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- Binance is the world’s leading exchange platform for cryptocurrency traders. Since it was founded in 2017, the platform has gained global expansion, and has traders from almost all the countries in the world. The simplicity of the platform, the number of trades it supports, and the range of features available to users remain some of the many reasons why people continue to patronize Binance.
As the biggest cryptocurrency platform globally, Binance offers a wide range of features to customers. Some of these features include but are not limited to;
- Funding Methods: Credit/Debit Cards, Bank Transfer/Deposit, P2P, etc.
- Supported Fiat: Over 35 including USD, GBP, CAD, AUD, etc.
- Cryptocurrencies: More than 600, including BTC, ETH, BCH, TRX, AVAX, etc.
- Website URL: www.binance.com
“We have invested thousands of hours researching Binance and can say unequivocally that it is one of the most strategically important infrastructure providers in the blockchain ecosystem.”
Pros
- Low trading fees.
- Large available options of cryptocurrencies to trade.
- User-friendly platform for experienced traders with beginners’ guides for newbies.
- High trading volume.
- Excellent customer service.
- Security.
Cons
- Binance has a U.S. version, and that version comes with a lot of limitations for U.S. traders.
- As a cryptocurrency exchange platform, Binance has been involved in several regulatory issues in different countries.
Binance History and Background
The Binance platform was founded in China by Changpeng Zhao and Yi He in 2017. Changpeng Zhao previously founded a company that developed high-frequency trading platforms for stockbrokers in 2005. Both were former executives at OKCoin, a spot trading platform for local currencies and digital assets. It was easy to identify an urgent need in the crypto space and propose a solution because both co-founders have vast industry experience. Binance was created to fuse binary with finance, hence its name.
When the company started, the founders were able to raise over $15 million USD in startup funds through an Initial Coin Offering where it promised 100 million Binance coins (BNB) to investors. 35% of this amount was used for development and upgrades, 50% was allotted for branding and marketing, while the rest was reserved for emergencies.
Six months after the launch, the company’s user base successfully grew to over three million, and it was named one of the top five cryptocurrency exchange platforms in the world.
All went quite well for Binance until it was forced to leave China because of cryptocurrency bans from the Chinese government. To top that, the government ordered Binance to return the investment funds from the Initial Coin Offering. Binance was able to pull this off with significant additional profits for investors even with that short period of time.
This singular action from Binance attracted a lot of investors from other countries and contributed to its international growth. Today, Binance has established offices in several crypto-friendly countries and has traders in almost all the countries in the world.
Screenshots
What Cryptocurrencies Can You Buy on Binance?
Binance enables you to purchase a wide range of cryptocurrencies including:
- Bitcoin (BTC)
- Ethereum (ETH)
- Ripple (XRP)
- EOS (EOS)
- BNB (BNB)
- Stellar Lumens (XLM)
- TRON (TRX)
- Cardano (ADA)
- Monero (XMR)
- ChainLink (LINK)
- Neo (NEO)
- LOTA (MIOTA)
- Cosmos (ATOM)
- Ethereum Classic (ETC)
- Litecoin (LTC)
- NEM (XEM)
- ZCash (Zcash)
- Ontology (ONT)
- Dogecoin (DOGE)
- Polkadot (DOT)
Setting up a Binance Account
With your Binance account, you can buy and sell cryptocurrencies quickly. Here is a simple guide to creating a Binance account in a few minutes;
Step 1: Head over to the platform’s website – www.binance.com.
Step 2: On the top right of the website, you will see the “Register” option. Click on it.
Step 3: Next, you will be directed to a registration page where you use your email address and any secure password of your choice to create an account. To develop a secure password, you need to use at least eight characters, one UPPER CASE letter, and 1 number. An excellent example of such a password would be “R3adingG”
Step 4: If someone referred you, you could add the person’s referral code on this page. Binance rewards both referrers and referees if they meet certain conditions.
Step 5: Check the following box to confirm that you agree with Binance’s terms of service.
Step 6: Click on “Create Account”
Step 7: You will need to complete a security verification to proceed.
Step 8: You’re almost done. A verification code will be sent to your email address. You must copy the code to verify that you are the email account owner. The code expires in 30 minutes, and you must use it in that timeframe.
That’s it. You have successfully created your Binance account. You can start trading cryptocurrencies. If you want to upgrade your account security, you can enable two-factor authentication (2FA).
The steps to open up an account on Binance:
Open www.binance.com and select "Register".
Fill in the details required and click "create account".
Check the following box to confirm that you agree with Binance’s terms of service.
Click on “Create Account”.
Complete a security verification to proceed.
A verification code will be sent to your email address. The code expires in 30 minutes.
Binance Fees
Binance categorizes traders based on 10 VIP levels termed VIP 0 – 9.
- A trader’s VIP level is dependent on their trading volume in the last 30 days or the Binance Coin holding in the past 24 hours.
- Trading fees on the Binance platform vary from one VIP level to another. It ranges from 0.1% to 0.02/0.04%.
- There is also a 25% discount for using the Binance coin.
- Margin borrow interest rates, withdrawal fees, and other fees are also dependent on the VIP level of the trader account.
