Miner For Binance Pool

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. 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. Each owner of a cryptocurrency has their funds stored in a digital wallet.

Cryptocurrency is so named because of its use of encryption to keep and verify 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.

Bitcoin was the first Cryptocurrency and was established in 2009. It is still the most well-known cryptocurrency today. It is not the only cryptocurrency. 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 Miner For Binance Pool

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 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.

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. Miner For Binance Pool

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. 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. 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. This was a Russian government way of helping them combat crime.

Binance Perks

Large Selection of Cryptos

Given that the company is among the biggest cryptocurrency platforms in the market. It is not surprising that there are many cryptocurrencies and digital currencies available. You can get decentralized finance tokens (DeFi), stable coins, alt currencies, and other popular cryptos.

Here are some examples:

  • 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. 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 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. Miner For Binance Pool

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%

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. A few options include earning 50% APR or more on certain cryptos in its staking program or putting assets into flexible savings accounts for lower but more consistent rates.

There are more available staking options available on the platform. They also pay higher rates than other exchanges.

For riskier opportunities, you can try to earn income by adding liquidity on pairs of tokens. It is up to you to decide if these risks are worth taking. 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. Setting a limit to buying or selling crypto at a specific price is easy. It even accommodates beginner users with its “convert” function.

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

You can sell leveraged tokens to earn income opportunities that have inherent risk. Customers can multiply their currency positions by selling leveraged tokens. This strategy is risky because it can increase losses and even cause traders to lose their whole position.

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. The general aim of the platform is to have these earners maximize their profits.

We previously discussed the advanced trading tools and the risky opportunities Binance provides its users to earn passive income on their crypto holdings. 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 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. 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. Miner For Binance Pool

Pay attention to regulatory matters

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 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. 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. It is also not available in all countries. 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. 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)
  • 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. 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. 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.

Signing Up to Your Binance Account

Creating and registering your very own Binance account is simple and can be done within a few minutes. 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 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 now for an unverified Account
  2. Login to your account
  3. Go to User Center and click Identity Verification
  4. Choose 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 your submission as soon as they can. Miner For Binance Pool

From then on, you will have to wait for an email from Binance to ensure that your account has been verified.

Trading Experience

Binance provides a wide range of trading tools, as we have already mentioned. These tools include real-time charting with moving averages or exponential moving averages. Trading is also convenient and accessible, as users can place trades through the Binance app, Binance website, or Binance desktop app.

Traders can also use the platform to look at their portfolios and trade history. They can view the 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. 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.

Usually, withdrawals are complete within 10 minutes, and even the costs are minimal. 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. 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. 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 cryptocurrency to a wallet, or another exchange. Fees for these withdrawals and minimum amounts will be based on your method and currency. Miner For Binance Pool

Trading Fees

Your trading fee percentage will depend on your trading history in the past 30 days and the volume in the past 30 days. 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).

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).

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 Less than 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 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 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 offers two-factor authentication via the Google Authenticator app, or a short message service for customers. It uses address whitelisting, device administration, and the ability 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).

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.

That said, customers should still be wary of Binance since its security needs a better track record. The platform was hacked in early 2019 for $40 million in BTC. Another major hack occurred in October 2022. This time, it cost them $570 million in BNB.

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

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

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

You simply need to fill out a form on the Binance website for tickets. 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.

Lastly, Binance has a chat box on the bottom right corner of the support screen if you want a more direct approach. You can access this on the Binance website.

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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. After all, if a platform asks for lower fees, crypto traders and investors get to keep more of their investments and earnings to themselves.

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

It is impossible to not desire passive income. Binance offers many opportunities to make passive income. It’s like being paid for nothing. These opportunities come with inherent risks. These opportunities are not for the weak-hearted. Miner For Binance Pool

  • 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. 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. As such, traders and investors will not have a hard time doing trade on the platform.

  • There are many ways to deposit money

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

  • Flexible trading Options and Order Types

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. Binance, one of the best trading platforms, should allow users to trade in any way they like. Miner For Binance Pool

Cons

  • Platform can seem overwhelming to beginners.

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 been faced with numerous legal and regulatory 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

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. 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. Miner For Binance Pool

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. I am not planning to take this seriously (yet).

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…..

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.

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Binance Frequently Asked Questions Miner For Binance Pool

Is Binance Safe?

It is safe but not with a great track record.

While Binance has its own set of key security features, it still is a blight on its record that it was hacked twice. Although the company increased its security, it will be determined if they can withstand attacks.

How Would 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 are not a newbie in crypto trading, and you have intermediate to the advanced crypto trading experience.
  • You need a service that is affordable and can accept many currencies.
  • You are looking for a service with many advanced features.
  • An institutional trader is one with a high net worth.
  • You live outside the U.S.

Bianance offers FOREX trading

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

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. This is quite a distance from Binance which has only 50 currency pairs.

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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