What is Binance?
In this article, we will review Binance is the world’s leading cryptocurrency exchange founded by Changpeng Zao (aka CZ) in July 2017. It was initially situated in China; however, it was later moved from there because of China’s strict cryptocurrency laws and currently has its headquarters in Malta. It has been experiencing astounding success since it was developed, and today it processes up to 1.4 million transactions in one second.
Table of contents
- What is Binance?
- Binance Review: Summary (TL;DR)
- How to use Binance?
- Binance Review: Deposits and Withdrawals
- Binance Trading Features
- Binance Derivatives
- Binance Earn
- Binance Pool
- Binance Visa Card
- Crypto Loans
- Binance Liquid Swap
- Binance Review: Cryptocurrency support
- Binance Review: Security
- Binance Review: User Experience
- Binance Fees
- Binance Review: Customer Support
- Binance Review: Pros and Cons
- Binance Review: Conclusion
- Frequently Asked Questions
Binance Review: Summary (TL;DR)
- Binance is the world’s leading cryptocurrency exchange, founded in 2017.
- They support various methods to deposit, withdraw and trade cryptocurrencies. Multiple fiat currencies such as GBP, EUR, USD, and more are supported.
- Binance Convert allows you to convert one cryptocurrency into another instantly.
- They offer classic and advanced trading terminals according to your trading experience.
- Binance Peer to Peer allows you to buy and sell cryptocurrency directly with other users.
- Binance offers USDⓈ-M Futures, COIN-M Future, Leveraged Tokens, and Vanilla Options Contracts.
- Binance Earn allows you to lend your funds, stake your PoS (Proof of Service) coins, or deposit your funds to a DeFi service via Binance to earn interest on your crypto.
- Binance Pool helps you in earning passive income.
- The Binance Visa Card is a cryptocurrency card that works just like any other debit card with additional features.
- Binance crypto loans help you in getting crypto loans by using your digital assets as collateral.
- Binance Liquid Swap enables you to attain extraordinary annual profits by offering liquidity to liquidity pools on the Binance.
- Binance supports more than 150 cryptocurrencies.
- Binance is entirely secure and uses various measures to secure the platform, such as anti-phishing measures, KYC, YubiKey, whitelisting addresses, tracking login activities, and devices.
- Binance ICO Launchpad allows you to lists new currencies as soon as their ICO is finished.
- They offer 24/7 customer support.
How to use Binance?
You have to follow four steps to Create a Binance Account.
- Open the Binance homepage and then click on ‘Register.’
- Now enter your email address and choose a strong password.
- Verify the email address entered by entering the verification code received on your entered e-mail ID. You have now created a Binance account. It will direct you to the screen as shown below:
- Click on ‘Go to Dashboard.’A notification will ask you if you want to set up two-factor authentication. Select the desired security verification to enhance your account’s security. You can enter your mobile number and complete the account setup process to enable phone verification.
Now, you can deposit funds and start trading!
Binance Review: Deposits and Withdrawals
Binance allows you to deposit, withdraw and trade cryptocurrencies. They support FIAT. The accepted payment methods include:
- External wallets
- Bank transfer
- Credit and Debit cards like Visa and MasterCard
- Third-party payment via organizations such as Banxa and Simplex
Binance Trading Features
Binance provides the following trading platforms:
Convert and OTC
Binance Convert allows you to convert one cryptocurrency into another in just a few seconds. You can easily convert your assets on the platform without worrying about complicated matters like trading fees and order books. This platform provides faster trading and offers a better price.
Binance Classic is a standard and traditional platform that provides traders with access to charts. The platform is simple and has an easy-to-use interface. It allows you to trade with OCOs, stop limits, market order, or limit order. It gives traders access to various cryptocurrency pairings. This platform has a unique feature, ‘One Cancels the Other,’ in which if a limit order and a stop-limit order are placed simultaneously, one gets executed. In contrast, the other one is automatically canceled. This will result in the cancellation of the OCO pair as well.
Binance Advanced is more suitable for advanced traders because it allows them to view more detailed statistics. It provides all the features that are offered by the Classic platform. Additionally, it also provides charts to assist in trading and technical analysis.
P2P (Peer-to-peer Exchange)
Binance P2P allows you to buy and sell cryptocurrency directly with the other users on the P2P platform. It offers negligible overhead costs for buyers and sellers. The trading fees charged is zero. It provides over a hundred payment methods to buy and sell crypto, like PayPal, cash, M-Pesa, bank transfer, and multiple e-wallets. Binance P2P allows you to trade at your preferred prices. You can also create your trade advertisements to set your prices. Unlike bank or credit card transfers, P2P exchanges do not collect any information about the buyers or sellers.
Binance Derivatives offers you the following options to trade:
- USDⓈ-M Futures: Binance Futures allows you to trade Perpetual and Quarterly USDⓈ-M Futures with leverage up to 125x. It has no expiration and is not an inverse contract. These contracts have clear pricing rules and are settled either in BUSD or USDT.
- Coin Futures: You can trade Perpetual and Quarterly COIN-M Futures with leverage up to 125x. These tokens may or may not have an expiration date.
- Leveraged Tokens: Binance Leveraged Tokens are a type of derivative product that offers you enhanced leverage without the risk of liquidation or putting up any collateral. You can trade these tokens on the spot market. They let you gain exposure to leverage positions without maintaining a margin level.
- Vanilla Options Contracts: Binance allows you to buy or sell Vanilla Options. These are European-style Options, which allow you, as a trader, the right to sell or buy a commodity at a specific price. You can buy or sell directly from the start time until the time the options are exercised.
If you buy an Options contract, you are not obligated to settle your positions. If you are a buyer and hold an Options to the expiration date, you can choose whether you want to exercise or give up that right. However, if you are the seller of an Options, you must match the Buyer.
There are two types of Vanilla Options:
- Put Options: These options allow you to sell a specific quantity of a particular commodity at a specific price and timeframe in the future.
- Call Options: These options allow you to buy a specific quantity of a particular commodity at a particular price and timeframe in the future.
- Battle: In Binance Battle, you can open a position and compete against the other traders to gain points. If you expect the prices to rise after 5 minutes, select ‘Long,’ select ‘Short’ if you expect the prices to fall. To know in detail about the steps, you can check here.
Binance Earn allows you to lend your crypto for interest, stake your PoS (Proof of Service) coins, or deposit your crypto to a DeFi service via Binance. It offers various options by making assumptions about the desired returns, time horizon, and risk profile.
- Flexible Savings: This feature allows you to earn daily interest on your deposited cryptocurrency funds. You can withdraw your funds anytime. It is effortless to use and provides flexibility. The interest starts getting from the next day after you subscribe to a Flexible Savings product. You can check the interest rates here.
- Launchpool: Binance Launchpool results from putting IEO (Initial Exchange Offering) and yield farming (or liquidity mining). It allows you to farm new assets by