Binance News Update

binance-review

Any digital or virtual currency, also known as cryptocurrency, can be abbreviated to crypto. 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. The currency is digitally stored on an online database which records specific transactions.

Every transaction made with cryptocurrency funds will be recorded in the public ledger. Each owner of a cryptocurrency has their funds stored in a digital wallet.

Cryptocurrency’s name is derived from its use of encryption to verify and keep transactions. This is why cryptocurrency can only exist in the digital and virtual space, as it uses encryption methods that 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.

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 accept wire transfers and credit card payments in exchange for digital currencies.

One such dedicated cryptocurrency exchange is Binance.

Binance and Overview Binance News Update

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. 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 was founded in 2017 by Changpeng Zhao (“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.

However, news has come out that the company signed a memorandum with Bermuda and Malta to finally establish its home base. Binance News Update

Binance’s popularity came from a user base that preferred its low fees, many available 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 also has its set of unique tokens and cryptocurrencies. BUSD is a stablecoin. BNB is a strong performer because of its low fees.

However, Binance has its problems and dark sides.

In 2021, the company was investigated by the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses.

The Financial Conduct Authority of the United Kingdom ordered that the platform stop all regulated activities in June 2021. That said, the scope of this ban was limited, and that non-registered firms can still interact with UK consumers.

Earlier that year, it was set up to launch its own digital asset marketplace in Britain, but it withdrew this application due to not meeting anti-money laundering requirements.

Also, in the same year, Binance was said to have shared client data, including names and addresses, with the Russian government. The Russian government justified this as a way to help them fight crime.

Binance Perks

Large Crypto Selection

The company is one of the largest cryptocurrency platforms on the market. It is not surprising that there are many cryptocurrencies and digital currencies available. Some of them include decentralized finance (DeFi) tokens, stable coins, alt coins, and 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. 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 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 News Update

What’s more, is that users can also get fee discounts for some services. These include:

  • Trades using Binance (BNB), coins
  • If you achieve Very Important Person (VIP status) by trading a certain amount of assets.

That said, Binance users are still subject to other fees. Different fees will apply depending on which type of withdrawal you make and what payment method you use. 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 on Crypto Assets

Binance lets you earn crypto assets. These come with different levels of risk. You have two options: earning a higher rate of interest (or more) on cryptos through its staking program, or placing assets in flexible savings accounts to get lower but more consistent rates.

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

For riskier opportunities, you can try to earn income by adding liquidity on pairs of tokens. 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 features make it easy to tailor your trading options. It is simple to set a limit on the price at which you can buy or sell crypto. 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.

Binance Shortcomings

Not for Newbies

Binance is not for beginners. Binance is complex platform designed for experienced traders. This platform’s goal is to maximize the profits of these traders.

We have already discussed the risks Binance offers its users in order to make passive income from their crypto holdings. You need to understand what these things mean and how you’re using them.

As for the risky opportunities, more often than not, this is where beginner traders and newbies 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 get the hang of the platform, you will find it very easy 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 News Update

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.

In response, Binance has taken steps to strengthen its compliance team and keep regulators onside. This could be difficult as many of the products that Binance customers love are also those that attract regulatory attention.

Not Available in the U.S.

In response to regulations targeting Binance’s business in the United States, they had to build a separate platform for U.S. customers called Binance.US. 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 is not available in Hawaii, New York or Texas.

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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.

Binance is a cryptocurrency exchange, as we all know. It offers a wide range of services. Some of these include:

  • Trade, buy, and sell cryptocurrency
  • Set up recurring buys
  • Earn passive income
  • Access advanced features such as crypto derivative products, limits orders, and peer-to-peer trading
  • 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.

The system also features an anti-addiction feature in case traders get 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 that responsible traders must be critical and maintain control to avoid compulsive trading and gambling.

These are all just reminders; ultimately, it is up to the retail investors how they manage the risk and how they should keep their money.

