Binance is considered one of the world's largest and most reputable cryptocurrency exchanges. Although it has only been established and officially operated for a few years, the Binance exchange has achieved remarkable achievements and overwhelmed the market with huge numbers. So, have you heard of Binance or not? Join Cryptobnb to learn about the Binance exchange and the content surrounding the Binance exchange.
Overview of Binance exchange
Is Binance Reputable?
To answer this question, let's take a closer look at the outstanding features that the Binance exchange has. With the specific analysis of the evaluation criteria below, we believe that you will get the answer to the above question.
Binance Exchange License
Binance exchange has been licensed to operate at a number of reputable financial authorities in important regions such as Japan, the United States, etc. In which, Binance currently provides services to customers in 43 states in the United States of America. .
In Vietnam, although Binance has not been officially approved, many Vietnamese investors still trust and participate in this trading platform in huge numbers. This also proves the level of trust as well as the reasonable and reputable policies that Binance is bringing to investors.
Investment Insurance Policy at Binance
As mentioned above, although in many countries, the Binance exchange has not been recognized, but that's why the exchange has always put in place policies to protect the interests of users to the fullest extent. One of them is the investment insurance policy at Binance.
Binance invests in user protection insurance fund SAFU
Specifically, Binance guarantees to protect the interests of customers through the SAFU insurance fund. Accordingly, a part of the exchange's profits will be transferred to this insurance fund alternately. In cases of force majeure, customers experience unexpected damage related to their interests at the exchange, Binance is committed to quickly completing the full compensation procedure.
Achievements that Binance exchange has achieved
- According to the latest statistics of Coinmarketcap, the cryptocurrency exchange Binance is holding the #1 position in terms of total trading volume within 24 hours.
- July 2017 – ICO quickly raised $15 million
- March 2018 – The exchange announced to move its headquarters to Malta
- July 2018 – The exchange announces the purchase of Trust Wallet – a modern, famous mobile cryptocurrency wallet
Binance Trading Products
When it comes to the Binance exchange, the biggest advantage of this exchange is certainly the variety of trading products offered. Binance is one of the top cryptocurrency exchanges that provides trading services and top-notch trading facilities today. Specifically
Binance has a wide range of trading products
- BNB is the internally traded cryptocurrency of the Binance exchange.
- In addition, the Binance exchange also supports trading other cryptocurrencies such as BTC, ETH, BNB and USDT. Meaning, if you want to trade on Binance exchange, you need to have BTC, ETH, USDT in Binance wallet.
- NEO/BTC, GAS/BTC, ETH/BTC, and BNB/BTC are the most commonly traded currency pairs on the Binance exchange.
Refer:
How to register for a Binance account – Binance trading guide for newbies
Binance Ecosystem
In most of the cryptocurrency exchanges available on the market, Binance is a rare exchange that has a very diverse and potential ecosystem.
Binance builds a strong ecosystem
Binance Futures – Futures Trading Platform
Binance Futures is a futures trading platform on the Binance exchange. Specifically, you can profit when the market goes up or down by using Binance futures to predict the price of a particular cryptocurrency in the future.
Bitcoin futures trading volume is unknown on Binance Futures and is second only to BitMEX at this time. For a recently launched platform, this platform brings many proud achievements that Binance has.
Futures trading platform at binance
Binance JEX – Conventional and derivative trading platform
Binance JEX is a cryptocurrency trading platform that Binance acquired from JEX. It provides users with a wide variety of trading services that can arise as well as regular transactions. Some specific derivative services such as futures contracts, options trading and some other derivative products during the participation of the platform.
Binance Margin Trading – Margin Trading
Binance Margin Trading is a form of trading where players will use leverage to buy an investment larger than your initial capital. The simple explanation of this form of margin is as follows: with a small amount of money, you can open an account that can trade with a larger volume, maybe several hundred times. And when the price moves in your favor, you will make a big profit by that percentage.
Binance DEX – Decentralized Exchange
Binance DEX (Binance Decentralized Exchange) is a decentralized cryptocurrency exchange. You can exchange cryptocurrencies from one wallet to another without the need for a middleman to support the service. Binance has announced the start of its test network for the Binance DEX. The exchange is open source and operates on the Exchange Chain at Binance.
Join the decentralized exchange – Binance DEX
Binance Lending – A form of crypto lending
Binance Lending is a cryptocurrency lending platform (3 main types are BNB, USDT and ETC) and this platform will receive annual interest paid by Binance (interest rates for the above currencies are 15%, 10% and 10%). %, respectively 7%). Similar to the deposit or savings model in traditional banks.
Binance Launchpad – Token launcher for blockchain projects
Binance Launchpad is dubbed the “Token Launcher for Blockchain Projects”. In a word, Binance will be the perfect stepping stone for “To the Moon” projects.
Instead of startups having to worry about everything, now Binance is "holding the balance" and preparing everything for you. The remaining projects are in the process of development and completion. You will only need to provide the real capital of the network through IEO fundraising. The platform will make it easier for your projects to access the vast ecosystem of the world's leading electronic and exchange exchanges.
