Trading in cryptocurrency has been gaining rising attention in different parts of the world. Many exchange platforms are available in this regard.
However, buying, selling, or lending cryptos is more challenging than it seems. You need solid support and a comprehensive guide to start crypto trading to understand the market dynamics and overcome possible risks.
In that case, users are often perplexed about what to choose and how to start. Some platforms are intricate, others offer hefty transaction fees, and others support only a few cryptos.
Nevertheless, Binance is one of the most famous cryptocurrency exchange platforms, which aims to address all of the aforementioned concerns.
To start with Binance, read this review till the end and see how Binance can facilitate you while crypto trading.
Table of Contents
Binance is one of the most famous blockchain systems with a product suite comprising the world’s largest digital asset exchange.
The major driving force behind formulating this platform is to facilitate the crypto investors and traders with all relevant tools and infrastructure.
Believing that everyone must be free to keep, invest, manage, and share money, Binance has developed a platform that can be easily used by anyone from anywhere.
With an average daily volume of $65 billion and spot transactions of $300 billion in 2022, Binance is the platform you can rely on.
Why Consider Binance – The Best Features
Some of the competitive features of Binance are described below:
Easy-to-use
First, it is straightforward to use, and starting trade with this platform is very simple. Anyone of you can start using this platform by following the simple steps.
To know how to get started with Binance, keep reading.
Multi Assets Mode
Binance provides its users with both BUSD-margined futures contracts and USDT-margined contracts. With the help of Binance’s multi-assets mode, you can easily trade USDⓈ-M Futures contracts using a wide variety of either margin assets or coins.
The margin while trading is shared across both BUSD-margined and USDT-margined contracts. Therefore, the profit earned on either of the contracts can be employed as a margin.
In other words, profits earned at one position can offset the losses at another position. Hence, the margin balance is a reflection of net PnL between positions in two markets.
To further understand this mode, visit Multi Assets Mode
Leaderboard
It refers to integrating cryptocurrency trading and social networking, which help users follow the trail of best crypto traders within the market.
To get more information, visit Binance Leaderboard
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.
Supports all Popular Cryptocurrencies
Secondly, it supports more than 350 cryptocurrencies. You can consider this platform no matter what currency you want to trade.
Lowest Transaction Fee
Another auspicious feature differentiating it from its competitors is its lowest transaction fee, i.e. less than 0.10%. The transaction fee is the lowest to attract the maximum number of people to the crypto world and enable them to exploit this platform’s benefits fully.
Daily Rewards on Idle Tokens
Do you have an idle token? If yes, then what are you waiting for? Binance enables all of its users to earn daily rewards on idle tokens.
All you have to do is search the famous coins and then start earning.
Binance Pay
Binance Pay is a borderless, contactless, and safe cryptocurrency payment technology. It helps you to
- Shop and pay in cryptos
- Send crypto to your family and friends
- Easy access to the Binance marketplace
- Enjoy a variety of payment methods
- Manage all payments through one crypto wallet
For more information, visit Binance Pay.
Binance NFTs
Binance is an all-in-one platform for all NFTs, as you can easily trade, loan, or stake all NFTs safely across this platform.
The platform provides its users with all information regarding featured items and popular listings, thus simplifying the entire trading process.
For further details, visit Binance NFTs.
Advanced Security Features
Binance follows all industry-leading technical practices and protocols to ensure the safety of its users. The user’s security is assured through
- Secure Asset Fund for User(SAFU): 10% of all trading fees are stored within a secure asset fund to preserve a share of user funds.
- Data encryption via advanced tools: All user’s data is always encrypted end-to-end, and no one can access your personal information and transactions.
- Personalised Access Control: Personalised access control helps users restrict all devices and addresses to access their accounts or information without permission.
24/7 Support
If you have any confusion, query, or question, you can quickly answer them through 24/7 live chat support.
The friendly customer service team tries to resolve all of your problems according to the best of their knowledge. However, the provision of telephonic support needs to be included.
How Many Products Does Binance Offer?
Binance enables all investors and traders to enter the crypto market through four types of products. These products are
USD-Margined Futures Contracts
These contracts are linear products that are both settled and quoted in USDT or BUSD instead of inverse contracts.
The most prominent benefit of these contracts is that the user can easily calculate their returns in fiat, thus making these contracts more intuitive.
For details, visit USD-margined Futures Contracts.
Coin-Margined Futures Contracts
These contracts are settled in cryptocurrency and collateralised. You can easily use cryptocurrencies like ETH and BTC as margin assets for all futures positions.
These contracts expire perpetually, quarterly, or bi-quarterly. To further understand the characteristics of these contracts, you must know trading rules, liquidation protocols, and leverage and margin.
For details, visit Coin Margined Futures Contract.
Trading Bots
The trading bots of Binance include Time-Weighted Average Price(TWAP), Grid Trading, automated algorithmic trading tools, and Volume Participation. You can get more information on Trading Bots from here.
Finance Options
This product is specially designed for retail users and enables traders to both buy and sell crypto assets at already date and price. In addition, the built-in leverage further facilitates traders to safeguard their portfolios against volatility in the crypto market. To learn more about this product, visit Finance Options.
How to Start Trading with Binance?
As mentioned above, Binance has been designed so you can use it easily. You can start trading with Binance by following these simple steps.
Step 1
In the first step, you must sign up with Binance, create your account and complete the entire identity verification process to safeguard your account and offer a safe environment for any transactions.
Step 2
In the second step, you have to add funds to your wallet, and you can do this by choosing from a wide variety of payment methods.
Step 3
After charging your crypto wallet, you can start crypto trading by buying or selling cryptos and exploring other features and benefits Binance offers.
What Types of Cryptocurrencies Does Binance Support?
Binance supports all popular cryptocurrencies, so you will indeed find your favourite cryptocurrency here whether you want to invest or trade.
A glimpse of cryptocurrencies supported by Binance is given below.
What Are Alternatives of Binance?
Binance is a perfect platform for cryptocurrency traders interested in various features. Moreover, it is one of the few exchanges that offer both margin trading and lending services.
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.
| Platforms | Transaction fees | Deposit methods | Supported Fiat | Supported cryptocurrencies |
|---|---|---|---|---|
| Coinbase | 0.5% | Euro, U.S. dollar, MXN, GBP, HRK, and 10 more. | 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.
Is It Worth Spending? – Pros & Cons
Pros
- It is easy to use
- Facilitates more than 350 cryptocurrencies
- Offers the lowest transaction fee, i.e. less than 0.10%
- Enables to earn daily rewards even on idle tokens
- Ensures security through advanced security features and protocols
- Accessible through both mobile app and desktop
- 24/7 live chat support
Cons
- Telephonic support is missing
- It is not workable in all states of the US
Frequently Asked Questions (FAQs)
What is the minimum balance in Binance?
You must have $10 in your wallet to do any kind of crypto trading
What are the risks in Binance?
Once made, transactions are irreversible, and losses encountered due to unauthorised transactions or fraudulent activities are often not recoverable.
What If Binance crashes?
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 in Binance?
The daily withdrawal limit in Binance is 8,000,000 BUSD per day for KYC-verified account holders, while it is 50,000 USD per day for KYC level 1 verified accounts.
How can I increase my withdrawal limit on Binance?
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.
Final Words
Binance is one of the most famous cryptocurrency platforms with the lowest transaction fees and the most advanced security features. It offers enormous trading options that entice all users.
Moreover, supporting over 350 popular exchanges, this platform is perfect for beginners and professional crypto traders.
