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

Pros Revealed

• Numerous Tradable Cryptocurrencies

Binance offers 350+ cryptocurrencies available for trading, allowing users to access various altcoins and popular digital assets beyond Bitcoin and Ethereum.

• Wide Selection of Trading Options

Binance provides a diverse array of trading options, including spot trading, futures trading, options trading, margin trading, and more. This variety caters to traders with different strategies and risk appetites.

• Low Fees

Binance is known for its competitive fee structure, with low trading fees for both makers (0.012%-0.10%) and takers (0.024%-0.10%). This cost-effectiveness attracts traders who seek to optimize their profits while engaging in frequent trading activities.

• Multiple Payments

Binance supports multiple payment methods, such as wallets, debit cards, ACH transfers, and wire transfers, offering users flexibility and convenience in funding their accounts and participating in the cryptocurrency market.

Cons Revealed

• Exceeded MAS and FinCEN Regulatory Licenses

Binance reportedly faced regulatory concerns related to its licenses with the Monetary Authority of Singapore (MAS) and the United States Financial Crimes Enforcement Network (FinCEN). Such concerns could potentially impact its ability to operate in certain jurisdictions and might raise questions about its compliance with regulatory standards.

• Not Available in the U.S.

Binance has faced restrictions in the United States, with certain services and features not being available to U.S. residents due to regulatory complexities. This limitation may inconvenience American traders who are looking to access the full range of services offered by the exchange.

Regulatory Compliance

WikiBit obtains regulatory information through various channels, including official regulatory websites, public records, and direct communication. The platform's team verifies the authenticity of regulatory licenses and certifications by cross-referencing the information from multiple reputable sources.

WikiBit aims to offer reliable and accurate regulatory information to help traders make informed decisions when choosing exchange/token/project.

As of August 2023, BINANCE reportedly holds a regulated MTL license from the United States Nationwide Multi-state Licensing System (NMLS, No. 1906829), an exceeded Monetary Authority of Singapore (MAS) license (No. 201811768M), and an exceeded MSB license from the United States Financial Crimes Enforcement Network (FinCEN, No. 31000159813807).

These licenses reflect BINANCE's compliance with regulatory requirements in different jurisdictions and underscore its commitment to operating within established legal frameworks.

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.

Trading Markets

Binance, recognized as one of the largest and most diverse cryptocurrency exchanges, provides several trading markets and methods to suit a wide range of trading needs and strategies. The platform includes:

• Spot Market: Fundamental to Binance, this market is where traders can buy and sell cryptocurrencies instantaneously at current market prices. It features a comprehensive selection of cryptocurrencies and is equipped with advanced tools for detailed technical analysis and varied order types.
• Margin Trading: This feature allows traders to borrow funds, enhancing their trading position and potential profits through leverage. While it can amplify gains, it also increases the risk of losses, making it more suitable for experienced traders.
• Peer-to-Peer (P2P) Trading: Facilitating direct transactions between users, Binances P2P platform supports a multitude of payment methods, including bank transfers and over 800 other options. This method is particularly noted for its adaptability and the ability to engage in transactions using local currencies.
• Convert & Block Trade: Designed for ease of use, this feature allows users to effortlessly convert one cryptocurrency to another. Block Trade caters to large-volume trades, reducing the impact of slippage.
• Trading Bots: Binance offers automated trading strategies for more efficient trading. These bots can autonomously execute trades based on set criteria, appealing to both beginners and experienced traders looking for time-efficient trading solutions.
• Copy Trading: This social trading aspect enables users to follow and replicate the strategies of some of the most successful traders on the platform. It's particularly beneficial for those new to trading or looking to diversify their trading approaches.
• APIs (Application Programming Interfaces): For those interested in programmatic trading, Binance provides API keys. These APIs allow for the integration of external trading applications or the development of custom trading bots, offering a wide range of automated and advanced trading options.

Binance's comprehensive set of tools and markets, along with its high liquidity and vast cryptocurrency offerings, make it a favored platform among a broad spectrum of traders, from novices to seasoned professionals.

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.