Sign up for 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. Register by email to confirm your registration

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. Take a photo or upload a file of your 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 News Update

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. Some of these tools include their real-time charting tools with moving averages and 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. The platform allows them to view their 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 your wallet

Binance provides a custodial wallet through its platform. It also recommends Trust Wallet, which supports thousands of cryptocurrencies on most 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. To verify your account, you will need to enter some personal information. You can use Binance on a variety of platforms, including mobile and desktop.

Fees

Binance is known for its low fees. This does not mean users are exempt from any charges. Binance users are still subjected to some fees needed for the platform.

Deposit and Withdrawal Fees

The currency used to pay and the method of payment will determine how much deposit fees are charged. While it is usually free to make a bank transfer, fees will usually be there for debit card payments.

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

You can withdraw money as a fiat currency from a bank account. You can also withdraw crypto to a wallet or another exchange. Fees for these withdrawals and minimum amounts will be based on your method and currency. Binance News Update

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.

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).

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 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 Below 1,000,000 0.10%/0.10%
1 1,000,000 to 4999,999 with at least 25 BNB 0.09%/0.10%
2 Between 5,000,000 and 19,999,999 with 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 with 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 999,999,999 and at least 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 2,500,000,000 to 4,999,999,999 and 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 includes two-factor authentication (2FA) via the Google Authenticator app or short message service for the customer side. It also uses address whitelisting, device management, and the ability to 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 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.

Lastly, as its main security feature, Binance keeps most of 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. 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.

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

To obtain tickets, you simply need to complete a form on Binance’s website. 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 & Cons

Pros

  • Low Fees

One of the reasons why Binance is among the top choices for crypto exchanges is its low fees. It is a no-brainer. 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.

It is impossible to not desire 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. These opportunities are not for the weak-hearted. Binance News Update

  • 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).

BNB is the platform’s crypto. This allows crypto investors and traders flexibility in making their selections.

  • Advanced Trading Tools

A trading platform will only be as good as the tools it provides its users. In the case of Binance, it gives users enough tools for a more flexible trading experience. As such, traders and investors will not have a hard time doing trade on the platform.

  • Multiple ways of Depositing Money

You cannot start trading if you have no money at stake. 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. While assets and stocks may be worth a lot right now, you never know when they will lose value. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. Binance News Update

Cons

  • Platform can be overwhelming for beginner users.

Multiple options and advanced tools can be a bad thing. Seeing a multitude of selections can easily overwhelm beginner users and might paralyze them from the sheer number of options given. Some experienced traders even claim they are intimidated by Binance’s many available options.

  • 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.

Despite this, the platform is working hard to resolve these regulatory issues.

  • Not available in the United States

Binance was temporarily banned in the United States due to problems with US regulatory bodies. 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.

  • There is no built-in digital wallet

Most popular cryptocurrency exchange platforms have their digital wallets built-in and included in. For some reason, Binance does not. Rather it recommends a third-party service called Trust Wallet. Although it is a well-respected service, they may not be able to offer sufficient support. Binance News Update

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.

I chose Binance for the main reason that many choose the platform, and that is because of its 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…..

With confidence, I can say that Binance is not for beginners. I can tell you that the myriad of choices presented to me by Binance was pretty intimidating and overwhelming. I had to get a friend to teach me what all the stuff was all about.

With his assistance, and some tutorials from Binance Support, it was easy to get my bearings and start trading. Though it still gets confusing, I’m getting the hang of it.

Right now, I hope I bet on the right horse, not the wrong one.

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Common Questions about Binance Binance News Update

Is Binance Safe?

It is safe but not with a great 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.

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 live outside the U.S.

Does Bianance Offer FOREX Trading?

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

The main reason is that it lacks the amount of currency pairing needed to join the FOREX exchange. A company must have access to thousands of currency pairings in order to be able enter FOREX-only markets. 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.

They are still controversial in crypto, and many prefer native assets. These assets, unlike CFD’s can be easily withdrawn to a personal account. However, CFDs have their advantages. For one, they can be very liquid.

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