In this review I will go deep to cover the main things from Pros and Cons, fees for commission, methods of payment, customer support and many more.
What is Binance?
The Binance is a cryptocurrency exchange company established in 2017 by Changpeng Zhao. The company allow its user to buy and sell cryptocurrencies or trade many pair from anywhere in the world.
The binance is now one of the largest trading platform for both major and minor capitalization coins and tokens, which is now the largest traded volumes 24/7 every day in the cryptocurrency space. The binance exchange platform offer some other services or products which include peer-to-peer (P2P) exchanges, leveraging cryptocurrency (future) derivatives and also saving accounts that allow user to earn interest for holding cryptocurrency.
Interm of fees for trading in their platform the binance charge a small low-cost commission structure of 0.1% per slide. This depend on where your location and the number of traded volumes you make, large volume or holding some binance coin (BNB).
The binance also allow their user to deposit fund with a bank transfer and debit/creadit card as a method of payment system.
Binance Pros and Cons
Pros
- Great place for many trader Largest volumes trade in cryptocurrency space
- Great place in term of security features
- Charge Low fees for commissions
- Many pair for selection of markets
- Offers crypto futures trading (leverage) and options
Cons
- High fees on debit/creadit card fund deposit
- Fiat currency tools not available in all regions
- Not user-friendly of exchanges for many novice traders
- Lack of stable regulation
- More favorable exchange for experience or advanced traders and market speculators
Crypto-to-Crypto Pairs (Peer-to-Peer)
Peer-to-peer mean trading one digital currency against different one digital currency a clear example of this is ETH/USDT which is Etherium against US Tether.
Note that peer-to-peer trading on Binance are only done suitable if you have a digital currency to fund your account with
Example, if you have Bitcoin and wish to buy Ethereum, you can simply exchange the two by BTC/ETH marketplace. However, if you want to buy Bitcoin with fiat money – peer-to-peer pairs won’t be sufficient.
Fiat Markets
Binance fiat markets allow their users to buy digital assets with their preferred currency, with the likes of BTC/USD and ETH/USD attracting the most volume. Also Including British pounds (GBP), euros (EUR), Australian dollars (AUD) and many more currencies.
However, it’s also possible to buy digital assets in other fiat currencies, including British pounds (GBP), euros (EUR), and Australian dollars (AUD).
Direct Crypto Purchases
Direct crypto purchases mean you can buy cryptocurrency directly from your debit/credit card from binance platforms but this service is not available in many location.
The process of direct crypto purchasing or buying crypto works as follows:
- You need to open an account with Binance and upload your ID (passport or driver’s license)
- You must choose your preferred currency (USD, GBP, EUR, AUD…)
- You will select which kind of crypto asset you want to buy (BTC, ETH….)
- You will enter the size of your purchase in the respective currency, then
- You will confirm the transactions
Purchasing cryptocurrency by direct method is simple and easy method of buying crypto because there is no need to trade a fiat-to-crypto or crypto-to-crypto pair. Instead, as soon as you confirm the transaction, the payment will be processed instantly and the crypto funds added to your Binance wallet.
Crypto Derivatives
Binance allows their user to trade crypto derivatives (future trading). Mean trading leverage but this kind of trading is only advisable for experience traders. Because trading leverage is very risky situation this is not recommended for everyone. Only for experience trader/investor that understand the risks and rewards of leveraged financial instruments.
This includes a number of Bitcoin futures markets that permit margin trading of up to 125x. As such, a stake of just $100 would give you access to $12,500 in trading capital. You can also trade Bitcoin options and leveraged tokens.
Binance Fees
The binance charge fees is based on the markets you have access and the amount of trade you have executed
Payment Fees
The binance payment fees, also charged based on the payment methods you choose to use and your location.
Example: if Person A choose to deposit a funds with a cryptocurrency, then his/she will only pay the respective blockchain fee on the side of the transaction. But, if his/she choose to deposit funds with a debit/credit card, the fee will increase quite considerably.
But for bank transfer payment method is quite free, if opting for a bank transfer, this is often free at Binance in many region. But not worldwide is vary based on your location.
