Cryptocurrency, shortened as crypto, is any digital or virtual currency. 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. It doesn’t depend on banks to conduct 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.
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’s name is derived from its use of encryption to verify and keep 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.
The first ever Cryptocurrency was called Bitcoin and was founded in 2009. It remains the best known today. It is not the only cryptocurrency. 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.
Crypto exchanges have functions that are similar to online brokerage platforms. They provide you with the tools to buy and sell digital currencies and tokens for different kinds of cryptocurrencies.
Crypto Exchanges can accept credit card payments, wire transfers, or other forms of payment in exchange for digital currencies or cryptocurrencies.
Binance is one such dedicated cryptocurrency exchange.
Binance and Overview How To Withdraw Binance To Metamask
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.
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 got its start in 2017 through Changpeng “CZ” Zhao. Although it was originally based in China, it was quickly relocated to the United States due to increasing crypto restrictions. Since then, it has moved from Japan and Malta but did not have a permanent place to call home.
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 Withdraw Binance To Metamask
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.
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. 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.
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.
In the same year, Binance was also reported to have shared client information, including addresses and names, with the Russian government. This was a Russian government way of helping them combat crime.
Binance Perks
Large Selection of Cryptos
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. 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
Trading currencies and tokens are not offered free on any platform. 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. How To Withdraw Binance To Metamask
Users can get discounts on certain services, and this is not all. 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. 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 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 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. 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. A Bitcoin futures section allows people to speculate on the price of Bitcoin.
The platform allows you to sell leveraged tokens in connection to earning opportunities with inherent risk. 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.
Binance Shortcomings
This is not for newbies
Binance is not for beginners. It is a complicated platform created with experienced and veteran traders in mind. This platform’s goal is to maximize the profits of these traders.
We previously discussed the advanced trading tools and the risky opportunities Binance provides its users to earn passive income on their crypto holdings. You need to understand what these things mean and how you’re using them.
As for the risky opportunities, more often than not, this is where beginner traders and newbies lose their money. 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 are comfortable with the platform, it will be very simple 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. It is still not a platform where you just buy Bitcoin and then sit back and relax. How To Withdraw Binance To Metamask
Pay attention to regulatory matters
As covered in the overview, one of Binance’s main drawbacks is that it has been in the crosshairs of some countries. 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.
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.
It is not available in the U.S.
Due to US regulations, Binance.US was created as a separate platform for U.S. customers. 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.
Binance is a cryptocurrency exchange, as we all know. It has a huge range of services. Some of 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
- 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. When a trader suffers heavy losses or a continuous losing streak, the system reminds the user of the risk involved in derivatives trading. It encourages them to rest and hold back on their trading activities.
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.
Sign up for your Binance account
It takes just minutes to create and register your Binance account. There are two types of accounts available: unverified and verified.
For Unverified users:
- Register on the Binance homepage
- Enter Email address
- Set up 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
- Click Identity Verification in the User Center
- Choose Personal
- Please fill in your details
- Choose an ID type for document verification, such as a Passport or Driver’s license
- 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 Withdraw Binance To Metamask
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.
Traders can also use the platform to look at their portfolios and trade history. The platform allows them to view their 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.
Also, users can choose different trading views to easily comprehend data or view them in a way they prefer. Views range from classic to 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. However, this does not mean that users are free from all 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. While it is usually free to make a bank transfer, fees will usually be there for debit card payments.
Depending on your country, Binance might allow credit or debit card payments, bank transfers, and peer-to-peer payments.
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. How To Withdraw Binance To Metamask
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.
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 also offers 0% trading on selected Bitcoin and Binance USD (BUSD) pairs.
Below is a chart that shows how VIP status and the 30-day trade volume are related to maker/taker.
| VIP | 30-Day Trade Volume (BUSD) | Maker/Taker |
| 0 | Below 1,000,000 | 0.10%/0.10% |
| 1 | 1,000,000 to 4999,999 with at least 25 BNB | 0.09%/0.10% |
| 2 | 5,000,000 to 19,999,999 and 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 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 also claims to have its own insurance fund made by storing 10% of all trading fees in a secure fund. This insurance fund is supposed to protect against hacking losses, which Binance is well-versed in (more later).
Although this insurance does not provide the same protection as third-party insurance, it can give 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. Another major hack occurred in October 2022. This time, it cost them $570 million in BNB.
However, there is a bright side to this; sometimes, it would be better to have exchanges experience these incidents so they know which part of their security they should focus on and fix. 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 has enough capital to cover losses.
Customer Service
In terms of customer support, Binance offers three basic options. 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.
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 & 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. It is a no-brainer. Crypto traders and investors can keep more of their earnings and investments if the platform charges lower fees.
- Ability to earn passive income in many 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. These opportunities come with inherent risks. As such, these are not for the faint-hearted. How To Withdraw Binance To Metamask
- 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. 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
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
Bear in mind, trading is like a gamble. While assets and stocks may be worth a lot right now, you never know when they will lose value. Binance, one of the best trading platforms, should allow users to trade in any way they like. How To Withdraw Binance To Metamask
Cons
- Platform can seem overwhelming to beginners.
Multiple options and advanced tools can be a bad 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.
- Regulation issues in many countries
Binance has faced several regulatory and legal 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.
- It is not available in the United States
Due to issues with the United States regulatory bodies, Binance was somewhat banned in the country. 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. Furthermore, it is also not available in some U.S. states like New York and Vermont.
- No built-in digital wallet available
Many popular cryptocurrency exchange platforms include their digital wallets as part of the platform. For some reason, Binance does not. 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. How To Withdraw Binance To Metamask
Binance Last Thoughts
Let me begin by saying that I’m a complete beginner when it comes crypto. My knowledge is based on a few YouTube videos, articles here and there, as well as some Reddit threads.
Binance was the best platform for me because it charges very low fees. I joined cryptocurrency to find out what all the fuss was about. I am not planning to take this seriously (yet).
It took me no time to create my account and verify it. Within just a few minutes, I could look at the UI and everything the platform offers. And here is what I have to say…..
With confidence, I can say that Binance is not for beginners. Binance presented me with a lot of options that were overwhelming and intimidating. 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 How To Withdraw Binance To Metamask
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 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’re not new to crypto trading and have intermediate-level experience in trading.
- You need a service that is affordable and can accept many currencies.
- You’re looking for advanced features in your service.
- An institutional trader is one with a high net worth.
- You live outside the U.S.
Does Bianance Offer FOREX Trading?
Binance doesn’t offer Forex trading (Foreign Exchange Trading) traditional Forex.
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
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. For one, they can be very liquid.