Why Binance is the Best Crypto Exchange Platform in 2022Jul 02, 2021
As the world revolves around us, we can visibly see the changes in the trading spaces. Many individuals are keen on learning the hottest trends for investments and trading. Looking around, we can safely bet that the best trading and investment mode is cryptocurrency.
Cryptocurrency is a digital currency used to buy goods and services. Cryptocurrency is an online transaction and investment currency.
There are risks with investments in cryptocurrency, as all investments. Online currencies are hot commodities in the world of investments, trading, and stocks.
To start dabbling in the world of cryptocurrencies as a newcomer or as an experienced investor, you need to look into a reliable currency exchange website that provides a safe place for you to conduct your business endeavors without the fear of security breaches or limitations.
We are here to introduce you to the best of the best cryptocurrency exchange website in the market: Binance. Here, we will dive deep into Binance, what does it do and how does it work.
What is Binance?
Binance is a cryptocurrency exchange site that provides a platform for different cryptocurrencies. Binance is for anyone who wants to get into the trading and investment spaces of cryptocurrency.
The Origin of Binance
Changpeng Zhao, a developer who previously developed high-frequency trading tools, founded Binance. Binance was established in China but later relocated due to the country's growing regulation of cryptocurrency. Binance worked its way to the top and became one of the tops cryptocurrency exchange platforms.
Binance Features: Binance has a variety of features that users can take advantage of while trading.
Binance Versions: Binance offers different versions of its sites for various regions. These versions get catered to work for the specific area only. Some of the versions available include:
- Binance Jersey
- Binance Singapore
- Binance Uganda
Volume: Binance has a daily volume of two billion dollars daily.
Key Access: Binance users get access to some of the best features available. These include:
- Access to the most extensive crypto spot market that is available in the cryptocurrency universe.
- Access to Suit, providing users advanced trading tools.
- Access to over-the-counter treatment to get the best price without slippage.
Why is Binance the best crypto exchange platform?
Amongst other crypto exchange platforms, Binance holds its worth as it has distinguishing features from other crypto exchange platforms.
Firstly, Binance offers widespread features distinguishing it from other crypto exchange platforms. It has multiple trading interfaces with multiple order types. In addition to this, it comes with various derivatives and futures. It has a low per trade fees means lesser investment and has API keys as well.
Binance has a lower fee option easily accessible and payable for every individual. It has a minimum 0.0l % purchase and trading fees with additional discounts available also. Binance offers an additional -2% fee for credit card purchases however, the deposit and withdrawal fee varies by currency.
There is another added benefit for USD currency. There are no deposit and withdrawal charges for USD deposit or withdrawal. Not only one or two but Binance offers crypto exchange support for additional 500 countries while others like coin base offer for only 44 countries.
Binance offers almost every type of transaction such as buy, sell, trade, withdraw, and deposit. It also has other options such as stop options, margin options, limit order, and futures trading options.
Due to increased chances of security threats and laundering cases. Binance makes the crypto exchange extremely safe for users. It offers 2FA via the Google authenticator application. It has device-level restrictions limiting the exchange to few devices only. Moreover, it also has a U2F hardware key setup and whitelisting pre-approved addresses.
Binance offers more than any other market. It has new updated features almost all the time or most of the time. It not only caters to the experts but also caters to the user education, the beginners, and the experts. Many trade options make Binance of great value for crypto traders at any level.
Binance offers users a vast range of products. These products are here to enhance the trading of cryptocurrencies without any difficulty.
- Binance USD (BUSD) and Binance GBP stable coin: Binance has launched these stable coins called BUSD and Binance GBP stable coin in collaboration with Paxos Trust Company. It is New York State Financial Services Department authorized and supervised (NYDFS).
- Binance Charity: This charity continues to promote sustainable global development and philanthropy blockchain.
- Binance Chain and Binance Coin (BNB): BNB and DEX are the foundation of this community-driven blockchain setting. Users can buy BNB, sell BNB, use BNB, and burn BNB.
