Any digital or virtual currency, also known as cryptocurrency, can be abbreviated to crypto. To ensure that transactions are secure, cryptocurrency uses cryptography as a means of security.
Cryptocurrencies don’t have a central issuing or regulating power. Instead, they rely on a decentralized system for recording transactions and issuing new units. It doesn’t depend on banks to conduct transactions.
So what does it use? 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.
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. 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. They provide you with the tools to buy and sell digital currencies and tokens for different kinds of 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 How To Deposit Bnb From Metamask To Binance
For those of you who prefer a more visual experience, here is a video review from Beau Troxclair on his YouTube channel 0xBeau. You can still read our article for a complete overview of Binance.
Binance is still the best cryptocurrency exchange in the world when it comes to cryptocurrency trading. 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). Although it was originally based in China, it was quickly relocated to the United States due to increasing crypto restrictions. 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. How To Deposit Bnb From Metamask To Binance
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. BUSD is a stablecoin. BNB is a strong performer because of 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.
The Financial Conduct Authority of the United Kingdom ordered that the platform stop all regulated activities 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 Crypto Selection
Given that the company is among the biggest cryptocurrency platforms in the market. Hence, it is no surprise that many cryptocurrencies and other digital currencies are 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).
Binance offers support for popular cryptocurrencies like:
- 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. The fees for trades that involve high volumes are generally lower. How To Deposit Bnb From Metamask To Binance
What’s more, is that users can also get fee discounts for some services. 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. The chart below is an example.
| 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. 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.
The platform offers more staking options. They also pay higher rates than other exchanges.
For riskier opportunities, you can try to earn income by adding liquidity on pairs of tokens. 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 features make it easy to tailor 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.
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.
You can sell leveraged tokens to earn income opportunities that have 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.
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. 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. 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. It is still not a platform where you just buy Bitcoin and then sit back and relax. How To Deposit Bnb From Metamask To Binance
Pay attention to regulatory matters
As we have already mentioned, Binance has faced many problems. 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. Should anything come out of this, only time will tell.
In response, Binance has taken steps to strengthen its compliance team and keep regulators onside. 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.
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
Now that we’ve seen some of the good and the bad of Binance, we can finally talk about how it 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.
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
Creating and registering your very own Binance account is simple and can be done within a few minutes. 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
- Create a password
- Accept Binance’s Terms of Use
- Click “Create an Account”
- Register by email to confirm your registration
For Verified Accounts
- Register for an unverified account.
- Login to your account
- Go to User Center and click Identity Verification
- Choose Personal
- 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
- After uploading the required document and photo, click confirm.
- Binance will then review it as soon as possible. How To Deposit Bnb From Metamask To Binance
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. 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 provides a custodial wallet through its platform. It also recommends Trust Wallet, which supports thousands of cryptocurrencies on most major blockchains. It’s easy to transfer funds from Binance to a Trust Wallet, or another 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. Users of Binance are still required to pay fees for using the platform.
Deposit and withdrawal fees
The currency used to pay and the method of payment will determine how much deposit fees are charged. Although bank transfers are usually free, debit card payments will often incur fees.
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 crypto to a wallet or another exchange. Fees for these withdrawals and minimum amounts will be based on your method and currency. How To Deposit Bnb From Metamask To Binance
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. 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). Anybody who does so will receive a 25% discount on their trading fees. 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 | Less than 1,000,000 | 0.10%/0.10% |
| 1 | 1,000,000 to 4999,999 with 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 | Between 1,000,000,000 and 2,499,999.999999 and at most 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 includes two-factor authentication (2FA) via the Google Authenticator app or short message service for the customer side. 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.
Lastly, as its main security feature, Binance keeps most of its funds offline in cold storage. This is done to prevent hackers from getting in touch.
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. 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.
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 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. You will be able to get email assistance by submitting a ticket.
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.
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 and 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.
- You have the ability to make passive income in many different ways.
It is impossible to not desire passive income. It is like getting paid while doing nothing, and Binance has a lot of opportunities for doing so. That said, these opportunities also carry inherent risks in them. As such, these are not for the faint-hearted. How To Deposit Bnb From Metamask To Binance
- 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. 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. 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 Order Types and Trading Options
Trading is like gambling. While assets and stocks may be worth a lot right now, you never know when they will lose value. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. How To Deposit Bnb From Metamask To Binance
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. Some experienced traders even claim they are intimidated by Binance’s many available options.
- Regulation issues 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.
Binance U.S. has a smaller selection than the original Binance. It is not available in certain states, such as New York and Vermont.
- No built-in digital wallet available
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. While it has a good reputation, there might be issues as they can only offer limited support How To Deposit Bnb From Metamask To Binance
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. And here is what I have to say…..
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 had to get a friend to teach me what all the stuff was all about.
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.
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 How To Deposit Bnb From Metamask To Binance
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 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.
You may find Binance a good fit for you, if you:
- 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.
- You are an institutional trader carrying a high or ultra-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).
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. It is a far cry from Binance, which only has over 50 currency pairings.
Does Binance Offer CFD Trading?
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. These assets, unlike CFD’s can be easily withdrawn to a personal account. However, CFDs have their advantages. For one, they can be very liquid.