Binance Exchange Review
Binance is my favorite and the most popular exchange in crypto world. If you don’t like to take risks and play safe like me, I guess binance is the best. I tried to add all the information that you can need as a experienced crypto trader or just a newbie. But my suggestion can be just go to the Binance website and open an account immediately and learn on the way!
Binance Exchange Overview
There is no need to discuss. Binance Exchange is one of the leading crypto exchanges in the bitcoin world. It has its own strategy of providing a robust platform, binance branding, and advanced trading features. The Binance founding team raised 30 million USD to create the exchange and launched in July 2017. Since then, they are doing amazing!
Cryptocurrencies on Binance
There are over 150 cryptocurrencies available in Binance and 120 million global registered users. Binance offers support for crypto investments such as bitcoin, but also has a host of other cryptocurrencies available for us. From popular coins like Ethereum, Litecoin and Ripple to lesser-known projects – doesn’t matter, Binance has them all.
Binance also has its own coin which is called Binance Coin and it’s the main currency accepted by the platform. We can trade Binance Coin for other crypto tokens if we want to add some of the newest coins to our portfolio.
Binance Coin – BNB
Binance exchange’s official coin is BNB. The currency, created in 2017, is one of the most traded digital currencies. BNB token can buy other cryptocurrencies, spend bitcoin, and shop online. It can also pay Binance exchange fees.
The Binance Chain, a proprietary blockchain, stores and transfers BNB tokens securely and quickly across the internet. This blockchain technology improves privacy and processing speed compared to other coins.
Airdrops and other incentives have given BNB tokens worth beyond their currency purpose. These incentives have increased token use and value. An army of developers and blockchain enthusiasts is creating new BNB token features and services.
Since it was created, I like to hold some of them. As I see this digital money has grown in popularity, making it a good cryptocurrency investment. With continued expansion plans and rising merchant locations that take BNB, I really believe that this digital asset might become one of the world’s leading cryptocurrencies! – Of course, it’s just my idea, don’t take it as a financial advise!!!
Binance Trading Options
Binance Fees and Limits
One thing I do not like about Binance is that it does not charge a uniform trading cost. Depending on whether I make a trade using a conventional bank account or my Binance wallet, the associated fees are different. The tiered structure of the trading costs, however, is a major plus. My trading charge will be proportionally reduced the more money I trade. Absolutely, that only encourages me to trade more.
Binance Exchange Features
During their 2017 Initial Coin Offering (ICO), binance raised $15 million and debuted its revolutionary trading and payment services. Now it’s allowing us worldwide to exchange cryptocurrencies securely. Since then, I can personally experienced that Binance has improved its services using Smart Chain technology.
The Binance platform has two distinct interfaces – Lite and Pro – each providing a customisable user experience to meet the needs of any trader. The Pro interface offers additional features such as margin trading up to 25x leverage and US Dollar Stablecoin fixed interest rates up to 8% APY. I suggest Lite version for the newbies for a while but at some point you would like to switch to pro. I like high leverages and this is why I am using the pro version since beginning and I am happy with my decision.
Binance offers a top-tier integrated Risk Management System (RMS), high-frequency trading software, and unique interest rates on chosen U.S. dollar stable coins. The Binance mobile app also lets me easily access security features like two-factor authentication or use other tools like integrated price alerts or unmatched price change distribution choices like set price alerts or trailing stops depending on my own criteria.
Price Alerts allows us to set price alerts when the price of our chosen asset reaches a certain level, or Price Change Distribution which allows us to review changes in the overall distribution of prices over time. Furthermore, I like to have access Crypto Education resources such as videos & webinars—keeping us up-to-date with developments in the ever-evolving crypto space.
In Binance there are also advanced trading features. They include different order types like spot and margin trading options.
I like to use the Binance Card to spend my crypto holdings, there are also crypto loans and Binance gift cards if you want to check them.
Binance can trade thousands of digital currencies on its blockchain network, the Binance Chain through its Trust Wallet app, the chain effectively connects us to different blockchains and recently debuted the Binance Smart Chain to give an alternate way to deal.
Binance Savings is the exchange’s standard savings account connected to digital assets. We can earn high interest rates on selected USD stable coins that are deposited monthly to our savings account after Vault Guard approval. Easy money!
Binance Exchange Security Measures
- Safety deposit support
- 2FA authentication processes
- KYC standards compliance protocols for withdrawal limits
- Data encryption across al accounts
- Unique price change distribution system
Using Binance Exchange
In the beginning I was so scared to use the tool because I was not so good with the technology but then I realised that I need to try and as I see Binance signup is more simple than I thought. When you click the “Register” button on the website, the rest of the instructions are very clear. Email and personal information will be required and after that Binance will send you a verification email after form submission. Easy peasy, after you verify your account via email, everything is ready.
Some of the exchanges make it difficult and I don’t know why but on Binance deposits and withdrawals are very easy. You just need to click “Deposit” from your account. It will ask you the amount and after writing the amount just click the “Withdraw”! Done!
User Interface and Experience
I really like to use both the Binance mobile app and the website. As a newbie or an experienced trader, I can easily say that Binance Exchange offers a great customer experience. First of all, the binance app is simple to use.
Binance Exchange’s user interface is designed for all kinda traders. We have all the tools that we need to make precise judgments and maximise our trade returns!
Binance Customer Support
In my opinion, customer support plays the most important role when it comes to evaluating Binance Exchange’s performance.
It’s very easy to connect directly to the Binance team with the live chat. They give quick answers to any of our questions, even the stupid ones, and they are always helpful when we have problems. They are very open to answering any questions related to our account or Binance’s products and services. It is really nice to have other options to contact the support team, such as email, phone, and social media channels. It makes me feel valued because whenever I need someone, there is someone I can talk to.
Even though Binance is operated in Chinese Yuan (CNY) currency, custodial accounts allow us to trade on Binance with any currency we want without ever having to store CNY in our accounts.
This is my personal opinion, but Binance’s commitment to customer satisfaction through good customer service cannot be underestimated. This commitment serves as arguably one of the biggest contributing factors to Binance’s success today.
Binance Exchange Pros
- Binance is an online cryptocurrency exchange offering us financial freedom, low fees, and blockchain-enabled philanthropy. The platform allows us to buy and sell a variety of digital assets including Bitcoin, Ethereum and several other altcoins. Binance supports over 25 different tokens and is the perfect platform for beginner traders looking to get their foot in the door with cryptocurrencies.
- Binance provides us some things that you wouldn’t expect from other exchanges such as virtual gifts, hot coins list and cayman islands lottery tickets. It also offers highly competitive trading fees among all major exchanges in the market today.
- Binance offers a plethora of tools to get you up and running with your trading activities quickly and securely so you can maximize profits while minimizing risks efficiently. Some of these features include:
- Spot trading options
- Order matching
- Stop-limit orders
- Margin trading
Conclusion
Since its founding, Binance has grown rapidly and now offers complex trading features. To sum up, whether you’re a professional or a rookie looking for security, you’re on the right track. Binance lets you store and trade digital assets privately, make passive income through staking, and set advanced price alerts immediately from your PC, mobile device, browser, or TV screen. Binance Exchange appears well located within long-term storage asset tracking networks like Chainalaysis, so reputation-wise it is a safe place to stay online, perform quick retail trades, and more.