Other Services

Binance, beyond its core trading functions, extends a variety of additional services catering to a wide array of users' needs in the digital asset space. These services encompass various aspects of the cryptocurrency ecosystem, enhancing the overall user experience on the platform:

• VIP & Institutional Services: Tailored for VIPs and institutional clients, Binance offers dedicated services that include personalized trading support and exclusive features. This is designed for high-volume traders and organizations requiring a more customized trading experience.
• Launchpad: Binance Launchpad serves as a platform for new and innovative token launches. It provides users with the opportunity to discover and gain early access to the latest tokens and crypto projects, often before they are available on the broader market.
• Mining Pool: For those interested in cryptocurrency mining, Binance's Mining Pool enables miners to pool their resources and increase their chances of earning mining rewards. This service integrates seamlessly with the Binance ecosystem, offering an efficient mining solution.
• Binance Pay: This feature allows users to send, receive, and spend their cryptocurrencies easily. Its designed to simplify crypto transactions, making them as straightforward as traditional digital payments.
• Crypto Loans: Binance offers a loan service where users can obtain instant loans secured by their crypto assets. This service provides users with liquidity without needing to sell their holdings.
• NFT Marketplace: Binances NFT platform showcases a diverse range of non-fungible tokens (NFTs) from creators worldwide. Users can buy, sell, or create NFTs, tapping into the burgeoning market of digital collectibles and art.
• Fan Token: This service offers a new dimension to fandom, allowing users to engage with and support their favorite sports teams and clubs through blockchain-based fan tokens. These tokens often provide exclusive benefits and experiences.
• Web3 Wallet: Binance's Web3 Wallet is a gateway to the next generation of the internet, offering a secure and user-friendly way to interact with decentralized applications (dApps) and Web3 platforms.
• BNB Chain: Formerly known as Binance Smart Chain, this is a blockchain platform where users can build their own decentralized applications (dApps). It is recognized for its efficiency and scalability, making it a popular choice among developers.
• Charity: Binance leverages blockchain technology for philanthropic purposes. The Binance Charity platform is designed to make charitable giving more transparent, efficient, and traceable, ensuring that aid reaches its intended recipients.

These additional services by Binance demonstrate its commitment to expanding the utility and accessibility of cryptocurrencies and blockchain technology, catering to both the general public and specialized sectors within the crypto ecosystem.

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:

In summary, BINANCE implements a tier-based maker and taker-maker fee system, allowing traders with higher trading volumes to benefit from reduced fees and additional discounts on specific trading pairs.

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

• Binance

Best for experienced traders and those seeking a wide range of cryptocurrencies and advanced trading options.

• Huobi

Ideal for users prioritizing security, compliance, and seeking opportunities to earn passive income through staking and investment products.

• Coinbase

Suited for beginners due to its user-friendly interface and simple buying options. It is also a preferred choice for users in regions with stringent regulations, as Coinbase emphasizes regulatory compliance.

Ultimately, the best crypto exchange for an individual trader will depend on their specific trading style, preferences, and needs.

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.

Conclusion

In conclusion, Binance is a globally recognized cryptocurrency exchange that offers a diverse and extensive range of over 350 cryptocurrencies. It caters to both novice and experienced traders with its user-friendly platform, low fee structure, and a wide variety of trading options like spot, futures, and margin trading. Despite facing regulatory challenges, including exceeded MAS and FinCEN licenses and restrictions in the U.S., Binance continues to attract users with its advanced security measures, multiple payment methods, and additional services such as staking, mining, and an NFT marketplace. It stands out as a comprehensive platform for those seeking a broad spectrum of crypto-related services and trading opportunities.

Binance User Review

User 1:

Binance is my crypto go-to! The security features like 2FA and cold storage are top-notch, giving me peace of mind. The interface might be overwhelming for newbies, but it's a paradise for traders seeking countless cryptocurrencies to dabble in. Liquidity？ No worries, it's like a bustling marketplace. However, customer support can be slow, and trading fees, while competitive, can stack up with frequent trading. Privacy-wise, it's alright, but I wish they'd amp up data protection. Deposits and withdrawals are usually swift, and order types cover all my trading strategies. Stability？ Generally good, but those occasional glitches can be frustrating. Overall, Binance is a powerhouse with room for improvement in support and privacy.

User 2:

Mixed feelings about Binance. The security is solid with cold wallets and all, but the whole regulatory uncertainty gives me pause. The interface is sleek, catering to both newbies and pros. Liquidity is impressive; you can trade just about anything here. However, their customer support often feels like shouting into a void. Trading fees are manageable, but privacy feels a bit lax - I'm not sure how much data they're collecting. Deposits and withdrawals are usually quick, but I've had a few hiccups. Order types are versatile, and stability's good overall, but those occasional downtimes irk me. Binance is a heavyweight, but regulatory clarity and customer support need work.

Frequently Asked Questions (FAQs)

Risk Warning

Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.