Cryptocurrency trading has become increasingly popular worldwide, and many exchanges have arisen in response to the demand. However, understanding the market and inherent risks in crypto trading is challenging, especially for beginners.
With so many exchanges to choose from, picking the one that’s right for you can seem an impossible task. Some are overly complex, some charge hefty fees, and others only support a few coins.
Binance is the largest and one of the most popular exchanges globally, and with an average daily volume of $65 billion and 300 billion spot transactions in 2022, it appears to be an exchange that is financially secure and reliable. But is it the right exchange platform for everyone?
In this article, we take a look at some of Binance’s best features, discuss security and support, and show you how to sign up and start trading if you decide it’s the best exchange for you.
Table of Contents
Binance’s Best Features
Binance is easy to use, even if you’re new to crypto trading. It supports over 350 tokens and has one of the lowest transaction fees in the industry at 0.1%.
Binance has a vast suite of features, and we’ve listed some of the best below:
Multi-Assets Mode
Binance provides traders with both BUSD-margined futures contracts and USDT-margined contracts. With Binance’s Multi-Assets Mode , you can easily trade USDⓈ-M Futures contracts using margin assets or coins.
The margin is shared across both BUSD-margined and USDT-margined contracts, and the profit earned on either contract can be employed as a margin. In other words, profits earned at one position can offset the losses at another position, and the margin balance is a reflection of net profit and loss between positions in the two markets.
Futures Leaderboard
Binance’s Futures Leaderboard integrates crypto trading and social networking, allowing you to follow the best crypto traders.
Battle
The battle is a game among cryptocurrency traders that places different traders head to head in a fight to view which player is more profitable during a specific time period.
However, this feature is only available in some places.
Daily Rewards on Idle Tokens
Binance enables traders to earn daily rewards on idle tokens by depositing them via Simple Earn.
Binance Pay
Binance Pay is a borderless, contactless cryptocurrency payment system. It enables you to shop using crypto, send crypto to other people, access the Binance marketplace, and manage all payments using one wallet.
Binance NFTs
Binance allows you to trade, loan, or stake all NFTs and has information on featured items and popular listings.
Advanced Security
Binance has industry-leading security protocols, including:
- Secure asset fund for users: 10% of all trading fees are stored within a secure asset fund.
- Advanced data encryption: All data is encrypted end-to-end.
- Personalized access control: Allows you to restrict who has access to your accounts and information.
24/7 Support
Unlike some exchanges, Binance has 24/7 live chat support.
How Many Products Does Binance Offer?
Binance has the four products we’ve listed below:
USD-Margined Futures Contracts
These are linear futures products that are both settled and quoted in USDT or BUSD instead of inverse contracts. They allow you to calculate your returns in fiat currency, which is more familiar to many.
Coin-Margined Futures Contracts
These contracts are settled in cryptocurrency and collateralized. You can easily use cryptocurrencies like ETH and BTC as margin assets for all futures positions. These contracts are either perpetual or expire quarterly or bi-quarterly.
Trading Bots
Binance trading bots, such as Time-Weighted Average Price and Grid Trading, are automated crypto trading tools.
Binance Options
This product is specially designed for retail traders, enabling them to buy and sell tokens at a predetermined price before a specific date.
How to Start Trading with Binance?
It’s easy to sign up and start using Binance; you can create an account and verify your identity online. Once you have your account, you can add funds using a variety of methods, and then you’re ready to start trading.
What Are the Alternatives to Binance?
However, this exchange supports a limited number of cryptocurrencies compared to its competitors and is only workable in some states of the US. Therefore, you should know alternatives of Binance, which are given below.
- Coinbase
- Kraken
- Prime XBT
A brief comparison of Binance with these alternatives is given below to help you choose the one that suits you the best.
Coinbase Vs Binance
| Platforms | Transaction fees | Deposit methods | Supported Fiat | Supported cryptocurrencies |
|---|---|---|---|---|
| Coinbase | 0.5% |
|
Bank transfers, credit and debit cards, Apple Pay, PayPal, Fedwire, Swift, and even cryptocurrency | More than 160 |
| Binance | 0.1% | Credit card, debit card, SEPA bank transfer, P2P, or Advcash. | BRL, AUD, PLN, EUR, NGN, UAH, RON, RUB, TRY, ZAR | More than 350 |
The comparison has revealed that Coinbase is the best alternative when you can manage a slightly high transaction fee and want more variety in deposit methods and supported fiat.
Kraken Vs Binance
| Platforms | Transaction fees | Deposit methods | Supported Fiat | Supported cryptocurrencies |
|---|---|---|---|---|
| Kraken | 0.16% | Bank transfer (ACH), wire transfer, SWIFT, Apple Pay, Google Pay, OSKO, etc. | USD, CHF, EUR, GBP, JPY, AUD, CAD | More than 100 |
| Binance | 0.1% | Credit card, debit card, SEPA bank transfer, P2P or Advcash. | BRL, AUD, PLN, EUR, NGN, UAH, RON, RUB, TRY, ZAR | More than 350 |
The comparison has revealed that Kraken supports many fiat currencies with low transaction fees and is more suitable for you if you are an advanced crypto trader.
Prime XBT vs. Binance
| Platforms | Transaction fees | Deposit methods | Supported Fiat | Supported cryptocurrencies |
|---|---|---|---|---|
| Prime XBT | 0.05% | Credit card payments and Sepa | USDT, BTC, ETH, COV, USDC | More than 40 |
| Binance | 0.1% | Credit card, debit card, SEPA bank transfer, P2P, or Advcash. | BRL, AUD, PLN, EUR, NGN, UAH, RON, RUB, TRY, ZAR | More than 350 |
The comparison revealed that Prime XBT is the best option for those who prefer low transaction fees as it offers lower transaction fees than Binance. However, it supports a limited number of fiat and cryptocurrencies and has limited deposit methods.
Conclusion
With its easy-to-use platform, excellent features, and low transaction fees, it’s easy to see why Binance is one of the most popular crypto trading platforms worldwide. It supports all popular coins, and with its excellent security, we believe that Binance is a suitable exchange for beginners and experienced traders alike.
Frequently Asked Questions (FAQs)
What is the minimum wallet balance?
You must have at least $10 in your wallet to trade.
What are the risks?
Losses due to unauthorized transactions or fraud are often not recoverable.
What If Binance fails?
In that case, Binance will create a market sell-off or supply shock. Consequently, the prices of Bitcoin and other cryptocurrencies will fall, and all investors and traders scrambling to settle their positions will withdraw their funds from the exchange.
What is the withdrawal limit?
The daily withdrawal limit is 8,000,000 BUSD for KYC-verified account holders, while it is 50,000 USD per day for KYC level 1 verified accounts.[PU13]
How can I increase my withdrawal limit?
To increase your withdrawal limit on Binance, you must go through an identity verification process and refresh withdrawal limits on a 24-hour rolling basis.
