Any digital or virtual currency, also known as cryptocurrency, can be abbreviated to crypto. Cryptography is used to ensure transactions are secure.
Cryptocurrencies do not have a regulating or central issuing power; rather, they depend on a decentralized system to record transactions and issue new units. It doesn’t depend on banks to conduct transactions.
So what does it use? It depends on a peer-to-peer system that allows anybody to send and receive payment anywhere. The currency is digitally stored on an online database which records specific transactions.
Each time a transaction is done with cryptocurrency funds, it will be recorded in a public ledger. Each owner of a cryptocurrency has their funds stored in a digital wallet.
Cryptocurrency is so named because of its use of encryption to keep and verify transactions. Cryptocurrency can only exist digitally and virtually because it uses encryption methods only computers can understand.
This advanced coding used to store and transmit crypto data provides security and safety as transactions between wallets, and public ledgers are happening.
The first ever Cryptocurrency was called Bitcoin and was founded in 2009. It is still the most well-known cryptocurrency today. It is not the only cryptocurrency. Other cryptocurrency options include DogeCoin and Ethereum, BNB (Binance Coin), Tether and Solana.
Meanwhile, to have these currencies exchanged or traded, one would need the services of a cryptocurrency exchange or a digital currency exchange (DCE).
A Cryptocurrency exchange is a business that allows customers to trade cryptocurrencies and digital currencies for other assets like other digital currencies or fiat money.
The functions of crypto exchanges are very similar to those offered by online brokerage platforms. You can use them to purchase and sell digital currencies or tokens for various cryptocurrencies.
Crypto Exchanges can accept credit card payments, wire transfers, or other forms of payment in exchange for digital currencies or cryptocurrencies.
Binance is one such dedicated cryptocurrency exchange.
Binance and Overview Binance For Apple
Beau Troxclair’s YouTube channel 0xBeau has a video review of Binance. For those who like a visual experience, this is the video. You can still read our article for a complete overview of Binance.
When it comes to cryptocurrency exchanges, Binance continues to be one of the top cryptocurrency exchanges in the world. Binance has the largest trading volume of any cryptocurrency exchange and offers users the most trading pairs in cryptocurrency.
Binance got its start in 2017 through Changpeng “CZ” Zhao. Although it was originally based in China, it was quickly relocated to the United States due to increasing crypto restrictions. Since then, it has moved from Japan and Malta but did not have a permanent place to call home.
However, news has come out that the company signed a memorandum with Bermuda and Malta to finally establish its home base. Binance For Apple
Binance’s popularity was due to its user base who liked the low fees, availability of cryptocurrencies and innovative products. Currently, the platform offers a multitude of crypto-based products.
From Binance, you can avail of such services as exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs, and more.
Binance also has its set of unique tokens and cryptocurrencies. One of which is BUSD, a stablecoin, and the other is BNB which is known as a strong performer due to its low fees.
However, Binance has its problems and dark sides.
In 2021, the company was investigated by the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses.
The Financial Conduct Authority of the United Kingdom ordered that the platform stop all regulated activities in June 2021. However, this ban had a limited scope and non-registered companies can still interact with UK customers.
It was originally set up in the spring of that year to launch a digital asset marketplace in Britain. However, it withdrew its application because it did not meet anti-money laundering requirements.
Also, in the same year, Binance was said to have shared client data, including names and addresses, with the Russian government. The Russian government justified this as a way to help them fight crime.
Binance Perks
Large Crypto Selection
The company is one of the largest cryptocurrency platforms on the market. It is not surprising that there are many cryptocurrencies and digital currencies available. You can get decentralized finance tokens (DeFi), stable coins, alt currencies, and other popular cryptos.
Here are some examples:
- Binance Coins (BNB).
- VeChain, (VET).
- Harmony (ONE)
- VeThor (VTHO)
- Dogecoin (DOGE)
- Matic Network (MATIC).
