Binance Staking Nft

binance-review

Cryptocurrency, shortened as crypto, is any digital or virtual currency. 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. This currency exists purely as digital entries and is recorded on an online database that describes specific transactions.

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

Cryptocurrency is so named because of its use of encryption to keep and verify 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. However, it is not the only cryptocurrency that exists. 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 trade digital currencies and cryptocurrencies for other assets, such as fiat money or other digital currencies.

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 Staking Nft

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. 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. It has the highest trading volume of any crypto exchange by offering users the most cryptocurrency trading pairs.

Binance got its start in 2017 through Changpeng “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.

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

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 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.

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.

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. 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

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. The highest spot trading fee so far is 0.1%.

The platform employs a maker/taker fee structure, and fees will vary depending on trading volume and Binance Coin (BNB) balance. The fees for trades that involve high volumes are generally lower. Binance Staking Nft

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

  • Using Binance (BNB) coins in trades
  • 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. As a sample, you refer to the chart below

Type of payment 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 also pay higher rates than 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. Before you jump into these opportunities, you need to be aware of what is at stake.

Advanced Trading Tools

Binance’s advanced trading features make it easy to tailor 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.

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. As stated, this is a risky strategy because it can multiply losses and may even cause traders to lose their entire position.

Binance Shortcomings

Not for Newbies

Binance is definitely not for beginners. It is a complicated platform created with experienced and veteran traders in mind. 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. 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.

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 Staking Nft

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. Major countries that have it in for Binance include Japan, the United Kingdom, Canada, Singapore, and Thailand.

The United States authorities are currently investigating the platform in regard to possible money laundering, tax fraud, and 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. 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.

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. The U.S. version Binance offers fewer features and less cryptocurrencies.

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.

stock-market-data

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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. These include:

  • Buy, Sell, or trade 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
  • Get portfolio insights and live tracking, as well as alerts
  • Keep track of your tax obligations with its tax reporting tool

It is important to remember that many regulatory agencies around the globe have been focusing on Binance’s wide range of products. 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 responsible traders should be critical and keep themselves in check to avoid harmful excesses like compulsive trading or 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. You are also given the choice of two types of accounts: Verified and unverified accounts.

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 now for an unverified Account
  2. Login to your account
  3. Click Identity Verification in the User Center
  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 picture of yourself
  9. After uploading the required document and photo, click confirm.
  10. Binance will then review it as soon as possible. Binance Staking Nft

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. 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.

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

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

increasing-value

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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.

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.

You can withdraw money as a fiat currency from 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 Staking Nft

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.

The platform also encourages the use of its own native currency, the 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.

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 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 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 1,000,000,000 to 2,499,999,999 and at least 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.

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.

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

In terms of customer support, Binance offers three basic options. 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.

If you are approaching them through Twitter, you only need to tag or mention Binance on their Twitter account (@BinanceHelpDesk) for support. 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.

lucky-coins

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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. It is a no-brainer. Crypto traders and investors can keep more of their earnings and investments if the platform charges lower fees.

  • You have the ability to make passive income in many different ways.

It is impossible to not desire 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 Staking Nft

  • 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. These multiple selections allow crypto traders and investors flexibility in their choices.

  • 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. 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 Order Types and Trading Options

Bear in mind, trading is like a gamble. 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 Staking Nft

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 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.

  • 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.

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. 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 Staking Nft

Binance Last Thoughts

Let me begin by saying that I’m a complete beginner when it comes 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.

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. 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 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. 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 Staking Nft

Binance is 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 are not a newbie in crypto trading, and you have intermediate to the advanced crypto trading experience.
  • You want a service that charges low fees and carries many currencies.
  • You are looking for a service with many advanced features.
  • An institutional trader is one with a high net worth.
  • You are not a citizen of the United States.

Does Bianance Offer FOREX Trading?

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

It lacks the currency pairing required to join FOREX. 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.

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. That said, CFDs do have their advantage. They can be extremely liquid.

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