What is Binance?
Binance was launched in September 2019 and is the largest cryptocurrency exchange in the world by trading volume. According to a market research website CoinMarketCap, Binance is now among the top ten largest exchanges by trading volume.
Binance has a larger assortment of cryptos and crypto-to-crypto trading pairs than its parent firm, with more than 50.
Many other bitcoin exchanges in the United States are also lagging. It also has a reduced trading cost of 0.1 percent than many other US exchanges.
Binance is famed for its lightning-fast trading. Changpeng Zhao, the company's creator, built a software system that matches orders for high-speed traders before launching Binance in China in 2017. Binance has sparked controversy by relocating its operations from China to Japan; Zhao declared at a May 2020 tech conference that the parent business lacks a headquarters since there is no office for Bitcoin.
Binance is ideal for:
- Traders of cryptocurrency.
- Peer-to-peer or P2P trading
- Crypto-to-crypto trading is a method of exchanging one cryptocurrency for another.
|● Safe to use
● It can be trusted
● User friendly
● You’ll get almost every coin
● There isn’t any match for option and future trading
● Excellent app
● The mobile UI and website is great
● One can easily transfer money from wazir x to Binance and vice versa after connecting to Wazir X
|● Not dependable if you have a large sum of money. Keep a considerable amount of money in your hardware wallets.
● Use it for trading purpose only
● It will crash or stop functioning if the market becomes too volatile in a single day.
10 Points Summary
|Headquarters||Cayman Islands; Mahé, Seychelles|
|Instruments||1.USD-Marginated Futures Contracts - Allows perpetual and deliverable contracts, with USDT settlement.
2.Futures Contracts with a Cryptocurrency Margin - Allows perpetual and deliverable contracts with a crypto margin.
3. Binance Leveraged Tokens are a cutting-edge offering that allows customers to get more exposure to a certain crypto asset while avoiding the danger of liquidation.
4. Binance Options enables retail users to trade options more easily. Users can maximize profits while avoiding downside risk thanks to the built-in leverage.
|Demo Account||Not Available|
|Trading pair (crypto-to-crypto)||More than 50 trading pairs|
|Minimum Deposit||10 $|
|Transaction and trading fees||Spot trading fees is 0.1%, instant buy and sell fee is 0.5%, additional 4.5% on debit card transactions, other charges might be applicable.|
|Base currencies||A wide range of currencies|
Binance is renowned for their user-friendly trading platform that supports trading on several currencies. This is a major reason why they have received a massive range of positive customer feedback.
Of late, Binance has made a special $250,000 giveaway offer for all of their users. To unlock the trophy, users will need to collect all five BTT, TRX, JST, SUN, and WIN tokens' logos.
Is Binance safe or a scam?
Investors that invested in the ICO received Binance Coin (BNB) which can be used to pay fees on Binance and trade cryptocurrencies. Binance's original price was $0.1, and as the exchange gained more popularity, the price increased.
The platform welcomes everyone and has gotten positive feedback from the crypto community. Recently, the exchange has teamed up with third parties like Simplex to enable premium credit card and wire transfer purchases of cryptos. The trading on Binance US will now be accessible to US customers.
|● Fees are quite low
● One can trade in several currencies
● Regulated by FCA, CZ
● Website doesn’t face any lags
|● No customer support over the phone
● They have been hacked once (but the users were compensated)
● There are different domains for US and the rest of the world
Is Binance a legit company?
Despite the incident in May 2019, Binance is still widely considered one of the most secure exchanges in the business. CZ, as leader, makes Binance a reputable cryptocurrency storage solution (if you must keep your coins on someone else's servers and wallets).
Two-factor authentication is always a welcome sight. The platform does support a multi-tier system design.
Despite some criticisms on Reddit, the Binance exchange has remained one of the leading crypto pillars. The platform has no systemic issues.
How are you protected?