For those who want them, Binance also offers and support for the more popular cryptocurrencies such as:
- Dash (DASH)
- Compound (COMP).
- Bitcoin (BTC)
- Ethereum (ETH).
- Litecoin (LTC).
- Cardano (ADA)
- Cosmos (ATOM)
Low fees
No platform offers trading currencies and tokens for free. Binance is a trading platform that offers deals that are often as good as free. This is compared to other crypto exchanges that also charge fees and commissions. The highest spot trading fee so far is 0.1%.
The platform employs a maker/taker fee structure, and fees will vary depending on trading volume and Binance Coin (BNB) balance. The fees for trades that involve high volumes are generally lower. Binance For Apple
What’s more, is that users can also get fee discounts for some services. Such as:
- Using Binance (BNB) coins in trades
- You can become a Very Important Person (VIP) by trading certain assets.
However, Binance users still have to pay additional fees. Different fees will apply depending on which type of withdrawal you make and what payment method you use. The chart below is an example.
| Payment Type | Fees |
|
|
In a later section, we will discuss fees.
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Passive Income on Crypto Assets
Binance allows you to earn from your crypto assets. These come with different levels of risk. A few options include earning 50% APR or more on certain cryptos in its staking program or putting assets into flexible savings accounts for lower but more consistent rates.
There are more available staking options available on the platform. They also pay higher rates than other exchanges.
You can also earn income by adding liquidity to pairs of tokens, but this is a riskier option. Of course, it is really up to you when taking on these risks. Before you jump into these opportunities, you need to be aware of what is at stake.
Advanced Trading Tools
Binance’s advanced trading features make it easy to tailor your trading options. Setting a limit to buying or selling crypto at a specific price is easy. With its “convert” function, it even caters to beginners.
The advanced trading interface has a lot of charting options that are a delight for veteran traders. A Bitcoin futures section allows people to speculate on the price of Bitcoin.
The platform allows you to sell leveraged tokens in connection to earning opportunities with inherent risk. Customers can multiply their currency positions by selling leveraged tokens. As stated, this is a risky strategy because it can multiply losses and may even cause traders to lose their entire position.
Binance Shortcomings
Not for Newbies
Binance is not for beginners. Binance is complex platform designed for experienced traders. This platform’s goal is to maximize the profits of these traders.
We previously discussed the advanced trading tools and the risky opportunities Binance provides its users to earn passive income on their crypto holdings. You need to understand what these things mean and how you’re using them.
As for the risky opportunities, more often than not, this is where beginner traders and newbies lose their money. To understand the hidden and inherent risks that trades can carry, it takes years of experience.
It can be difficult to navigate the vast market selection and in-depth dashboards offered by the platform, especially for those just starting out in crypto investing.
Once you get the hang of the platform, you will find it very easy to manage your assets. Binance also has a simple interface that is suitable for beginners. It also provides a sizable educational resource.
Binance isn’t very beginner-friendly, but it has many resources that can help those who are interested. Binance is not the place where you can just buy Bitcoin and then relax. Binance For Apple
Regulatory Attention
As we have already mentioned, Binance has faced many problems. It is currently in the crosshairs of several countries, including Japan, Canada, Singapore and Thailand.
The United States authorities are investigating the platform for potential money laundering, tax evasion, and even insider trading. Binance has not been charged and no criminal charges have been filed. Only time will tell if anything comes out of this.
Binance took steps to improve its compliance team, and keep regulators in line. However, this could prove to be a difficult endeavor as most of the products that make Binance attractive to customers are also the ones attracting regulatory attention.
It is not available in the U.S.
In response to regulations targeting Binance’s business in the United States, they had to build a separate platform for U.S. customers called Binance.US. This U.S. version of Binance has fewer features and cryptocurrencies offered.
Binance.US also trades over 120 cryptocurrencies and does not offer futures trading or leveraged token. It is also not available in all countries. It is not available in Hawaii, New York or Texas.
