Binance Crypto Exchange Essentials
In 2017, Chinese entrepreneur and successful broker Changpeng Zhao created the Binance crypto exchange. 7 years have passed, and today, Binance is a platform that unites more than 200 million traders, provides one of the widest functionalities for trading digital assets, and has a capitalization that exceeds the figures of giant corporations.
Here are five important thoughts about Binance to start with:
- Binance offers several dozen diverse tools for the development of your trading profile.
- Binance offers digital products/platforms of its own design to expand trading opportunities.
- Binance provides traders with the most reliable protection and privacy.
- Binance maintains a variable policy on account replenishment and withdrawal of digital assets.
- Binance is completely legal and complies with all the laws of the countries where it operates.
However, it is time to move from the general to the particular and reveal all aspects of the functioning of Binance in the smallest aspects.
Binance Cryptocurrency Exchange: Core Products and Offers
The commitment to uniformity is relevant only in the fashion world. In the IT industry, crypto exchanges are always striving to expand their functionality, and the set of tools for trading and earning determines the level of technical equipment on the platform.
Futures and Derivatives
Buying and selling futures is the "bread" of most traders, and if you want to receive digital dividends, it is critically important to understand their basic peculiarities.
On the Binance platform, futures have the following parameters:
- Contracts of two categories, namely USD-M (about stable currency) & COIN-M (about cryptocurrency)
- Perpetual and quarterly (fixed terms of implementation) contracts.
- More than seven types of orders.
- Smart tools for calculating future management strategies.
In addition, Binance is one of the few platforms that provides its traders with 125x leverage, which allows them to close profitable deals without a huge start-up capital.
Margin Trading
The basis of margin trading in cryptocurrency is the loan principle. On the crypto exchange, a trader can borrow assets from other players as well as from the platform itself. In the Binance platform scenario, we need to keep in mind two aspects. Firstly, there are two types of margin crypto trading, namely, cross and isolated margin. Secondly, the leverage threshold, which will help increase profits, reaches 5x points.
Copy Trading
No matter what a person does, he always has a reference point. For example, in football, these are Cristiano Ronaldo's achievements; are in cinema, Leonardo DiCaprio's acting skills, and in the fashion world, Giorgio Armani's sense of style. A similar principle is observed on crypto exchanges.
Using the copy trading option, players can analyze in detail the profiles of successful traders, as well as their strategies and principles. The right approach may soon turn you into a trader whose methods will copy other beginners.
Trading Bots
In our world, the most versatile assistants in achieving any goal are not search engines or books in the library but smart bots. The Binance platform is advanced, so you can find several bots on it, in particular, grid trading bots, arbitrage bots, or rebalancing bots. Each of these bots helps to optimize 95+% of all transactions on the crypto exchange, as well as not to miss profitable deals.
Earn Services
Experts often draw parallels between classic stock exchanges and crypto platforms. They note the fact that crypto exchanges have the necessary functionality for schemes similar to traditional deposits.Binance offers customers such services, e.g., storing digital funds in a savings account or earning money on a mining pool.
P2P Trading
The most well-known method of cryptocurrency trading. P2P is a form of buying and selling currencies between players without involving an intermediary, therefore, experts call it peer-to-peer. Depending on the platform, the specifics of P2P trading may vary. In the case of Binance, these are secure and honest transactions, as well as a huge range of currencies and payment methods that make the interaction process flexible.
Launchpad
The Launchpad system is the "Silicon Valley" in the world of cryptocurrencies. Launchpad is a special platform for promoting the popularity and credibility of promising token projects. If, after submitting the application, Binance approves the project launch, users can start investing in these tokens, thereby increasing their liquidity and value.
Leveraged Tokens
Binance Leveraged Tokens is a new word in the world of cryptocurrency trading. This specific method has a number of unique advantages, in particular, the automatic provision of leverage, a relatively large profit in the case of a right market movement prediction, as well as freedom from liquidation, which is impossible even if the token price starts to fall rapidly.
BNB Chain
Build and Build Chain is a customized blockchain that is a product of the Binance crypto exchange platform itself. BNB Chain opens up several unique opportunities, e.g., using the internal products of the platform, trading in decentralized markets or receiving bonuses. In addition, with BNB Chain, you can easily scale your activities, as well as combine different projects within the same ecosystem.
NFT Marketplace
Non-fungible tokens provide non-trivial opportunity for traders to touch the world of digital art and make money from it. The main feature of NFT is its uniqueness. There is only one Van Gogh painting, "Almond Blossoms," in the world, you can not exchange it for the same one. Just like with NFT, it's an investment in unique digital art that has no analogs and, respectively, high value.
Binance Pay
Imagine a world where you do not have to pay a commission or wait for a transaction confirmation. Binance makes such a world real, thanks to Binance Pay.
If you are interested in:
- The absence of restrictions in the implementation of payment transactions.
- Choice from over 200 cryptocurrencies.
- The ability to transfer assets around the world directly between wallets and without intermediaries.
- Making both micropayments for household purposes and closing macro transactions at the business level.
… then Binance Pay is your number one choice for making transactions using cryptocurrency.
Wallet (Web3)
You are the sole owner of your assets. This is an unbreakable rule, and the Binance Wallet service will help you follow it. In a couple of clicks, you can become the owner of the most reliable and secure wallet for storing your digital assets. Moreover, Binance Wallet has plenty of auxiliary functions for more functional trading.
