In this detailed guide I will show you why Binance is not only the best cryptocurrency trading platform but also the best platform to buy cryptocurrency.
Interest in cryptocurrencies has skyrocketed in recent years and the Covid-19 pandemic has only exacerbated this phenomenon. Nowadays anyone can buy cryptocurrency. All you need is an account on a crypto exchange.
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That is why cryptocurrency exchanges like Binance will be in such high demand in 2022 and beyond. Binance is among the best cryptocurrency trading platforms on the market. With a wide range of crypto assets and fairly low fees, Binance has quickly become one of the best crypto platforms to buy and sell cryptocurrency.
Considering the number of transactions, this is the first cryptocurrency exchange to operate on a global scale. This is one of the many reasons why Binance is considered to be among the best cryptocurrency exchanges in the world.
What is Binance?
The Binance crypto exchange is a blockchain ecosystem that directly combines the exchange with over $75 billion in revenue, as well as the provision of infrastructure for all sectors of the crypto industry such as:
- Trading crypto assets and fiat instruments;
- Investments in different products;
- NFTs;
- The highest quality education for clients of all educational levels;
- Decentralization of any structural solutions;
- Drawings, tournaments and tasks for customers with solid cash prizes;
- Profitable Affiliate Program;
- Research on blockchain application industries;
- Incubator of new tokens and internal ecosystems;
- Charity projects.
This is not the whole list of what the Binance ecosystem is. Everyone will find a lot of new and interesting things for themselves.
What services does Binance offer?
You cannot talk about the Binance cryptocurrency platform as just a cryptocurrency exchange, as the expansion of the service that Binance offers has become a competitive advantage. Why work with a large number of sites when everything you need is in one place?
Crypto Available on Binance
As the foundation of any crypto exchange, the Binance cryptocurrency trading platform combines over 600 different tokens and coins combined into reciprocal trading pairs. There are also pairs of fiat instruments for those who are just getting to know the world of crypto trading.
Payment Gateway
In the crypto platform you have ability to top up your account in a variety of ways. Both through the services of the exchange itself and through the P2P format. Choosing a currency and exchange rate from hundreds of offers, as well as placing your own exchange orders is relatively simple.
Replenishment and withdrawal of payment cards are available. Binance guarantees transactions. The average transaction time is 4 minutes.
Binance Cryptocurrency Trading Platform
The Binance crypto trading platform is a universal multi-wallet for all supported assets. The level of security is very high, as it is protected both by the exchange itself and by additional customer profile settings. Do not ignore the security settings for your accounts.
Right from the wallet, you can work with balances and create orders in the market and convert them into needed assets at the current price.
Binance Crypto List
Cryptocurrency investments are becoming more popular than traditional investments. The risk is also much higher, but the increasing number of crypto millionaires makes it necessary to study this asset class more deeply.
Binance offers several investment options:
- Buying and holding coins until the price rises is a classic of the genre, designed for calm, balanced decisions with a willingness to wait;
- Staking – freeze coins in a special account and receive a reward.
- Participate in Airdrop programs and collect coins during network forks. By placing new coins in the ICO, Binance motivates users to participate in the auction by giving away a certain number of coins for free. Also for holders of a number of cryptocurrencies, when the blockchain is split or the block is registered, new coins are automatically credited to newly created accounts.
- Automatic investment. It consists of creating an investment plan and an accumulation period. For example up to $100,000. Each reporting period, day, week, month, funds are debited from your specified account and the selected assets are purchased at the current price. Thus, both a savings investment and an average purchase of an asset are obtained. All coins in this program will earn additional interest upon staking.
New Token Provider
Binance exists within its own ecosystem, which includes hundreds of different coins and tokens. Some of them are traded on the exchange as trading assets. By participating directly in development support, the company’s focus group understands very well the prospects of the participants.
The most promising coins and companies are going public with the support of Binance. By tracking the current activity of new listings, you can buy assets at the lowest price and sell at the peak. The gains can be astonishing.
Binance NFT Marketplace
NFTs have become a real breakthrough in the crypto industry, expanding the opportunities to earn and invest several times over. Several serious NFT exchanges appeared, trading only NFT tokens.
Binance also joined the new trend and introduced three platforms at once:
- NFT event – events dedicated to the release of new collections or the release of their own NFTs by prominent people or companies, such as football clubs. As part of the events offer, users receive low-activity NFT tokens, which can then be sold profitably.
- Binance NFT marketplace is a classic NFT token exchange in an auction format. Transactions are executed in BUSD.
- Mystery Boxes is a tempting offer. For a fixed amount, the user buys a case with unknown content. Usually it is equal to the cost of boxing. With some probability, unique or legendary NFTs can be caught, the sale of which at auction could yield a very high profit.
How Binance works
The crypto exchange operates with a focus on a balance between the security of client funds and their mutual anonymity and the ease and efficiency of using the company’s services.
Full-fledged work with Binance starts after identity verification. Personal information is stored in encrypted form on media that is not connected to the network. The info is only used to resolve disputes on the platform itself. Information is not transferred to third parties and structures.
