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Binance review

If you are thinking to open an account in Binance, here is everything you need to know. In our review, we have tried to answer all the questions that come to mind before trading.

General Information about Binance

 

Presently there is numerous exchanges available for cryptocurrency trading but out of the wide variety of choices, Binance is the most popular for cryptocurrency exchange. Binance was officially started in the year 2017, and with time it has become popular and the most trusted exchange for cryptocurrency among sellers and buyers looking for cryptocurrency at low fees. It was earlier based in Hong Kong but later on, the headquarter was shifted to Malta in Europe. Binance services are accessible from every part of the world.

 

It operates as both a cryptocurrency and an online wallet. Binance supports a large number of cryptocurrencies and always an updated list of supported cryptocurrencies on its platform. some of the top coins presently trading are Bitcoin, Ethereum, Ripple, NEO, Litecoin, etc. It emphasizes Altcoin trading and offers approximately 600 kinds of trading pairs between different cryptocurrencies. Binance is now making headlines to offers Fiat/crypto pair but most of the pair are between cryptocurrencies.

 

Features

  • Binance provides Two Factor Authentication (2FA) It means that an additional layer of verification is provided for security reasons, 2FA codes are to be set by the user and will be needed for accessing the Binance account, after which the users can sign in with user ID and password. 2FA can be set up either by the SMS verification or with Google Authenticator App on ISO or android phones.

  • Binance offers you to trade over 200 cryptocurrencies it is among the best altcoin exchange and offers the best choice for tradable assets.

  • Binance expands Fiat gateways to support 15 top cryptocurrencies i.e (United Emirates Dirham, Australian Dollar, Canadian Dollar, Swiss Fanc, Euro, Hong Kong Dollar, Czech Koruna, British pound, New Zealand Dollar, Danish Krone, Mexican peso, Swedish Krona, Hungarian Forint, Norwegian krone, and Polish zloty) in addition with 40 fiat currencies. It too allows you to sell them for some of the supported national currencies.

  • Low trading fees Binance is among the few in the list which offers you the lowest trading fees in the industry, it offers normal trading fees of 0.10% on each trade. Those who pay using token gets a 50% discount on the trading fees It also offers free deposits to users. whereas, fees that the users have to pay for withdrawal may differ with different cryptocurrencies. For example, the withdrawal of Ethereum 0.01ETH will be charged and for withdrawal of Ripple, you will be charged 0.25XRP.

  • Binance provides good customers support it provides round the clock customer support through dedicated help centers. You can contact the Binance team through any medium let’s say through email, Facebook, Twitter etc.it also offers a customer support page for the issues related to the Binance account. 

  • It can be used your browsers on all operating systems Binance is accessible through a desktop app for Mac and Windows users and mobile app android and IOS users.

  • It is one of the most innovative cryptocurrency exchanges in the industry as it offers support for staking, crypto leading, and other ways of passive earning from crypto assets.

  • The customers of Binance can also participate in its IEOs i.e. Initial Exchange Offerings which is considered very profitable in the industry.

 

Is It Easy to Trade on Binance?

Yes, It is very simple to use the Binance website and access between the exchange and the wallet. All you need to do is first create your account in Binance and then log in to the account. Then make sure you have deposited the funds in your account. It offers two platforms digital currency trading basic and advance, next step is to click on the taskbar and select basic for well laid out with graphs, charts for pair, order book, and trading history. Then comes the options of choosing a trading pair in BTC, ETH, BNB, and USDT. select the type of trade pair you want to make, it offers 3 kinds of trade

 

Limit orders allow the users to set the minimum and the maximum price for buying and selling the coins. Market orders let users trade coin at the current market price. Stop- Limit orders let the buyers or the sellers buy or sell once it has reached a certain point.

 

Now you choose the amount you want to trade, if you are ok with the current market price click on the market and enter ripples you want to buy. You can enter it as an amount or the percentage of Ethereum in your account. Now you can click on buy XPR and that how trading on Binance is done.  

 

The Conclusion

 

In the crypto exchange industry, we have enormous options such as Coinbase, Kucoin, Coinily LLC, etc, but the exchange that succeeds to be among the top few in the industry will certainly be the one that offers the best features in the market. In our review, we have tried to bring out the important features, pros, and cons of Binance and have tried to explain what exactly it does.

 

Based on our market research we can say that Binance is undoubtedly one of the best in the market for a crypto exchange due to its transparency, innovative exchange, lower trading fees, and numerous happy customer all over the world..

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  • It offers a wide variety of trading pairs (ETH, BTH, USDT, and BNB).

  • It offers storage and trading of over 130 coins.

  • It gives advanced charting.

  • It has high liquidity.

  • It is considered as one of the most innovative exchange.

  • It offers lower trading fees than others in the industry.

  • It is accessible all over the world.

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  • Binance is not supported by all the states in the U.S.

  • When trading on Binance, it is found that neither basic nor advance is that easy to use for beginners as it does not offer any educational tool for users.

Is Binance a Safe Option?

Binance caters to a wide number of crypto payments than any other exchange in the world. Binance with the founding team has been able to impact highly the entire cryptocurrency community. And, it is safe for sure.

Binance compared with other exchanges

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Huobi
 

  • Trading fees range between  0.2% to 0.4%

  • Offer margin trading to traders and multiple payment methods.

  • Huobi exchange is available in more than 130 countries

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Binance
 

  • It charges the lowest trading fees of 0.1% 

  • The exchange has support from more than 190 countries

  • Users get higher discounts when trading using BNB tokens

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HotBIt

  • Wider selection of altcoins and digital assets over 600 in number

  • It offers rewards for making trades: 0.05% as makers' fee

  • It caters to over 1 billion dollars trade volume every day

Disclaimer

This website is for educational purposes only. We recommend the best choices through thorough research of the market space. However, the website does not provide any financial advice for crypto investment. If you need such assistance, you must consult with the concerned team.

Getting to understand the risks associated with cryptocurrencies would help you make the right decision. Hence, connecting with financial or investment professional is what you must seek before starting crypto trading. Invest as much as you can afford to lose.

Once again, our team only provides a list and comparison for top exchanges. We do not guarantee any profits with trading cryptos. Also, BitcoinDenmark24 isn’t a legal advisor for trading needs.

Also, note that BitcoinDenmark24​ receives an affiliate advertising commission from Crypto wallets and exchanges.