BINANCE

BINANCE Overview

BINANCE is one of the world's largest and most popular cryptocurrency exchanges. Founded in 2017 by Changpeng Zhao, it has quickly gained prominence in the crypto space for its extensive range of digital assets and high trading volumes.

BINANCE offers a user-friendly platform, advanced trading features, and a wide array of services, including spot trading, futures trading, staking, savings, and more, making it a preferred choice for both beginners and experienced traders in the cryptocurrency market.

Pros & Cons

Is BINANCE Safe？

BINANCE has implemented several security measures to enhance the safety of its platform and user funds.

• Secure Asset Fund for Users (SAFU)

BINANCE stores 10% of all trading fees in a secure asset fund to protect a share of user funds in the event of a security breach or unexpected situations. It is designed to cover potential losses and ensure that users' assets remain secure.

• Personalized Access Control

BINANCE provides various security features to help users protect their accounts, including two-factor authentication (2FA), email verification, and anti-phishing codes. These measures add an extra layer of security to prevent unauthorized access to accounts.

• Advanced Data Encryption

BINANCE employs end-to-end encryption protocols to safeguard user data, ensuring that sensitive information remains protected from unauthorized access.

While BINANCE has taken significant steps to enhance security and user protection, no exchange or platform is entirely immune to risks. Cryptocurrency trading inherently carries certain risks, and users should take additional precautions to safeguard their assets.

Some recommended practices include using strong passwords, enabling 2FA, being cautious of phishing attempts, and storing a significant portion of your funds in secure hardware wallets rather than on the exchange.

Cryptocurrencies Available

BINANCE offers a vast selection of over 350 cryptocurrencies for trading on its exchange. It also supports a variety of fiat currencies, including USD, EUR, AUD, GBP, HKD, and INR, making it accessible to users from various regions.

Some of the notable cryptocurrencies available on BINANCE include Bitcoin (BTC), Ethereum (ETH), Tether (USDT), BINANCE Coin (BNB), BINANCE USD (BUSD), Cardano (ADA), Solana (SOL), Polygon (MATIC), Polkadot (DOT), SHIBA INU (SHIB), Ripple (XRP), USD Coin (USDC), Dogecoin (DOGE), TRON (TRX), Litecoin (LTC), and Bitcoin Cash (BCH), among many others.

How to open an account？

To register for a personal account on the Binance App, begin by opening the app and selecting the “Sign Up” option. You have the choice of registering with your email address, phone number, or through your Apple or Google account. It's important to note that if you wish to create an entity account instead, you should opt for the 'Sign up' link next to 'Need an entity account？' Be mindful that once you register, you cannot change the account type. For entity accounts, refer to the detailed guide under the “Entity Account” tab.

For a personal account, choose either 'Email' or 'Phone Number' to sign up. Enter your email address or phone number and create a secure password for your account. Remember, your password should be robust, containing at least 8 characters, including one uppercase letter and one number. If you have a referral ID from a friend who recommended Binance, you can fill it in at this stage, although it's optional.

After agreeing to the Terms of Service and Privacy Policy, you will proceed to create your personal account. Subsequently, a 6-digit verification code will be sent to your chosen email or phone number. Make sure to enter this code within 30 minutes to verify your account by tapping 'Submit'.

Upon completing these steps, your Binance account will be successfully created, allowing you to start exploring the various features and services offered by the platform.

How to buy cryptos？

To buy cryptocurrencies on Binance using a credit or debit card, including the option to use Apple Pay and Google Pay, you would follow a process that includes these steps:

Start by logging into your Binance account. Once logged in, navigate to the 'Buy Crypto' section and select 'Credit/Debit Card' as your purchase method. This option is ideal for quick and straightforward crypto purchases.

Choose the cryptocurrency you wish to buy, such as BTC, BNB, ETH, and more. You also need to specify the amount you want to spend in your preferred fiat currency, like USD. The system will automatically calculate and display the equivalent amount of cryptocurrency you will receive for your entered fiat amount.

If you're using a credit or debit card for the first time on Binance, you'll need to add it to your account. Click to add a new card and enter the required card details. Remember, the card must be in your name. Once you've entered your card details and billing address, save the card to your account.

Review your payment details, ensuring everything is correct. Confirm your order within the given time limit, typically 1 minute. After this duration, the crypto price may be recalculated based on current market rates.

For transactions via Apple Pay or Google Pay, select the respective option as your payment method after choosing your fiat currency and cryptocurrency. Follow the on-screen instructions to complete the payment. With Apple Pay, you'll confirm the payment using Touch ID or a password. For Google Pay, select the card you wish to use and proceed.

Once the order is successfully processed, you can view your transaction history to verify the purchase. This is accessible through the 'Orders' and 'Buy Crypto History' sections on Binance.

If you encounter any issues, such as a declined transaction by your bank, you may need to contact your bank or try a different card. Also, note that Binance supports various fiat currencies and bank cards from over 220 issuing countries.

For users looking to increase their purchase limit, they can upgrade their Identity Verification level under the 'Profile' and 'Identification' sections.

This process ensures a secure and user-friendly way to purchase cryptocurrencies on Binance, accommodating various payment methods to suit different user preferences.

Fees

BINANCE's fee schedule is transparent and straightforward. The transaction fees are capped at 0.10%, and they vary depending on whether you are a maker or a taker. Makers pay a fee ranging from 0.012% to 0.10% of their transactions, while takers pay a slightly higher percentage, ranging from 0.024% to 0.10%. These fees can be reduced according to your tier and the 30-day trading volume you transact.

Moreover, BINANCE offers certain fee discounts and promotions. For instance, there is a 0% fee on BTC/TUSD Spot & Margin Pair, a 25% discount on Spot & Margin Trading fees if using BNB (BINANCE Coin), and a 10% discount on USDⓈ-M Futures Trading fees with BNB.

The tier-based maker and taker fees on BINANCE are as follows:

Funding Methods

BINANCE offers a wide range of payment methods for its users to deposit funds and start trading. Users can fund their accounts using wallets, debit cards, ACH transfers, wire transfers, and various cryptocurrencies.

While withdrawal fees vary depending on the chosen method, BINANCE has not disclosed specific fees for wallet and crypto conversions. However, for debit card transactions, a 4.5% fee is applicable, while ACH transfers are free of charge. For wire transfers, there is a $15 fee.

Compare to Other Cryptocurrency Exchanges

Exchange
Fees	0.012%-0.10%	0.2%	0% - 3.99%
Cryptos Available	350+	700+	200+
Website	BINANCE.com/en	huobi.com	coinbase.com

Is Binance good for you？

Whether Binance is suitable for you largely depends on your specific trading needs and location. As one of the largest cryptocurrency exchanges globally, it offers an extensive range of over 350 cryptocurrencies, catering to both beginners and experienced traders with its user-friendly interface and advanced trading options. Binance's competitive fees and diverse services, including spot, futures, margin trading, and staking, make it attractive for active traders. However, its regulatory challenges, particularly in the U.S., and occasionally complex interface for beginners, might be limitations for some users. Ultimately, if you're seeking a comprehensive platform with a wide array of trading options and are not restricted by regional limitations, Binance could be a good fit for your crypto trading and investment needs.