Binance Crypto Scanner

binance-review

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

Cryptocurrencies do not have a regulating or central issuing power; rather, they depend on a decentralized system to record transactions and issue new units. It doesn’t depend on banks to conduct transactions.

What is it used for? It depends on a peer-to-peer system that allows anybody to send and receive payment anywhere. This currency exists purely as digital entries and is recorded on an online database that describes 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 used to store and transmit crypto data provides security and safety as transactions between wallets, and public ledgers are happening.

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

Meanwhile, to have these currencies exchanged or traded, one would need the services of a cryptocurrency exchange or a 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. They provide you with the tools to buy and sell digital currencies and tokens for different kinds of 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 Crypto Scanner

binance-logo
Beau Troxclair’s YouTube channel 0xBeau has a video review of Binance. For those who like a visual experience, this is the video. You can still read our article for a complete overview of Binance.

When it comes to cryptocurrency exchanges, Binance continues to be one of the top cryptocurrency exchanges in the world. 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. Since then, it has moved from Japan and Malta but did not have a permanent place to call 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 Crypto Scanner

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.

From Binance, you can avail of such services as exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs, and more.

Binance has its own unique tokens, cryptocurrencies and coins. BUSD is a stablecoin. BNB is a strong performer because of its low fees.

However, Binance has its problems and dark sides.

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. However, this ban had a limited scope and non-registered companies can still interact with UK customers.

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 Crypto Selection

Given that the company is among the biggest cryptocurrency platforms in the market. Hence, it is no surprise that many cryptocurrencies and other digital currencies are 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).

For those who want them, Binance also offers and support for the more popular cryptocurrencies such as:

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

Low Fees

No platform offers trading currencies and tokens for free. Binance is a trading platform that offers deals that are often as good as free. This is compared to other crypto exchanges that also charge fees and commissions. So far, the highest spot trading fee is 0.1%.

The platform employs a maker/taker fee structure, and fees will vary depending on trading volume and Binance Coin (BNB) balance. As a rule of thumb, the higher the volume of your trade, the lower the fees your trades are subjected to. Binance Crypto Scanner

Users can get discounts on certain services, and this is not all. Such as:

  • Using Binance (BNB) coins in trades
  • If you achieve Very Important Person (VIP status) by trading a certain amount of assets.

However, Binance users still have to pay additional fees. There will be different fees depending on the type of withdrawal and payment type. As a sample, you refer to the chart below

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%

We can discuss more about fees in a later section.

binance-coins-with-dollars

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Passive Income on 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.

There are more available staking options available on the platform. 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. As such, it is important to understand what is involved and what is at stake before jumping into these opportunities.

Advanced Trading Tools

Binance’s advanced trading tools provide an easy way to customize your trading options. Setting a limit to buying or selling crypto at a specific price is easy. It even accommodates beginner users with its “convert” function.

The advanced trading interface has a lot of charting options that are a delight for veteran traders. There is also a Bitcoin futures section that can let people speculate on whether the price of Bitcoin will go up or down.

You can sell leveraged tokens to earn income opportunities that have 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.

The 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 previously discussed the advanced trading tools and the risky opportunities Binance provides its users to earn passive income on their crypto holdings. You need to understand what these things mean and how you’re using them.

The most risky opportunities are where novice traders and beginners lose their money. To understand the hidden and inherent risks that trades can carry, it takes years of experience.

It can be difficult to navigate the vast market selection and in-depth dashboards offered by the platform, especially for those just starting out in crypto investing.

Once you are comfortable with the platform, it will be very simple to manage your assets. Also, for what it’s worth, Binance has a simpler interface designed for first-timers. It also provides a sizable educational resource.

Binance isn’t very beginner-friendly, but it has many resources that can help those who are interested. Binance is not the place where you can just buy Bitcoin and then relax. Binance Crypto Scanner

Regulatory Attention

As covered in the overview, one of Binance’s main drawbacks is that it has been in the crosshairs of some countries. Major countries that have it in for Binance include Japan, the United Kingdom, 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.

In response, Binance has taken steps to strengthen its compliance team and keep regulators onside. However, this could prove to be a difficult endeavor as most of the products that make Binance attractive to customers are also the ones attracting regulatory attention.

Not Available in the U.S.

Due to US regulations, Binance.US was created as a separate platform for U.S. customers. This U.S. version of Binance has fewer features and cryptocurrencies offered.

Binance.US also trades over 120 cryptocurrencies and does not offer futures trading or leveraged token. Also, it lacks availability as it is not available to the whole country. It’s unavailable in Hawaii, New York, Texas, or Vermont.

stock-market-data

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How it All Works

Now that we’ve seen some of the good and the bad of Binance, we can finally talk about how it works.

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

  • Trade, buy, and sell cryptocurrency
  • Set up recurring buys
  • Earn passive income
  • Advanced features like crypto derivative products, limits orders and peer-to-peer trading are available.
  • Trade non-fungible tokens (NFTs)
  • Participate in Binance’s Launchpad and Launchpool to get exposure to new cryptos
  • Get portfolio insights and live tracking, as well as alerts
  • Keep track of your tax obligations with its tax reporting tool

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. Binance warns users about the potential risks of investing on 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. It encourages them to rest and hold back on their trading activities.

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.

Sign up for your Binance account

Creating and registering your very own Binance account is simple and can be done within a few minutes. There are two types of accounts available: unverified and verified.

For unverified users

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

For Verified Accounts

  1. Register for an unverified account.
  2. Login to your account
  3. Click Identity Verification in the User Center
  4. Select Personal
  5. Please fill in your details
  6. Select an ID type to verify document authenticity, such as a Passport and Driver’s licence
  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 it as soon as possible. Binance Crypto Scanner

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.

