Cryptocurrency is sweeping the internet, with thousands of platforms emerging as an exchange.
However, not all platforms are trustworthy, as crypto has a turbulent history and rocky beginnings.
Luckily, Binance.com is a reliable platform for crypto-enthusiasts, with tons of features and an excellent reputation amongst the community.
This review will cover the most critical aspects of Binance and if it’s worth joining.
History of Binance.com
Binance originated in Hong-Kong in July 2017, launched by Changpeng Zhao, also known as CZ.
After receiving $15 million from an initial coin offering (ICO) for his company Beijie Technology, the exchange was born.
Those who invested in the ICO received Binance Coin (BNB), which is still used today to trade cryptos and pay Binance fees. Initially, BNB was 10 cents per coin. Today, it is $43, giving investors a substantial return in roughly three years.
Because of China’s views on cryptocurrency, Binance had to move its operations offshore to Malta. The move allowed Binance to remain competitive worldwide, removing its limitations from the Chinese government.
Today, they remain one of the top platforms for cryptocurrency around the world.
Binance.com has many features for both beginners and advanced users to enjoy.
Its trading platform has various payment options for new users to buy crypto after passing a verification process. Other trading options exist, such as margin trading, spot trading, or futures.
Currently, you can buy 32 different cryptocurrencies, with 24/7 trading.
Let’s explore more features about Binance.com and what makes it different from the competition.
Binance Trading Platform
Binance has a user-friendly interface with an impressive amount of pairs to trade. Crypto and fiat pairs are available via the Binance fiat markets, such as trading Bitcoin against the USD (BTC/USD).
Switch from basic, classic, or advanced for different indicators and charting tools. View the order books, peer-to-peer, or over-the-counter (OTC) trading options.
Spot trading allows users to buy or sell crypto instantly or set limits. Choose three different interfaces depending on your experience level. Although, experienced users take advantage of the primary quick trade option for fast transactions, especially during a bull run.
Margin trading allows traders to leverage ten times more on some coins for selected trading pairs. You may risk your entire margin account balance or practice risk management. Moreover, the profits have the opportunity to have phenomenal risk-to-reward ratios. However, overleveraging runs the risk of losing your entire balance.
In 2019, Binance Futures launched, allowing traders to speculate on prices rather than purchasing or selling crypto. Traders can speculate on the most popular coins, such as Bitcoin, Etherium, or popular altcoins.
Binance Futures enables traders to leverage up to 125 times, resulting in extraordinary profits or catastrophic losses. The 125x margin is the most out of any cryptocurrency platform.
The platform carries a separate balance from users’ regular trading accounts. To participate in futures, you must fund them with Tether (USDT). The profits and losses will also be in USDT.
The Binance Futures interface is similar to the primary platform, with extra options for controlling leverage and viewing positions.
Each futures trade is currently 0.04%. Users with large monthly trading volumes may see lower fees, also known as “makers.”
“Leveraged Tokens” is a derivative Binance offers that provide “UP” or “DOWN” contracts.
Essentially, traders pet on the price of specific cryptocurrencies with massive leverage, without the risk of liquidation.
Binance has several different financial services, which showcase the power of crypto in recent years, such as:
- Virtual or Physical Card: Users in select countries may obtain a free Binance Visa Card with 8% cashback on eligible purchases. To have a balance on the card, transfer from your crypto wallet to your card wallet, and the technology exchanges crypto to fiat in each purchase.
- Crypto Loans: Receive loans in Binance USD (BUSD) or USDT, using Bitcoin or Ethereum as collateral.
- Liquid Swap: Binance Liquid Swap is a centralized market maker platform where users add tokens to a pool. Experience little to no slippage trading crypto or exchange liquidity for a share of fee income.
Binance.com will continue to explore other financial services to offer users in the future.
Binance Payment Methods and Fees
Binance supports more than 200 currencies and crypto, making them one of the world’s largest platforms. You can exchange fiat for crypto using the following payment options:
- P2P Trading: Connect with other users on Binance with peer-to-peer trading to directly buy and sell crypto. The platform facilities fiat payments, with several options available depending on the user.
- Bank Card: Binance uses a 3rd party platform to facilitate debit and credit card payments. You may buy 32 different cryptocurrencies with a credit card. The downside is a possible 3.5% transaction fee. However, it is one of the fastest payment methods available.
- Wire Transfers: Binance uses SWIFT wire transfers, which are standard for international payments. SEPA is available in several fiat options such as EUR, CAD, and AUD, but not in USD. Wire deposits and SEPA offer no transaction fees.
- Paxos: In 2019, Binance partnered with Paxos (PAX) to launch BUSD, making it a primary fiat option on the platform. Users can now buy PAX to exchange for BUSD or USD, then trade for their crypto of choice.
Binance is an affordable platform with reasonable fees, especially for those diving into the crypto space.
The platform offers one of the lowest flat-rates at 0.1% for every trade. Binance futures tend to be lower at .04% for all traders and .02% for market makers.
Obtain a 50% discount fee using BNB, the platform’s native token.
There are no deposit fees unless you use crypto, where blockchain fees apply from the sender. There are withdrawal fees, and they depend on the blockchain transaction fees and the platform.
Binance has a “fee schedule” that regularly updates to inform users of the latest costs.
Withdrawal Limits on Binance
There are two levels amongst the withdrawal limits:
- Level 1: Withdraw 2 BTC every 24 hours
- Level 2: Withdraw 100 BTC every 24 hours
Before you can buy or sell crypto, ultimately withdrawing profits, you must verify yourself in Binance’s Know Your Customer (KYC) form. Typical documents are required, such as proof of address, passport or ID photo, and a selfie.
The overall sentiment of Binance users is positive, as traders from all backgrounds receive support in over 15 different languages.
Typically, users contact customer support by filling out a form via ZenDesk. After, someone will respond in 24-72 hours.
There is also a chat available to speak to a representative, although automated messages may occur.
A Support Center also exists for frequently asked questions and solutions to the platform’s most common issues.
Binance.com is trusted by millions of users, partly due to its security measures.
The platform has 2A authentication to log in and withdraw. The website sends alerts if there is suspicious activity on your account.
Binance has bolstered its security measures after hackers stole 40 million worth of Bitcoin from the exchange.
Since then, Binance.com has thwarted multiple attempts, which is typical in the crypto space. However, Binance has been able to remain resilient, protecting its users every step of the way.
There is no clear list available of the countries Binance supports. Binance.com is the global website for the crypto exchange.
Binance found itself accused of violating New York regulations in 2018, citing its virtual currency laws. As a result, Binance pulled out all US operations and blocked US users from using their global platform.
In 2019, Binance launched Binance.US to comply with US regulations. Binance teamed up with BAM Trading services, which has licenses in 24 states to operate, aiming to function in all 50 states by 2021.
Binance.com has a fantastic reputation for a reason, especially with its star CEO, Zhao, charging forward in the crypto world.
The platform welcomes beginners and advanced users to spot trade, margin trade, speculate, and pool to grow profits in many different ways.
With its four deposit methods, gain access to the most popular crypto today, including altcoins. Users can choose whether they want to trade, save, use it as collateral for a loan, or more. The platform also provides multiple ways to transform crypto to fiat, bringing crypto to life in the real world.
While Binance is limited in the United States, the future is bright for the platform to accept residents from all 50 states, enjoying the same features as the global exchange.
Overall, Binance.com provides numerous features and multiple trading services for users to enjoy future bull runs as crypto adoption continues.