
How does buying and selling crypto really work?
You may be familiar with many different platforms for trading securities such as stocks ,…
Binance stands out as one of the largest cryptocurrency exchange platforms globally. With an astonishing average daily trading volume of 2.4 billion, it handles approximately 1.4 million transactions every second—an impressive feat in the crypto world.
Whether you’re a beginner or an experienced trader, Binance caters to all levels of expertise. However, be prepared to invest some time to navigate its comprehensive features.
This review of Binance aims to simplify your understanding of the platform. Here, you will find essential information, including an overview of Binance’s offerings, how to access its services, and much more!
Binance, established in 2017, quickly rose to prominence in the trading sector, aiming to become the leading provider of blockchain ecosystem infrastructure services.
In a short period, it became apparent that Binance was a unique trading platform. Its extensive selection of cryptocurrencies and low fees contributed significantly to its success. Today, Binance is frequently recognized as “the world’s largest crypto exchange by trading volume,” with approximately one billion dollars in quarterly revenue and 1.4 million transactions per second.
How Binance Became a World-Leading Crypto Exchange:
Curious about the location of Binance headquarters? Initially established in China, the company faced regulatory challenges, prompting founder Changpeng Zhao to relocate. After a brief period in Japan, Binance finally settled in Malta, where it continues to operate today.
Throughout its history, Binance has encountered various conflicts with authorities in multiple countries. Despite these challenges, it remains a favored choice among crypto investors. The crypto community largely views regulatory measures as attempts to stifle innovation, and Binance’s ability to navigate these regulations has been met with both praise and critique.
Binance’s flexibility in launching new products and services without extensive regulatory hurdles has given it an edge over competitors like Coinbase, which faced significant pressure leading to the cessation of certain services.
With its massive trading volume, Binance is deemed the largest crypto exchange worldwide, boasting a monthly trading volume of approximately 668 billion dollars. Beyond trading volume, Binance’s unique products and services set it apart. Here’s a brief overview:
Binance allows trading in numerous cryptocurrencies, including its own Binance Coin. You can choose from over 150 cryptocurrencies with ease, thanks to their well-organized categorization:
Here’s a glimpse of some notable cryptocurrencies available:
Binance’s platform is designed for ease of use, catering to both newcomers and seasoned traders. Below, we delve into important aspects to consider before you start your trading journey.
Binance offers various versions tailored to meet different user needs. Here’s a quick overview:
To start trading on Binance, you must first fund your account.
Begin by creating an account (more details on this process below), then locate the “funds” button. Click it, followed by “deposits and withdrawals” under the “wallet” section.
Transferring money to Binance is straightforward, with multiple options available:
Ensure your account is verified before making any transfers, as this enhances your account’s security and expedites the process.
Withdrawal from Binance is equally simple. Follow these steps:
Note that withdrawals in British pounds are not available, requiring you to convert to other currencies such as Euros or US dollars. Here are a few considerations:
You can also withdraw cryptocurrency easily by providing the coin type and recipient’s wallet address. Ensure all details are accurate before submitting, as transactions are irreversible.
Trading cryptocurrencies involves various fees and commissions. Binance operates with a competitive fixed commission of 0.1%, significantly lower than many other platforms, such as Coinbase, which charges a minimum of 0.5%.
Binance streamlines the process of buying and selling cryptocurrencies for everyone.
While Binance has made strides in simplifying cryptocurrency trading, it can still be complex for newcomers. Below is a step-by-step guide to help you navigate the registration and investment process:
To begin, click “Register now”. You can register using either your email or phone number, and be sure to create a strong password to enhance your account’s security.
Finally, complete a simple puzzle to finalize the registration.
Upon completing registration, you will be directed to Binance’s dashboard, where you can opt to use Google Authenticator for added security.
This two-factor authentication method significantly boosts your account’s security. While optional, we highly recommend it for enhanced protection.
Watch this informative video on using Google 2FA:
After registration, the next step is verifying your account, which involves confirming your identity.
You can choose from three verification levels: basic, intermediate, and advanced, each with varying requirements.
Basic verification requires minimal information, allowing you to get started quickly.
This level allows withdrawals of up to $50,000 at once, with a monthly limit of $500,000, and requires more detailed personal information.
Advanced verification offers a higher withdrawal limit of $2 million per month, requiring extensive documentation to validate your identity.
Be aware that the verification process for advanced users can take up to 10 days.
Once verified, you can deposit funds into your Binance account by clicking on “deposit” in the dashboard.
Choose your preferred deposit method, whether fiat currency or cryptocurrency, and follow the prompts to complete the process.
Once your deposit is confirmed, you can start buying cryptocurrency through Binance. Select the trading pairs you want and enter the amount you wish to purchase.
Review the information for accuracy before finalizing your purchase.
After buying cryptocurrency, it’s crucial to store it securely. Avoid leaving your assets on the exchange for extended periods and consider transferring them to a secure wallet.
To withdraw your cryptocurrency, navigate to the dashboard, click “wallet”, then “overview”, and finally “withdraw”. Double-check the wallet address before confirming the transaction.
As highlighted earlier, Binance is well-regarded for its customer service, which includes:
Keep in mind that response times may vary, so patience is advisable.
Some users have reported delays and issues with verification processes, particularly following the introduction of mandatory identity checks.
The reasons for these delays remain unclear, leading to speculation about whether the issues are temporary or long-term.
Many users frequently ask if trading on Binance is safe. The answer is consistently affirmative: yes, Binance is among the safest trading platforms available.
While no platform can guarantee complete security against hacks, Binance has demonstrated a commitment to security, especially after the 2018 hacking incident. They have since enhanced their security measures significantly.
To bolster your account’s security, consider these tips:
In 2018, Binance experienced a significant hacking attempt. However, the platform’s proactive security measures ensured that no customer funds were lost. Following this incident, Binance received commendations for its effective response and commitment to customer safety.
Binance is a market leader, primarily due to its extensive range of products and services.
Here are some notable advantages:
However, there are also some drawbacks:
In conclusion, Binance is an excellent choice for both beginners and experienced traders. While it may seem overwhelming at first, the platform is user-friendly and offers a wide array of cryptocurrencies and services.
Binance’s tiered trading levels—basic, intermediate, and advanced—cater to users of all expertise levels. Though Binance is not currently available in the UK, we hope it will expand its services soon.