Binance's growth has been fueled by the success of everything within the crypto industry. This includes all crypto sectors, firewalls, etc. For account security, the platform offers customers the opportunity to activate 2FA and Google Authenticator for verifying withdrawals and security adjustments. This feature must be used for account verification.
The primary distinction between BLVTs and other leveraged tokens is that BLVTs strive to maintain continual leverage. Instead, they seek a variable leverage range. Between 1.25x and 4x is the everlasting leverage target for the BTC UP and BTC DOWN tokens. The goal is to maximize gains when there is a rise in price, and to minimize losses when the price goes down.
Binance spot market is for leveraged tokens. They are also redeemable for their value. A redemption charge is required. Most of the time, abandoning your position in the spot market is usually the preferable option. On the spot market, exiting will usually be more expensive until something like an event (black swan) occurs. Leaving your BLVT position on the spot market is nearly always advised.
This net asset value term appears on the leveraged token's page (NAV). The USDT-denominated leveraged tokens value is being discussed here. The USDT you will receive will be the amount set by the NAV.
A primary source of uncertainty about leveraged tokens is caused by volatility drag. Volatility drag is the bad effect that volatility has on your investment over time. Volatility drag has a far larger impact on the performance of leveraged tokens when the time horizon is longer.
During strong trending markets, the performance of leveraged tokens is usual as expected. That is not true in a sideways market. Binance developed variable leverage to solve this problem. During exceptionally high volatility periods, only BLVTs are obliged to rebalance. However, volatility drag has a significantly reduced long-term effect on BLVTs because of this.
What is the risk level?
There is substantial complexity in using leveraged tokens. The fund continually resets for maintaining a target leverage exposure. This adds to expenses and leads to large price variations.
Leveraged tokens will offer greater returns on the index for shorter periods of time. Leveraged tokens aren't suitable for direct exchange with spot assets. That holds true for BLVT as well.
However, successful traders earn a lot by trading the BLVTs. It offers numerous opportunities for profit with strong market momentum.
Binance provides the same services like other crypto exchanges. Those who want to create their own tokens can utilize Binance to raise funding via ICOs or initial coin offerings. Binance is widely used for trading and investing in numerous cryptocurrencies.
To begin trading, KYC procedures must be completed. Users can fund their Binance trading account and start trading once they have successfully created their account.
With Binance, users can place limit, market, and stop-limit orders. Only orders that set a limit price are executed. The current market pricing is the best available. Only legitimate orders are accepted when the price reaches a specific level.
Binance has five additional crypto derivatives trading options, futures contracts. The trade orders include:
- limit order
- Stop limit order, market order
- trailing stop order
- merely the order
- TP/SL limit
Cryptocurrency and money deposits have no fee. The fees to withdraw vary, based on the cryptocurrency and the amount.
Until 2021, Binance allows deposits in U.S. dollars only to global users via SWIFT. Directly purchasing cryptocurrency with a credit or debit card is possible. All fiat currencies, including the euro, are accepted as deposits.
|● Fees are very low
● Different currencies accepted
● Five trading options, futures contracts
|● No demerits as such
How do I open a Binance account?
Binance Coin is the company's own cryptocurrency (BNB). The software functions as a cryptocurrency exchange market. This means that you can only open a Binance account if you already hold a cryptocurrency, which you may then trade with others.
All you have to do to open a Binance account is register on the Binance website. You will be encouraged to enter a valid email address and create a password on the registration page. You will be prompted to authenticate your account through email once you have agreed to the Terms & Conditions.
An email will be sent to your supplied account with a link to authenticate your Binance account. Your Binance account will be created once you click the link, and you will be able to start trading immediately.
But first, we recommend using two-factor authentication to secure your account. Because bitcoin trading is a costly and risky procedure, it's critical to keep your account protected from online hackers. Binance lets you set up two-factor authentication and link your account to your phone number. This implies that you will be asked to authenticate your identification using the phone number supplied before logging into your Binance account from a new device.
