Do you use cryptocurrency exchanges with many more additional features services? I would love those kinds of exchanges. So among them, Binance is outstanding. Also, it’s one of the most popular exchanges. So is it safe to use? What are the features? Everything is going to be covered in this Binance review.
Before getting into all of that, You’re a cryptocurrency beginner right? So what do you need to know about the Binance? Let me guess. Fees, security, supported coins, etc.
But I’m going to cover all the features and services including the above factors of the Binance exchange that you should know. Keep reading.
Binance – The Company
Simply, Binance is a global cryptocurrency exchange with more than hundreds of cryptocurrencies to trade. It was founded in Malta in 2017. By a Chinese – Canadian Businessmen named Changpeng Zhao.
Surprisingly, the Binance is the world’s largest cryptocurrency exchange by trading volume. Did you notice that this exchange started 3 years ago?
What’s the secret behind this? I think its because of a lot of cryptocurrency support, worldwide availability and all of Binance’s services caused this success.
And yes. The Binance supports worldwide because there’s no official statement regarding supported countries. It’s great. Most cryptocurrency exchanges these days are not available worldwide.
Binance expanded it’s services to mobile users with mobile applications. Available in iOS and Android as well. And also applications available for Windows and Mac platforms. Did you ever hear a desktop application developed by a cryptocurrency exchange?
In fact, Binance working on its own ecosystem with various different services. Let’s find them out in brief.
An ecosystem is being developed by Binance with various services. What is an ecosystem? Here’s the simplest explanation. You need to repair your vehicle, you go to a repair center only does repairs. But when you needing extra replacement parts, you have to get them separately.
In fact, what if you go to a service center having its own replacement part stores and other requirements? You have all the things you need. And that’s how an ecosystem works. Back to Binance.
These are the all services of the Binance exchange. Look how useful it is.
I’m not going to review these all features of Binance because this article focuses on the Binance exchange review. However, I put links for them so you won’t miss anything.
Time to review the most important features of Binance cryptocurrency exchange.
Security Of Binance
First of all, what do you need to look for security? There are a lot of bitcoin hackers around. If they find a hint of your account’s access details, you might get hacked.
So finding security features of any platform related to cryptocurrency, is really important. Besides, a Binance review is worthless if it doesn’t cover security features.
Take your time then. What are the security features in Binance? Here’s what I found
- Two-factor Authentication
- Security Key
- SMS Authentication
- Anti-phishing Code
To be honest, those are the best security features available. So, beginners, Binance is safe enough. Let’s discuss each one of them. These options are available in the security section of your account.
This method is one of the best security features available. Combined with your mobile device, Two-factor authentication is giving you a top-grade security. Find out more in my 2FA article.
However, this feature is available when you access your wallet, when making withdrawals and security modifications.
This is a hardware device that connects with your account. After setting up, you can use the security key to access your account, to making withdrawals and to reset the password. Find more.
However, this security option is very tough against phishing attacks because it needs every time you access your account.
Standard security option. But worth setting up. In SMS authentication, you will get a code via SMS for the registered mobile number on Binance exchange when you making withdrawals and updating security options.
Still rocking security option. Make sure to set it up too.
Kind of a new feature. Didn’t see much this feature on cryptocurrency exchanges. So what is anti-phishing code? It’s just a code you can set up in the security section. What this thing does is,
When you receiving notification emails from Binance, the anti-phishing code included with the email. So why does this matter? those emails could be from phishing attackers. So you can simply avoid them by making sure that your code is there.
And that’s all it for the security features. But there’s more. When you log in to your account, Binance is showing you a message to make sure you’re in the correct URL.
Fees Of Binance Exchange
Here’s the best part. Fees in Binance exchange depend on your VIP level. It’s like an upgrade to your account as your trading volume is increased.
It determines from your 30 day Bitcoin trading volume or the amount of BNB coins you have which is very own cryptocurrency of the Binance exchange. And that’s it about the VIP levels in Binance.
Additionally, you need to know about standard fees that apply when you making trades. There are two different types of fees. The Taker and The Maker.