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How it all Works
We’ve seen the positive and negative aspects of Binance. Now we can talk about how it all works.
As we know, Binance functions as a cryptocurrency exchange. It has a huge range of services. These include:
- Trade, buy, and sell cryptocurrency
- Set up recurring buys
- Earn passive income
- Access advanced features such as crypto derivative products, limits orders, and peer-to-peer trading
- Trade non-fungible tokens (NFTs)
- Participate in Binance’s Launchpad and Launchpool to get exposure to new cryptos
- Get portfolio insights and live tracking, as well as alerts
- Keep track of your tax obligations with its tax reporting tool
That said, it still bears repeating that the platform’s broad range of products is what landed them on the crosshairs of many regulatory bodies around the world. On their side, Binance does warn users of the risks involved with investing in the platform.
It also has an anti-addiction setting just in case users become too involved with trading. The system warns traders about the risks involved in trading derivatives if they suffer heavy losses or a losing streak. They are encouraged to take a break from trading and rest.
The platform believes that responsible traders must be critical and maintain control to avoid compulsive trading and gambling.
These are just reminders. Retail investors will ultimately decide how to manage risk and where they should invest their money.
Sign up for your Binance account
It takes just minutes to create and register your Binance account. You are also given the choice of two types of accounts: Verified and unverified accounts.
For unverified users
- Register on the Binance homepage
- Enter your email address
- Set up a password
- Accept Binance’s Terms and Conditions of Use
- Click “Create an Account”
- Confirm registration through email
For Verified Accounts
- Register for an unverified account.
- Log in to your account
- Click Identity Verification in the User Center
- Choose Personal
- Please fill in your details
- Select an ID type to verify document authenticity, such as a Passport and Driver’s licence
- Upload a file or take a picture of the document
- Take a picture of yourself
- Click confirm after you have uploaded the document and image.
- Binance will then review your submission as soon as they can. Binance For Apple
To verify your account, you will need to wait for Binance to send an email.
Trading Experience
Binance provides a wide range of trading tools, as we have already mentioned. These tools include real-time charting with moving averages or exponential moving averages. Trading is also convenient and accessible, as users can place trades through the Binance app, Binance website, or Binance desktop app.
The platform allows traders to view their trade history and portfolios. They can view the order book and price charts. The platform also gives users a selection of order types. They can stop orders, limit orders, stop-limit orders, stop-market orders, and trailing stop orders.
Users can also choose from different trading views to better understand data and view it in the way that they prefer. There are many views to choose from, including classic, margin and OTC views.
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Trust Wallet
Binance offers a custodial wallet on its platform. It also recommends Trust Wallet, which supports thousands of cryptocurrencies on most major blockchains. It is easy to withdraw from Binance to a Trust Wallet or other external crypto wallet.
Withdrawals are usually completed in 10 minutes and the fees are very low. To verify your account, you will need to enter some personal information. You can use Binance on a variety of platforms, including mobile and desktop.
Fees
Binance is known for its low fees. This does not mean users are exempt from any charges. Binance users are still subjected to some fees needed for the platform.
Deposit and withdrawal fees
The currency used to pay and the method of payment will determine how much deposit fees are charged. While it is usually free to make a bank transfer, fees will usually be there for debit card payments.
Binance may allow you to make credit card or debit card payments, bank transfer, and peer-to-peer payments depending on where you live.
You can withdraw money as a fiat currency from a bank account. You can also withdraw crypto to a wallet or another exchange. Fees for these withdrawals and minimum amounts will be based on your method and currency. Binance For Apple
Trade Fees
The trading volume and trading history over the last 30 days will determine the percentage of your trading fees. The amount of BNB you hold will also matter.
Some people, like Maker orders (those that add liquidity to the market), will also get lower fees than taker orders (those that remove liquidity orders from the market).
