BINANCE – A COMPREHENSIVE REVIEW
Binance is the most common cryptocurrency exchange in the world right now, and this is a comprehensive analysis of the Binance exchange. It wouldn’t be unfair to suggest that many of us now, or at some stage in the past, have been confronted with the terrifying dilemma of too many options. With over 2100 cryptocurrencies and over 200 cryptocurrency exchanges to choose from, it can be difficult to select the best ones. The abundance of choices on cryptocurrency exchanges can be overwhelming for both newcomers and seasoned crypto enthusiasts.
Aside from that, since most exchanges are centralised, there is still the lingering threat of being exploited. That being said, in all of the uncertainties and tough decisions to be taken, one centralised exchange has stood out and undoubtedly made life simpler, and that is none other than Binance, so let’s hear about all of the various things this platform has to offer, and if you’re interested, keep on reading.
Table of Contents
BINANCE REVIEW – OVERVIEW
Binance is a popular cryptocurrency exchange for cryptocurrency traders and enthusiasts who want to purchase and sell a wide range of digital currencies at minimal costs. Its distinguishing characteristics are creativity and innovative features, a proactive culture, the potential to purchase bitcoin and altcoins with more than 40 national currencies, their own Binance Chain and Binance coin (BNB), Binance Futures and margin trading with up to 125x leverage, and the ambition to evolve into a decentralised autonomous association (DAO) in the future, headed by its inspirational leader Chang Peng Zhao.
Binance is a Hong Kong–based cryptocurrency exchange established in July 2017 by developer Chang Peng Zhao (aka CZ). Zhao’s company, Beijie Technology, established the exchange following a $15 million ICO. Investors who participated in the ICO received Binance Coin (BNB), which can be used to exchange virtual currencies and make payments on Binance. BNB’s initial valuation was about $0.1, and as Binance grew in popularity, the coin’s value increased.
Following difficulties with the Chinese government’s stance on cryptocurrencies, Binance now hosts its databases in more accommodating jurisdictions, allowing it to operate a competitive exchange platform. Binance is a multinational cryptocurrency trading platform that works in over 180 countries. The only exception is for nations on economic sanctions lists or individuals on the US Trade Department’s “Denied person List.” The Binance US exchange is available to US citizens and residents. Binance Singapore, Binance Uganda, and Binance Jersey are among the other places that have a local edition of the Binance exchange.
While its network can handle a high volume of transactions without experiencing major delays in processing time, it does have its fair share of problems from time to time, such as unforeseen upgrades and security glitches. Regardless, it is still one of the most popular exchanges in the cryptocurrency world.
WHY YOU SHOULD CHOOSE BINANCE FOR CRYPTO TRADING?
Here are some of the major reasons why you should choose binance for crypto trading:
- Binance has one of the most diverse selections of digital currencies on the market, as well as a comprehensive selection of crypto combinations to exchange.
- Binance traders’ profit from increased liquidity as a result of the high trading volume.
- Allows for the deposit and withdrawal of cryptocurrency and paper currency.
- There is a strong focus on protection, with a variety of security measures in place to safeguard investor assets.
- Multiple trading platforms are available to meet the needs of traders with varying levels of experience.
- Customer service is available 24 hours a day, seven days a week.
- KYC authentication adds an extra layer of security for Binance users.
- Investors can exchange from any place, as the Binance platform is also available on Google Play, the App Store, and Android APK. The framework is compliant with both iOS and Windows on desktop machines.
- Users can receive incentives by depositing or staking cryptos, as well as obtain instant loans backed by crypto assets.
- Users can transfer virtual currencies using external wallets, credit cards, or fiat money. FX threat is eliminated because Binance accepts deposits in all major national currencies.
- Trading View powers the charts, giving users access to a plethora of metrics and drawing tools to aid in technical analysis.
Are the above-mentioned reasons enough to convince you that you should be using the world-leading crypto exchange binance for your crypto trading? Well, if you are still not convinced, keep on reading to know more about all the amazing things this crypto exchange offers and how they can benefit you.
