Binance review

Introduction

Without presenting even a single slowdown during performing transactions, Binance is so capable to handle a very high volume of trades. But being a new platform in the industry, in the start, Binance has faced some issues including unexpected maintenances and security vulnerabilities but providing instant quality services to potential investors, traders, and crypto users have been the top priority of Binance exchange. That’s why it is considered the most important crypto exchange in the crypto community.

However, the position of the world’s largest currency exchange has not come for free, and Binance has been known from the beginning for its continuous development among the crypto community. The development work is not over at all with the advent of an explosive customer base, but Binance will continue to be able to create new features for customers and improve the customer experience.

Binance has also increased its awareness among Finns by introducing SEPA bank payments for use by all Finns in 2020. This was a significant development work for European customers, so we can expect Binance’s position to be further strengthened.

Key Features of Binance

Here are some key features of Binance:

• Low trading fee offering platform

Binance trading fee is too low, as only 0.1% is charged on a single trade.

• Supporting 200+ cryptocurrencies

Binance is supporting almost every top cryptocurrency, there are over 200 cryptocurrencies listed on the platform.

• One of the strongest Matching Engine

Binance is being operated by one of the strongest matching engines that can handle 1,400,000 orders/second, and it is considered as one of the fastest exchanges in the market having no “stuck of processes” issues on the platform; quick and responsive trading services providing exchange in the market.

• Binance Launchpad

Binance allows its users to launch crypto-based projects on its platform where users can review the project details, timelines, whitepapers, and the whole roadmap.

• Offering cross-platform trading services

Binance is providing its trading services to all available platforms including Android, Web-based trading, Mobile HTML5, PC (Windows), iOS, and Mobile iOS app as well.

• Fiat payment gateway supported

More than 15 top cryptocurrencies including Ethereum and Bitcoin can be bought from 35 fiat currencies using bank cards, cash balance, and other instant payment gateways supported by Binance.

• Staking, Future and Margin trading

Both types of tradings including Future trading and Margin trading are supported by the Binance platform.

The binance platform today is more diverse than just a cryptocurrency exchange platform. In recent years, the result of the development work has been e.g. futures, staking, launchpad and various savings services. Of these, the greatest popularity has certainly reached futuurited immediately after its release. However, these investment products are only recommended for professional investors, so a novice should not go for these without careful background research. In practice, futures even allow the use of leverage more than 100 times, which means that the risks are considerable and the investor should therefore remain vigilant.

A safer alternative to futures for a novice investor is definitely the service offered by Binace – Binance Earn. This program is similar to Crypto.com’s program called Crypto Earn. Binance Earn offers its user the opportunity to borrow cryptocurrency in the market against interest. The investor has the opportunity to choose an investment target according to the needs of use, either Flexible or Fixed terms. Simply put, the interest you pay on the Flexible terms program is lower because you reserve the right to transfer funds back to your account at any time due to a lack of loan time. If you are applying for longer-term interest income, the Fixed terms program is definitely a better option. You can lend your cryptocurrency to the market for a pre-determined loan period, and thus the recipient side pays a better interest rate on the loan they receive, because they can use that currency, for example, to leverage debt for a longer period of time without worrying about contract termination.

Savings services include DeFi Staking, which offers the highest interest rates in the Binance marketplace in almost every market situation. For example, if you can commit your cryptocurrency to the DeFi Staking program for a long time, you will be paid up to 20% annual interest on many stable and known cryptocurrencies. In the long run, therefore, you will also be able to benefit from the Interest on Interest phenomenon through Binance, and the annual income it pays will surpass that of many traditional banks.

Binance Visa Card

With the Binance Card, you can use your favorite cryptocurrencies at over 60 million merchants worldwide. Just transfer the cryptos from your spot wallet to your fund wallet and you are ready to use it. You can now use your crypto anytime, anywhere.

The Binance Visa card allows users to use their cryptocurrencies at locations that only accept fiat currency with a credit or debit card. Behind the scenes, your encryption assets are converted to fiat when you make a purchase (without commissions), so you don’t have to keep Fiat on hand. You can order yout Binance Visa Card for free after opening account and completing KYC. Binance Visa Card is a great for daily use, as you can use crypto for payments anytime, anywhere.

Benefits from using Binance Visa Card:

• There is zero fees and the card is completely free!
• Spend crypto anytime
• Earn up to 8% cashback from purchases made with your Binance Visa Card!
• Safe and easy to use, all your funds are protected by the highest security standards

How to register on Binance Exchange

Here is a process by which any user can join Binance Exchange quite easily:

• To register on Binance exchange, go to the Binance home page and click on the “Register” button, on the top right-hand side of the page.
• Provide all the required information including email address, password, and mobile number as well. If you are joining as a referral, you may also give the referral ID.
• Read then accept the terms and conditions of the platform and then click on “Create Account”.
• A verification code will be sent to you for email confirmation on your given email address. Enter that code and click on the “Enter” button.
• Now complete the KYC (Know Your Customer) process by providing your country’s govt-issued ID card number, driving license, passport, and current picture as well.
• Before uploading your picture, you must confirm that your face is visible and the picture is the latest. After confirmation, upload and click on the “Complete” button.

