Cryptocurrency traders often find it difficult to decide which crypto exchange is best for their needs. Since many cryptocurrency exchanges allow us to buy, sell, and hold our crypto assets, it sometimes becomes difficult for beginners to choose one. This article is for you if you are among the investors who just entered the crypto article. In this article we will talk about the world’s largest cryptocurrency exchange, binance; However, before we dig deep, let us first understand that there are numerous factors that investors should consider when choosing a crypto exchange.
These factors include the history of the cryptocurrency exchange, its security features, supported assets, fees, and payment methods.
established in 2017, Binance is the leading crypto exchange in the world today. The platform enables crypto-to-crypto trading with over 600 cryptocurrencies and virtual tokens. This includes Bitcoin (BTC) and Altcoins such as Ether (ETH), Litecoin (LTC) and Dogecoin (DOGE) as well as its own token Binance Coin (BNB). If you are an investor who doesn’t want to store their digital assets with an exchange, then Binance is for you as it also provides a trust wallet for investors to store their electronic funds.
What makes Binance different from other crypto exchanges?
Binance is believed to have the lowest transaction fees among all cryptocurrency exchanges. Also, the exchange has high liquidity and offers discounts to users who deposit the BNB crypto tokens.
The platform also claims to maintain high security quality with multi-tier and multi-cluster architecture. Additionally, it claims that it can process approximately 1.4 million orders per second. Some additional services offered by Binance include cryptocurrency listing, delisting or withdrawal and fundraising. Users willing to launch their own tokens can also use the crypto exchange platform to raise funds via Initial Coin Offerings (ICOs).
Binance Options Trading Fees
According to the latest announcement, Binance charges a transaction fee after opening or closing a position. The transaction fee rate is 0.02%. In addition, exercise fees are charged each time options are exercised. The exercise fee is 0.015%.
Pros and cons of Binance
Binance offers a variety of trading tools for crypto enthusiasts. This includes the Binance app, the Binance website and the Binance desktop app. Binance receives an average of just 2 out of 5 stars from 3,654 Trustpilot reviews.
Should You Use Binance?
Binance is more suitable for experienced investors looking for advanced trading options and plenty of analysis to underpin their investment strategy. The crypto exchange is less preferred by beginners who value convenience and security more. Beginners must face a learning curve; however, it gets easier once they get their hands on it. With 600+ cryptocurrencies, low fees, and a presence in 180+ countries, Binance is considered an excellent choice for non-US residents looking for a sophisticated platform.
How to trade on Binance?
The most important factor that has led users to choose Binance as their trading platform is the ease and speed with which they can trade cryptocurrencies. Depending on the user experience, the exchange very cleverly offers different types of trading interfaces. The five simple steps for those early beginners looking to trade on Binance include:
- Step 1: Register Account – There are various options through which users can register a Binance account. A Binance account can be registered through the Binance app, Binance website or Binance desktop application using your email address/phone number.
- step 2: Full Verification – Users can complete identity verification on their Binance account to unlock fiat deposit as well as withdrawal limits. It usually only takes a few minutes to complete this process. This includes verifying your basic account information, providing identification documents and uploading a selfie or portrait.
- step 3: Deposit Crypto – If you hold Crypto in another wallet, you can deposit it into your Binance wallet
- step 4: Buy Crypto – Depending on the country, users can deposit around 50 plus fiat currencies such as EUR, BRL and AUD into their Binance account via bank transfer and bank card. After depositing, users can use the deposited currency to buy Crypto directly. One can also buy cryptocurrency directly using their credit or debit card either on the Binance website or in Lite mode on the Binance app. Crypto can also be bought here via P2P methods.
- Step 5: Explore Binance’s Versatile Products – Spot Trading: Users can start exploring Binance’s customizable trading products after receiving their first crypto. One can trade hundreds of Crypto and BNB on the spot market. BNB powers the Binance ecosystem as it is the native coin of Binance Chain. BNB has various use cases such as paying trading fees on Binance Exchange and Binance DEX and paying for goods and services online and in stores.
Can Binance keep your cryptocurrency safe?
Although Binance is one of the best crypto exchanges, it is recommended that users keep their funds in a hardware wallet, especially for long-term savings. Hackers can target cryptocurrencies held online. Binance takes care of its hot storage, but using your cold storage is safer with a hardware wallet. A hardware wallet is basically a device that is not connected to an internet connection; Whenever you want to access your digital currency, you need to connect it to your computer.