The perfect reason for you to trade Crypto on Binance exchange is that it provides safe and easy crypto-to-crypto or crypto-to-cash transactions with the lowest charges.
However, Binance does not just win over other platforms for this only reason, but several other factors are involved in making it a globally recognized platform. For instance, Binance extends support to almost 500+ cryptocurrencies. In contrast, the number of supported cryptocurrencies in the case of Coinbase is around 51, which enabled Binance to be a global platform with a shooting Binance market cap. Also, beginners can quickly get to know how to buy and sell on Binance with a user-friendly Binance login and avail themselves of the most affordable crypto Market rates. Besides, the platform guarantees the security of payment methods and offers fast transaction facilities. Such as, Simplex recently got engaged with Binance to allow users to get the benefit of wire transfers and credit cards for buying and selling digital currencies.
In this blog, we’ll discuss the features of Binance exchange, what is Binance trading, and reasons to choose it for selling and trading Cryptocurrencies in detail as per the following order:
Table of Contents
Additionally, it took the game to another level since 2019, when it allowed Peer-to-Peer transaction facilities that directly bridged buyers and sellers of Crypto on Binance Exchange. Although the hacking of $40 million in 2019 on Binance has resulted in a significant loss to the company’s popularity, the successive measures to tighten the security of Binance wallet have managed to get back the user’s trust and confidence. Therefore, Binance has been listed as the best crypto exchange in 2021 by one of the advisors from Forbes in the UK.
1.Binance Review: What is Binance?
This Binance review targets the main features and facilities of the Binance exchange and what is Binance trading look like to give you a deep insight into what is Binance? Binance is a digital platform to exchange one cryptocurrency for another or cash under the layer of secure payment methods.
In 2017, Chang Peng Zhao developed the exchange in Hong Kong that has evolved as one of the leading exchanges for digital currencies until now. As of June 2021, the exchange has built up a significant reputation among traders worldwide, with a Binance market cap of $ 56 billion.
What is the Binance coin?
Binance coin is the native cryptocurrency developed by the owners of Binance exchange. Interestingly, Binance itself grew on the ICO (initial coin offerings) funds for Binance coin of almost $ 15 million in value. The exchange became more popular than the coin, and now it finds it hard to promote the Binance coin or BNB and compete with other cryptos in the market. The promotional measures include providing discounts and bonuses to traders using BNB in their exchange and transactional processes. These strategies have increased the market price of Binance coin BNB from starting at $ 0.1 to $322.36 as of July 2021.
Services of Binance
In the Binance review, it must be added that its services allow you to trade, list, de-list, and withdraw cryptos along with raising funds for virtual tokens. However, primarily it is a crypto exchange platform to trade between two cryptocurrencies at minimum charges or zero transaction fees in some cases. This exacerbates its liquidity, enabling the trader to get the Crypto exchanged exactly at the current market rates.
On the other hand, you can also convert Crypto to fiat on Binance by just clicking on the exchange button on the Binance app or website portal with a conversion limit of $50,000 in one day. Then cash this amount at any ATM. Moreover, Binance provides Pear-to-Pear Transaction services to trade Crypto on Binance exchange that allows buyers and sellers of Cryptocurrencies to and exchange directly without the involvement of any third party like crypto brokers and dealers.
While discussing the technicalities of its structure, it is highly encouraging that Binance has a multi-tier architecture that provides layers of security to the payment processes.
Supported Currencies on Binance
The fun fact is Binance is a combo of ‘Bitcoin’ and ‘Finance’. Still, the forum does not limit itself to Bitcoin trading only. It also operates in trading altcoins, which means buyers and sellers have to trade in all the cryptocurrencies other than preliminary Bitcoin. There are almost 9,000 Cryptocurrencies, as per the disclosures of 2021 reports, and the good news is Binance supports trading and exchange in over 500 of these digital currencies or Crypto on Binance exchange along with various virtual tokens. The list of supported currencies includes Litecoin, Ethereum, Tether, Dogecoin, and the native Binance coin.
Well, other than maximizing profits through the trade of Crypto on Binance, there are multiple methods to earn profits passively. The list of these methods focuses on keeping the stakes, earning the yearly interests on depositing stablecoins, lending crypto, and getting revenues from other occasional bonuses, as we discussed in trading with Binance coin (BNB).
Despite these advantages, generally associated with Binance, experts do present few concerns with the mass-scale usage of Binance. You can weigh both its advantages and disadvantages down below to make an informed decision.
2.a. Advantages of Binance
Besides maximizing profits through the shooting rates of Crypto on Binance exchange, Binance offers various other features which can help you realize the full potential of the exchange platform. Here’s the list of some of those features that can boost your profits at an exponential rate.
· Minimal Commission charges and Trading Fee
Binance aims to provide its users the most affordable crypto trading and exchanging experience by fixing the lowest possible trading fees among all of its competitors. For instance, even Bittrex stamps commissions of approximately 0.25% but cheers to Binance that takes up only 0.1% of charges.
Furthermore, there is the option of insurance for assets in case of any hacking events. This pretty much explains why people prefer Binance over other Trading platforms because you can convert Crypto to fiat on Binance and vice versa with the lowest possible charges.
