Any digital or virtual currency, also known as cryptocurrency, can be abbreviated to crypto. Cryptography is used to ensure transactions are secure.
Cryptocurrencies don’t have a central issuing or regulating power. Instead, they rely on a decentralized system for recording transactions and issuing new units. As such, it doesn’t rely on banks to do transactions.
What is it used for? It relies on a peer to peer system that allows anyone to send and receive money from anywhere. The currency is digitally stored on an online database which records specific transactions.
Every transaction made with cryptocurrency funds will be recorded in the public ledger. Each owner of a cryptocurrency has their funds stored in a digital wallet.
Cryptocurrency’s name is derived from its use of encryption to verify and keep transactions. This is why cryptocurrency can only exist in the digital and virtual space, as it uses encryption methods that 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. Other cryptocurrency options include DogeCoin and Ethereum, BNB (Binance Coin), Tether and Solana.
To trade or exchange these currencies, one would need to use the services of a crypto exchange or 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 Learn And Earn Not Working
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. It has the highest trading volume of any crypto exchange by offering users the most cryptocurrency trading pairs.
Binance was founded in 2017 by Changpeng Zhao (“CZ” Zhao). It was initially based in China but was quickly moved out of the country due to crypto restrictions getting stricter and stricter. 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 Learn And Earn Not Working
Binance’s popularity was due to its user base who liked the low fees, availability of 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.
That said, Binance is not without its issues and dark side.
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.
Earlier that year, it was set up to launch its own digital asset marketplace in Britain, but it withdrew this application due to not meeting anti-money laundering requirements.
In the same year, Binance was also reported to have shared client information, including addresses and names, with the Russian government. The Russian government justified this as a way to help them fight crime.
Binance Perks
Large Crypto Selection
Given that the company is among the biggest cryptocurrency platforms in 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).
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
Trading currencies and tokens are not offered free on any platform. Binance is a trading platform that offers deals that are often as good as 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 Learn And Earn Not Working
What’s more, is that users can also get fee discounts for some services. Such as:
- Using Binance (BNB) coins in trades
- If you achieve Very Important Person (VIP status) by trading a certain amount of assets.
That said, Binance users are still subject to other 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.
| Type of payment | Fees |
|
|
In a later section, we will discuss fees.
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Passive Income on Crypto Assets
Binance lets you earn crypto assets. Of course, these come with varying degrees 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.
The platform offers more staking options. 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. With its “convert” function, it even caters to beginners.
For veteran traders, the charting tools in the advanced trading interface are something to behold. A Bitcoin futures section allows people to speculate on the price of Bitcoin.
You can sell leveraged tokens to earn income opportunities that have inherent risk. Customers can multiply their currency positions by selling leveraged tokens. This strategy is risky because it can increase losses and even cause traders to lose their whole position.
The 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 have already discussed the risks Binance offers its users in order to make passive income from their crypto holdings. You need to understand what these things mean and how you’re using them.
The most risky opportunities are where novice traders and beginners lose their money. To understand the hidden and inherent risks that trades can carry, it takes years of experience.
The huge market selection and the in-depth dashboards presented by the platform can also be overwhelming and difficult to navigate, especially if you are just getting started 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 Learn And Earn Not Working
Regulatory Attention
As covered in the overview, one of Binance’s main drawbacks is that it has been in the crosshairs of some countries. Major countries that have it in for Binance include Japan, the United Kingdom, Canada, Singapore, and Thailand.
The United States authorities are currently investigating the platform in regard to possible money laundering, tax fraud, and insider trading. So far, no charges have been filed, and Binance has denied any wrongdoing. Only time will tell if anything comes out of this.
In response, Binance has taken steps to strengthen its compliance team and keep regulators onside. This could be difficult as many of the products that Binance customers love are also those that attract 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 trades more than 120 cryptocurrencies, but does not offer futures trading. Also, it lacks availability as it is not available to the whole country. 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:
- Buy, Sell, or trade cryptocurrency
- Establish recurring purchases
- 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
- Access portfolio insights, plus live tracking and alerts
- Keep track of your tax obligations with its tax reporting tool
It is important to remember that many regulatory agencies around the globe have been focusing on Binance’s wide range of products. 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. It encourages them to rest and hold back on their trading activities.
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.
Signing Up to 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:
- Click the register button on the Binance homepage
- Enter your email address
- Set up a password
- Accept Binance’s Terms of Use
- Click “Create Account”
- Register by email to confirm your registration
For Verified Accounts
- Register for an unverified account.