Binance KYC

After successful registration, there is still a process of verifying identity, which meets modern requirements for various types of financial supervision authority. This process has been widely adopted in recent years and is intended to prevent money laundering and to step up the fight against terrorism. In addition, the completed KYC process is required on all market platforms that accept SEPA bank transfers. SEPA bank transfers will therefore only be available after a successful verification process. Note, however, that the Binance marketplace is capable of trading with certain restrictions without certification. In this case, the only available transfer method is cryptocurrencies, in practice you will be able to transfer your pre-owned Bitcoins to your Binance account and even convert these to your Ethereum cryptocurrency. However, this is not recommended for an active trader, as Binance is able to limit trading limits very surprisingly for every non-verified account. Below you will find an easy-to-follow guide video for the KYC process that will guide you step by step all the way to the end!

Binance deposit options for customers who have completed the KYC process

Following a successful KYC process, more different deposit options are available. Secured users will be able to deposit funds to their account with bank transfers, SEPA express payments, debit and credit cards. The deposit process has been made very simple and easy, so even a new user can trade in different cryptocurrencies after a successful deposit. Depending on the deposit method, transfers are very fast and modern Binance processes deposits in real time, so you can assume that the funds will appear in your account for use in up to minutes. Although the fastest deposit method today is a credit or debit card, the user should still take into account the costs of this deposit option, which in Binance is 3 – 4.5%. While a correspondingly slower deposit option – bank transfer is free for the customer. Also described below is the SEPA bank transfer deposit:

• Select Wallet at the top and click Fiat and Spot. You will then find the Deposit button on the page, under which you will find the Fiat deposit option.
• After the Fiat deposit option, select the currency to be used (EUR). Then select SEPA Bank Transfer.
• Enter the amount to be deposited and click Continue. Next, the information of the receiving bank to which the SEPA bank transfer will be made will appear on the page.
• After the transfer, the funds will appear in your Binance account from a few minutes to several hours, depending on your bank. Sometimes, however, transfers can take up to more than 24 hours.

Binance deposit options for not certified customers

Binance does not allow non-secured users to deposit funds using payment methods such as debit and credit cards. Funds can only be deposited using cryptocurrency. The best way to do this is to deposit funds in either Ethereum (ETH) or Bitcoin (BTC), as there are other exchange services where funds can be purchased in fiat currency. Here’s how a user can deposit their own cryptographic funds into a Binance current account:

• Go to the “Funds” section at the top of the home page and click on “Deposits”.
• Click on “Select Deposits Coin” and enter the ID of the currency you want to deposit into your account. For example, to save Ethereum, enter ETH.
• Copy the deposit address where you want to make the deposit. For example, if you send Bitcoin from your crypto wallet to Binance Exchange, you will need to verify the correct Binance deposit address before transferring crypto funds.
• Your Binance account will receive cryptocurrencies within 10 minutes, confirm this by going to the “Funds” section and clicking on “Balance”.

Withdrawal options for customers who have completed the KYC process

Certified customers who have completed the KYC process are able to make withdrawals in a variety of ways to crypto wallets and various bank accounts. As an added benefit, after completing the KYC process, lifting restrictions are significantly higher than for non-certified customers. So we definitely recommend every more crypto trader to perform a verbal easy KYC process.

Withdrawal options for customers who have not completed the KYC process

If you have not verified your Binance account, the only option for withdrawal is to send the cryptocurrency to an external wallet. Although Binance is a pioneer in security and its development, many can still use so-called ‘cold wallets’ to preserve large amounts of cryptocurrency outside Binance. As a rule of thumb, it is advisable to keep only cryptocurrencies for active trading on the stock exchange platform. However, centralized marketplaces always have their own risks of being caught by hackers and at the same time there is an obvious risk of losing users’ funds.

In practice, the withdrawal of cryptocurrencies from a Binance account is possible according to the following instructions:

• Click on the Wallet option in the top bar and proceed to the Fiat and Spot section. Here you will find the real-time balance of your wallets. In the Crypto Balance list you can find all the cryptocurrencies you have.
• When withdrawing funds, click on the cryptocurrency to be withdrawn and select Withdraw. After that, be careful when choosing the right network (blockchain technology), with incorrectly selected address formats or networks you may lose the funds you ‘raised’ altogether.
• As an example, when lifting Bitcoin to an outside wallet, we choose BTC as the network. You will then be able to enter the recipient’s wallet address in the – Recipient Address field. At the same point, you can also check the cost of a possible transfer. After verifying the network and recipient address are correct, click the Submit button, after which Binance will ask you to verify the correctness of the withdrawal according to the security levels you have selected. Binance’s processing times are relatively fast on withdrawals, so you can expect transaction processing in the block chain. After accepting the transfer, the cryptocurrency you raised will appear in the wallet you specified.