· Easy Crypto-to-Fiat conversion on Binance
You can easily convert Crypto to fiat on Binance by just tapping on the ‘Exchange’ icon on your mobile Binance app or web portal. Then bring this converted cash out of any favorable ATM.
On the other end, you can convert fiat into Crypto on Binance by buying any Crypto, among 15 legible coins including Bitcoin. But you got to buy with the exchange of 40 acceptable fiat currencies.
· Accomplishing projects under Binance Labs
The entity of Binance Labs is the technological mastermind behind the successful accomplishment of Binance projects. The projects can be referred back to those initiatives taken in the name of initial coin offerings and had funds allocated.
· Innovative Opportunities at Launchpads
Many profitable opportunities are available at Binance Launchpads under the umbrella of IEOs (Initial Exchange Offerings), which can benefit every member of Binance on trading Crypto on Binance exchange. Launchpads is also used to host numerous API interfaces and several projects based on Blockchain technology.
· Cross-platform Support
The best part is Binance allows you to check your trades on mobile or desktop with equal comfort. You can download its iOS or Android version of Binance app to keep the crypto trade handy or use its web platform on Desktops to get the big picture. This works both ways effectively.
· Customer-care support
And who doesn’t like having someone to fix the issue? Yes! Binance helps its buyers and sellers to get connected with the representatives at Binance Help Center 24/7. They will inquire about individual cases properly and devise authentic solutions for specific issues.
Binance products like P2P trading, staking, earning interests by lending crypto, and taking loans in cryptocurrencies, etc., are considered among hundreds of other supplementary perks.
2.b. Disadvantages of Binance
There are many difficulties with the use of Binance for excessive crypto trading and selling which can overwhelm its users quite easily. The list following list includes some of these disadvantages of Binance.
· Tough on Beginners
The understanding of the Binance Interface requires some skills, which makes it tough on beginners. The whole idea of including features specific to field experts doesn’t seem to work when freshers or seasoned traders dive into trading Crypto on the Binance exchange.
· BNB Centralization
Experts believe that there is an excessive centralization of a cryptocurrency over the exchange because Binance owns tokens of almost 80%. Thus, the validator on the Blockchain comes on behalf of exchange owners. Also, the unavailability of Uniswap that is decentralized raises many concerns according to public opinion. This kind of central control should be eradicated to achieve user confidence to trade Crypto on Binance exchange.
· Restrictions in the U.S
Binance was completely restricted in the US for its incompatibility with the US laws, which resulted in losses to the exchange and US market. Then as per demands, a middle solution appeared on the stage in Binance US that promised to comply with the local legal provisions. Nonetheless, this also remains restricted in many parts of the US. Binance has a list of supported countries list to help its users.
· Downtime of Binance wallets
As per customer complaints, it is generally considered that Binance wallets are mostly down or suspended for long enough durations. The users have to wait for weeks to withdraw cash exchanged because the wallet unexpectedly gets down. The reason falls under the fact that it doesn’t own its wallet.
· The missing feature of regular Market analytics
The beginners and even experts sometimes find it hassle to collect facts for market analysis on a daily basis to analyze the hot trends and patterns of cryptocurrencies. Therefore, Binance exchange should prioritize the addition of such features to retain and expand its user base.
The question arises, Is Binance safe? Yes, it’s safe. Although there are few drawbacks of Binance, the soothing part is there are multiple ongoing initiatives by the owners to make the platform more reliable for its users. Therefore, people haven’t left investing money and time in this most extensive crypto exchange system. If you’re planning to go for Binance, you must look at the next section that can answer your question: ‘How to use Binance?’
3. How to use Binance?
To use Binance, you need to have an identity and money, most importantly. Sounds crazy! But that is the half-truth. The other half-truth is to register on the Binance, set up an account, verify your identity, deposit some funds and then trade and withdraw as per your desire.
All these steps require a little care and focus as these are the critical milestones to make you a well-known trader on Binance and give you an idea of ‘how to buy and sell on Binance.’ Therefore, before you do any of these steps, Binance may ask you any Know your Client kind of details. However, in most cases, you can directly sign up.
3.a. How to Open an Account on Binance?
Go to the homepage of the official Binance website, which has the big yellow button located on its left panel or in the top-right menu bar, saying “Register Now,” and fulfill the Binance sign-up requirements.
Press this button to sign up and register your Account on Binance.
As you’ve pressed the icon, you’re now on the register screen that asks for your Email Id and strong Password that contains numbers and both lower- and upper-case letters, as shown in the snapshot below.
Also, check the box that indicates your agreement to the platform’s terms and conditions.
And then press ‘Create Account.’ This marks the end of sign-up requirements.
Here, you’ll receive an email to verify your email Id and get the code to activate your account as the one shown below to get a successful Binance login.
Enter the code you received in your email into the input field of the website that looks like this.
After you get success on entering the verification code, you go right into your dashboard, similar to this one.