The platform allows traders to view their trade history and portfolios. They can view the order book and price charts. You can also choose from a variety of order types. You can place stop orders, limit orders and stop-limit orders.

Users can also choose from different trading views to better understand data and view it in the way that they prefer. There are many views to choose from, including classic, margin and OTC views.

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Trust Wallet

Binance provides a custodial wallet through its platform. Trust Wallet is also recommended by Binance, which supports thousands upon thousands of cryptocurrencies across all major blockchains. It’s easy to transfer funds from Binance to a Trust Wallet, or another 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

We all know that one of Binance’s selling points is its low fees. However, this does not mean that users are free from all charges. Binance users are still subjected to some fees needed for 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.

Binance may allow you to make credit card or debit card payments, bank transfer, and peer-to-peer payments depending on where you live.

As for withdrawing money, you can do so as a fiat currency to a bank account. You can also withdraw cryptocurrency to a wallet, or another exchange. Fees for these withdrawals and minimum amounts will be based on your method and currency. Binance Crypto Scanner

Trading 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.

Maker orders, which add liquidity to the market, will get lower fees than taker or remover orders.

It also encourages users to use their native currency, Binance Coin (BNB). Anyone doing so can get a 25% discount on the trading fee. Binance offers 0% trading for selected Bitcoin and Binance USD pairs (BUSD).

Below is a chart that shows how VIP status and the 30-day trade volume are related to maker/taker.

VIP 30-Day Trade Volume (BUSD) Maker/Taker
0 Less than 1,000,000 0.10%/0.10%
1 1,000,000 to 4999,999 with 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 20,000,000 to 119,999,999 and 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 Between 1,000,000,000 and 2,499,999.999999 and at most 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

Since Binance handles multiple sensitive and high stakes data, and it should be expected that the platform has good and robust security measures to protect its assets as well as their client base.

Binance offers two-factor authentication via the Google Authenticator app, or a short message service for customers. It also uses address whitelisting, device management, and the ability to restrict device access.

Binance claims that it has its own insurance fund. Binance stores 10% of trading fees in a safe fund. This is meant to cover any losses from hacking, an incident that Binance is familiar with (more on that later).

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

Binance also keeps its most important security feature, its funds, offline, in cold storage. This is to avoid any contact with hackers.

Customers should be cautious about Binance, however, as it has a poor track record in security. In early 2019, the platform was hacked for $40 million in BTC. Another major hack occurred in October 2022. This time, it cost them $570 million in BNB.

There is a silver lining to this. Sometimes, it would be more beneficial for exchanges to experience these incidents so that they can determine which part of their security to fix. As for the customer side, at least they can see how the platform handles themselves and their customer base whenever these cases happen.

In Binance’s case, they quickly responded and immediately reimbursed anyone affected by the hack through their Secure Asset Fund for Users (SAFU). This cold storage wallet has enough capital to cover losses.

Customer Service

Binance provides three options for customer support. You can submit a ticket, ask a basic question through chat, and reach out via Twitter.

You simply need to fill out a form on the Binance website for tickets. Submitting a ticket entitles you to receive email assistance.

For support, all you need to do is tag or mention Binance (@BinanceHelpDesk). Binance has been known to encourage users to tweet their issues through this channel as it has more visibility.

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

Low fees are one of the main reasons Binance is a top choice for crypto exchanges. 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. It is like getting paid while doing nothing, and Binance has a lot of opportunities for doing so. These opportunities come with inherent risks. As such, these are not for the faint-hearted. Binance Crypto Scanner

  • There are many Cryptocurrencies to choose from: You can purchase everything from Bitcoin to Dogecoin, Etherium and more at Binance. With the addition of cryptos such as Fish (FISH) or Fanverse (FT), that number is increasing.

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. Investors and traders will have no trouble trading on the platform.

  • Multiple ways of Depositing Money

If you don’t have any money to invest, trading is impossible. That is why, Binance allows for easier access and start to crypto trading through its multitude of ways to deposit funds

  • Flexible trading Options and Order Types

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 Crypto Scanner

Cons

  • Platform can be overwhelming for beginner users.

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. Binance’s numerous options can even be intimidating to some traders who are more experienced.

  • Issues with Regulation in many countries

Binance has faced several regulatory and legal 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. Binance U.S. was created by the parent company to provide a U.S-exclusive version.

However, Binance U.S. is more limited than the original Binance. It is not available in certain states, such as New York and Vermont.

  • No built-in digital wallet available

Most popular cryptocurrency exchange platforms have their digital wallets built-in and included in. Binance doesn’t have one. Rather it recommends a third-party service called Trust Wallet. While it has a good reputation, there might be issues as they can only offer limited support Binance Crypto Scanner

Binance Last Thoughts

Let me start this final thought by saying that I am a noob when it comes to crypto. My knowledge is based on a few YouTube videos, articles here and there, as well as some Reddit threads.

Binance was the best platform for me because it charges very low fees. I joined cryptocurrency to find out what all the fuss was about. I am not planning to take this seriously (yet).

It took me no time to create my account and verify it. In a matter of minutes I was able to view the UI and all the features offered by the platform. Let me tell you…..

With confidence, I can say that Binance is not for beginners. 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.

So with his help, along with some tutorials found in Binance Support, I was able to get some of my bearings and begin 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.

coin-standing

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Common Questions about Binance Binance Crypto Scanner

Binance is 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. Although the company increased its security, it will be determined if they can withstand 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.

You may find Binance a good fit for you, if you:

  • 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 are not a citizen of the United States.

Bianance offers FOREX trading

Binance doesn’t offer Forex trading (Foreign Exchange Trading) traditional Forex.

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.

Does Binance Offer CFD Trading?

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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