- Binance Jersey: This fiat-to-crypto exchange is located in Europe to facilitate trade for euros and pound sterlings with BTC, BNB, LTC, etc.
- Trust Wallet: The official, decentralized, stable financial wallet for users. It is the best BNB wallet on Android and iOS phones. Users can also communicate with Smart Chain DApps in the built-in DApp browser.
- Binance Crypto Loans: this function allows you to borrow cryptocurrency loans that get backed from your holdings. Users can organize flexible collateralized crypto loans.
- Binance OTC: This function reflects a large-volume trader's trading desk.
- Binance Labs: Binance Labs is the project unit of Binance that continually explores, evaluates, invests, and fostering innovations that will enhance crypto-adoption to develop the blockchain and crypto ecosystem.
- Binance Earn: Users can earn bank-busting interest rates on crypto.
- Binance Card: This crypto payment card provides the flexibility to pay daily. It gives the users eighteen percent (18%) cashback.
- Binance Staking: Users can stake those cryptocurrencies with Binance Staking. Users can gain an annual return of up to 16 percent.
- Binance JEX: the forum to trade futures and options for crypto-currency financing.
- Binance Cloud: Cloud is a crypto-monetary business solution for crypto-monetary companies.
- P2P Trading Binance: The crypto trading site for peer-to-peer works as LocalCryptos or LocalBitcoins. Payments get supported by AliPay, WeChat, QIWI, and bank transfers.
- Binance savings: savings allow you to loan assets to gain interest and allow withdrawals at all times.
Sustainable global development and blockchain philanthropy get promoted on Binance Charity. Binance Charity seeks to improve philanthropy through a hundred percent (100%)open donation platform to individual recipients. They say they take nothing of the gifts.
- Raised amount - 2.640.31 BTC
- Donors - 2 100 Donors
- Recipients - 106,643
Crypto Against COVID, Australia's Bushfire grants, Binance Lunch for Children, and others are some of their campaigns. Binance Charity gets endorsed for several reasons. Some of these include:
- They enhance the ecosystem of cryptocurrency.
- Donors, organizations, and providers of services worldwide will donate cryptocurrency at low prices.
- Binance takes none of the donations.
- They donate 100% of the gifts to the recipients and charities while maintaining none for them.
- They are rebuilding the trust of donors. Donors will see how each donation unit contributes to the social impact they like.
- They meet the recipients. After an identity check, they send all donations to the receivers' crypto wallets.
Binance future is an advanced derivative feature that allows the users to check our future markets and get up to one hundred and twenty-five (125) percent leverage.
Users can also look into long and short tokens to receive up to 3 times the leverage than usual.
All platform customers can take part in the initial exchange package for Binance. Users get dawned on with exclusive crypto exchange offerings.
The platform provides some of the industry's most lucrative CEOs, which is another compelling justification for exploring the exchange.
Binance Launchpad has some of the most compelling points. These include:
- Exposure - Users get to reach Binance's millions of users worldwide.
- Liquidity - Projects launched on Launchpad or Launchpool would be listed in several trading pairs and have world-class liquidity.
- Token Distribution - User's tokens will disperse directly into a massive token user base.
- Future Synergy - After a listing, the Future Synergy Project shall have access to all areas of the financial system to obtain extensive support and advice.
Buying, selling, and trading crypto
If users are looking into buying, selling, and trading crypto, Binance offers these transactions via:
- Bank Transfers
- Visa Card
- Master Card
Binance is offering its users up to two hundred trading coins. These coins can be bought, sold, and traded. Currencies that are currently getting offered by Binance include:
- Binance USD (BUSD)
- Binance Coin (BNB)
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Tether (USDT)
- Paxos Standard (PAX)
- TrueUSD (TUSD)
- Litecoin (LTC)
- EOS (EOS)
- Dash (DASH)
- Ethereum (ETH)
- Basic Attention Token (BAT)
Binance Withdrawl Limits
Users who intend to withdraw their investments have to go through the Binance should look into Binance withdrawal limits. The process of verification is quite simple, and the limitations are not too strict.
