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 do not have a regulating or central issuing power; rather, they depend on a decentralized system to record transactions and issue 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’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.
The first ever Cryptocurrency was called Bitcoin and was founded in 2009. It is still the most well-known cryptocurrency today. It is not the only cryptocurrency. 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 to trade cryptocurrencies and digital currencies for other assets like other digital currencies or fiat money.
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.
Binance is one such dedicated cryptocurrency exchange.
Binance and Overview What Is Xrp 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.
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). It was initially based in China but was quickly moved out of the country due to crypto restrictions getting stricter and stricter. Since then, it has moved from Japan and Malta but did not have a permanent place to call home.
However, news has come out that the company signed a memorandum with Bermuda and Malta to finally establish its home base. What Is Xrp 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 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.
The Financial Conduct Authority of the United Kingdom ordered that the platform stop all regulated activities 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. This was a Russian government way of helping them combat crime.
Binance Perks
Large Selection of Cryptos
The company is one of the largest cryptocurrency platforms on the market. It is not surprising that there are many cryptocurrencies and digital currencies 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. So far, the highest spot trading fee 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. What Is Xrp 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.
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. As a sample, you refer to the chart below
| Type of payment | Fees |
|
|
In a later section, we will discuss fees.
> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <
Passive Income on 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.
You can also earn income by adding liquidity to pairs of tokens, but this is a riskier option. Of course, it is really up to you when taking on these risks. Before you jump into these opportunities, you need to be aware of what is at stake.
Advanced Trading Tools
Binance’s advanced trading tools provide an easy way to customize your trading options. Setting a limit to buying or selling crypto at a specific price is easy. With its “convert” function, it even caters to beginners.
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.
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. 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 definitely not for beginners. Binance is complex platform designed for experienced traders. 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. To understand the hidden and inherent risks that trades can carry, it takes years of experience.
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. 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. Binance is not the place where you can just buy Bitcoin and then relax. What Is Xrp Binance
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 currently investigating the platform in regard to possible money laundering, tax fraud, and insider trading. Binance has not been charged and no criminal charges have been filed. Only time will tell if anything comes out of this.
Binance took steps to improve its compliance team, and keep regulators in line. However, this could prove to be a difficult endeavor as most of the products that make Binance attractive to customers are also the ones attracting regulatory attention.
It is not available in the U.S.
In response to regulations targeting Binance’s business in the United States, they had to build a separate platform for U.S. customers called Binance.US. The U.S. version Binance offers fewer features and less cryptocurrencies.
Binance.US trades more than 120 cryptocurrencies, but does not offer futures trading. Also, it lacks availability as it is not available to the whole country. It is not available in Hawaii, New York or Texas.
> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <
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:
- 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)
- To get exposure to new cryptos, you can join Binance’s Launchpad or Launchpool
- Access portfolio insights, plus live tracking and alerts
- Its tax reporting tool will help you keep track of all your tax obligations
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. When a trader suffers heavy losses or a continuous losing streak, the system reminds the user of the risk involved in derivatives trading. They are encouraged to take a break from trading and rest.
The platform believes responsible traders should be critical and keep themselves in check to avoid harmful excesses like compulsive trading or gambling.
These are all just reminders; ultimately, it is up to the retail investors how they manage the risk and how they should keep their money.
Sign up for your Binance account
Creating and registering your very own Binance account is simple and can be done within a few minutes. There are two types of accounts available: unverified and verified.
For Unverified users:
- Click the register button on the Binance homepage
- Enter Email address
- Set up a password
- Accept Binance’s Terms and Conditions of Use
- Click “Create Account”
- Confirm registration through email
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
- 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
- Click confirm after you have uploaded the document and image.
- Binance will then review your submission as soon as they can. What Is Xrp 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. 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. You can place stop orders, limit orders and stop-limit 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.
> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <
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 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. 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.
