Binance US Lending

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 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.

So what does it use? 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.

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 used to store and transmit crypto data provides security and safety as transactions between wallets, and public ledgers are happening.

Bitcoin was the first Cryptocurrency and was established in 2009. It is still the most well-known cryptocurrency 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.

Crypto exchanges have functions that are similar to 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.

Binance is one such dedicated cryptocurrency exchange.

Binance and Overview Binance US Lending

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. It was initially based in China but was quickly moved out of the country due to crypto restrictions getting stricter and stricter. 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 US Lending

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

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

Binance also has its set of unique tokens and cryptocurrencies. BUSD is a stablecoin. BNB is a strong performer because of 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.

The Financial Conduct Authority of the United Kingdom ordered that the platform stop all regulated activities 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.

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. Hence, it is no surprise that many cryptocurrencies and other digital currencies are 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

Trading currencies and tokens are not offered free on any platform. 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 US Lending

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%

In a later section, we will discuss fees.

binance-coins-with-dollars

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Passive Income on Crypto Assets

Binance allows you to earn from your 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.

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. It is up to you to decide if these risks are worth taking. 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. 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.

For veteran traders, the charting tools in the advanced trading interface are something to behold. There is also a Bitcoin futures section that can let people speculate on whether the price of Bitcoin will go up or down.

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.

The Binance Shortcomings

This is not for newbies

Binance is not for beginners. It is a complicated platform created with experienced and veteran traders in mind. 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. 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. It is still not a platform where you just buy Bitcoin and then sit back and relax. Binance US Lending

Regulatory Attention

As we have already mentioned, Binance has faced many problems. 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. So far, no charges have been filed, and Binance has denied any wrongdoing. 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. 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 trades more than 120 cryptocurrencies, but does not offer futures trading. 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

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 has a huge range of services. These include:

  • Buy, Sell, or trade 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
  • Access portfolio insights, plus live tracking and alerts
  • Its tax reporting tool will help you keep track of all your tax obligations

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. They are encouraged to take a break from trading and rest.

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

These are 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 Email address
  3. Create a password
  4. Accept Binance’s Terms of Use
  5. Click “Create Account”
  6. Confirm registration through email

For Verified Accounts

  1. Register for an unverified account.
  2. Log in to your account
  3. Click Identity Verification in the User Center
  4. Choose Personal
  5. Please fill in your details
  6. Choose an ID type for document verification, such as a Passport or Driver’s license
  7. Take a photo or upload a file of your document
  8. Take a picture of yourself
  9. Click confirm after you have uploaded the document and image.
  10. Binance will then review it as soon as possible. Binance US Lending

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.

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 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. 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. This does not mean users are exempt from any charges. Users of Binance are still required to pay fees for using 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.

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 cryptocurrency to a wallet, or another exchange. These withdrawal fees and minimum amounts are determined by your currency and method. Binance US Lending

Trading Fees

The trading volume and trading history over the last 30 days will determine the percentage of your trading fees. 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.

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

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 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.

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. 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. 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 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. Submitting a ticket entitles you to receive email assistance.

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

lucky-coins

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Binance Pros and Cons

Pros

  • Low Fees

One of the reasons why Binance is among the top choices for crypto exchanges is its low fees. It is a no-brainer. It is a no-brainer. Crypto traders and investors can keep more of their earnings and investments if the platform charges lower fees.

  • 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 US Lending

  • Wide selection of Cryptocurrencies: From Bitcoin to Dogecoin and Etherium, there is no shortage of cryptocurrency you can buy from Binance. With the addition of cryptos such as Fish (FISH) or Fanverse (FT), that number is increasing.

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. 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

You cannot start trading if you have no money at stake. That is why, Binance allows for easier access and start to crypto trading through its multitude of ways to deposit funds

  • 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. Binance, one of the best trading platforms, should allow users to trade in any way they like. Binance US Lending

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.

  • 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. Binance doesn’t have one. 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 US Lending

Binance Last Thoughts

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

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…..

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 had to get a friend to teach me what all the stuff was all about.

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

coin-standing

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Common Questions about Binance Binance US Lending

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. 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 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’re looking for advanced features in your service.
  • You are an institutional trader carrying a high or ultra-high net worth.
  • You are not a citizen of the United States.

Bianance offers FOREX trading

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

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

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. They can be extremely liquid.

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