Verification includes the completion and presentation, among other documents of a simple Know Your Customer (KYC) type.
- Verified Level one accounts will cancel every twenty-four hours up to two BTC.
- Accounts that are verified Level two, every twenty-four hours, may withdraw BTC hundred.
Sub Account Feature
The subset function provides control over access to the accounts at the level companies seeking to establish multiplied business accounts in one organization. This feature includes:
- A summary of all sub-accounts. It includes login history, order handling, asset management, and more, account, and trading activities.
- Transfer of the funds to each sub-contractor at zero fees.
- Full power for sub-accounts, including 2FA, reset, elimination of API keys, commands, and passwords, and ability to freeze sub-accounts in particular.
- Within any Master account, up to 1,000 sub-accounts are funded.
Binance Security Features
Binance offers a premium security system for the users to safely explore the world of trading cryptocurrencies without the fear of their currency getting stolen.
Binance has the following security features:
- Cold Storage (Stores up to ninety percent of the user currency)
- Multi-Signature Wallets
- Tiered Access
- Enhance Cyber Security detention Systems.
It is to note that the Enhance Cyber Security detention Systems got hacked back in 2019. The hack caused the loss of seven thousand bitcoins (two percent of all coins).
Users that got affected by this tragic accident got compensated for their loss via the SAFU funds.
SAFU Funds are a project of Binance that reimburses any funds that get stolen from the users of Binance. Ten percent of all trading fees are invested into the project to generate a safe environment for the users.
The term "Funds are safe." became synonymous with Binance. In the May of 2019, the phrase "Funds are Safu." became a viral name, and the term "Funds are safe." get replaced with "Funds are Safe."
Binance integrates with almost every third-party trading bot available under the sun. Users can integrate their data from any other trading site into their Binance account.
Binance gets supported by their mobile app, which works phenomenology to provide its users. The mobile app works for Android and iOS.
Binance also provides the users with a desktop app. It allows them to get all of the benefits of an app on their PC. The desktop app gets supported by Mac OS, Windows, and Linux.
Binance and the US
Binance and the USA have a rocky connection. Binance launched Binance US to cater to the specific needs of the cryptocurrency of the United States. Some of the core features of Binance US include:
- Cryptocurrency trading.
- Trading between peers.
- Trading from crypto-to-crypto.
- The minimum trading is 10 dollars.
- Trading fees – 0.1% spot charge; 0.5% instant buy/sell rate.
- Fees for transactions - transactions via debit card add 4.5%. There could be other payments.
- Cryptocurrency is the only tradable share.
- Cryptocurrencies number - 50-plus.
- Digital wallet gets offered to the users.
There are some limitations of availability in twelve states. In New York, Alaska, Alabama, Connecticut, Georgia, Florida, Hawaii, Louisiana, North Carolina, Idaho, Vermont, Washington, and Texas.
Binance US has not currently provided facilities because of a lack of regulatory requirements. All US dollar bank deposits at Binance.US are kept on the Federal Deposit Insurance Corp.'s custodial bank accounts and covered up to $250,000 in a bank failure.
But as opposed to stock brokerages, the Securities Investor Protection Corporation is not covering the cryptocurrency exchange of Binance.US, which covers investors up to $500,000 of net cash and securities losses in the event of illegal trade or robbery.
Prices and Fees
Binance is quite well known for its low transaction rates. Since it is one of the tops cryptocurrency exchange platforms, Binance ensures its users the best deals possible.
- Binance provides the lowest fees for exchange which is zero point one percent (0.1%).
- If users pay via BMB coins, they can get an additional twenty-five percent off (25%).
- If users are regular traders in Binance, they get adorned with more perks and discounts.
