How Has Binance Cemented Itself as One Of The Best Cryptocurrency Exchanges Out There?

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In terms of daily trading volume, Binance is by and away the most popular cryptocurrency exchange in the world. In 2017, it was established in China by Changpeng Zhao (also known as CZ). Since then, the platform has grown to become one of the crypto industry’s most trusted names.

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About Binance 

It has a second, US-specific platform that went live in September 2019; this platform is FinCEN-registered and abides by all applicable US regulations.

Binance stands out since it is one of the few cryptocurrency exchanges that doesn’t inflate its volume or conduct wash trading. The business is persistent in its efforts to maintain openness regarding its inner workings.

The exchange has established itself as trustworthy and accountable to its clientele, according to all applicable rules and regulations, therefore helping to establish cryptocurrency as a legitimate asset class.

Binance, the most popular portal to markets of digital cryptocurrency, is always up-to-date, covering all major industry breakthroughs and updates.

A Look At Binance’s Standing In The Market

Binance stands out among cryptocurrency exchanges because of the breadth of the digital assets it supports and the trading pairings available for those assets. This includes both major cryptocurrencies like Bitcoin and Ethereum and more obscure tokens with a lower market size. Binance has strict requirements that all tokens must meet before being listed (and can also be delisted for violating the terms).

A sophisticated cyberattack occurred against one of the best  Binance exchanges in 2019. (it was hacked). The theft of $40 million worth of Bitcoins at the time was covered in full by Binance’s SAFU fund, and traders were promptly paid. Binance’s standing in the crypto community was bolstered greatly by this move. 

Binance’s Native Token BNB ( Native Coin ) 

Trading costs on Binance are extremely low (a flat 0.1%) and may be cut even more by owning the platform’s native coin, Binance Coin (BNB). With the opening of the exchange, the token was produced and distributed in an initial coin offering (as an Ethereum ERC-20 token, with the ICO itself raising over $15 million). Visit our Binance fees page for additional information on the costs associated with using the exchange. 

With a 50% discount for the first year of membership and yearly reductions for the next five years, Binance provides an incentive to pay transaction fees in BNB. However, the token’s use extends beyond that; it can be used to make investments in initial coin offerings (ICOs) that are part of Binance’s Launchpad programme.

 

How Does One Open A Binance Account?

Open an account. Visit Binance’s main website (for US residents, go here) and sign up using your email address and a password of your choosing. Passwords should be chosen with common sense in mind. Verify that it is sufficiently long and that it contains both upper- and lower-case characters as well as numerals. Setting up two-factor authentication (2-FA), such as by installing Google Authenticator on your mobile device, is also recommended for further protection. Binance now requires you to input a one-time-use code delivered to your phone whenever you log in or complete any action (including requesting withdrawal of cash; check our How to Withdraw from Binance article for additional details).

Verify your information. The Binance Know-Your-Customer (KYC) process is rather straightforward and must be completed. This entails giving out personal information such as one’s complete name, home address, country of residence, and date of birth. When you click that button, you’ll be sent to NetVerify, a third-party verification and KYC services provider, where you’ll have to submit a copy of a valid government-issued ID (such as a driver’s license, passport, or ID card). For an exchange to be recognised as genuine and trustworthy by regulators in the majority of countries throughout the world, know-your-client and anti-money-laundering policies are obligatory. Find out more about the Binance Know-Your-Customer (KYC) process by consulting our comprehensive tutorial.

The budget needs more money. Currency deposits made at banks Deposits and withdrawals in Euros and British Pounds via the Single Euro Payments Area (SEPA) payment network and Paysafe’s Faster Payment Services (FPS) were reopened in their entirety for desktop and mobile users on March 7, 2022. The use of debit/credit cards is limited to a small subset of nations. The alternative is to acquire Bitcoin or Ethereum from a different source (often Coinbase) and then transfer them to your Binance wallet address. When you make a deposit (which is often confirmed in less than 20 minutes), you may immediately begin trading.

Get into the trading and investment game. To switch between the Basic and Advanced trading platform interfaces, click the “Exchange” tab at the top of the screen. Beginning traders should start with the simpler of the two options since it provides a high-level overview of the market trading pairs before moving on to the more complex.

Funding Your Binance Trading Account

Up until recently, Binance was solely a crypto-to-crypto exchange without fiat on and off-ramps. This meant that users had to acquire Bitcoin or Ether from another exchange before depositing them to Binance.

Third-party payment processors and service provider partner firms have introduced some bank account and credit/debit card deposit capability in recent years (like Simplex in the EU or BAM for their US operations).

More than sixty different fiat currencies and a wide variety of payment options are now supported for buying cryptocurrencies on Binance. Using a VISA or Mastercard, for instance, will just cost you the typical processing costs associated with making a credit card purchase. Binance also supports buying crypto using bank transfers, cash deposits, and electronic wallets.

Credit card users may be subject to a number of costs, including cash advance fees, international transaction fees, and transaction fees of up to 2% when making cryptocurrency purchases.

Trading Interferences

After funding your Binance account, you may begin trading immediately. Binance includes both a standard trading interface and Binance Convert, a user-friendly tool for newcomers to buy and sell cryptocurrency with a few mouse clicks.

That Being Said 

The benefits of using Binance exceed the drawbacks by a wide margin. To this day, most cryptocurrency traders still prefer trading on the Binance exchange because to its extensive selection, cheap costs, and cutting-edge trading interface.

In addition, its service offerings are always evolving and growing, with new technological options and configurations being added to the toolbox and the company staying abreast of market changes and trends. Because of this, it’s not surprising that Binance has the highest daily trading volume of any cryptocurrency exchange.

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