- Go to the Binance website.
- Finish the Sign-Up Process.
- Enable 2FA or 2-Factor Authentication
- Visit the "Deposit" page.
- Select the Coin You Want to Deposit
- Transfer Your Coins to the Address You've Generated.
- Go over your history.
Binance has some of the lowest costs in the cryptocurrency exchange market, which makes it a popular choice for traders. Even with Binance's low rates, there are a few tricks you may do to get even lower ones.
You should expect to spend up to 3.5 percent in fees if you buy cryptocurrency with a debit or credit card. Because it is such a large rate, it is preferable to utilise another means of payment.
Wire transfers, on the other hand, have no transaction fees but aren't always available. If your location accepts wire transfers, you can avoid incurring purchase costs by using them.
Fees for Deposits:
When using Bitcoin (BTC), Tether (USDT), or Ethereum to deposit crypto assets on Binance, there are no fees (ETH). You must first swap your fiat currency into cryptocurrency before making your deposit.
Trading Fees Binance charges a 0.1 percent trading fee, which means that your pricing will be determined by the size of the trading you are involved in. The fee is proportional to the size of the transaction.
Fees for Withdrawals:
Withdrawing crypto also comes with a cost, which varies depending on the sort of cryptocurrency you're withdrawing. These fees fluctuate according to market conditions, making it difficult to predict how much you will owe until you are looking for withdrawal. Binance, on the other hand, makes it apparent that each type of cryptocurrency has accurate and up-to-date information.
While withdrawal fees are one of the most common concerns about Binance, there are ways to reduce them. It all starts with the knowledge that fees are directly proportional to the sort of users of crypto assets are attempting to withdraw. Some impose exorbitant costs, while others do not, therefore, lowering withdrawal fees can be as simple as switching coins.
Check the rates for the coin you want to request before you start your withdrawal. Some of the most expensive currencies are:
Think about trading and then convert Bitcoin or Ethereum on Binance first if the asset you're about to request has a hefty cost. You can potentially save a lot of money by using one of the numerous cheaper cryptocurrencies. Among them are:
- Ethereum Classic
- Bitcoin Gold
Taking the effort to compare withdrawal rates can have a substantial impact on the overall amount of fees you pay in most cases.
Deposits and withdrawals:
Cryptocurrency trade has been steadily increasing, and a variety of platforms have been built to facilitate those swaps. Binance is one of the most well-known and widely utilised cryptocurrency exchange platforms. However, some users are interested in learning more about the minimum deposit amount of Binance and have specific questions about it. So, here's some facts to answer their Binaince-related inquiries.
A BTC transfer may take up to 30 minutes to appear in your deposits, and the amount may take up to 6 hours to become available, according to one of the users. Aside from that, consumers are interested in learning how to deposit money in Binance. So, according to Binance's official website, below are some actions that can assist you in depositing funds into your account.
- Log into your account on the Binance platform on your device
- Then open your Wallet
- Try to find “Fiat and Spot” and click it
- Then you will see a “Deposit” option there
- Click it and then choose the Crypto tab
- Select the type of cryptocurrency you need to deposit
- Then you will need to choose among the multiple types of cryptocurrency available because they have been issued on multiple networks
- Take a look at these networks and choose one among them
- As BNB is a network, you will need to choose one among them.
- Copy the deposit address and MEMO from Binance's deposit page and paste them into the "Send" box.
- Verify the transaction.
- Check the platform's Transaction history for incoming deposit history.
Aside from that, there is certain information about the platform that should be remembered before using it. Binance has grown to become one of the most popular cryptocurrency exchange platforms, with over 200 coins to choose from. This platform has been operational since 2017. The site is well-known around the world, and it allows clients to purchase their preferred cryptocurrency by using regular currencies and payment methods. Select the "Buy Crypto'' option from the top navigation bar on the exchange's website.
