Cryptocurrency, shortened as crypto, is any digital or virtual currency. 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. As such, it doesn’t rely on banks to do 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. Every owner of cryptocurrency keeps their funds 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 is used to store and transmit cryptocurrency data. It provides security and safety while transactions between wallets and public ledgers take place.
Bitcoin was the first Cryptocurrency and was established in 2009. It is still the most well-known cryptocurrency today. However, it is not the only cryptocurrency that exists. Some others include: DogeCoin, Ethereum, BNB (Binance Coin), Tether, Solana, and Polkadot.
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 trade digital currencies and cryptocurrencies for other assets, such as fiat money or other digital currencies.
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 accept wire transfers and credit card payments in exchange for digital currencies.
One such dedicated cryptocurrency exchange is Binance.
Binance and Overview Binance In Florida
For those of you who prefer a more visual experience, here is a video review from Beau Troxclair on his YouTube channel 0xBeau. To get a comprehensive overview of Binance, you may still want to check out our article below.
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. It was initially based in China but was quickly moved out of the country due to crypto restrictions getting stricter and stricter. It has been moved around from Japan and Malta, but it did not have a permanent home.
That said, there has been news about the company signing a memorandum of understanding with Bermuda and Malta, where it could finally find its home base. Binance In Florida
Binance’s popularity came from a user base that preferred its low fees, many available cryptocurrencies, and innovative products. The platform currently offers many crypto-based products.
From Binance, you can avail of such services as exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs, and more.
Binance has its own unique tokens, cryptocurrencies and coins. 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.
The United States Department of Justice (Internal Revenue Service) investigated the company in 2021 for money laundering and tax crimes.
In the same year, the United Kingdom’s Financial Conduct Authority ordered the platform to stop all regulated activity in the country in June 2021. That said, the scope of this ban was limited, and that non-registered firms can still interact with UK consumers.
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 Selection of Cryptos
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. Some of them include decentralized finance (DeFi) tokens, stable coins, alt coins, and popular cryptos.
Here are some examples:
- Binance Coins (BNB)
- VeChain, (VET).
- Harmony (ONE)
- VeThor (VTHO)
- Dogecoin (DOGE).
- Matic Network (MATIC).
Binance offers support for popular cryptocurrencies like:
- 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. However, choosing Binance as your trading platform will give you deals that may as well be free. Comparable to other cryptocurrency exchanges, which charge commissions and fees, this is quite a difference. 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. As a rule of thumb, the higher the volume of your trade, the lower the fees your trades are subjected to. Binance In Florida
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. As a sample, you refer to the chart below
| Type of payment | Fees |
|
|
We can discuss more about fees in a later section.
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Passive income from crypto assets
Binance lets you earn crypto assets. Of course, these come with varying degrees of risk. You have two options: earning a higher rate of interest (or more) on cryptos through its staking program, or placing assets in flexible savings accounts to get lower but more consistent rates.
There are more available staking options available on the platform. They even pay higher rates than most other exchanges.
You can also earn income by adding liquidity to pairs of tokens, but this is a riskier option. It is up to you to decide if these risks are worth taking. Before you jump into these opportunities, you need to be aware of what is at stake.
Advanced Trading Tools
Binance’s advanced trading tools provide an easy way to customize your trading options. Setting a limit to buying or selling crypto at a specific price is easy. It even accommodates beginner users with its “convert” function.
For veteran traders, the charting tools in the advanced trading interface are something to behold. There is also a Bitcoin futures section that can let people speculate on whether the price of Bitcoin will go up or down.
The platform allows you to sell leveraged tokens in connection to earning opportunities with inherent risk. This is an opportunity for customers to multiply their positions in a particular currency. 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 definitely not for beginners. Binance is complex platform designed for experienced traders. The general aim of the platform is to have these earners maximize their profits.
We have already discussed the risks Binance offers its users in order to make passive income from their crypto holdings. The thing is, most of these features will only be useful when you know what those things mean and what you are doing.
As for the risky opportunities, more often than not, this is where beginner traders and newbies lose their money. It takes years of experience and honed gut feeling to understand the inherent and hidden risks some trades carry with them.
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 are comfortable with the platform, it will be very simple to manage your assets. Also, for what it’s worth, Binance has a simpler interface designed for first-timers. You also have a lot of educational resources.
While Binance is not that beginner friendly, it still has a lot of resources to help those who want to learn. Binance is not the place where you can just buy Bitcoin and then relax. Binance In Florida
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. Should anything come out of this, only time will tell.
Binance took steps to improve its compliance team, and keep regulators in line. This could be difficult as many of the products that Binance customers love are also those that attract regulatory attention.
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. The U.S. version Binance offers fewer features and less cryptocurrencies.
Binance.US trades more than 120 cryptocurrencies, but does not offer futures trading. 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
- Advanced features like crypto derivative products, limits orders and peer-to-peer trading are available.
- 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
- Its tax reporting tool will help you keep track of all your tax obligations
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.
The system also features an anti-addiction feature in case traders get 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 responsible traders should be critical and keep themselves in check to avoid harmful excesses like compulsive trading or 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
Creating and registering your very own Binance account is simple and can be done within a few minutes. There are two types of accounts available: unverified and verified.
For unverified users
- Click the register button on the Binance homepage
- Enter Email address
- Create a password
- Accept Binance’s Terms and Conditions of Use
- Click “Create Account”
- Confirm registration through email
For Verified Accounts
- Register now for an unverified Account
- Log in to your account
- Go to User Center and click Identity Verification
- Choose Personal
- Please fill in your details
- Select an ID type to verify document authenticity, such as a Passport and Driver’s licence
- Take a photo or upload a file of your document
- Take a picture of yourself
- Click confirm after you have uploaded the document and image.
