What is Binance?
Binance.com is the world’s largest cryptocurrency exchange platform when looking at the total number of daily cryptocurrency exchanges. The platform has been operating for the best part of a decade, and the founders were far ahead of the game when they launched the platform back in 2017. 2017 seems relatively new compared to some of the older digital currency trading platforms, but the fact that Binance has been able to garner such success is a huge testament to the quality of the platform.
People choose Binance.com for their crypto trading needs due to the extremely low transaction fees. Low transaction fees were, of course, part of the plan. The founders made it clear at launch that they wanted the platform to be accessible to anyone that wants to get into the cryptocurrency exchange industry. The site was designed, therefore, with user-friendliness and affordability as in mind.
But how do you use Binance? And is it easy to get started on? Let’s find out…
How We Reviewed Binance:
As cryptocurrencies have grown in popularity so too has the industry expanded. A bigger industry is good news, of course, but it also means a number of new players in the game. New exchanges are springing up on an almost weekly basis, most of which are great. But just how great, and how do the sites compare to the competition?
That’s where we come in. Our expert team is dedicated to visiting every exchange, exploring the services, and reporting what they find right here. Using a strict set of parameters and guidelines the team creates these reviews, ensuring that you know what to expect before you visit any online crypto exchange. We’re happy to help you keep your crypto trading safe, convenient, and professional.
How Does Binance Work?
Binance is a cryptocurrency exchange, meaning that traders sign up, make use of the services, and engage in crypto trading. Crypto trading includes buying, selling and trading cryptos, as well as NFTs on other digital assets. Where Binance shines is in the quality of its service, as well as the rock bottom fees. In fact, Binance has such low fees that that at the time of writing the costs are the lowest available. Bitcoin trading is even offered with 0% fees.
Beyond the incredible value, Binance also provides numerous tools and other valuable services, including Binance Pay, Binance Earn, and more.
What We Rated Binance:
Sign-Up Process: 5/5
Another standout feature of Binance is that it is amongst the few remaining exchanges that allow traders to operate anonymously. This means that the signup process does not require that the Know Your Customer (KYC) process be completed. Hence it is possible to buy, trade and invest with complete freedom. The only downside is that unregistered traders have a daily withdrawal limit.
Deposits and Withdrawals: 4.7/5
It is possible to deposit and withdraw from Binance with both fiat and cryptocurrencies. Deposits are quick and easy, while there are some delays on withdrawals, depending on the currency being withdrawn. In some cases withdrawals will take between 1 and 5 business days.
Available Assets and Ways to Trade: 4.8/5
Binance supports more than 350 cryptocurrencies, as well as a growing catalogue of NFTs.
Customer Service: 4.4/5
Binance takes customer support seriously, providing a 24 hour live chat system. Any challenges encountered can be directed at customer support, and a solution will be offered in no time at all.
Security and Regulation: 4.8/5
Binance is regulated by the AMF, meaning that it operates fully within the law. As far as day to day security is concerned an advanced encryption system is utilised. Every transaction is, therefore, safe behind a layer of protection.
|Profit Close Rate:||85%+|
|Registration:||Free (No KYC required)|
|Verification:||Under 1 minute (Without KYC)|
|Withdrawal Time:||1 -5 business days|
|Order Execution Time:||Less than 1ms|
|User Data Encryption:||Yes (SHA 256-bit)|
Is Binance Legit or a Scam?
Binance is widely respected as a secure, legitimate cryptocurrency exchange. The site is now fully regulated by the AMF, meaning that all operations are according to the law. More to the point, the platform now has over 120 million registered users. Most of the users are registered with the KYC process, ensuring that illegal activity is forcefully kept out.
Binance Features and Differentiators
When talking about Binance traders recognise it as the platform that has exceptionally low fees. Most transactions are, after all, charged at just 0.10%. Bitcoin transactions have no fees at all. The low costs are already enough to make the exchange stand apart, but there is also the various other tools and special features provided.
Binance boasts world class design when it comes to usability and user friendly navigation. Even complete newcomers will find the site a breeze to navigate, with tabs clearly visible and the most important features front and centre.
Place Trades Simultaneously
Binance utilises an automated bot system, allowing for experienced traders to go to the next level. Trade can be completely automated, depending on set parameters. Hence customised accounts can run entirely without human intervention. Trades can even occur simultaneously, depending on how parameters have been set.
The best part about automation is that it operates completely without emotions. There is no room in the crypto trading game for decisions based on emotion, as any smart trader knows.
Zero Licensing Cost
Binance has zero licensing costs and has a flat rate of 0.10% on most transactions. All Bitcoin trade is charged at 0% fees.
Binance has the potential to be massively profitable, depending on how traders make use of the services. Smart traders can even walk away with loaded pockets. Binance Earn additionally allows existing profits to be maximised.
Trade Multiple Cryptocurrencies
Binance is open to all the hottest cryptos, with over 350 to choose from. Of course all the biggest cryptos are covered, but smart traders know that diversifying their portfolio is important. A diverse portfolio allows for investment security in potentially volatile markets.