- Login to your account
- Click Identity Verification in the User Center
- Select 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 photo of yourself
- After uploading the required document and photo, click confirm.
- Binance will then review it as soon as possible. Binance Learn And Earn Not Working
From then on, you will have to wait for an email from Binance to ensure that your account has been verified.
Trading Experience
As we’ve mentioned, Binance offers a variety of trading tools. Some of these tools include their real-time charting tools with moving averages and 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.
Also, users can choose different trading views to easily comprehend data or view them in a way they prefer. There are many views to choose from, including classic, margin and OTC views.
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Trust your wallet
Binance offers a custodial wallet on its platform. Trust Wallet is also recommended by Binance, which supports thousands upon thousands of cryptocurrencies across all 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
We all know that one of Binance’s selling points is 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
Deposit fees depend on the currency and method of payment. 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.
As for withdrawing money, you can do so as a fiat currency to a bank account. You can also withdraw cryptocurrency to a wallet, or another exchange. These withdrawal fees and minimum amounts are determined by your currency and method. Binance Learn And Earn Not Working
Trade Fees
Your trading fee percentage will depend on your trading history in the past 30 days and the volume in the past 30 days. It will also impact the amount of BNB that you have.
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.
The chart below shows how VIP status, the 30-day trade volume, and maker/taker are related.
| VIP | 30-Day Trade Volume (BUSD) | Maker/Taker |
| 0 | Below 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 | 20,000,000 to 119,999,999 and 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 | 200,000,000 to 499,999,999 and at least 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 | Between 1,000,000,000 and 2,499,999.999999 and at most 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 includes two-factor authentication (2FA) via the Google Authenticator app or short message service for the customer side. 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.
Lastly, as its main security feature, Binance keeps most of 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. The platform was hacked in early 2019 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. The customer side can at least see how the platform handles them and their customers when these incidents occur.
Binance quickly responded to the hack and reimbursed all those affected through their Secure Asset Fund for Users. This cold storage wallet has enough capital to cover losses.
Customer Service
Binance provides three options for customer support. You have three options for customer support: submit a ticket, chat with a representative, or reach out via Twitter.
You simply need to fill out a form on the Binance website for tickets. Submitting a ticket entitles you to receive email assistance.
If you are approaching them through Twitter, you only need to tag or mention Binance on their Twitter account (@BinanceHelpDesk) for support. Because it is more visible, Binance encourages users to tweet about their problems through this channel.
Lastly, Binance has a chat box on the bottom right corner of the support screen if you want a more direct approach. 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. It is a no-brainer. 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.
It is impossible to not desire passive income. Binance offers many opportunities to make passive income. It’s like being paid for nothing. These opportunities come with inherent risks. As such, these are not for the faint-hearted. Binance Learn And Earn Not Working
- Wide selection of Cryptocurrencies: From Bitcoin to Dogecoin and Etherium, there is no shortage of cryptocurrency you can buy from Binance. With the addition of cryptos such as Fish (FISH) or Fanverse (FT), that number is increasing.
The platform even has its crypto in the form of BNB. These multiple selections allow crypto traders and investors flexibility in their choices.
- Advanced Trading Tools
The tools that a trading platform provides to its users will determine how good it is. Binance provides enough tools to allow users to trade more easily. Investors and traders will have no trouble trading on the platform.
- There are many ways to deposit money
If you don’t have any money to invest, trading is impossible. Binance makes it easier to start crypto trading by making it easy to deposit funds through its many ways.
- 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. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. Binance Learn And Earn Not Working
Cons
- Platform can seem overwhelming to beginners.
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. Binance’s numerous options can even be intimidating to some traders who are more experienced.
- 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.
Despite this, the platform is working hard to resolve these regulatory 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. Furthermore, it is also not available in some U.S. states like New York and Vermont.
- No built-in digital wallet available
Most popular cryptocurrency exchange platforms have their digital wallets built-in and included in. Binance doesn’t have one. 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 Learn And Earn Not Working
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. 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.
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.
Right now, I hope I bet on the right horse, not the wrong one.
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Common Questions about Binance Binance Learn And Earn Not Working
Is Binance Safe?
It is safe but not with a great track record.
Binance does have its own security measures, but it has been hacked twice. The company did beef up its security, but in the end, time will judge if these security measures can survive attacks.
How Would 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 need a service that is affordable and can accept many currencies.
- You are looking for a service with many advanced features.
- You are an institutional trader carrying a high or ultra-high net worth.
- You live outside the U.S.
Bianance offers 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.
Does Binance Offer CFD Trading?
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. That said, CFDs do have their advantage. For one, they can be very liquid.