Withdrawal fees on cryptocurrencies shouldn’t cost you more than the respective blockchain fee. Withdrawals on debit/credit cards and bank transfers will vary depending on your location.
Trading Commission
Binance charged trading commissions which are subject to when you buy, sell, or trade a digital currency on their exchange platform. The platform applies a ‘maker’ and ‘taker’ commission structure.
Maker: a market maker is an individual that provides liquidity for Binance. Which design to give him/she, the benefit from the most competitive fees.
Taker: a market taker is an individual that uses the liquidity already available on Binance which covers most traders.
- The standard commission for marker takers is 0.1% per slide.
- This means that you will pay 0.1% when you enter a position and again when you close it.
- If you trade more than 50 BTC in a 30-day period, your commission drops to 0.09%.
- This commission reduction will continue as your volume increases throughout the month.
- The lowest marker taker fee available is 0.04% per slide. You will, however, need to trade more than 150,000 BTC in a single month.
Note that you can also reduce your trading commission by holding BNB coins. Which is the binance own cryptocurrency coin, it is now one of the largest in terms of market capitalization. You will get 25% off your commission rate by holding BNB coins – and a 10% discount when trading on futures.
Binance Wallet
Anybody who open a binance account and own cryptocurrency automatically have binance web wallet this means that you don’t control the wallet yourself or let say have access to your private keys. Instead, this is controlled and secured by Binance itself.
You can also use your cryptocurrency balance at any time to buy other cryptocurrencies and even to enter trading. Also you can withdraw your balance to a private wallet at any given time. What you need to is just to log in into your account to access your crypto.
This kind of security is consider to be less secure form because if hackers hacked the entire site the perpetractor have access to the entire capital store in the site you may loss the entire investment, your investment is at risk.
But the binance exchange platform has many ways of preventing this kind of incident to occur: such as
Cold Storage
Binance say they keep the vast majority of client funds in cold storage. This means that the funds are kept in secure wallets that are never connected to the internet. As a result, this makes it super difficult for an external hack to occur.
Two-Factor Authentication
Binance provide a strong secure offers that all-important security feature on your account – two-factor authentication (2FA). The way this works is you will be sent a code via SMS or the Google Authentication app every time you wish to log in or withdraw funds or let say for any activities in your account you will received an alerting message in your phone letting you know what is going on.
Normally, a hacker would need access not only to your password but mobile device, too. As such, you are strongly advised to set up 2FA when using Binance or any other exchange cryptocurrency platforms.
Authorized Devices
In this regard the binance will mark your device that used to log in to your binance account regular in their platform. Either a laptop device and/or mobile phone.
Binance will recognize if you are trying to log in to your account with a new or different devices and subsequently require you an extra verification. Your new device can be confirmed via email.
Anti-Phishing Code
The Phishing attacks which involves receiving an email that hasn’t been sent from the real genure source, are on the rise. This mean that the hacker will send an email that looks like it has been sent from Binance, and then ask you to log into your account.
When you accidentally do, the hacker will extract the username and password that you entered. At Binance, you can set an ‘anti-phishing code’ to ensure that all emails received are legitimate. As such, when you see your chosen code appear in the Binance email, you know it is safe.
Binance Trust Wallet
Binance trustwallet will have you a full control over your funds and your private keys, you might want to consider the Trust Wallet. This wallet is backed by Binance and can be downloaded to your mobile device.
The Trust Wallet main features:
- Decentralized wallet – so you and only you have access to your private keys
- Offer Access to decentralized apps (dApps)
- You can buy cryptocurrency at low fees
- Provide staking services
- Earn interest on holdings your cryptocurrency
- Provide access to exchange one cryptocurrency into another
Note that by choosing the Trust wallet to store your digital assets, you need to have a firm grasp of how to keep your funds safe. After all, if your wallet is hacked remotely or you lose your private keys, the Binance won’t be able to help you get back your access. Your entire digital assets will be gone forever without recovery.
Binance Mobile App
The binance has an awesome mobile phone app its support both android and IOS devices very user friendly. Installing binance app will really help you a lot if you’re a trader because you got useful feacture and tools that will help you to work similar to the main website, and you can carry your phone and go whatever you wanted to unlike a deskstop one, without having to stay and watch screen for many hours in a day.