Binance’s registration process is easy, and your account is enabled instantly. To set up an account, go to the Binance web page and press on “Register” in the upper right-hand corner. You can open a free account by using your email address or mobile phone number.
Fill out the form with the requested details. This requires perhaps an email address or a mobile phone number, as well as a password. You can also enter the referral ID if you are a referral. Understand that you have reviewed and consent to the Terms and Conditions before clicking “Create Account.” Binance will give you a verification code via email. Insert the code and press the “enter” key.
You can now invest funds to start trading. Binance enables you to deposit cash, cryptocurrency, or purchase cryptocurrency with a credit or debit card. However, to use all deposit methods, users must first complete the identity verification. If you select a wallet, paste the address or scan the Barcode from the Cryptocurrency wallet from which you want to transfer Cryptocurrency, enter the amount, and finish the transaction. You can begin trading once your Cryptocurrency wallet has been funded on the Binance exchange. Please keep in mind that if you want to deposit paper money or use credit/debit cards, you first must finish the Identity Verification process.
IDENTITY VERIFICATION PROCESS
To finish the “Identity Verification” process, navigate to your account’s dropdown menu and pick “Identification.” Your withdrawal cap will be increased to 100 BTC until the verification process is completed. You can also make a paper money deposit, which will be subject to restrictions upon conclusion. To fulfil the verification process, you will have to submit the following information:
- Main place of residence.
- First and last names are needed.
- The address where you live.
- A picture of your ID.
- A selfie to prove your identity.
When you’re ready to finish the process, click “Verify.”
- Step 1: Pick your primary country of residence from the drop – down menu, then press “Start.”
- Step 2: Fill in your first and last name, birth date, and address. Select your ethnicity from the drop – down menu as well. Then press the “Submit & Continue” button. You will now be required to confirm your identity. Please make sure you have your id card with you.
- Step 3: Select “Start” and pick your ID’s country of issuing an ID form, either passport, driving licence, or ID Card.
- Step 4: Whether submit a file copy of your ID, snap a screenshot of your ID or opt to use a smartphone if easier. After you’ve finished uploading, click “Confirm.”
- Step 5: Include a selfie. Test that the image is in focus and that the whole face is clear. Then press the “Complete” button.
You will be advised to try again if there are any problems with the info presented. Deposit and withdrawal restrictions will remain in effect until the process is completed.
Users who already own Binance-supported cryptocurrencies:
- Navigate to the “Wallets” tab, which can be found on the top right-hand side of your Binance main page.
- Select “Spot,” then the cryptocurrency you want to deposit, and then press “Deposit.”
- Finish the deposit by copying the address or scanning the QR code.
Choose “Bank Deposit” from the “Buy Crypto” drop – down menu to deposit fiat currency.
- Choose the currency in which you want to deposit.
- Choose your favourite payment form. (Binance suggests a bank/credit card deposit.)
- Finish the transaction by entering the information that is prompted.
To deposit paper money, you must first finish the verification system. Other ways to buy cryptocurrency include:
- Credit or debit card
- Cash Balance in P2P Exchange
- Payment from a third party
These options are also accessible in the “Buy Crypto” drop – down menu.
Users may withdraw Binance-supported cryptocurrencies to external wallets. The Binance platform also allows for the withdrawal of fiat currency.
- To make a cryptocurrency withdrawal, go to the “Wallets” dropdown menu and select “Place.”
- Select the cryptocurrency wallet from which you want to withdraw funds and press the “Withdraw” button.
- From the dropdown menu, select the recipient’s BTC address.
- Select a transfer network.
- Enter the sum of cryptocurrency you want to withdraw and press the “Submit” button.
- To make a cryptocurrency withdrawal, go to the “Wallets” dropdown menu and select “Place.”
- Simply pick fiat from the section above to create a fiat withdrawal.
- Choose the currency you want to withdraw from the dropdown menu.
- Select your withdrawal option and finish the transaction. Bank/Card withdrawals are recommended by Binance.