Hereafter Binance login, it’s time to set up 2-factor authentication to get an idea of how to use Binance with security. This authentication can be done with the compatibility of your Phone or Google Authenticator app. Click on any option and then follow the prompts for further instructions.
Once you’re done with 2-factor authentication, it’s time to verify your identity by clicking on the link ‘Identification.’ After that, you’ll have to submit a photo of your ID card and a Selfie to verify your identity.
Congratulations on setting up your account safe, and now it’s time to deposit some funds into the empty account after Binance login. And how do you add funds on Binance? Let’s find it.
3.b. How to Deposit Funds at Binance?
Binance accepts deposits of both digital and physical currencies that make it a viable option. You can deposit these funds on the web or Mobile app after Binance login by just clicking on the button ‘Deposit,’ as shown in your Dashboard area like this.
After clicking on Deposit, you must be directed to this screen, where you’ll be asked about the currency in which you want to deposit and the payment method you want to choose. Select your feasible options and then move next. Next, you’ll have to enter the amount you want to deposit, and voila! You filled the pockets of your Binance account. This will help you to move forward in your Trade processes.
In case you would like to deposit in cryptocurrencies, just click on the ‘wallet’ button in the top bar and select ‘Fiat and spot’ from the menu. After that, you’ll be directed to the screen where you’d be able to deposit in Cryptocurrencies. Please keep that in mind; you must enter all the relevant details regarding crypto deposits like MEMO and tag information to get things done.
There are no deposit charges on Binance, but the trading fee of 0.1% counts in when you begin trading.
3.c. How to trade at Binance?
To know what is Binance trading, you should know the supporting currencies on Binance, the market rates at which the cryptocurrencies lie, and knowledge of few technical terms that are frequently used. Click on the tab called ‘Trade’ on Dashboard to view the classic interface of trading.
There you’ll see crypto pairs in which you can make crypto-to-crypto trade efficiently on Binance, as pointed by the yellow boxes.
There are three types of trade orders supported by this exchange platform: the Market order, Limit Order, and then stop Limit Order.
- In the case of Market orders, Binance executes the order as soon as the best Market price is available.
- For Limit orders, it is necessary to reach the limit of cost as per the trader’s recommendations.
- And the Stop Limit orders are only to be executed after the threshold limit price is surpassed.
3.d. How to Withdraw from Binance?
You can withdraw from Binance anytime within your favorite fiat currency or Cryptocurrency by clicking on the ‘Withdraw’ button located on your Dashboard.
Now that you’ve clicked to withdraw your profits, you should know in which currency you want your profits either fiat or crypto. And then select your favorite currency to proceed to the next step.
Finish the process by writing the amount you want to withdraw and confirm the transaction. However, there’s a limit on daily withdrawal amounts, based on the banks and payment methods you choose.
Also, it is important to note that Binance charges fees on withdraws as per the set amounts on oof exchange. Generally, withdrawal charges are higher, unlike deposit and transaction fees. Therefore, it is recommended to note the exchange rates presented on the withdrawal page before you actually hit withdraw. So that, you’ll know how much you’ll get after withdraw.
4.Who Should Use Binance?
For traders who want to trade in multiple Cryptocurrencies like Ether, Dogecoin, tether, other than Bitcoin, then Binance is the best option for them. Binance can serve you in hundreds of altcoins, which is quite rare in the case of other exchange platforms like Coinbase etc. Moreover, the features of an easy crypto-to-crypto exchange with minimal charges attract a lot of buyers and sellers on Binance.
Buyers who want the security of their large amounts of payment transactions prefer Binance for its multi-tiered security layer. Additionally, if you need to see charts of emerging trends of crypto, then you have a designated section in your Binance account for that.
Above all, Binance has managed to maintain a global reach for its platform though there were hurdles in its way. Therefore, in UK, Binance is featured as the top exchange system till 2021 due to its wide variety of cryptocurrencies and affordability in terms of transactions.
Binance has an efficiency of processing 1.4 billion transactions at any given time, which is a massive plus for professional traders on the exchange platform. Thus, daily, Binance supports a significant number of transactions as the survey reports in 2021.
If you want to trade in USD, then use SWIFT to get the transactions done smoothly, as Binance accepts USD payment through SWIFT to allow the selling and buying of crypto coins. However, you can also use around 12 fiat currencies other than USD to trade on Binance.
Trading Crypto on Binance exchange is, by far, the best choice until now as no other platform has this ability to support such a huge variety of altcoins. Trading in many other altcoins can maximize the profit of traders if traded at the right time. And, buying and selling over Binance in native BNB can absolutely earn you profits as per the discounts offered at the exchange platform.
Moreover, various products of Binance allow traders to staking and earning interest over lending crypto and get transactions done at cheap transaction charges.
Additionally, it is easy to work on Binance at your comfort due to the advanced functional features of the digital platform. For instance, it provides you the support for multiple platforms as you can either use it in the Lite mode or Professional mode. Thankfully, Lite mode is now available for iOS and Android devices across all the countries where Binance is operating.
According to Global User Index, a fact on Binance review is that over 60% of traders love to store their cryptos on exchange platforms, and yes! For all of them, Binance exchange is a priority.