It also encourages users to use their native currency, Binance Coin (BNB). Anyone doing so can get a 25% discount on the trading fee. Binance also offers 0% trading on selected Bitcoin and Binance USD (BUSD) pairs.
Below is a chart that shows how VIP status and the 30-day trade volume are related to maker/taker.
| VIP | 30-Day Trade Volume (BUSD) | Maker/Taker |
| 0 | Less than 1,000,000 | 0.10%/0.10% |
| 1 | 1,000,000 to 4,999,999 and at least 25 BNB | 0.09%/0.10% |
| 2 | Between 5,000,000 and 19,999,999 with at least 100 BNB | 0.08% / 0.10% |
| 3 | Between 20,000,000 and 119,999.999, with at least 250 BNB | 0.07% / 0.10% |
| 4 | 120,000,000 to 199.999.999 with at least 500 BNB | 0.07% / 0.09% |
| 5 | Between 200,000,000 and 499,999.999 and at most 1,000 BNB | 0.06% / 0.08% |
| 6 | 500,000,000 to 99,999,999999 and at most 1,750 BNB | 0.05% / 0.07% |
| 7 | 1,000,000,000 to 2,499,999,999 and at least 3,000 BNB | 0.04% / 0.06% |
| 8 | Between 2,500,000,000 and 4,999,999.999999999 with at least 4,500 BNB | 0.03% / 0.05% |
| 9 | More than 5,000,000,000 and at least 5,500 BNB | 0.02% / 0.04% |
Security
Binance is a platform that handles sensitive and high-stakes data. It should be expected that it has strong security measures to protect their assets and clients.
Binance offers two-factor authentication via the Google Authenticator app, or a short message service for customers. It also uses address whitelisting, device management, and the ability to restrict device access.
Binance claims that it has its own insurance fund. Binance stores 10% of trading fees in a safe fund. This is meant to cover any losses from hacking, an incident that Binance is familiar with (more on that later).
This insurance is not the same as having a third party doing it, but it does give users some protection.
Binance also keeps its most important security feature, its funds, offline, in cold storage. This is to avoid any contact with hackers.
That said, customers should still be wary of Binance since its security needs a better track record. In early 2019, the platform was hacked for $40 million in BTC. It also suffered another major hack in October 2022, this time costing them $570 million in BNB.
However, there is a bright side to this; sometimes, it would be better to have exchanges experience these incidents so they know which part of their security they should focus on and fix. As for the customer side, at least they can see how the platform handles themselves and their customer base whenever these cases happen.
Binance quickly responded to the hack and reimbursed all those affected through their Secure Asset Fund for Users. This cold storage wallet keeps enough capital to cover users’ losses.
Customer Service
Binance provides three options for customer support. You can submit a ticket, ask a basic question through chat, and reach out via Twitter.
To obtain tickets, you simply need to complete a form on Binance’s website. Submitting a ticket entitles you to receive email assistance.
For support, all you need to do is tag or mention Binance (@BinanceHelpDesk). Because it is more visible, Binance encourages users to tweet about their problems through this channel.
If you need to get in touch with Binance directly, there is a chat box at the bottom right corner. This can be accessed on the Binance website.
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Binance Pros & Cons
Pros
- Low Fees
One of the reasons why Binance is among the top choices for crypto exchanges is its low fees. This is no surprise. After all, if a platform asks for lower fees, crypto traders and investors get to keep more of their investments and earnings to themselves.
- Ability to earn passive income in many ways.
Whoever does not want to earn passive income. It is like getting paid while doing nothing, and Binance has a lot of opportunities for doing so. These opportunities come with inherent risks. As such, these are not for the faint-hearted. Binance For Apple
- There are many Cryptocurrencies to choose from: You can purchase everything from Bitcoin to Dogecoin, Etherium and more at Binance. With the addition of cryptos such as Fish (FISH) or Fanverse (FT), that number is increasing.
