- 1 Binance Review – Best Cryptocurrency Exchange And Trading Platform
- 1.1 Key Features
- 1.2 Binance Fee
- 1.3 Pros
- 1.4 Cons
- 1.5 Conclusion
- 1.6 Visit the Official Binance website
- 1.7 FAQ
- 1.8 Visit the Official Binance website
Binance Review – Best Cryptocurrency Exchange And Trading Platform
Binance, founded in 2017, is a well-known cryptocurrency exchanging platform. Changpeng Zhao was the founder of it, who had worked at the Tokyo Stock Exchange prior to founding it. The mission of this company is the provision of service providers for the blockchain ecosystem. The company offers its services in multiple types of coins such as Bitcoin, Ethereum, and Litecoin, etc. The company mostly deals in crypto-to-crypto trading.
The name of the company is derived from the words; binary and finance. The company, since its inception, has been a success. It has catered 1.4 million orders per second and has users more than 15 million in number from all over the world.
The company offers the services such as fundraising, trading, listing, depositing all over the week and twenty-four hours a day. The users have to open an account first under the section, ‘Know your customer,’ and then they can start trading by depositing their cryptocurrencies.
As of now, the company is offering to make three types of orders; limit, market, and stop-limit, but it is not the niche for which Binance is famous. The exchange in the company is much appreciated because of extremely low fees, a wide range of discounts, and airdrops, which one can use if the user has the native currency of Binance; $BNB – BinanceCoin.
Binance is available worldwide because the company doesn’t specifically mention the countries in which it offers its services. However, the users in the United States can access Binance US. Binance US is the replacement of original services (faced a ban due to regulatory issues). Moreover, the company does not disclose any data related to the US users who invested in the company recently because it is possible they may have broken US cryptocurrency laws.
It is a wonderful feature that allows users to benefit from their idle funds. You can earn interest at varying rates with the help of a “flexible” account type. Moreover, you can get higher interest rates on fixed-term deposits if you chose a locked saving account.
Staking is a standout feature from Binance that differentiates this platform from others. Users can earn return on DeFi and PoS tokens even if they don’t know the staking process. Moreover, staking features are accompanied by the Locked and Flexible version of the account.
Binance Crypto Loan
Binance also facilitates its users with loans in the form of stablecoins such as BUSD or USDT. To do so, Binance will use ETH or BTC as collateral, and a user can get loans and evade the tax that they may have to pay while selling cryptocurrency.
The competition in the crypto market has grown immensely with time, and companies attract customers with price wars and enticing offers. But, Binance has differentiated itself with its cutting-edge fees, and that gives them a competitive advantage as well. Here is one of the best crypto exchanges in terms of fee:
The flat rate in Binance is 0.1 percent, and this surely is pretty attractive for users who don’t need fiat liquidation right away. The fee is even lower if a user uses the Binance Futures platform. For makers, the starting fee is 0.02 percent, while for takers, it is 0.04 percent, and not many platforms offer this feature, especially in the case of large orders.
Moreover, there isn’t any fee for deposits except for the regular blockchain fee, which is always paid by the sender. The withdrawal fee is also minimal, and it is also in line with the blockchain fee. Binance updates its withdrawal fee schedule regularly.
Binance also offers BNB (a token of their own). A user will get 50 percent off of the trading fee if it uses the token for payment. You can use this token for other purposes on this platform, and Binance keeps coming with new ideas related to this token.
- A highly competitive fee schedule
- A huge number of tradable tokens
- A significant presence in the industry
- Highly appreciated and trusted by the users
- Not suitable for beginners
- Not available in all of the US
- A slightly weaker customer support service
You can be a member of this company the next minute. All you have to do is to sign up and send in some Bitcoins. Your profits start calculating the moment you successfully make a deposit.
How do you buy Bitcoins on Binance?
– Sign up to Binance
– You can buy Bitcoin using cash: you can link your debit/credit card or bank account
– Or you can buy cryptocurrency directly from other users on Binance P2P.
Is Binance safe?
Binance is considered a safe exchange that allows user account protection via the use of Two Factor Authentication (2fa).
How can I withdraw money from Binance?
Binance supports more than 60 fiat currencies and multiple different payment methods. Select the fiat currency you’d like to withdraw and the payment method. Binance supports credit cards, debit cards, bank transfer, or cash balance.
Binance is a crypto trading platform and exchange that offers one of the most competitive rates around. Whether you’re a beginner or a seasoned trader looking to trade crypto, this is probably the easiest and cheapest way to go.
The platform accepts users from around the world and has received favorable reviews from the crypto community. Recently the exchange has also partnered with 3rd party companies such as Simplex to allow credit card and wire transfer purchases of cryptocurrencies at a premium.
Finally, US users can trade on Binance-US which is compatible with US trade regulations.
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