available in certain states, such as New York and Vermont.

  • No built-in digital wallet available

Many popular cryptocurrency exchange platforms include their digital wallets as part of the platform. Binance doesn’t have one. Instead, it recommends Trust Wallet, a third-party service. Although it is a well-respected service, they may not be able to offer sufficient support. Binance Buys Ftt

Binance Last Thoughts

Let me begin by saying that I’m a complete beginner when it comes crypto. All my knowledge comes from a few youtube videos, an article here and there, and some Reddit threads.

Binance was the best platform for me because it charges very low fees. I entered cryptocurrency because I wanted to see what the fuss was all about. This is not something I intend to take seriously.

Creating my account from scratch and verifying it took no time. In a matter of minutes I was able to view the UI and all the features offered by the platform. And here is what I have to say…..

So with confidence, I can honestly back the opinion that Binance is not beginner friendly. Binance presented me with a lot of options that were overwhelming and intimidating. I needed a friend to help me understand the complexities of all this stuff.

With his assistance, and some tutorials from Binance Support, it was easy to get my bearings and start trading. Although it is still confusing at times, I am slowly getting the hang of trading.

As of right now, I want to bet on the right horse and not the wrong one.

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Common Questions about Binance Binance Buys Ftt

Is Binance Safe?

Yes, it is safe, but it does not have a good track record.

Binance does have its own security measures, but it has been hacked twice. The company did beef up its security, but in the end, time will judge if these security measures can survive attacks.

How do you decide if Binance is right for you?

To be honest, it is difficult to pinpoint which platform is right for you until you read their reviews and try the services yourself.

However, for the sake of having an answer, you may deem Binance is a right fit for you if:

  • You’re not new to crypto trading and have intermediate-level experience in trading.
  • You need a service that is affordable and can accept many currencies.
  • You’re looking for advanced features in your service.
  • An institutional trader is one with a high net worth.
  • You live outside the U.S.

Does Bianance Offer FOREX Trading?

No, Binance does not offer traditional Forex (Foreign Exchange Trading).

It lacks the currency pairing required to join FOREX. To enter FOREX-only exchanges, a company needs access to thousands. It is a far cry from Binance, which only has over 50 currency pairings.

CFD trading is offered by Binance

Binance offers CFD (Contracts For Difference) trading.

These are still controversial in the crypto industry, as many prefer to own native assets. These assets, unlike CFD’s can be easily withdrawn to a personal account. That said, CFDs do have their advantage. For one, they can be very liquid.

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