What are those? Simply known as Buy and Sell. When these both actions happen in the exchange, the fee applies. Here’s what I’m trying to explain.
You may have noticed that when you trading, BNB coins have reduced transaction fees. That’s a good thing anyway.
Supported Currencies And Payment Methods
Exchanges are filled with coins, But you need to look at that the exchange supports the coin you have. Besides, if you’re a beginner, you will get a higher opportunity with cheap coins.
But every cryptocurrency exchange does not support that kind of cheap coins. So you need to look for that.
And for additional features, Binance supports Fiat trading which also makes several market pairs. With that, we can assume Binance supports buy cryptocurrencies with cards.
Yes, it does. You can see at the top of the dashboard. But limited cryptocurrencies available for buy with cards or other payment methods.
Except Bank cards, here are the other payment methods,
Did you ever use these platforms to buy cryptocurrencies on Binance? Let me know down in the comments. Here are the cryptocurrencies available to buy on Binance.
- Basic Attention Token
- Bitcoin Cash
- Paxos Standard
Verification Process On Binance
What is verification? This is also known as KYC. Basically, verification means proofing your identity on that exchange. This will allows you to increase your limits in deposits and withdrawals.
In Binance, the verification process divided into two steps which are Personal and Enterprise. As a normal user and beginner, personal verification is enough.
If you own a company, you would go for Enterprise if you wanted to. See the below image to know what you will acquire at each stage.
I would like to explain simply about personal verification in this Binance review. Generally, personal verification needs your identity document photos and a photo of you.
Here are my tips to get success. First, you need to fill your details normally they should ask your full name, address, and birth date, etc. When you filing these details, Make sure to fill them with the exact same details that appear in your ID.
When taking photos of documents, Place them on a white surface and take. After taking a photo of you, Stand in front of a clear surface. A white background should be good. And make no expressions. And that’s it.
Earn With Binance
Most cryptocurrency exchanges these days, don’t offer these kinds of services. But in my point of view, the best service. This must be one of the factors that caused Binance to hit the world’s #1 ranking.
However there are two methods to earn with Binance exchange.
Earn By Saving
It’s more like a lending system. You lend your cryptocurrency and you earn with interest rates. In Binance, there are two types of Savings. Flexible savings and Locked savings. Find out more.
This means when you holding cryptocurrencies on Binance, you will get a reward for holding. But limit cryptocurrencies are supported. However, those are the best services so far as a cryptocurrency exchange.
Rewards are generated with an annual yield rate which differentiates for each cryptocurrency. See all.
Advantages And Disadvantages Of Binance Exchange
These are the key factors that most beginners look. So I decided to list Pros and Cons in this Binance review.
1) Binance ecosystem. Most people like this because it has everything the user looks for. And simple.
2) Buy Bitcoin with card and other payment methods. Most cryptocurrency exchanges these days following the same pattern. However, thumbs up for the service.
3) Low trading fees. As I reviewed, Binance has a tier-based fee system and even at first tiers, still low trading fees.
4) Reputation. Everybody knows by the name “Binance”. Besides, Binance has a perfect growing history.
1) Not beginner friendly. Specially the trading interface. Beginners easily get confused.
2) Slow customer supported. This has been reported by many users but I like to know your opinions on that. Leave a comment if you have any experiences.
Bottom Line – Is Binance The Best Exchange?
Now you read this article. Binance is the best cryptocurrency exchange by its services and that many opportunities everybody gets. It’s security in good shape, fees are low and you get many different cryptocurrencies to invest.
However, the Binance is the largest cryptocurrency exchange by trading volume. You may ask as a beginner, should I try this exchange. I would say no because of this exchange is not beginner-friendly. You need some experience to use Binance.
But go ahead and create an account on Binance and give it a try. I will leave the links below.
Do you like this Binance review? Found what you have been looking for? I hope I covered everything you need to know about the Binance cryptocurrency exchange.
Leave your Ideas and opinions in the comment section below. Please make sure to support me by sharing this article among other cryptocurrency beginners.