The most prominent name in the crypto market you will come across is Binance. This is the largest digital asset exchange in the world, thanks to its high and impressive trading volume. However, there are several attributes of the exchange that make it stand out among its competition.
As a new crypto trader or investor, if you are interested in using this exchange then you need to know what is Binance and what it offers to the users. Knowing what a platform offers is crucial for all interested parties because it can help them determine how well it suits their needs.
Using a platform that suits the needs can make the overall experience of buying or trading crypto easier and less complicated.
Even though this exchange is quite prominent, you should still know the details of the features it offers so you can be sure that it is what you are looking for.
Brief Introduction of Binance
This crypto exchange was established by Changpeng Zhao in Hong Kong. It was launched in 2017 and is one of the top crypto platforms in the world.
The Binance exchange offers support to a multitude of cryptocurrencies, which is more than 400 different trading pairs. However, the popularity and success of the exchange is due to several reasons.
One of the most unique and distinctive features supported by the exchange is staking.
Binance staking is one of several reasons why the platform outshines other trading platforms in the market. This feature is not supported by all platforms as it is only supported by proof-of-stake blockchains.
Staking allows the people who own crypto to put their crypto in a wallet or collective pool and get rewards in return. It also requires staked tokens for the transactions to be validated.
How Safe is the Exchange?
Binance has several prominent selling points that put it at the top of the list for crypto traders. Among other platforms, this trading platform takes the security of the traders very seriously and is one of the safest platforms in the market.
Choosing a secure and safe platform is important as it can minimize the risks you are likely to face as a new trader. This platform implements some of the best security protocols to ensure the funds, accounts and information of the users are kept safe from all kinds of risks.
Therefore, if you want to know, ‘is Binance safe?’ then you should know that it uses some of the high-end security systems that are mentioned below.
- Notifications for unusual account activities
- Biometric logins
- Forensics monitoring
- Cold wallet storage
- Two-factor authentication (2FA) logins
- A.I. monitoring
Fee Structure of the Exchange
Taking a look at the fee structure of every exchange is important before you use it. Even though every platform charges a fee that you will have to pay, it is not necessary that they would all be fair and free of any hidden or additional charges. This is why, it is important to opt for a platform that has a transparent and fair fee structure.
The Binance crypto exchange not only charges a transparent fee but it is known to be one of the lowest fees platform in the market. The trading fee it charges is based on the market maker and taker fee model and ranges based on the 30-day trading volume.
The details of the fee charged by Binance are as follows:
- 0.02% to 0.1% trading fee for market makers
- 0.04% to 0.1% trading fee for market takers
Even though this fee is already quite low, it can be reduced further for users who:
- Pay the fee with BNB tokens
- Have a VIP level account
Multiple Payment Methods
Unlike several other crypto exchanges, the Binance exchange relies on several payment methods. The more options offered by an exchange, the easier it can be for people to opt for a platform based on their convenience.
If you are interested in using this crypto trading platform then you need to know that it offers support to payment methods mentioned below.
- Wire transfers
- Credit cards
- Wallet transfers
- P2P transfers
- Debit cards
Trading Interface of the Exchange
One of the most prominent features of Binance is its trading interface. This is designed smartly and in a way that makes trading easier for all kinds of crypto traders. It is categorized into:
- Classic interface
- Advanced interface
The classic interface is for people who are new to trading and want to make simple trades. Whereas, the advanced interface is for experienced traders who want to make complex trades and look for advanced trading tools.
Binance may be one of the top platforms in the world but there is a chance that it does not offer what you are looking for. Therefore, you need to take a look at the details mentioned above and make an informed decision.