Why Choose Binance

binance-review

Any digital or virtual currency, also known as cryptocurrency, can be abbreviated to crypto. Cryptography is used to ensure transactions are secure.

Cryptocurrencies do not have a regulating or central issuing power; rather, they depend on a decentralized system to record transactions and issue new units. It doesn’t depend on banks to conduct transactions.

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. 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. However, it is not the only cryptocurrency that exists. 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.

Crypto exchanges have functions that are similar to online brokerage platforms. You can use them to purchase and sell digital currencies or tokens for various cryptocurrencies.

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

Binance is one such dedicated cryptocurrency exchange.

Binance and Overview Why Choose Binance

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.

Binance is still the best cryptocurrency exchange in the world when it comes to cryptocurrency trading. It has the highest trading volume of any crypto exchange by offering users the most cryptocurrency trading pairs.

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. 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. Why Choose Binance

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

From Binance, you can avail of such services as exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs, and more.

Binance also has its set of unique tokens and cryptocurrencies. 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.

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.

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

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

Binance Perks

Large 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

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. Comparable to other cryptocurrency exchanges, which charge commissions and fees, this is quite a difference. So far, the highest spot trading fee is 0.1%.

The platform employs a maker/taker fee structure, and fees will vary depending on trading volume and Binance Coin (BNB) balance. As a rule of thumb, the higher the volume of your trade, the lower the fees your trades are subjected to. Why Choose Binance

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.

However, Binance users still have to pay additional fees. There will be different fees depending on the type of withdrawal and payment type. The chart below is an example.

Payment Type Fees
  • Wallet
  • Debit cards
  • ACH Transfer
  • Wire transfer
  • Crypto Conversion
  • Trades
  • Buy/Sell Crypto
  • N/A
  • 4.5%
  • No cost
  • $15 for U.S. Customers
  • N/A
  • 0.00% to 0.1%
  • 0.50%

We can discuss more about fees in a later section.

binance-coins-with-dollars

> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <

Passive income from crypto assets

Binance allows you to earn from your crypto assets. Of course, these come with varying degrees of risk. You have two options: earning a higher rate of interest (or more) on cryptos through its staking program, or placing assets in flexible savings accounts to get lower but more consistent rates.

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

For riskier opportunities, you can try to earn income by adding liquidity on pairs of tokens. 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 tools provide an easy way to customize your trading options. Setting a limit to buying or selling crypto at a specific price is easy. With its “convert” function, it even caters to beginners.

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. This is an opportunity for customers to multiply their positions in a particular currency. This strategy is risky because it can increase losses and even cause traders to lose their whole position.

The 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 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 get the hang of the platform, you will find it very easy to manage your assets. Binance also has a simple interface that is suitable for beginners. You also have a lot of educational resources.

While Binance is not that beginner friendly, it still has a lot of resources to help those who want to learn. Binance is not the place where you can just buy Bitcoin and then relax. Why Choose Binance

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 investigating the platform for potential money laundering, tax evasion, and even insider trading. Binance has not been charged and no criminal charges have been filed. Should anything come out of this, only time will tell.

In response, Binance has taken steps to strengthen its compliance team and keep regulators onside. 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.

Due to US regulations, Binance.US was created as a separate platform for U.S. customers. 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’s unavailable in Hawaii, New York, Texas, or Vermont.

stock-market-data

> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <

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:

  • 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

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. When a trader suffers heavy losses or a continuous losing streak, the system reminds the user of the risk involved in derivatives trading. It encourages them to rest and hold back on their trading activities.

The platform believes that responsible traders must be critical and maintain control to avoid compulsive trading and gambling.

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

Sign up for your Binance account

It takes just minutes to create and register your Binance account. There are two types of accounts available: unverified and verified.

For Unverified users:

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

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. 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. Take a photo or upload a file of your 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. Why Choose Binance

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

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. Trades can also be made easy and accessible through the Binance mobile app, Binance website or Binance desktop application.

Traders can also use the platform to look at their portfolios and trade history. The platform allows them to view their order book and price charts. You can also choose from a variety of order types. 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.

increasing-value

> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <

Trust Wallet

Binance provides a custodial wallet through its platform. Trust Wallet is also recommended by Binance, which supports thousands upon thousands of cryptocurrencies across all 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. 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 cryptocurrency to a wallet, or another exchange. These withdrawal fees and minimum amounts are determined by your currency and method. Why Choose Binance

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.

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). Anybody who does so will receive a 25% discount on their trading fees. 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 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 20,000,000 to 119,999,999 and at least 250 BNB 0.07% / 0.10%
4 120,000,000 to 199.999.999 with at least 500 BNB 0.07% / 0.09%
5 200,000,000 to 499,999,999 and at least 1,000 BNB 0.06% / 0.08%
6 500,000,000 to 999,999,999 and at least 1,750 BNB 0.05% / 0.07%
7 Between 1,000,000,000 and 2,499,999.999999 and at most 3,000 BNB 0.04% / 0.06%
8 2,500,000,000 to 4,999,999,999 and at least 4,500 BNB 0.03% / 0.05%
9 More than 5,000,000,000, and at least 5,500 BNB 0.02% / 0.04%

Security

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 uses address whitelisting, device administration, and the ability 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 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.

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. As for the customer side, at least they can see how the platform handles themselves and their customer base whenever these cases happen.

In Binance’s case, they quickly responded and immediately reimbursed anyone affected by the hack through their Secure Asset Fund for Users (SAFU). This cold storage wallet keeps enough capital to cover users’ 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.

To obtain tickets, you simply need to complete a form on Binance’s website. You will be able to get email assistance by submitting a ticket.

For support, all you need to do is tag or mention Binance (@BinanceHelpDesk). Because it is more visible, Binance encourages users to tweet about their problems through this channel.

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

> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <

Binance Pros and Cons

Pros

  • Low Fees

Low fees are one of the main reasons Binance is a top choice for crypto exchanges. 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.

Whoever does not want to earn 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. Why Choose Binance

  • Wide selection of Cryptocurrencies: From Bitcoin to Dogecoin and Etherium, there is no shortage of cryptocurrency you can buy from 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. Binance provides enough tools to allow users to trade more easily. As such, traders and investors will not have a hard time doing trade on the platform.

  • Multiple ways of Depositing Money

You cannot start trading if you have no money at stake. 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. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. Why Choose Binance

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.

  • Regulation issues 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. 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. Furthermore, it is also not available in some U.S. states like 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. Why Choose Binance

Binance Last Thoughts

Let me start this final thought by saying that I am a noob when it comes to 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 entered cryptocurrency because I wanted to see what the fuss was all about. This is not something I intend to take seriously.

It took me no time to create my account and verify it. Within just a few minutes, I could look at the UI and everything the platform offers. 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.

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.

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

coin-standing

> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <

Common Questions about Binance Why Choose Binance

Binance is 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. 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.

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

CFD trading is offered by Binance

Binance offers CFD (Contracts For Difference) trading.

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

error: Content is protected !!