This is the binance trading fee structure:
| Level | 30d Trade Volume (USD) | & | BNB Balance | Maker / Taker | Maker / Taker (25% off with BNB) |
|---|---|---|---|---|---|
VIP 0 | < 50,000 USD | or | ≥ 0 BNB | 0.1000% / 0.1000% | 0.0750% / 0.0750% |
VIP 1 | ≥ 50,000 USD | & | ≥ 50 BNB | 0.0900% / 0.0900% | 0.0675% / 0.0675% |
VIP 2 | ≥ 100,000 USD | & | ≥ 100 BNB | 0.0800% / 0.0900% | 0.0600% / 0.0675% |
VIP 3 | ≥ 500,000 USD | & | ≥ 200 BNB | 0.0700% / 0.0800% | 0.0525% / 0.0600% |
VIP 4 | ≥ 1,000,000 USD | & | ≥ 400 BNB | 0.0500% / 0.0700% | 0.0375% / 0.0525% |
VIP 5 | ≥ 5,000,000 USD | & | ≥ 800 BNB | 0.0400% / 0.0600% | 0.0300% / 0.0450% |
VIP 6 | ≥ 10,000,000 USD | & | ≥ 1500 BNB | 0.0000% / 0.0600% | 0.0000% / 0.0450% |
VIP 7 | ≥ 25,000,000 USD | & | ≥ 2500 BNB | 0.0000% / 0.0500% | 0.0000% / 0.0375% |
VIP 8 | ≥ 100,000,000 USD | & | ≥ 4000 BNB | 0.0000% / 0.0400% | 0.0000% / 0.0300% |
VIP 9 | ≥ 250,000,000 USD | & | ≥ 6000 BNB | 0.0000% / 0.0300% | 0.0000% / 0.0225% |
VIP 10 | ≥ 500,000,000 USD | & | ≥ 6000 BNB | 0.0000% / 0.0200% | 0.0000% / 0.0150% |
Binance Deposit and withdrawal methods
Binance supports several options for deposit and withdrawal of crypto and fiat currency. For the deposit option, here are some of the options that a trader can explore.
Deposit Methods
- Cryptocurrency: If you own a cryptocurrency in another wallet and you would like to send it to your Binance wallet, you have to copy the Binance wallet address or scan the QR code. To do this, click on “Wallets”, select “Spot”, and click on “Deposit”
- Fiat: You can fund your Binance wallet with fiat currency which can be swapped for any cryptocurrency. To fund your wallet with fiat, you can use a bank deposit, debit/credit card, or any third-party payment gateways that Binance supports.
- P2P Trading: You can receive cryptocurrency from peer-to-peer traders on the Binance platforms. It works by making a local bank transfer to these traders. When they confirm your transaction, they will initiate a transfer from their wallet to yours.
Deposit Options for Binance
| Deposit method | Buy | Sell | Processing time |
|---|---|---|---|
BANK ACCOUNT (ACH) | Yes | Yes | 1-3 days |
CREDIT / DEBIT CARD | Yes | No | Instant |
WIRE TRANSFER | Yes | No | 1-3 days |
Withdrawals
Withdrawal options for the Binance are almost the same as the deposit options.
- Cryptocurrency: You can send cryptocurrency out of your Binance wallet into another cryptocurrency wallet. To do this, select the cryptocurrency that you want to send out, and click on “Withdraw”. Select a network you want to use for the transfer and the amount of crypto you want to send. Then you can submit the transaction to the network.
- Fiat: Just as you used your credit card and bank transfer to fund your wallet, you can explore these means to withdraw funds from your Binance wallet into your local bank.
- P2P Trading: Some countries do not support cryptocurrency transactions. Traders from these countries can sell their cryptocurrencies on the Binance P2P platform and get paid in their local currency.
Is Binance Safe?
Binance has a 9.9 exchange score and a daily trading volume of over $20 billion on coinmarketcap.com. This shows that many users trust the Binance platform and implies that Binance can be trusted to a large extent. However, as a cryptocurrency trader, you cannot wholly trust an exchange platform.
Binance Mobile App
Binance has a beginner and user-friendly app with over 10 million downloads and hundreds of thousands of reviews.
- You can switch between the Binance Lite or Binance Pro feature, depending on whichever you prefer.
- The app is available on Google Playstore and Apple store.
Binance Card
Binance has partnered with Visa to create cards for cryptocurrency trading worldwide. The card is free, and holders are not charged administrative or processing charges.
Binance Education
You can learn about blockchain, cryptocurrency, technology, and other related topics in the Binance Academy. Binance Academy was created in 2018, and today, you can earn cryptocurrency by using the Binance Academy.
Customer Support
Binance customer support is available 24/7 for all users of the platform. You can contact customer support by opening a ticket on the app or sending a dm to the Twitter Customer Support @BinanceHelpDesk.
Conclusion
Frequently Asked Questions
Yes, you can withdraw your money from Binance whenever you want. There are different ways that you can withdraw your money. You can either send it to another wallet, withdraw it to your bank account, do P2P trading, or use any of Binance’s third-party withdrawal methods.
Yes, you can stake your cryptocurrency on Binance and get daily interest from the day of staking till you can redeem your crypto.
To stake, go to Finance >> Binance Earn >> Locked Staking >> Go to staking. Select the cryptocurrency you want to stake, the amount, timeframe, and duration. Confirm the other parameters and go ahead to stake. That’s all.