by Rushali 
Investment in cryptocurrencies has become a new trend in the last few months. We can see tremendous development in the trading of cryptocurrencies. This pandemic has encouraged people to invest their money and create another source of income. Because this growing inflation will eat up your purchasing power, it’s become really important for you to have another source of income. That’s where cryptocurrency enters and there is nothing better than investing in it.
Today, people are interested in trading in cryptocurrencies but they are confused that where to do it. There are many exchanges nowadays that have different features, different fees, etc. So, that made it really difficult for the customers to choose one exchange. Today we will solve this problem by reviewing one of the exchanges.
This article will review the exchange called Binance.
Overview
It is a famous name in the crypto exchanges industry, it has many advertisements all over the world that help it gather more and more customers. Binance is based in Hong Kong and it works only as a cryptocurrency exchange. It was launched in the year 2017 and within a year it becomes a global name because of its unique trading tools. It stands on number one when it comes to the register maximum trading volumes every day. After that also it has never disappointed its customers in executing excessive trades. That’s why it is one of the most trusted exchanges in the world.
In the year 2019, the exchange has suffered a major security breach where almost 7000 bitcoin were stolen that were $40 million at that time. Then the company has stopped the withdrawals and deposits but continued the trading. Later on, they have reimbursed their customers from their security assets fund. Due to the growing regulatory concerns in China, the company has shifted its base to Malta in the year 2020. In that year only, it has also acquired India’s largest cryptocurrency exchange WazirX. Binance has offices in many countries and works on a worldwide basis.
Features
Now, let’s look at some of its distinctive features.
eWallet – Binance has its own digital wallet where you can deposit and withdraw money, it is stored in an electronic form. Other than that almost all leading wallets are also available at the company. The company also offers its users many features of the wallet where not only you can store cryptocurrency as well as fiat currency you can even earn interest on that.
Mobile Trading – Binance has a mobile app that enables its users to trade from anywhere in the whole world. If you are traveling then also you can trade through it. It is more compatible, handy, and easy to use. The Binance app is available on Android, IOS users.
Trading account – Binance has two main types of trading account one is basic and the second is advanced. Let me explain both the trading accounts in detail.
1. Basic trading
It has a strict primary form of trading as the name also suggests. It is for beginners in the market who do not know anything about the market. So it helps them to learn quickly the basics of the market. But after some time you will get bored and for more technical tools you need to move to advance trading. It is very easy to read, the display is very simple in which prices are in the left panel, and the graphs are displayed in the middle. The information of what to buy or sell and the market’s history is featured on the right side.
2. Advance trading
As the name suggests it has some advanced features apart from the basic ones. You will get some technical indicators and charts that help you in doing the technical analysis. But it a bit complicated to read the display before it contains much information like trading history information, market developments, and upcoming events, etc. It also offers a training course to its users.
Customer support – They have a great reputation in customer support. Users also have a large library that solves all the problems and even a trading guide as well. Customers also can chat with the company’s support team and solve their queries. They have a special section of learning where the users will get access to articles that will help them in the basics of trading.
Charts – Binance uses Trading view to provide its users access to technical charts, indicators, graphs to analyze the market in real-time. The trading at the exchange is very user interactive. People enjoy doing technical analysis on the exchange.
Also Read : 10 best cryptocurrencies to buy for 2021
Cryptocurrencies supported
The exchange supports a wide range of cryptocurrencies. Binance also has a native token called Binance coin and that is also supported on the exchange. Apart from Bitcoin and ethereum it also supports more than 100 cryptocurrencies. They have a cryptocurrency list in which all the supported cryptocurrencies appear.
- Fees
Binance has different trading fees for different kinds of trading. For futures trading, Binance charges a below-average trading fee to its users. Its trading fees are below the industry average, the standard industry fee starts at 0.075% and the standard maker fee at 0.025%. A user can also save 10% of their future trading fees through sign-ups. For spot trading, Binance charges a flat trading fee of 0.10%. It charges a very small amount of withdrawal fees from its customers.
- Deposit methods
Initially, Binance only accepted deposits in the form of cryptocurrencies. But now Binance accepts different currencies and modes of deposits. It also accepts real money deposits and normal currency funding. Today’s crypto investors can now trade at the Binance exchange through debit card or credit card deposits as well. Since the year 2019, Binance has started accepting numerous deposit methods to accept new users possible under different circumstances. Binance has also partnered with Simplex, an Israel-based payment services firm, which allows Binance users to buy and sell Bitcoin (BTC), Ethereum (ETH), and other cryptos such as Litecoin (LTC) or Ripple through VISA and MasterCard credit cards.
- Security
If we go by review of customers of Binance then it is one of the most secured crypto exchanges in the world. It is a safe trading platform that has a fully secured network for its users. It also has an advanced data protection environment called Binance chain that is not present in other exchanges.
Merits
Now let’s list all the merits of Binance.
- It supports a variety of cryptocurrencies. It also has a range of pairs available for trading like BNB, ETH, BTC, etc.
- Binance is a very easy-to-use platform And it has many tutorials also to learn how to trade and how to use any feature on the platform.
- The exchange has focused a lot on data security. With the use of chain blockchain technologies, it protects the transactional data at every endpoint of the transactions. It has an array of security measures is used to safeguard investor assets from any kind of cyberattacks.
- It supports many methods of depositing and withdrawal money.
- A unique feature of Binance is that it gives interest to your crypto holdings.
- It has a smooth run in trading high volumes.
- They have 24-7 customer support for their users.
- Many other platforms are also available at Binance. They have different types of trading like margin trading.
Demerits
Now we will make a list of demerits of the exchange.
- KYC is compulsory in this exchange. It can be added in merit as well for some people but for traders who do not want to disclose their details, it is a big demerit.
- Advance trading can be complicated for new users. It is designed strictly for professional users.
- A Binance demo account is only available for futures trading.
After mentioning all possible details about Binance, we can conclude that it is one of the best crypto exchanges in the world. Customer reviews also say that how Binance delivers the next level user experience. The exchange has everything that a customer wants, a wide range of cryptocurrencies, low trading fees, different payment options, a great user-interface, etc. All in one experience guaranteed in this exchange.
3 Comments