Cryptocurrency, shortened as crypto, is any digital or virtual currency. To ensure that transactions are secure, cryptocurrency uses cryptography as a means of security.
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.
What is it used for? 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. 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 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. 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.
Crypto exchanges have functions that are similar to 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 Trading View Not Loading
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 was founded in 2017 by Changpeng Zhao (“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 Trading View Not Loading
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.
You can access services such as exchange, earn and staking, derivatives loans, payments credit cards, NFTs and more from Binance.
Binance has its own unique tokens, cryptocurrencies and coins. BUSD is a stablecoin. BNB is a strong performer because of its low fees.
That said, Binance is not without its issues and dark side.
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.
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.
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. Hence, it is no surprise that many cryptocurrencies and other digital currencies are 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
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. 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 Trading View Not Loading
Users can get discounts on certain services, and this is not all. These include:
- Trades using Binance (BNB), coins
- You can become a Very Important Person (VIP) by trading certain assets.
That said, Binance users are still subject to other fees. There will be different fees depending on the type of withdrawal and payment type. As a sample, you refer to the chart below
| 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. 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. 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 tools provide an easy way to customize your trading options. It is simple to set a limit on the price at which you can buy or sell crypto. 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. 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. 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 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. 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. It takes years of experience and honed gut feeling to understand the inherent and hidden risks some trades carry with them.
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 Trading View Not Loading
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 investigating the platform for potential money laundering, tax evasion, and even 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.
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. 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’s unavailable in Hawaii, New York, Texas, or Vermont.
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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. Some of these include:
- Buy, Sell, or trade cryptocurrency
- Establish recurring purchases
- 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
- 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. Binance warns users about the potential risks of investing on 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 all just reminders; ultimately, it is up to the retail investors how they manage the risk and how they should keep their money.
Signing Up to 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
- Set up a password
- Accept Binance’s Terms of Use
- Click “Create Account”
- Confirm registration through email
For Verified Accounts
- Register now for an unverified Account
- Login 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
- Take a photo or upload a file of your document
- Take a photo of yourself
- Click confirm after you have uploaded the document and image.
- Binance will then review it as soon as possible. Binance Trading View Not Loading
From then on, you will have to wait for an email from Binance to ensure that your account has been verified.
Trading Experience
Binance provides a wide range of trading tools, as we have already mentioned. Some of these tools include their real-time charting tools with moving averages and 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. You can also choose from a variety 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. Views range from classic to margin and OTC views.
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Trust 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.
Usually, withdrawals are complete within 10 minutes, and even the costs are minimal. 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
Binance is known for 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 cryptocurrency to a wallet, or another exchange. Fees for these withdrawals and minimum amounts will be based on your method and currency. Binance Trading View Not Loading
Trading Fees
Your trading fee percentage will depend on your trading history in the past 30 days and the volume in the past 30 days. The amount of BNB you hold will also matter.
Maker orders, which add liquidity to the market, will get lower fees than taker or remover orders.
It also encourages users to use their native currency, Binance Coin (BNB). Anybody who does so will receive a 25% discount on their trading fees. 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 | 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
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.
Binance also keeps its most important security feature, its funds, offline, in cold storage. This is to avoid any contact with hackers.
Customers should be cautious about Binance, however, as it has a poor track record in security. The platform was hacked in early 2019 for $40 million in BTC. Another major hack occurred in October 2022. This time, it cost 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.
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.
To obtain tickets, you simply need to complete a form on Binance’s website. You will be able to get email assistance by submitting a ticket.
If you are approaching them through Twitter, you only need to tag or mention Binance on their Twitter account (@BinanceHelpDesk) for support. 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. You can access this on the Binance website.
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Binance Pros & Cons
Pros
- Low fees
Low fees are one of the main reasons Binance is a top choice for crypto exchanges. 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. These opportunities are not for the weak-hearted. Binance Trading View Not Loading
- There are many Cryptocurrencies to choose from: You can purchase everything from Bitcoin to Dogecoin, Etherium and more at Binance. And that number is growing, with newly added cryptos like Fish(FISH) and Fanverse (FT).
The platform even has its crypto in the form of BNB. This allows crypto investors and traders flexibility in making their selections.
- Advanced Trading Tools
A trading platform will only be as good as the tools it provides its users. Binance provides enough tools to allow users to trade more easily. As such, traders and investors will not have a hard time doing trade on the platform.
- There are many ways to deposit money
You cannot start trading if you have no money at stake. 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
Trading is like gambling. 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 Trading View Not Loading
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 been faced with numerous legal and regulatory issues. This is a major issue that many investors are considering switching to 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. That is why the parent company created Binance U.S., a U.S.-exclusive version of the platform.
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
Many popular cryptocurrency exchange platforms include their digital wallets as part of the platform. Binance doesn’t have one. Instead, it recommends Trust Wallet, a third-party service. Although it is a well-respected service, they may not be able to offer sufficient support. Binance Trading View Not Loading
Binance Last Thoughts
Let me begin by saying that I’m a complete beginner when it comes crypto. All my knowledge comes from a few youtube videos, an article here and there, and some Reddit threads.
I chose Binance for the main reason that many choose the platform, and that is because of its low fees. I joined cryptocurrency to find out what all the fuss was 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…..
So with confidence, I can honestly back the opinion that Binance is not beginner friendly. Binance presented me with a lot of options that were overwhelming and intimidating. I had to get a friend to teach me what all the stuff was all about.
With his assistance, and some tutorials from Binance Support, it was easy to get my bearings and start 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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Binance Frequently Asked Questions Binance Trading View Not Loading
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. The company did beef up its security, but in the end, time will judge if these security measures can survive 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’re not new to crypto trading and have intermediate-level experience in trading.
- 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 are not a citizen of the United States.
Bianance offers 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. To enter FOREX-only exchanges, a company needs access to thousands. It is a far cry from Binance, which only has over 50 currency pairings.
CFD trading is offered by Binance
Binance offers CFD (Contracts For Difference) trading.
These are still controversial in the crypto industry, as many prefer to own 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.