- Deposits and Crypto deposits are for free.
- Withdrawal fees are dependent on the crypto or fiat currency exchange used.
- Bank card fees in euros and GBP are one point eight percent (1.8%) of the total amount.
- The United Kingdom's faster payments and SEPA bank deposits are free.
Pros of Binance
Let us discuss all the benefits that Binance has to offer to its customers!
- It is one of the most trusted brands for cryptocurrency exchange.
- It provides the best features with everything that an experienced dealer may like.
- It gives the users' best perks for the use of BNB native finance tokens. Some of these perks include reduced trade fees.
- Binance is a fast software. It very simple to use. Developers made sure that the website and the apps were user-friendly. Newbies and experienced traders can enjoy the app alike.
- Binance offers a dime a dozen transaction fees.
- In case of safety violations, assets get insured (except for personal security violations).
Cons of Binance:
- Binance does not do a thorough regular market review.
- It can get overwhelming for people new to cryptography or trade.
- The decentralized solutions such as Uniswap interrupt much of its functionality.
- The platform does not accept most conventional methods of payment.
- Binance US has not currently offered facilities, due to lack of regulatory standards, in New York, Alaska, Alabama, Connecticut, Georgia, Florida, Hawaii, Louisiana, North Carolina, Idaho, Vermont, Washington, and Texas.
Reach out to Binance
Binance likes to be in contact with the people they serve. Binance offers conversations via:
- Twenty-four Hours Customer service.
- Binance Blogs
- Binance Community
- Binance Careers.
Twenty-four Hours Customer service
Users can get self-Services to get a quick fix for their issues. These include:
- Reset Google Authenticator
- Change Email Address
- Reset Password
- Unlock Account
- KYC Failure Appeal
- Deposit Not Credit Asset Recovery
- Deposit Missing or Wrong Tag/memo Asset Recovery
- Reset Phone Security Verification
FAQs are also available over there so that the users can get the answers that traders often ask on Binance. These include:
- Buy Crypto (Fiat/P2P)
- Crypto Derivatives
- Account Functions
- Spot & Margin Trading
- Crypto Deposit/Withdrawal
users can get the world's top cryptocurrency exchange news and updates on Binance Blogs. Users can connect with the aims and successes of the creators of Binance.
Binance Blogs give users detailed and accurate information about anything related to Binance. Binance also keeps the users update with the latest developments and upgrades made by the website.
Binance blogs are also a fantastic place to garner information about anything you want to know about Binance and cryptocurrency. It can include updates on Binance's other projects as well, such as Binance Charity.
Binance prides itself on having an intricate community. Users can join the Binance community by reaching them out on:
Binance engages with their community by supporting preferred language. Binance supports the following language:
Anybody may become a team of Binance. A team inspiring them can get accessed by users. Binance wants to make sure users can make a difference and invest in your skills.
Users can choose from several teams available to choose:
- Customer Support
- Product & Design
- Editorial & Video
- Human Resources
- Finance & Administration
- Talent Acquisition
- Data Analytics & Research
- Quantitative Strategy
- Legal & Compliance
- Business Development
Binance and other Cryptocurrency Exchange Website
There are other cryptocurrency exchange sites available, but Binance has been our top pick. Let us compare some of the other top dogs with Binance.
Binance and CoinBase
1. Security: Coinbase Pro uses the same Coinbase security protocols ninety-eight percent of assets kept in cold storage, and in safe deposit boxes, private keys get stored. US consumers have USD balances insured by the FDIC, which is up to $250k.
Binance US also provides FDIC insurance to its users. You may know that in 2019, Binance.com got hacked. We may conclude from this incident that 98% of consumer funds get stored in cold storage. Following the hack and the exchange, the SAFU insurance fund, additional phishing defenses got deployed.
2. Cryptos Endorsed: Coinbase Pro supports thirty-one cryptocurrencies. Binance US supports Forty-one cryptocurrencies.
3. Available Customer Support: Email support tickets are used by both exchanges. Yet US reaction times are considerably better.