You can withdraw money as a fiat currency from 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. What Is Xrp Binance
Trade Fees
The trading volume and trading history over the last 30 days will determine the percentage of your trading fees. 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). 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 4,999,999 and 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 | Between 200,000,000 and 499,999.999 and at most 1,000 BNB | 0.06% / 0.08% |
| 6 | 500,000,000 to 99,999,999999 and at most 1,750 BNB | 0.05% / 0.07% |
| 7 | 1,000,000,000 to 2,499,999,999 and at least 3,000 BNB | 0.04% / 0.06% |
| 8 | Between 2,500,000,000 and 4,999,999.999999999 with at least 4,500 BNB | 0.03% / 0.05% |
| 9 | More than 5,000,000,000, and at least 5,500 BNB | 0.02% / 0.04% |
Security
Since Binance handles multiple sensitive and high stakes data, and it should be expected that the platform has good and robust security measures to protect its assets as well as their client base.
Binance includes two-factor authentication (2FA) via the Google Authenticator app or short message service for the customer side. It uses address whitelisting, device administration, and the ability restrict device access.
Binance claims that it has its own insurance fund. Binance stores 10% of trading fees in a safe fund. This insurance fund is supposed to protect against hacking losses, which Binance is well-versed in (more later).
This insurance is not the same as having a third party doing it, but it does give users some protection.
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. In early 2019, the platform was hacked for $40 million in BTC. Another major hack occurred in October 2022. This time, it cost them $570 million in BNB.
There is a silver lining to this. Sometimes, it would be more beneficial for exchanges to experience these incidents so that they can determine which part of their security to fix. As for the customer side, at least they can see how the platform handles themselves and their customer base whenever these cases happen.
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.
If you are approaching them through Twitter, you only need to tag or mention Binance on their Twitter account (@BinanceHelpDesk) for support. 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.
> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <
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. 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.
Whoever does not want to earn passive income. Binance offers many opportunities to make passive income. It’s like being paid for nothing. That said, these opportunities also carry inherent risks in them. As such, these are not for the faint-hearted. What Is Xrp 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. These multiple selections allow crypto traders and investors flexibility in their choices.
- 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.
- Multiple ways of Depositing Money
If you don’t have any money to invest, trading is impossible. Binance makes it easier to start crypto trading by making it easy to deposit funds through its many ways.
- 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. As such excellent trading platforms like Binance should provide users the flexibility to do their trades in a matter, they see fit. What Is Xrp Binance
Cons
- Platform can be overwhelming for beginner users.
Of course, multiple options and advanced tools are not always a good thing. Seeing a multitude of selections can easily overwhelm beginner users and might paralyze them from the sheer number of options given. 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.
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.
- It is 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.
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. Although it is a well-respected service, they may not be able to offer sufficient support. What Is Xrp Binance
Binance Last Thoughts
Let me begin by saying that I’m a complete beginner when it comes crypto. All my knowledge comes from a few youtube videos, an article here and there, and some Reddit threads.
I chose Binance for the main reason that many choose the platform, and that is because of its low fees. I entered cryptocurrency because I wanted to see what the fuss was all about. I am not planning to take this seriously (yet).
Creating my account from scratch and verifying it took no time. In a matter of minutes I was able to view the UI and all the features offered by the platform. And here is what I have to say…..
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. 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.
> > Click Here to Sign Up and Get 100 USDT Trading Fee Rebate < <
Binance Frequently Asked Questions What Is Xrp Binance
Binance is 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 do 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 are not a newbie in crypto trading, and you have intermediate to the advanced crypto trading experience.
- You need a service that is affordable and can accept many currencies.
- You’re looking for advanced features in your service.
- You are an institutional trader carrying a high or ultra-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. 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
Unlike FOREX trading, Binance does offer CFD (Contracts for Difference) trading.
They are still controversial in crypto, and many prefer native assets. Unlike CFD’s, these assets can easily be withdrawn to a personal wallet. However, CFDs have their advantages. They can be extremely liquid.