- Binance will then review it as soon as possible. Binance In Florida
To verify your account, you will need to wait for Binance to send an email.
Trading Experience
As we’ve mentioned, Binance offers a variety of trading tools. These tools include real-time charting with moving averages or exponential moving averages. Trades can also be made easy and accessible through the Binance mobile app, Binance website or Binance desktop application.
The platform allows traders to view their trade history and portfolios. The platform allows them to view their 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. Since you can use Binance via a multitude of platforms such as desktop, mobile, or through a web-based app, users will need to provide some personal information to verify their account to get started.
Fees
We all know that one of Binance’s selling points is its low fees. This does not mean users are exempt from any charges. Users of Binance are still required to pay fees for using the platform.
Deposit and Withdrawal Fees
Deposit fees depend on the currency and method of payment. Although bank transfers are usually free, debit card payments will often incur fees.
Depending on your country, Binance might allow credit or debit card payments, bank transfers, and peer-to-peer payments.
You can withdraw money as a fiat currency from a bank account. You can also withdraw crypto to a wallet or another exchange. These withdrawal fees and minimum amounts are determined by your currency and method. Binance In Florida
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).
The platform also encourages the use of its own native currency, the Binance Coin (BNB). Anyone doing so can get a 25% discount on the trading fee. Binance offers 0% trading for selected Bitcoin and Binance USD pairs (BUSD).
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 and at least 500 BNB | 0.07% / 0.09% |
| 5 | 200,000,000 to 499,999,999 and at least 1,000 BNB | 0.06% / 0.08% |
| 6 | 500,000,000 to 999,999,999 and at least 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 | 2,500,000,000 to 4,999,999,999 and 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
Since Binance handles multiple sensitive and high stakes data, and it should be expected that the platform has good and robust security measures to protect its assets as well as their client base.
Binance offers two-factor authentication via the Google Authenticator app, or a short message service for customers. It uses address whitelisting, device administration, and the ability restrict device access.
Binance claims that it has its own insurance fund. Binance stores 10% of trading fees in a safe fund. This insurance fund is supposed to protect against hacking losses, which Binance is well-versed in (more 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.
There is a silver lining to this. Sometimes, it would be more beneficial for exchanges to experience these incidents so that they can determine which part of their security to fix. As for the customer side, at least they can see how the platform handles themselves and their customer base whenever these cases happen.
In Binance’s case, they quickly responded and immediately reimbursed anyone affected by the hack through their Secure Asset Fund for Users (SAFU). 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). Binance has been known to encourage users to tweet their issues through this channel as it has more visibility.
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 and 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.
- You have the ability to make passive income in many different ways.
It is impossible to not desire passive income. Binance offers many opportunities to make passive income. It’s like being paid for nothing. That said, these opportunities also carry inherent risks in them. As such, these are not for the faint-hearted. Binance In Florida
- Wide selection of Cryptocurrencies: From Bitcoin to Dogecoin and Etherium, there is no shortage of cryptocurrency you can buy from Binance. And that number is growing, with newly added cryptos like Fish(FISH) and Fanverse (FT).
BNB is the platform’s crypto. This allows crypto investors and traders flexibility in making their selections.
- Advanced Trading Tools
The tools that a trading platform provides to its users will determine how good it is. 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 trading Options and Order Types
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 In Florida
Cons
- Platform can be overwhelming for beginner users.
Multiple options and advanced tools can be a bad thing. Seeing a multitude of selections can easily overwhelm beginner users and might paralyze them from the sheer number of options given. Some experienced traders even claim they are intimidated by Binance’s many available options.
- Issues with Regulation in many countries
Binance has been faced with numerous legal and regulatory 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.
However, Binance U.S. is more limited than the original Binance. It is not available in certain states, such as New York and Vermont.
- There is no built-in digital wallet
Most popular cryptocurrency exchange platforms have their digital wallets built-in and included in. 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 In Florida
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 entered cryptocurrency because I wanted to see what the fuss was all about. This is not something I intend to take seriously.
It took me no time to create my account and verify it. In a matter of minutes I was able to view the UI and all the features offered by the platform. Let me tell you…..
With confidence, I can say that Binance is not for beginners. 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.
With his assistance, and some tutorials from Binance Support, it was easy to get my bearings and start trading. Although it is still confusing at times, I am slowly getting the hang of trading.
As of right now, I want to bet on the right horse and not the wrong one.
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Common Questions about Binance Binance In Florida
Is Binance Safe?
It is safe but not with a great track record.
While Binance has its own set of key security features, it still is a blight on its record that it was 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?
It is hard to determine which platform is right for your needs until you have read the reviews and tried the services for yourself.
However, for the sake of having an answer, you may deem Binance is a right fit for you if:
- 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’re looking for advanced features in your service.
- An institutional trader is one with a high net worth.
- You are not a citizen of the United States.
Does Bianance Offer FOREX Trading?
No, Binance does not offer traditional Forex (Foreign Exchange Trading).
It lacks the currency pairing required to join FOREX. 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
Unlike FOREX trading, Binance does offer CFD (Contracts for Difference) trading.
These are still controversial in the crypto industry, as many prefer to own native assets. Unlike CFD’s, these assets can easily be withdrawn to a personal wallet. That said, CFDs do have their advantage. For one, they can be very liquid.