There are hundreds of exchanges available to trade worldwide but it’s quite challenging to choose which one is best and why? Therefore, preferring a specific crypto exchange is considered a headache as it’s so difficult task for both veteran crypto users and novices as well.
Binance is a well-known and commonly used crypto exchange in the world, it was developed in 2017 and now, it is considered the world’s largest cryptocurrency exchange due to its volume and users. It was being operated from China initially, but due to crypto regulations and restrictions, it was shifted to the crypto-friendly Island Malta in the EU.
This article will try to summarize some key points of Binance, which will be helpful for crypto investors and users. Moreover, what it is, its background, limitations, verifications, some key processes to follow, features of the platform and its pros and cons will also be discussed in detail.
As it is a crypto-to-crypto trading platform supporting over 200 cryptocurrencies, means, it doesn’t accept any real-world currency, like; EURO, USD, etc. But commanded by its magnificent creator Changpeng Zao is empowering this innovative platform with his inventive ideas and new amazing features.
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.
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.
- Future and Margin trading
Both types of tradings including Future trading and Margin trading are supported by the Binance platform.
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 Fees and Limits
Platform applies a reasonable fee to its users as it is charging an average fee of 0.1% on each trade but there is a 50% discount on the trading fee if you are going to pay using the BNB
However, withdrawal fees differ for each cryptocurrency because there are different fees for different cryptocurrencies, clearly mentioned on the platform. Like, 0.0005 is applied for Bitcoin withdrawals by the platform, and 0.005 is charged for ETH withdrawals, similarly, there are different fees for different currencies. Here are a few guides for some cryptocurrencies to give a thought to the charges you will be paying for withdrawals on the Binance platform:
Moreover, there is no deposit limit for a verified account. But it has set a limit for non-verified users as they can’t withdraw without getting verified and providing all the important and required information.
How effective Binance Coin (BNB) will be
Binance has issued its cryptocurrency name Binance Coin (BNB) during launching its ICO. The Binance Coin (BNB) is so effective on its platform and can be used to pay fees to avail its services. BNB is the future of Binance as the platform has planned to create a Decentralized Exchange where BNB will be a key base currency. So, choosing BNB as an investment can be a good option, as the platform will use its profit to buy back some coins and then destroy them. So, it will have a worth and going to be a valuable asset in near future.
Verifications and Limits
New joiners will have to go through a KYC process to join the platform, information like; the first name, last name, gender, residence address, country, passport, or a government-issued ID card plus a current picture with a clear face and visibility are normally asked to upload.
Currencies supported by Binance
Binance is supporting almost 200+ cryptocurrencies and here are some of them:
- Bitcoin (BTC)
- Basic Attention Token (BAT)
- Ethereum (ETH)
- Binance USD (BUSD)
- Litecoin (LTC)
- Binance Coin (BNB)
- Ripple (XRP)
- Chainlink (LINK)
- Bitcoin Cash (BCH)
- Cosmos (ATOM)
- Stellar Lumens (XLM)
- Dash (DASH)
- Tether (USDT)
- EOS (EOS)
- TrueUSD (TUSD)
- Nano (NANO)
- TRON (TRX)
- Paxos Standard (PAX)
How to Deposit Funds/Cryptocurrency at Binance?
Binance doesn’t allow users to deposit funds using payment methods like debit or credit card. The only way of depositing funds is with cryptocurrency. The suitable way is that users should deposit their funds in Ethereum (ETH) and Bitcoin (BTC) as there are other exchanges to buy your asset in fiat currency. Here is a method by which a user can deposit his/her asset in its Binance exchange account:
- Go on to the “Funds” option present on top of the home page and click on “Deposits”.
- Click on “Select Deposit Coin”, enter the currency code you want to deposit in your account. For example, enter ETH if you want to deposit Ethereum.
- Copy the deposit address where you want to deposit your asset. For example, if you are sending your Bitcoin from your crypto wallet to Binance Exchange, you must confirm the correct Binance Deposit Address before transacting the crypto asset.
- Within 10 minutes, your account will receive the crypto coin, for confirmation go to the “Funds” tab and click on “Balance”.
Binance Pros & Cons
- A user-friendly platform, very easy to use.
- Comparatively more liquidity
- Supporting a wide range of cryptocurrencies
- Two-factor authentication supported platform
- High trading volume
- No fiat deposits or withdrawals
- Delayed customer support
- Faced security threats and breaches in the past
Based on given stats and things that have been outlined; no doubt, Binance is a leading cryptocurrency exchange offering great crypto services including low fees and a variety of cryptocurrencies. Due to having a strong list of partners and resources, there are chances that Binance will evolve, grow and progress at a quick pace by providing appealing and modern crypto services. With every passing day, the exchange is bringing innovation and advancement by introducing new and modern technologies and services to deliver a better and state-of-the-art global trading platform.
Is it safe?
Yes, surely it is a well-secured platform. Supporting two-factor authentication and it a delightful trading platform to use.
Is Binance offering phone support?
No, Binance is not offering customer phone support
What are EURO resources supporting deposits in Binance?
Following are the resources where you can deposit EURO for trading on Binance:
- Paxful (300+ payment methods)
- Simplex (VISA and Mastercard)
- SEPA bank transfer
- iDeal bank transfer