- Users can deposit cryptocurrency, utilise a credit card, or deposit fiat currency. Binance allows all major fiat currencies to be deposited, removing the danger of FX.
- Traders can trade from anywhere thanks to the Binance platform's availability on Google Play, Android APK and App Store. Both iOS and Windows are supported on desktops.
- Users can earn incentives by depositing or staking cryptos, and they can also acquire fast loans guaranteed by crypto assets.
- Binance supports a huge number of cryptos.
- Not only does the platform provide spot trading, but it also allows you to trade margin and futures.
- Binance places a strong focus on security, including two-factor authentication and anti-phishing protection.
- TradingView is used to power the charts, providing users with a wide choice of indicators and sketching tools to aid technical analysis.
- Customer service available 24 hours a day, 7 days a week. The chat website offers assistance 24 hours a day, 7 days a week. To help users understand the platform, there is an extensive FAQ area as well as a Learn Center.
What is the minimum deposit amount in Binance?
The minimum deposit amount on Binance is $50, and customers must deposit at least that amount all at once.
How do I withdraw money from Binance?
- Go to your Binance account and log in.
- Select Withdraw from the drop-down menu.
- Go to the Cryptocurrency tab.
- Select the cryptocurrency from which you want to withdraw funds.
- Choose which network you'd like to withdraw from if the cryptocurrency is issued on different networks.
- In your Trust Wallet, tap on BNB.
- Select Receive.
How long does it take to withdraw from Binance?
It normally takes 30 to 60 minutes to process a Binance withdrawal. A TxID (Transaction ID) will be issued whenever you make a withdrawal, indicating that Binance has announced the withdrawal transaction.
Binance's withdrawal costs are reasonable. Binance charges between $1 and $15 for fiat currency withdrawals, whilst many other exchanges charge between $10 and $30. For cryptocurrency withdrawals, the range is the same. All you need to do is pay the equivalent of $1 to $15 in cryptocurrencies.
Users who sign up for a Binance Futures account and make their first transaction with Bitcoin (BTC) as collateral after March 13, 2020, 12:00 PM (UTC) will receive a 20 USDT welcome bonus. You'll need a Binance Futures account to get started.
How do I claim my binance bonus?
- After logging in to your account, click on your Account icon and pick [Reward Center] from the drop-down menu or from your dashboard. You can also go to https://www.binance.com/en/my/coupon or use the “Account” or “More” menus on your Binance App to reach the Reward Center.
- You'll be able to check the face value, expiry date, and applied items in the Reward Center once you receive your Futures Bonus Voucher or Cash Voucher.
- When you click the redeem button and don't have a corresponding account, a pop-up will prompt you to do so. A pop-up will appear if you already have a related account, confirming the voucher redemption process. After you've successfully redeemed, click the confirm button to go to your related account and check the balance.
- The voucher has now been successfully redeemed. The reward will be credited to the wallet associated with your account.
Binance offers trading in over 50 currencies like Bitcoin, Ethereum, Binance USD, etc.
Binance Markets compared to similar Brokers:
- Gemini, and more.
Binance Trading Platforms:
Binance deals in platforms MT4 and MT5 and has a seamless website and mobile trading app. Both of them are user-friendly and contain several convenient features.
Binance offers 24/7 customer support via email and chat. However, the drawback is that they don’t have any phone support.
Binance is a professional broking firm and offers trading oriented education and support through Binance Academy (https://academy.binance.com/en).
Binance announces several contests for their users from time to time to encourage them to polish their skills on trading. Contests like FUN Trading competition- Win a Share of $250,000 in FUN! is quite attractive for users.
There is no doubt that even though Binance still needs few improvements, they are a top crypto trading platform which is always adding new features to enhance the user’s experience. For instance, GBP and EUR Fiat support and also Credit Cards support on their main platform Hence, we can strongly suggest the Binance Platform is suitable for all crypto fans, both novices and crypto “OG” enthusiasts.