Any digital or virtual currency, also known as cryptocurrency, can be abbreviated to crypto. Cryptography is used to ensure transactions are secure.
Cryptocurrencies don’t have a central issuing or regulating power. Instead, they rely on a decentralized system for recording transactions and issuing new units. It doesn’t depend on banks to conduct transactions.
What is it used for? It depends on a peer-to-peer system that allows anybody to send and receive payment anywhere. This currency exists purely as digital entries and is recorded on an online database that describes 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 is so named because of its use of encryption to keep and verify 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.
Bitcoin was the first Cryptocurrency and was established in 2009. It remains the best known 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 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. 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 Reddit Binance Ontario
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.
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 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. 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. Reddit Binance Ontario
Binance’s popularity came from a user base that preferred its low fees, many available 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. 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. However, this ban had a limited scope and non-registered companies can still interact with UK customers.
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
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).
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. 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. So far, the highest spot trading fee is 0.1%.
The platform uses a maker/taker fee structure. Fees will vary depending on trading volume or 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. Reddit Binance Ontario
What’s more, is that users can also get fee discounts for some services. These include:
- 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. There will be different fees depending on the type of withdrawal and payment type. As a sample, you refer to the chart below
| 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. A few options include earning 50% APR or more on certain cryptos in its staking program or putting assets into flexible savings accounts for lower but more consistent rates.
The platform offers more staking options. They even pay higher rates than most other exchanges.
You can also earn income by adding liquidity to pairs of tokens, but this is a riskier option. It is up to you to decide if these risks are worth taking. As such, it is important to understand what is involved and what is at stake before jumping into these opportunities.
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.
For veteran traders, the charting tools in the advanced trading interface are something to behold. A Bitcoin futures section allows people to speculate on the price of Bitcoin.
You can sell leveraged tokens to earn income opportunities that have inherent risk. 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
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 previously discussed the advanced trading tools and the risky opportunities Binance provides its users to earn passive income on 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.
The most risky opportunities are where novice traders and beginners 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.
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. Reddit Binance Ontario
Regulatory Attention
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. Should anything come out of this, only time will tell.
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.
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’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.
Binance is a cryptocurrency exchange, as we all know. It has a huge range of services. 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
- Access portfolio insights, plus live tracking and alerts
- Keep track of your tax obligations with its tax reporting tool
That said, it still bears repeating that the platform’s broad range of products is what landed them on the crosshairs of many regulatory bodies around the world. On their side, Binance does warn users of the risks involved with investing in the platform.
The system also features an anti-addiction feature in case traders get too involved with trading. The system warns traders about the risks involved in trading derivatives if they suffer heavy losses or a losing streak. 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
It takes just minutes to create and register your Binance account. 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 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 picture of yourself
- After uploading the required document and photo, click confirm.
- Binance will then review it as soon as possible. Reddit Binance Ontario
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. 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. You can place stop orders, limit orders and stop-limit orders.
Also, users can choose different trading views to easily comprehend data or view them in a way they prefer. There are many views to choose from, including classic, margin and OTC views.
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Trust Wallet
Binance provides a custodial wallet through its platform. Trust Wallet is also recommended by Binance, which supports thousands upon thousands of cryptocurrencies across all major blockchains. It’s easy to transfer funds from Binance to a Trust Wallet, or another 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. Binance users are still subjected to some fees needed for 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. Reddit Binance Ontario
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.
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.
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 | 5,000,000 to 19,999,999 and 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 | 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 | 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 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).
Although this insurance does not provide the same protection as third-party insurance, it can give some protection.
Binance also keeps its most important security feature, its funds, offline, in cold storage. This is to avoid any contact with hackers.
That said, customers should still be wary of Binance since its security needs a better track record. 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.
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 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.
To obtain tickets, you simply need to complete a form on Binance’s website. Submitting a ticket entitles you to receive email assistance.
If you are approaching them through Twitter, you only need to tag or mention Binance on their Twitter account (@BinanceHelpDesk) for support. Binance has been known to encourage users to tweet their issues through this channel as it has more visibility.
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
Low fees are one of the main reasons Binance is a top choice for crypto exchanges. 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.
- You have the ability to make passive income in many different ways.
It is impossible to not desire passive income. Binance offers many opportunities to make passive income. It’s like being paid for nothing. These opportunities come with inherent risks. These opportunities are not for the weak-hearted. Reddit Binance Ontario
- 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.
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
The tools that a trading platform provides to its users will determine how good it is. Binance provides enough tools to allow users to trade more easily. Investors and traders will have no trouble trading on the platform.
- There are many ways to deposit money
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. The assets and stock own may be valuable now, but you will never know when their values will drop. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. Reddit Binance Ontario
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 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.
- There is no built-in digital wallet
Most popular cryptocurrency exchange platforms have their digital wallets built-in and included in. For some reason, Binance does not. 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 Reddit Binance Ontario
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.
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. This is not something I intend to take seriously.
Creating my account from scratch and verifying it took no time. Within just a few minutes, I could look at the UI and everything the platform offers. Let me tell you…..
So with confidence, I can honestly back the opinion that Binance is not beginner friendly. I can tell you that the myriad of choices presented to me by Binance was pretty intimidating and overwhelming. I 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. 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 Reddit Binance Ontario
Is Binance Safe?
Yes, it is safe, but it does not have a good 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 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.
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’re looking for advanced features in your service.
- An institutional trader is one with a high net worth.
- You live outside the U.S.
Bianance offers FOREX trading
Binance doesn’t offer Forex trading (Foreign Exchange Trading) traditional Forex.
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.
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. Unlike CFD’s, these assets can easily be withdrawn to a personal wallet. That said, CFDs do have their advantage. They can be extremely liquid.