Binance Exchange

Colin Baseman

The Binance Chinese exchange is known in the cryptocurrency community all over the world. It was registered in 2017. The platform is developing dynamically, it receives great attention from experts, media and crypto community.

What should you know about Binance

To use the trading platform, you need to go through a simple registration and confirm the account status information. The daily withdrawal limit is the equivalent of 2 bitcoins.

Passing of verification will allow you to get the status of Lv.2, which will increase the withdrawal limit to 100 bitcoins. If this is not enough, then you can send a request to the support service to increase the restrictions for removal. In case of a positive decision, the user will be assigned the status Lv.3.

The platform thinks about the security of its users. It suggests connecting SMS verification and 2-factor authentication using Google Authentication. Verification of the anti-phishing code will increase the security of the account.

If desired, the user can create an API identification key. With it, you can trade through third-party programs and sites. Trading can be done using two terminals - the main and advanced. One is located in the Exchange section, the other - "Exchange" - "Advanced".

In the upper right corner you can find information on the balance, orders and transactions. Account replenishment is carried out without commission. To replenish a deposit with a credit card, you must visit the "Funds" - "Deposits" section, in it you can pay for cryptocurrency with a card. The commission will be $ 10 or 3.5% of the amount.

The commission on transactions is determined taking into account whether the user is the creator of the order or is he another participant in the transaction. Its size is 0.1% of the amount, if the user's account has a BNB token which is used to pay the commission fee, then its value decreases to 0.75%. These rules apply to users whose monthly trades are made in an amount not exceeding 100 bitcoins.

Benefits of Binance Crypto Exchange

The main advantages of the platform are the following:

  • A huge number of currency pairs - over 500 - their number is constantly growing.
  • Large trading volumes for major cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and others.
  • Logical and intuitive interface of the platform, support of Russian language. The client can use a regular or advanced terminal, the last one provides additional opportunities for experienced traders.
  • High transaction processing speed - up to 1.5 million per second.
  • Perfect reputation of Binance. Crypto-exchange was not suspected in serious scandals, it did not deceive its users. Experienced specialists work on security, reliably protecting clients' assets from hacker attacks.
  • Fast passing of new and promising coins listing due to the IEO site.
  • Possibility to trade futures contracts.
  • Passive income on landing and staking. Cryptocurrency does not just lie on the wallet, but brings income to its owner.
  • Opportunity to earn money by attracting new users (referral program). The service returns 20% of the commissions paid by invited customers.
  • Well-known investors, including Roger Ver and financial corporation Morgan Stanley.
  • Huge trading volumes on EOS and TRON. (In the article “What is EOS? Full Review, you can read more about this crypto coin).
  • Possibility to use the site without proof of identity.
  • API accessibility.
  • Applications for various operating systems: Windows and Mac (PC), iOS and Android (mobile devices).
  • 24/7 technical support.
  • Permanent development. The owners of the platform do not stop thinking about how to improve it, make it more convenient for users, provide them with effective tools for trading, offer favorable conditions for cooperation, and much more.

Weaknesses of Binance

Each trading platform on the Internet has its disadvantages. Binance is no exception. It has only two minuses:

  • Limited number of languages, on which the site is translated. For an English-speaking audience, this disadvantage is not fundamental.
  • Trading terminal does not allow carrying out operations with fiat money. To exchange them for cryptographic currency or in the opposite direction, you need to use the Fiat Gateway platform. It supports work with cards and bank transfers through payment systems.

Binance Chain and Binance DEX: what should you to know about them?

The cryptocurrency exchange launched its own network, which was called the Binance Chain. The company's top management said that the transaction speed in it is 20 times higher than that of Bitcoin and Ethereum. The network will be used for the Binance DEX trading platform. It received a decentralized network of nodes for managing the wallet and private keys.

Binance expects the new trading platform to bring operational safety to a whole new level. DEX will support software and hardware decentralized digital coin wallets. At the moment, it is known that you will have to pay for listing a token on the site, the price will be $ 100,000. This solution is designed to protect DEX from scam.

The Binance Chain takes less than a second to create a new block. After that, you need to confirm the block output and completion of the operation.

Binance cryptocurrency exchange confidently takes top places in various ratings. Hundreds of thousands of users from many countries around the world trust her with their assets. The site is distinguished by reliability, good technical support and favorable conditions. If you want to buy cryptocurrency for investment or try yourself in trading, be sure to start with it. Most likely, after that you will not need any other platform.