User Experience
The binance website, desktop and mobile app has two different interface which is classic and advanced interface. The classic interface which is friendlier for novice or unexperienced trader/investor. While the advanced which is design for those who has experienced in trading digital assets in the advanced interface a trader will have access to many importance data to use to make a good return of investments which included market depth, technical analysis indicators, drawing tools, and many more.
But in term of navigation to their site binance has a clean and smooth simple and easy interface for everyone.
Binance Trading Tools and Features
The binance has provided a user with a lot of tools and feactures, a user can switch a binance chart view to tradingview chat and intergrate all the tradingview important tools, indicators and chart without having to leave binance platform to go and do some technical analysis before making a trade this is really great.
Binance Coin (BNB)
BNB is known as Binance coin which is now is one of the cryptocurrency with the largest market capitalization, the purpose of bringing this BNB coin is to let you know if you’re a trader holding BNB coin can benefit you in term of fees or commission. A trader can get 25% discount fees on executing some trade when just holding a BNB coin. This is really a good advantage for a trader binance offer
Binance Savings Account
The Binance saving account allow their user to save and earn some interest for just keeping the cryptocurrency in binance saving account. This work like similar to lending because the digital assets that you keep in your binance saving account will be used to fund loans. Any person who need to borrow some funds in binance platform will need to put some collateral inform of cryptocurrency in case of default occur, this act as safeguarding the owner assets like the way bank do.
Binance Debit Card
The Binance has their own Visa debit card for financial transaction you can buy anything online, supermarket, stores, and you can used it to withdraw money in ATM machine. Also the binance visa card as no charging fees for any transaction but it used based on cryptocurrencies payment method that mean only for the transaction that accept cryptocurrency payment method.
Example, let’s say you have $200 worth of Bitcoin (BTC) in your Binance visa card wallet.
If you were to buy a cup T-shit for $25, then Binance would instantly sell $25 worth of Bitcoin into US dollars. Then, the transaction would reduce your Bitcoin balance to $175.
Binance Payments
The binance exchange platform allow you to buy and sell cryptocurrencies using cryptocurrency and also fiat deposits
Cryptocurrency
Binance allows their user to funds their cryptocurrency wallet with any cryptocurrency that are listed on their exchange platform. This allows you to deposit fund to your account with hundreds of different crypto assets.
This type of deposition has some benefits for the user because binance will not require you to provide any personal information or uploading some identification when you sign up but this work only for trading not less than 2 BTC volume per day. Anything more than that you will be require to upload some identification.
This kind of transaction occur by copying your unique wallet address from your account dashboard and paste it to your external wallet in and transfer the stipulate amount.
Debit/Credit Card
Binance exchange platform accept payment with both debit and credit card deposits in many countries but this is based on your location where you live. Also the fees will varies based on the location. This type of payment occur with (KYC) process known as Know Your Customer. By providing your personal information and copy of the mean of identification issued by government e.g. National ID card or driving License.
Local Bank Transfer
Binance allow direct payments from your local banks but this service is based on the location where you live. This type of payment has low cost and also a faster deposition.
Binance Customer Service
Binance offers three basic options for customer support: submitting a ticket, asking basic questions via chat, and reaching out via Twitter.
- To submit a ticket and receive email assistance, users can fill out a form on the Binance website.
- Binance has a Twitter account (@BinanceHelpDesk) for support and encourages users to tweet their issues to the company.
- There is also a chatbox on the bottom right corner of the support screen that can be accessed on the Binance website.
RISK DISCLAIMERS
This website includes information about cryptocurrencies, (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money. knowaboutcryptocurrency.blogspot.com encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved. All contents on this site is for educational, and informational purposes only and does not constitute any financial advice. Consult relevant financial professionals in your country of residence to get personalized advice before you make any trading or investing decisions. Knowaboutcryptocurrency.blogspot.com may receive compensation from the brands or services mentioned on this website at no additional cost to you.
Risk Warning: Trading CFDs on leverage involves significant risk of loss to your capital.
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