BNB is the platform’s crypto. These multiple selections allow crypto traders and investors flexibility in their choices.
- Advanced Trading Tools
A trading platform will only be as good as the tools it provides its users. In the case of Binance, it gives users enough tools for a more flexible trading experience. Investors and traders will have no trouble trading on the platform.
- Multiple ways of Depositing Money
If you don’t have any money to invest, trading is impossible. That is why, Binance allows for easier access and start to crypto trading through its multitude of ways to deposit funds
- Flexible Order Types and Trading Options
Bear in mind, trading is like a gamble. The assets and stock own may be valuable now, but you will never know when their values will drop. Binance, one of the best trading platforms, should allow users to trade in any way they like. Binance For Apple
Cons
- Platform can seem overwhelming to beginners.
Of course, multiple options and advanced tools are not always a good thing. A multitude of choices can overwhelm beginners and make it difficult to choose from. Binance’s numerous options can even be intimidating to some traders who are more experienced.
- Issues with Regulation in many countries
Binance has faced several regulatory and legal issues. In fact, this is a glaring issue that has multiple investors considering other exchanges.
That said, the platform has been trying hard to remedy these regulatory issues and doing its best to meet the requirements to comply with and solve these issues.
- Not available in the United States
Binance was temporarily banned in the United States due to problems with US regulatory bodies. Binance U.S. was created by the parent company to provide a U.S-exclusive version.
Binance U.S. has a smaller selection than the original Binance. Furthermore, it is also not available in some U.S. states like New York and Vermont.
- There is no built-in digital wallet
Many popular cryptocurrency exchange platforms include their digital wallets as part of the platform. For some reason, Binance does not. Rather it recommends a third-party service called Trust Wallet. While it has a good reputation, there might be issues as they can only offer limited support Binance For Apple
Binance Last Thoughts
Let me begin by saying that I’m a complete beginner when it comes crypto. My knowledge is based on a few YouTube videos, articles here and there, as well as some Reddit threads.
Binance was the best platform for me because it charges very low fees. I joined cryptocurrency to find out what all the fuss was about. I am not planning to take this seriously (yet).
It took me no time to create my account and verify it. Within just a few minutes, I could look at the UI and everything the platform offers. Let me tell you…..
So with confidence, I can honestly back the opinion that Binance is not beginner friendly. I can tell you that the myriad of choices presented to me by Binance was pretty intimidating and overwhelming. I needed a friend to help me understand the complexities of all this stuff.
So with his help, along with some tutorials found in Binance Support, I was able to get some of my bearings and begin trading. Though it still gets confusing, I’m getting the hang of it.
Right now, I hope I bet on the right horse, not the wrong one.
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Common Questions about Binance Binance For Apple
Is Binance Safe?
Yes, it is safe, but it does not have a good track record.
Binance does have its own security measures, but it has been hacked twice. Although the company increased its security, it will be determined if they can withstand attacks.
How do you decide if Binance is right for you?
To be honest, it is difficult to pinpoint which platform is right for you until you read their reviews and try the services yourself.
You may find Binance a good fit for you, if you:
- You are not a newbie in crypto trading, and you have intermediate to the advanced crypto trading experience.
- You want a service that charges low fees and carries many currencies.
- You are looking for a service with many advanced features.
- An institutional trader is one with a high net worth.
- You live outside the U.S.
Does Bianance Offer FOREX Trading?
No, Binance does not offer traditional Forex (Foreign Exchange Trading).
The main reason is that it lacks the amount of currency pairing needed to join the FOREX exchange. A company must have access to thousands of currency pairings in order to be able enter FOREX-only markets. This is quite a distance from Binance which has only 50 currency pairs.
CFD trading is offered by Binance
Binance offers CFD (Contracts For Difference) trading.
They are still controversial in crypto, and many prefer native assets. These assets, unlike CFD’s can be easily withdrawn to a personal account. However, CFDs have their advantages. They can be extremely liquid.