As for assets in cryptocurrencies, most of them are being withdrawn to cold storage to avoid being withdrawn in case of hacking.
Transactions are almost instantaneous except P2P, where the transfers are made manually by the participants in the transaction. The average registration time is 4 minutes.
Trading is made with funds deposited in accounts in the respective trading pairs. In addition, the necessary coins, for example for investments or payment of goods, can be exchanged directly via the Binance exchange machine.
After the transaction is completed, the funds are available for withdrawal, investment or other transactions.
For everyone who is going to spend a lot of time on crypto trading, a training has been organized and a lot of material has been collected about margin trading and complex transactions.
Binance Wallet
It supports all cryptocurrencies traded on the exchange as well as fiat funds with which there are trading pairs. Cryptocurrencies are accepted from all addresses and for each specific sender you can generate your own receiving address for the same wallet for anonymity.
The Binance Wallet is split into Spot Wallet and Margin Wallet:
- Spot – a wallet where all the money from transfers and transactions is credited, it is responsible for most of the operations;
- Margin wallet is a special wallet to which you need to manually transfer funds to trade. In this account is a collateral of money against a loan on the cryptocurrency exchange. This form of trading is considered very risky and is only suitable for experienced traders after sufficient preparation.
Binance fees
An important part of the analysis before choosing an exchange is the fees. Many companies sin by attracting users with promotional offers that, on the face of it, are profitable for them. But in reality, it turns out that the system commissions and extra fees and payments add up making the transactions unprofitable. However, this is not the case with Binance as their trading fees are among the lowest in the industry as you will see below.
Binance Deposit fees
When making payments, a 0.5%-2% commission will be charged from the card, depending on the currency. For exotic currencies and banks from countries that do not work with international clearing systems, commissions may be higher.
With P2P payments, a 0.35% commission is charged when you place your own cryptocurrency purchases. When it is accepted by the seller, the creator (the one who placed the order) pays a commission. If you accept an already placed bid (buyer), the transaction takes place without commission.
Fiat top-up through interbank transfer systems and electronic payment systems is subject to a 0.5% – 3.5% commission, depending on the currency and how funds are deposited. Current information is always published next to the selected payment method.
Binance Withdrawal Fees
Withdrawals of cryptocurrency are subject to transaction fees only by the supporting network. There are no additional fees from Binance.
P2P withdrawal – a 0.35% fee when making an order at a favorable rate for the customer. No fee will be charged when accepting a placed bid.
Withdrawal to fiat – the fees vary from 0.5% to 3.5% depending on the type of withdrawal.
Transaction costs
As usual, the fees structure decreases when high trading volumes are reached during the trading month. The base rate for a novice trader ranges from 0.1% to 0.04% depending on trading volume. When paying fees with BNB tokens, the fee is reduced by 25%.
Margin Loan – Binance has a fee of 0.1% or less.
Other fees for more complex trades do not exceed 0.15% and decrease with increasing trading volumes.
Important! For some trades, the fees may be combined, e.g. for using margin + on the trade itself, where this margin will be used
The fees on Binance is one of the lowest of the TOP 10 cryptocurrency trading platforms in the world.
Bonuses and Promotions
Binance hosts a large number of bonuses and special incentives. They have created a special section on the site where all current offers are displayed for the customer. The number of offers and their profitability depend on the level of the account, that is, on the monthly turnover.
A separate area is bonus deposits and promotions for new investment or trading instruments. Thus, Binance offers coupons for depositing small amounts of BUSD for a period of 7 days with interest immediately deposited into the user’s account. This is how Binance demonstrates the simplicity and profitability of staking.
There are also coupons for participating in various events and collecting coins as part of airdrops for active users.
Is the Binance exchange safe as a cryptocurrency trading platform?
The overall security level of Binance is at the “High” level. This is partly due to modern security algorithms and error analysis of companies that have been hacked in the past. On the other hand, blockchain and information encryption technologies are much more advanced and are actively used by the crypto platform.
Some of the security concerns are on the shoulders of account holders. The higher the level of protection for the account itself and the associated devices, the more difficult it will be for fraudsters to withdraw funds.
What Makes Binance the Best Cryptocurrency Trading Platform?
Advantages and disadvantages of Binance
In order not to repeat myself, I will make a small list. Let’s start with the negative:
- High commission for fiat deposits in some instances;
- A small number of fiat payment options,
- A small number of fiat withdrawal options.
Now for the positive:
- High reliability;
- Low fees;
- Large selection of trading instruments;
- investment block;
- Lots of extra features;
- Operational support in all major languages;
- Fast deposits and withdrawals.
Conclusion
In summary, it is worth noting that the Binance crypto exchange rightly occupies a place as probably the best cryptocurrency trading platform. This is not even an exchange, but a whole infrastructure that allows you to generate coins, trade, invest, and so on.
Whether you are looking for an exchange to start your crypto trading journey or looking for a safe alternative to split your capital, Binance is the place to be.
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