About Binance
Binance came into existence in July 2017 as a Hong Kong-based cryptocurrency exchange. It was developed by Changpeng Zhao (popularly known as CZ). Binance was born through an ICO (Initial Coin Offering) in which the company raised $15 million worth of BTC and ETH. In return, they issued cryptocurrency tokens of the platform to the investors, known as Binance Coin (BNB). The Binance Exchange platform is growing incredibly and offers over 60 fiat currencies and 150+ cryptocurrencies to its users worldwide. It is the world’s largest crypto trading platform in terms of the trading volume. For UK users, the platform offers GBP deposits via SEPA for Euros and a Faster Payment network.
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The leading crypto exchange in trading volume and liquidity
Binance Sign Up and Verification
Creating an account on Binance is pretty straightforward and takes a few minutes:
• Click the Register tab present on the Binance homepage and enter your email address along with a strong password.
• Then confirm the email address, and you are good to go.
• Earlier, verification was not mandatory on Binance to start trading. However, recently they made it compulsory for every user to verify before they can access Binance products and services.
Binance Account Funding
The platform offers several methods to fund the Binance account to facilitate trading using cryptocurrencies or purchase digital coins with fiat money. One of the easiest ways to deposit is by transferring digital coins via a unique address or QR code. For users’ convenience, the platform supports over 60 traditional currencies (including EUR, USD, INR, GBP, AUD, UAH, RUB, TRY, KZT, and NGN) and several payment methods to fund the Binance account with fiat. Some of the standard payment options are:
• Bank transfers
• Debit and credit cards
• SEPA
• Faster Payments
• BPAY
• Peer-To-Peer transfers
Types of Trading Available on Binance
The platform offers several trading pairs and the option to choose from Basic and Advanced trading interfaces to make trading user-friendly. Binance also provides several trading options and order types, which include:
Spot Trading
It is possible to perform spot trading on the Binance platform, in which the buyer and seller of digital coins can trade at the current market price (spot price). The user gets the option to trigger a trade at a specific spot price by using the limit order option. To perform a direct exchange, the user can switch to (Market) order.
Futures and Derivatives
Binance launched a new trading option in 2019, known as Binance Futures. Through this feature, the platform allows the user to perform trading by speculating on the price of Bitcoin and altcoins. The leveraged trading on the platform is allowed up to 125x. Even the Futures balance is held separately from the regular trading account. The derivative trading is also available on the platform under the name of “Leveraged Tokens.” Using this, the user can perform UP and DOWN contract betting based on the prices of digital coins. It reduces the risk of liquidation for the buyer facilitating leveraged exposure to the digital currencies.
The interface of Binance Futures is just like the spot trading interface but with additional functions for checking open positions and controlling leverages. Binance’s taker fee starts at 0.04% and is as low as 0.017%. A lower price is charged from users with high monthly trading volume and “maker” trades.
Is Margin Trading Available/Allowed on Binance?
Margin trading is available on Binance for some specific trading pairs. The platform allows leverage of up to 10x on selected coins.
The user has the option to choose between:
Cross margin: Entire margin account balance is put at risk.
Isolated margin: Reduced risk as the user can restrict the potential losses to a specific trading pair.
Binance Supported Coins
Binance offers many coins to trade, deposit, and withdraw; some of the major pairs to trade against altcoins include:
• Bitcoin (BTC)
• Ethereum (ETH)
• Binance Coin (BNB)
• Ripple (XRP)
• Litecoin (LTC)
• Chainlink (LINK)
• Stablecoins such as USDT, USDC, BUSD
Binance Fees
Binance offers a cutting edge fee structure:
Trading Fees: A standard fee of 0.1% for users that do not use BNB to pay the transaction fee. Additional discount for paying the fee using BNB. Further discount for large-volume traders.
Deposit Fees: No deposit fees.
Withdrawal Fees: It automatically adjusts based on the market’s status and correlates with blockchain transaction fees.
Binance Security
Binance faced a security breach in 2019 in which the exchange lost over $40 million worth of digital coins. But the platform covered all the losses of its customers.
To enhance security, the exchange:
• Holds the digital assets offline in cold storage
• Uses CryptoCurrency Security Standard (CCSS) for accounts protection
• Offers 2FA (two-factor authentication)
• Encourages users to opt for anti-phishing codes
• Offers Whitelisting device options
• Offers Withdrawal address management and even
• U2F (universal 2-factor authentication)
Binance Customer Support
Binance is a multilingual platform that offers several blogs, communities, and support channels to service users’ queries. The user can benefit from the extensive FAQs provided by the platform too. In addition to this, inquiries can be made using the site’s email contact form.
Conclusion
Binance has become a big name in the crypto exchange industry, and that’s for a good reason. The platform has one of the most significant trading volumes, has a competitive fee structure, takes care of beginners and experienced users alike, and offers many crypto coins and additional features such as NFT marketplace, margin trading, futures trading, among many other features. Thus, Binance is a reliable and excellent platform to trade digital coins and is certainly a good choice for beginners.