Binance Staking
Binance staking is a simple investment tool with a low entry threshold, which does not require special skills/knowledge. The Binance staking system supports a wide variety of currencies and has no commissions. In fact, all you need to do is keep your assets in your hot wallet and wait for the passive income generation.
Binance Smart Pool
The Binance smart pool is a special branch of the general Binance pool system. The main features of the Binance smart pool are that traders receive a guarantee of minimum income, instant settlement of a successful transaction, and a user-friendly interface.
Binance Visa Card
Do you want to pay for a movie ticket or buy headphones in a store using cryptocurrency, but you do not know how? Binance Visa Card solves this dilemma. Binance Visa Card is an analog of a bank card but with a dozen additional functions, from the ability to quickly exchange cryptocurrency for fiat money to prioritizing the use of cryptocurrencies in your account.
Crypto Loans
The crypto loan is a simple financial instrument of the crypto exchange, which allows traders to overcome their financial barriers very quickly. The mechanism for obtaining a loan for cryptocurrency is instantaneous, and the most crucial rule is the timely repayment of the loan interest.
Available Cryptocurrencies Scope
The Binance exchange platform is a leader in many ways. And what defines leadership? Right, the numbers, and in this part of Binance Review, we are interested in two, namely 389 and 1200+. The first number means that traders on the Binance platform can use any of 389 currencies for their investment plans, and the second one means that you will find more than 1200 trading pairs on this exchange.
Binance Payment Policy
Customers do not have to worry about successful transaction completion. This principle underlies the top service, and the Binance exchange platform has been consistent with it since its inception. On Binance platform you can top-up your wallet using traditional bank account transfer, credit/debit cards or various electronic wallets. You can also pay attention to Binance Pay, as this is the most practical and the fastest tool.
Binance: Initial Actions Algorithm
Some of the newcomers refuse to trade on the crypto exchange due to the overload of the interface functionality and difficulties with registration.
You will not have such difficulties on the Binance trading platform:
Account Registration
Creating an account on the Binance crypto exchange is as easy as doing so on eBay. You just enter your personal information, receive an email with a special link, click on it for verification, create a password, and immediately get starter bonuses.
Know Your Customer (KYC) procedure
In order for Binance to ensure your safety, it is critically important to go through the KYC procedure. In the first stage, you will specify basic personal data + attach a separate personal photo, + a real-time photo with a passport. In the second stage, you will fill in information about some personal documents regarding your activities.
Crypto-wallet replenishment
You need funds to start trading. To do this, you can pick any method that is convenient for you from the ones described above. Moreover, if you already have digital assets, then you can quickly transfer them via a special link that Binance will generate for you.
Launch crypto adventure
You have a personal account, funds in your wallet, and identity verification status, which means you can start your journey in the world of crypto trading. To do this, go to the appropriate section on the main screen and follow the instructions from the platform.
Binance Commission/Fees Principles
Binance regularly updates the arsenal of trading tools and provides security and technical support. To meet high standards, the platform needs funds, which it receives as part of the exchange commission fee for each cryptocurrency transaction.
The fee policy consists of many components, including the status and activity of the trader. The most crucial thing to know is two points: firstly, in the case of buying/selling futures, the commission can reach 0.05%, while in the case of direct purchase/sale of assets, the exchange fees threshold can be 0.1%.
Binance & Security Info
The crypto exchange may have an infinite number of strengths, but without a high-security level, it will mean nothing. Binance customers have no reason to worry, as the platform simultaneously applies up to 10 security protocols, including white and black lists of clients, regular identity verification, and protection of internal code from hacker attacks.
Binance Strengths and Weaknesses Contrast
It is more convenient to analyze the advantages and disadvantages of any crypto exchange in the table format, and Binance is no exception:
| Unsurpassed benefits | Hidden flaws |
| Unprecedented number of internal products and trading tools by Binance production | Operational complexity of some special trading tools |
| Extremely low fees | Banned in some countries |
| High-quality customer service (security, support, payment methods) | |
| Intuitive interface and auxiliary tools for freshmen | |
| Launchpad platform services |
Binance & Competitors Profile Analysis
Even with deep knowledge about the functionality and characteristics of the Binance market, the question arises involuntarily and intuitively, are there better platforms?
Let's check this out by four key characteristics, and as a reference, we will make a comparison with equally popular exchanges Bybit, Coinbase, and KuCoin:
- Cryptocurrency reserve — Binance ranks second with the number of cryptocurrencies in the diapason of ~ 400 items.
- Trading tools — with a clear advantage, Binance offers the most variable trading products.
- Crypto leverage — Binance is back at the top by a large margin.
- Payment opportunities — the number of Binance methods is second, but the presence of Binance Pay compensates for this lag.
On the whole, critical analysis and comparison with competitors give us a clear picture that Binance is at the top of the Olympus list of the best crypto exchanges.
Conclusion
The final word is something that can swing the scales in favor of the decision to register on the Binance crypto exchange or not. In the case of Binance, it will be relevant to make a comparison. In the crypto world, everything is developing at the speed of light, and Binance is the most vivid illustration of this thesis.
In less than ten years, Binance has become the leading platform for trading cryptocurrencies, and it is ideal for both beginners and sharks in this business. Binance provides high-quality customer service and a wide variety of trading instruments, ensures security, and meets international standards.