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. As such, it doesn’t rely on banks to do 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. 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 used to store and transmit crypto data provides security and safety as transactions between wallets, and public ledgers are happening.
Bitcoin was the first Cryptocurrency and was established in 2009. It remains the best known today. It is not the only cryptocurrency. Some others include: DogeCoin, Ethereum, BNB (Binance Coin), Tether, Solana, and Polkadot.
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 to trade cryptocurrencies and digital currencies for other assets like other digital currencies or fiat money.
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 Metamask To Gcash Without Binance
For those of you who prefer a more visual experience, here is a video review from Beau Troxclair on his YouTube channel 0xBeau. To get a comprehensive overview of Binance, you may still want to check out our article below.
When it comes to cryptocurrency exchanges, Binance continues to be one of the top cryptocurrency exchanges in the world. 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.
However, news has come out that the company signed a memorandum with Bermuda and Malta to finally establish its home base. Metamask To Gcash Without Binance
Binance’s popularity came from a user base that preferred its low fees, many available cryptocurrencies, and innovative products. The platform currently offers many crypto-based products.
From Binance, you can avail of such services as exchange, earn, staking, derivatives, loans, payments, credit cards, NFTs, and more.
Binance 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.
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. 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.
Also, in the same year, Binance was said to have shared client data, including names and addresses, with the Russian government. This was a Russian government way of helping them combat 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
No platform offers trading currencies and tokens for free. Binance is a trading platform that offers deals that are often as good as 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. Metamask To Gcash Without Binance
Users can get discounts on certain services, and this is not all. Such as:
- Trades using Binance (BNB), coins
- If you achieve Very Important Person (VIP status) by trading a certain amount of assets.
However, Binance users still have to pay additional fees. Different fees will apply depending on which type of withdrawal you make and what payment method you use. 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.
For riskier opportunities, you can try to earn income by adding liquidity on pairs of tokens. 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. Setting a limit to buying or selling crypto at a specific price is easy. It even accommodates beginner users with its “convert” function.
For veteran traders, the charting tools in the advanced trading interface are something to behold. There is also a Bitcoin futures section that can let people speculate on whether the price of Bitcoin will go up or down.
The platform allows you to sell leveraged tokens in connection to earning opportunities with inherent risk. This is an opportunity for customers to multiply their positions in a particular currency. This strategy is risky because it can increase losses and even cause traders to lose their whole position.
The Binance Shortcomings
This is not for newbies
Binance is 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. To understand the hidden and inherent risks that trades can carry, it takes years of experience.
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 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. You also have a lot of educational resources.
While Binance is not that beginner friendly, it still has a lot of resources to help those who want to learn. It is still not a platform where you just buy Bitcoin and then sit back and relax. Metamask To Gcash Without Binance
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. 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. 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. Also, it lacks availability as it is not available to the whole country. It’s unavailable in Hawaii, New York, Texas, or Vermont.
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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 offers a wide range of services. These include:
- Trade, buy, and sell 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. 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 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
Creating and registering your very own Binance account is simple and can be done within a few minutes. There are two types of accounts available: unverified and verified.
For unverified users
- Click the register button on the Binance homepage
- Enter Email address
- Create a password
- Accept Binance’s Terms and Conditions of Use
- Click “Create Account”
- Register by email to confirm your registration
For Verified Accounts
- Register now for an unverified Account
- Login to your account
- Go to User Center and click Identity Verification
- 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 picture of yourself
- After uploading the required document and photo, click confirm.
- Binance will then review your submission as soon as they can. Metamask To Gcash Without Binance
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. These tools include real-time charting with moving averages or exponential moving averages. Trades can also be made easy and accessible through the Binance mobile app, Binance website or Binance desktop application.
The platform allows traders to view their trade history and portfolios. 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. 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 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. 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.
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. These withdrawal fees and minimum amounts are determined by your currency and method. Metamask To Gcash Without 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. It will also impact the amount of BNB that you have.
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 offers 0% trading for selected Bitcoin and Binance USD pairs (BUSD).
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 | 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 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 999,999,999 and at least 1,750 BNB | 0.05% / 0.07% |
| 7 | 1,000,000,000 to 2,499,999,999 and at least 3,000 BNB | 0.04% / 0.06% |
| 8 | 2,500,000,000 to 4,999,999,999 and at least 4,500 BNB | 0.03% / 0.05% |
| 9 | More than 5,000,000,000 and at least 5,500 BNB | 0.02% / 0.04% |
Security
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 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 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.
Binance also keeps its most important security feature, 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. In early 2019, the platform was hacked for $40 million in BTC. It also suffered another major hack in October 2022, this time costing them $570 million in BNB.
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 keeps enough capital to cover users’ losses.
Customer Service
In terms of customer support, Binance offers three basic options. You can submit a ticket, ask a basic question through chat, and 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.
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
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.
- You have the ability to make passive income in many different 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. That said, these opportunities also carry inherent risks in them. These opportunities are not for the weak-hearted. Metamask To Gcash Without Binance
- 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).
BNB is the platform’s crypto. 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. 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.
- There are many ways to deposit money
You cannot start trading if you have no money at stake. 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. 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. Metamask To Gcash Without Binance
Cons
- Platform can be overwhelming for beginner users.
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. 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.
That said, the platform has been trying hard to remedy these regulatory issues and doing its best to meet the requirements to comply with and solve these issues.
- Not available in the United States
Due to issues with the United States regulatory bodies, Binance was somewhat banned in the country. 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. 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 Metamask To Gcash Without Binance
Binance Last Thoughts
Let me start this final thought by saying that I am a noob when it comes to crypto. My knowledge is based on a few YouTube videos, articles here and there, as well as 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. I am not planning to take this seriously (yet).
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.
So with his help, along with some tutorials found in Binance Support, I was able to get some of my bearings and begin 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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Binance Frequently Asked Questions Metamask To Gcash Without 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 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 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?
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. 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.
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. They can be extremely liquid.