Crypto exchange security is not to be taken lightly. That’s why Binance is Secure Socket Layer (SSL) certified. SSL means that data and transactions are encrypted, helping to avoid attacks form cybercriminals.
No one likes having to deal with banks, but they play an important role in crypto trading. As far as withdrawals are concerned, crypto withdrawals are fastest, generally taking less than 24 hours. Fiat withdrawals can take up to 5 business days, depending on the bank.
Customer Support Department
Customer support is top of the Binance platform’s priority list. Help is always available via the customer support centre, with a trained professional available 24 hours a day.
Demo Trading Account
For newcomers the world of crypto trading can be overwhelming. But newcomers need not panic. Binance offers a special demo trading feature. Demo accounts allow for trades and investments to be practiced in complete safety. Live trading can, of course, be switched to at any time.
How to Register with Binance
Registration with Binance takes just a few minutes. Upon arriving at the site choosing to sign-up will initiate the registration process.
1. Registration Form
Those that choose to not complete the KYC process need only supply a name and verified email address. Those that complete KYC must provide validated identification. Having required documents at hand will makes the KYC process go significantly faster.
2. Make Your First Deposit
Funds are necessary in order to trade. Fiat currencies and cryptos are both accepted at Binance. Fiat deposits can be made with credit card, debit card, Google Pay or Apple Pay. Crypto deposits are accepted in a similar fashion, but will have to be transferred from another active account.
3. Demo or Live Trade
Newcomers that don’t want to jump directly into live trade can use the demo trade feature. Demo trading mimics normal trading, but without any of the associated risks. Veterans can jump straight to live trading if they prefer.
Tips for Making the Most of Binance
After registration, when trading starts, there are many tools and other services available. Making use of these services is key to getting the most out of a Binance account.
Utilise Your Account Broker
If only every trader at Binance had access to a dedicated account broker. Well, they do. Binance has partnered with numerous cutting edge service providers, meaning that account brokers are available. Once enlisted a broker will provide assistance in all aspects of crypto trading.
Invest the Minimum at First
Going in guns blazing is fine in movies, but in real life comes with significant risks. It is best that new newcomer traders only invest the minimum, at least to start off with. Once the systems have been learned it is always possible to increase investment amounts.
Keep Track of Your Cryptos
Binance offers over 350 cryptos, meaning it can be tricky to keep track of individual performance. But smart traders know that staying knowledgeable is a big part of success. Binance provides everything needed to not only invest, but to also keep track of investments.
Spend 20 Minutes on Your Account Daily
Everything that is worthwhile takes time and effort. The same goes for crypto trading. Trading pros say they spend a minimum of 20 minutes on their account per day. It’s a good rule of thumb, even if the time is just spent checking on existing investments.
No matter what happens, or how hot a deal seems, every trader needs to stay responsible. Crypto trading comes with risks, and those risks can’t be ignored. A trader should never invest what they aren’t willing to lose.
Keep Track of Your Transactions
Keeping track of transactions is as important as keeping track of crypto values. Binance automatically keeps track of all transactions.
The Brief History of Crypto and BigONE
The history of Binance starts with Changpeng Zhao, otherwise known as CZ. CZ acted as the head of Bloomberg Tradebook Futures Research & Development, performing admirably. He then left to start his own company; Fusion Systems. It was then that he heard about Bitcoin and decided to take destiny into his own hands. His first step into the world of crypto was at Blockchain.com, after which he founded Binance in 2017.
In just 180 days CZ managed to turn Binance into the busiest exchange on the planet. To this day the platform holds the achievement.
Binance and Celebrities
Khaby Lame, Tik Tok personality, acted as Binance ambassador.
Alternatives to Binance:
Binance comes highly recommended, but there are other trading platforms available. EToro, Gemini, Kraken and Coinbase are all also outstanding.
Frequently Asked Questions About Binance:
What is Binance and How Does it Work?
Binance is a registered crypto exchange that allows for the buying, selling and trading of cryptocurrencies. All that is required to jump in is a registered account and available funds.
How Much Profit Can I Make with Binance?
Crypto trading is potentially very lucrative. This does, however, depend on individual traders and how they choose to invest.
Is Binance Free to Use?
Signing up at Binance is free. Most transactions are charged at a flat fee of 0.10%. Bitcoin trades on Binance are charged at 0%.
Binance App - is One Available?
Binance has a dedicated app available for Android and iOS.
Where is Binance Available?
Binance is regulated and available in 180 countries. A dedicated site is available in the United States.
Does Elon Musk or Any Corporations (Like Tesla) Use Binance?
Microsoft, PayPal, and Starbucks are some of the big corporations that now use Binance.
Do Any Celebrities Endorse Binance?
Khaby Lame, known as a Tik Tok personality, acted as a Binance ambassador.
The biggest draw of Binance is the rock bottom fees, with Bitcoin traders in particular scoring big. But there is far more to the platform than just savings. Binance Pay and Binance Earn provide everything necessary for smart traders to make the most of their investments. AI automation also plays a big part, allowing traders to do away with hassle and let technology to take the wheel.
Beyond this Binance is, simply put, just an outstanding crypto trading platform that ticks all the boxes. There is a reason that 120 million registered users choose the platform.