WEB TRADING PLATFORMS
One of Binance’s core strengths is its usability. Its portal and exchanging pages were completely redesigned in 2019 and are now simple to understand and browse for both new and seasoned users. It also allows you to switch among Basic, Classic, and Advanced trading displays, allowing more professional users to profit from getting more details (such as user funds) on a single page. Less professional users, on the other hand, will render token swaps without being overwhelmed by a plethora of windows and graphs.
The basic interface is the simplest way to exchange and comprises simple choices for selecting two cryptocurrencies and exchanging them.
The classic phase is more sophisticated and restores Binance exchange’s “classic” appearance and function. It has advanced order forms, price and business depth maps, bid and ask order books, a transaction history window, and an accessible orders summary window. Furthermore, it enables you to exchange with margin and options, making it appropriate for more experienced retail investors.
Finally, there is an advanced exchange system. It shows the same opportunities as Classic view, but all windows are organised in a relatively clean and prettier manner. It is the most recent addition to the Binance design and has a new appearance.
BINANCE OTC PORTAL
Next up, there’s Binance’s OTC (over-the-counter) trading platform for crypto giants, investment firms, or high-volume market makers. Processing large transactions through the Binance OTC desk decreases the risk of fluctuation when the value in the daily order books is unexpectedly shifted due to massive purchases. The OTC desk has no transaction fees and fast transaction. The lowest possible trade size in this country is more than USD 10,000. To be qualified for such exchanges, you must also undergo level 2 verification (KYC).
BINANCE P2P MARKETPLACE
Finally, Binance clients can conduct fiat-to-crypto transactions via the Binance P2P marketplace. Investors from all around the globe may apply to become Binance P2P traders or purchase tether (USDT), Bitcoin (BTC), Binance USD (BUSD), ether (ETH), and EOS with paper money. Bank transfers, WeChat, Alipay, and QIWI have presently accepted payment methods. Purchasing virtual currencies with fiat through Binance is also relatively simple. All that you have to do is go to the “Buy Crypto” category and select one of the choices.
To put it mildly, the Binance mobile app is awesome. To summarize, the Binance trading applications for iOS and Android are the best on the market. To be using the smartphone application, you must first build an account on Binance, which you can do here. After registering, you can install their iOS or Android app and begin trading cryptos from your handheld.
TRADING FEES AND BONUS
Binance does not charge any fees for deposits. However, trades and withdrawals are a completely different matter, despite being among the cheapest in the cryptocurrency community. Binance takes a 0.1 per cent share of any exchange that occurs on its payment network, making it one of the most affordable cryptocurrency exchanges on the internet. As a result, trading fees of 0.1 per cent apply towards both spot and margin trading. You can also get large trading fee discounts (up to 25%) by using Binance Coin (BNB) and recommending mates (up to 25 per cent). Together, they make Binance one of the industry’s most affordable exchanges.
BINANCE REVIEW – CONCLUSION
Binance is a global superpower in the blockchain ecosystem, supplying users with a mass of commodities to deep dive into the cryptocurrency world. With one of the popular cryptocurrency offerings, international impact, and interface options, there are very few who can remain competitive. Liquidity and security protocols provide shareholders and traders with an impressive forum to exchange from.
There are few rivals and, with a simple verification process, both inexperienced and more experienced investors are accommodated. Binance intends to evolve further following the introduction of the Binance Visa Card and Launchpad. It is a perfect forum for those who want to trade or invest their hard-earned cryptocurrencies.
Yeah, indeed! Binance is regarded as a secure exchange that provides user account security through the use of Two Factor Authentication (2fa). Binance is unquestionably one of the platforms that take security very seriously, and as a result, Binance is an excellent forum for exchanging cryptocurrencies
Yes, it is permitted. You cannot, nevertheless, use the same authentication documents for both profiles. Using a visa for one account and a driver's licence for the other one is the best way to go.
Binance Exchange is a prominent cryptocurrency exchange that allows users to trade over 45 virtual currencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Binance Coin (BNB)
Binance US is accessible in 41 US nations, which is 41 more than Binance. This month, it introduced Alaska and North Carolina to its list of supported states. However, Connecticut, Hawaii, Idaho, Louisiana, New York, Texas, Vermont, and Washington do not favour it.