4. Fees: Binance provides the lowest rates for exchange which is zero point one percent (0.1%). Coinbasse has the fees exchange for zero point five percent (0.5%).
Binance and Bittrex
In all trades, Bittrex charges a flat 0.20% fee. It is twice the cost of Binance.
Binance and Kraken
Kraken Makers pay a maximum fee of zero-point sixteen percent (0.16%), and take-away users pay a fee of 0.26%. Binance is much smaller in both scenarios than Kraken.
Binance and Bitfinex
Bitfinex operates on a fee schedule for makers. All those who add new orders to the exchange pay a maximum of zero-point one (0.1) percent (similar to Binance). Takers, who delete exchange orders, pay a maximum of zero-point two (0.2) percent (twice than Binance).
Using Binance - A guide for beginners
Now, let us talk about how you can start using Binance and start your cryptocurrency trading journey.
Choosing the Right Binance Site
Choose the right Binance site that co-relates to your region. As mentioned before, Binance offers several versions for different areas.
- Binance USA
- Binance Jersey
- Binance Singapore
- Binance Uganda
Create a Binance Account
You will need to open an account before purchase your first Bitcoin of BNB is permitted.
- Go to the Binance home page. On the top right corner, press Register.
- Enter your email address and choose a safe password.
- If a friend has provided you with a referral code, the time to enter it is now.
- Follow your account check instructions by entering the code you send to your email address or mobile address.
- You must set up your Binance account after you get verified.
Let's buy some cryptocurrency now with your Binance account. The Know Your Customer (KYC) process needs to get completed next. KYC allows Binance to ensure that the user is truly the one they are implying and state that the user complies with our law.
Users can choose from a few choices when buying crypto:
- A credit/debit card is the better new user choice.
- Check your Fiat and Spot wallet. Users can switch fiat currency and use it on the exchange from their bank account.
Trading Cryptocurrency on Binance
You'll probably want to commence cryptocurrencies at some stage. We suggest that you use Convert if you are not used to conventional trading features. By hovering via trade, you can access it and pick Convert from the homepage of Binance.
Users can use a simple interface to choose their desired cryptocurrency pair by using the Convert feature. Users can also have Fiat currencies to purchase or cash out cryptography with fiat.
Now, users can select and enter the sum of the coin you exchange from the field. The transaction takes place at the market price after your selection has gets verified. Commercial fees shall also apply and get charged automatically.
Securing your Binance Account
It is important to note that security gets ensured by both ends of the spectrum. Binance promises to keep your crypto safe, but users also need to ensure that nothing stays loose from their end. Let us discuss how you can increase security on your Binance account.
- Use and update a strong password regularly - It is vital to secure your account with Binance. These passwords are ideally longer than eight characters with letters, numbers, and signs. One of the best ways to generate a strong password while keeping it protected is a password manager, such as NordPass. Remember that you would not be able to withdraw funds within 24 hours if you change your Binance account password. It prevents future attackers from locking you out when you take out your funds.
- Enable 2FA - Binance supports two forms of 2FA: SMS and Google Authentication. Among these two, Google Authenticator is the more preferred mode.
- Enable (U2F) – Binance supports U2F authenticators such as the Yubico YubiKey. These devices will only allow you to access your account if it's connected or wirelessly paired to your computer.
- View the list of devices connected with Binance – In the System Management tab, users can verify the devices approved for access to your account. This tab can be found under the "Account" tab while using the Binance app.
There are far more security measures that the users can take as well. These are some of the security measures that need to take into account.
The world is shifting toward cryptocurrencies for trading and investing. Binance is a platform that provides one of the best options to trade and invest in your cryptocurrencies.
Binance provides the users a wide range of currencies to exchange, lowes trade fees, and other features that make it one of the tops picks for the crypto exchange platform.
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