Binance Referral BonUS Reddit

binance-review

Any digital or virtual currency, also known as cryptocurrency, can be abbreviated to crypto. To ensure that transactions are secure, cryptocurrency uses cryptography as a means of security.

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.

So what does it use? 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. 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. 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.

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. 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.

Binance is one such dedicated cryptocurrency exchange.

Binance and Overview Binance Referral BonUS Reddit

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.

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 was founded in 2017 by Changpeng Zhao (“CZ” Zhao). It was initially based in China but was quickly moved out of the country due to crypto restrictions getting stricter and stricter. 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 Referral BonUS Reddit

Binance’s popularity came from a user base that preferred its low fees, many available cryptocurrencies, and innovative products. The platform currently offers many crypto-based products.

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

Binance has its own unique tokens, cryptocurrencies and coins. 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.

Also, in the same year, Binance was said to have shared client data, including names and addresses, with the Russian government. This was a Russian government way of helping them combat crime.

Binance Perks

Large Selection of Cryptos

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.

Here are some examples:

  • 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. This is compared to other crypto exchanges that also charge fees and commissions. The highest spot trading fee so far 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 Referral BonUS Reddit

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

  • 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. 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%
  • Free
  • $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 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. 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. 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. This is an opportunity for customers to multiply their positions in a particular currency. As stated, this is a risky strategy because it can multiply losses and may even cause traders to lose their entire position.

Binance Shortcomings

This is 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. 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. To understand the hidden and inherent risks that trades can carry, it takes years of experience.

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. Also, for what it’s worth, Binance has a simpler interface designed for first-timers. You also have a lot of educational resources.

Binance isn’t very beginner-friendly, but it has many resources that can help those who are interested. It is still not a platform where you just buy Bitcoin and then sit back and relax. Binance Referral BonUS Reddit

Regulatory Attention

As we have already mentioned, Binance has faced many problems. 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. Only time will tell if anything comes out of this.

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

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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. Some of 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)
  • 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. 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.

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 Email address
  3. Set up a password
  4. Accept Binance’s Terms and Conditions of Use
  5. Click “Create Account”
  6. Register by email to confirm your registration

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. Please 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 picture of yourself
  9. Click confirm after you have uploaded the document and image.
  10. Binance will then review your submission as soon as they can. Binance Referral BonUS Reddit

To verify your account, you will need to wait for Binance to send an email.

Trading Experience

As we’ve mentioned, Binance offers a variety of trading tools. These tools include real-time charting with moving averages or exponential moving averages. Trading is also convenient and accessible, as users can place trades through the Binance app, Binance website, or Binance desktop app.

The platform allows traders to view their trade history and portfolios. 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.

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 your 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’s easy to transfer funds from Binance to a Trust Wallet, or another external crypto wallet.

Usually, withdrawals are complete within 10 minutes, and even the costs are minimal. 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. 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

The currency used to pay and the method of payment will determine how much deposit fees are charged. 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.

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 Referral BonUS Reddit

Trade Fees

Your trading fee percentage will depend on your trading history in the past 30 days and the volume in the past 30 days. It will also impact the amount of BNB that you have.

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).

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 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 999,999,999 and at least 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 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 insurance fund is supposed to protect against hacking losses, which Binance is well-versed in (more later).

This insurance is not the same as having a third party doing it, but it does give users 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.

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. 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. The customer side can at least see how the platform handles them and their customers when these incidents occur.

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

In terms of customer support, Binance offers three basic options. You can submit a ticket, ask a basic question through chat, and 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). Binance has been known to encourage users to tweet their issues through this channel as it has more visibility.

If you need to get in touch with Binance directly, there is a chat box at the bottom right corner. You can access this 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 Referral BonUS Reddit

  • 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.

BNB is the platform’s crypto. 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.

  • There are many ways to deposit 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 trading Options and Order Types

Trading is like gambling. While assets and stocks may be worth a lot right now, you never know when they will lose value. Binance, one of the best trading platforms, should allow users to trade in any way they like. Binance Referral BonUS Reddit

Cons

  • Platform can seem overwhelming to beginners.

Multiple options and advanced tools can be a bad 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.

  • Issues with Regulation in many countries

Binance has been faced with numerous legal and regulatory issues. This is a major issue that many investors are considering switching to other exchanges.

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

  • 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.

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

Many popular cryptocurrency exchange platforms include their digital wallets as part of the platform. For some reason, Binance does not. Instead, it recommends Trust Wallet, a third-party service. While it has a good reputation, there might be issues as they can only offer limited support Binance Referral BonUS Reddit

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 joined cryptocurrency to find out what all the fuss was about. This is not something I intend to take seriously.

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…..

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. 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 Referral BonUS Reddit

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?

It is hard to determine which platform is right for your needs until you have read the reviews and tried the services for 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 want a service that charges low fees and carries many currencies.
  • You are looking for a service with many advanced features.
  • You are an institutional trader carrying a high or ultra-high net worth.
  • You live outside the U.S.

Does Bianance Offer FOREX Trading?

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

The main reason is that it lacks the amount of currency pairing needed to join the FOREX exchange. 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

Unlike FOREX trading, Binance does offer CFD (Contracts for Difference) trading.

These are still controversial in the crypto industry, as many prefer to own native assets. Unlike CFD’s, these assets can easily be withdrawn to a personal wallet. However, CFDs have their advantages. For one, they can be very liquid.

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