Nowadays, Binance is one of the biggest crypto exchanges in the world, and probably the most famous. From its humble origins beginning with the cryptocurrency boom back in 2017, it has steadily risen to become one of the most trusted crypto exchanges on the market.
Binance currently trades with a large number of cryptocurrencies as well as a custom-made cryptocurrency of its own: BNB, or Binance coin. BNB powers the whole ecosystem created around Binance, with the binance.us serving the American population. Its hub helps pre-ICO projects by listing new coins regularly.
Binance belongs amongst the largest crypto exchanges, allowing users to trade more than 150 cryptocurrencies. Among these, you’ll of course find the classics like Bitcoin, Ether, and Litecoin. You’ll also be able to trade lesser-known coins such as Siacoin, Ravencoin, and New BitShares.
As for fiat currencies, Binance will accept your American, Australian, Hong Kong, or Canadian dollars, British pounds, and Polish zloty, among many others.
Deposit and Withdrawal Methods
You can purchase each of these cryptocurrencies with fiat currencies, stablecoins, or via third-party payment options that are available in selected countries.
Binance is considered one of the best fiat-to-crypto exchanges. You won’t be able to make a trade before depositing money into your account, so make sure you have enough fiat at the ready before initiating a buy. You can do so via a bank deposit, credit, or debit card, or you can use one of the third-party payment options.
For unvalidated accounts, the withdrawal limit is 2 BTC per 24-hour period. Verified members can withdraw as much as 100 BTC per day.
When it comes to buying and selling online, you always need to consider the fees. Binance is no exception, with its standard fee of 0.1% for buying and selling. However, traders are incentivized to buy BNB; those who hold this coin get a 25% discount, which could potentially make Binance the crypto exchange with the lowest fees.
Even though Binance is still relatively new, it has taken all the necessary steps to make sure the site is as secure as can be.
However, it’s important to mention here that Binance was hacked in February of 2019, with $40 million worth of tokens getting stolen. For one of the best Bitcoin exchange options on the market, this was devastating and dealt a huge blow to the site’s reputation.
On the plus side, this hack made Binance aware of its shortcomings. Since then security has vastly improved, meaning that Binance is now among the top crypto exchanges in terms of security.
Binance proudly employs AI to help with the verification process, big data analytics solutions to monitor suspicious activity on the exchange, and cyber-forensic investigations to track and locate suspects.
At Binance, you can rely on a two-factor authentication process that includes both a PIN and a private key that is needed to authorize any transaction.
You might have already heard chatter that Binance has the best crypto exchange app. Indeed, Binance’s mobile app has quite an excellent reputation, and for good reason. The app comes in two versions: Lite and Pro. Beginner traders will benefit more from the easy-to-use Lite version, while experienced traders will certainly appreciate the detail-heavy Pro version.
Unfortunately, Binance’s overall good reputation doesn’t extend to its customer support offer. Many online reviews mention this as one major area in which Binance needs to improve.
While you’re unlikely to get the personalized service you desire, you will find a pretty detailed FAQ section that’s full of information you need to start trading on Binance.
Reasons to Open Account:
- Plenty of cryptocurrencies supported
- User interface adjustable between Lite and Pro
- Binance’s peer-to-peer trading doesn’t incur any fees