Binance P2P – Peer-to-peer Cryptocurrency Trading Platform
Best Cryptocurrency Trading Market
Binance P2P is collectively known as a peer-to-peer trading platform. It allows Binance users to trade with each other via Fiat. This can also be understood as a type of C2C (consumer-to-consumer) transaction. Users will trade directly with other users on the platform itself.
Binance Cloud – Open a Cryptocurrency Exchange
Binance Cloud allows users to easily create a new crypto trading account in the most complete way possible. It allows any access partner to set up a cryptocurrency exchange in just 3-5 days.
Additionally, Binance allows users to run their own exchanges created in the local markets themselves. The cryptocurrency exchange built by Binance Cloud appeared in early March 2020.
Binance Cloud's Big Breakthrough
Binance Options – Trade American Options Contracts
Binance Options is part of the Binance ecosystem. It allows users to trade US options contracts. You can profit from this platform by predicting the price movement up or down over a certain period of time.
Trust Wallet – Decentralized cryptocurrency storage wallet
Trust Wallet is also considered a decentralized cryptocurrency storage wallet. You can use them on your mobile device and have 100% control over your private keys. In addition to using Trust Wallet to send, receive and store assets, you can also use the dApp browser to access hundreds of dApps – other decentralized applications as well as access Staking.
A safe place to store Bitcoins
Trust Wallet is also part of the Binance ecosystem. Binance DEX allows users on the platform to trade cryptocurrencies directly on the platform while maintaining full control of the assets in their wallets.
Trading fees at Binance exchange
Service fee for buying and selling coins on Binance
Transaction fees are an extremely important part and are also interested and noted by many investors when learning about any exchange platform. At the Binance cryptocurrency exchange, there are also specific regulations and different transaction fees. This variation depends on the account level as well as the trading volume for each session. Let's find out in detail according to the table below.
| Grant | 30 Day Trading Volume (BTC) & BNB Holds | Maker & Taker | Maker & Taker Using BNB |
| Shared | <50 BTC or >=0 BNB | 0,1000% & 0,1000% | 0,0750% & 0,0750% |
| VIP 1 | > = 50 BTC &> = 50 BNB | 0,0900% & 0,1000% | 0,0675% & 0,0750% |
| VIP 2 | > = 500 BTC &> = 200 BNB | 0,0800% & 0,1000% | 0,0600% & 0,0750% |
| VIP 3 | > = 1500 BTC &> = 500 BNB | 0,0700% & 0,1000% | 0,0525% & 0,0750% |
| VIP 4 | > = 4500 BTC &> = 1000 BNB | 0,0700% & 0,0900% | 0,0525% & 0,0650% |
| VIP 5 | > = 10000 BTC &> = 2000 BNB | 0,0600% & 0,0800% | 0,0450% & 0,0600% |
| VIP 6 | > = 20000 BTC &> = 3500 BNB | 0,0500% & 0,0700% | 0,0375% & 0,0525% |
| VIP 7 | > = 40000 BTC &> = 6000 BNB | 0,0400% & 0,0600% | 0,0300% & 0,0450% |
| VIP 8 | > = 80000 BTC &> = 9000 BNB | 0,0300% & 0,0500% | 0,0225% & 0,0375% |
| VIP 9 | > = 150000 BTC &> = 11000 BNB | 0,0200% & 0,0400% | 0,0150% & 0,0300% |
Deposit and withdraw on Binance exchange
Binance currently supports multiple deposit and withdrawal methods on Binance's electronic exchange. Customers can deposit and withdraw money by the following methods:
- Deposits and Withdrawals via Visa and Mastercard Bank Transfer SEPA
- Bank transfer
- Deposit and withdraw money via ATM card number
- Cryptocurrency wallet
You can deposit and withdraw via more than 300 other methods without worrying about deposit and transfer times as Binance has been upgraded to a version with 10x faster Binance exchange deposit speed old version.
In addition, Binance's troubleshooting speed is also recognized and appreciated by experts. Because if something goes wrong, all you have to do is contact the staff and your problem will be fixed in no time.
Customer care support (CSKH)
One of the plus points that makes the name of Binance exchange is in the professional and invested consulting and customer care team. Currently, the official Binance Exchange website supports many different languages in the world including Vietnamese. On the platform's homepage, you can talk to the customer service team in the live chat box. This is also a way for the two sides to easily exchange and understand each other's problems.
Support fast online chat on the platform
The customer service department at Binance is considered to have the fastest and most professional response speed. Customer care department working 24/7 will always be ready to support and answer all your questions. Especially, Binance is currently one of the few cryptocurrency exchanges with branches in Vietnam.
Perhaps, the only minus point for a major cryptocurrency exchange like Binance, is the lack of hotline support. That is a big disadvantage.
Conclusion about Binance exchange
Binance exchange makes it possible for all investors to access the best quality cryptocurrency trading. With the success that the floor achieved, it will surely satisfy all investors.
Advantages
- Huge list of Alt-coins: On Binance, there are currently more than 100 different cryptocurrencies such as: Litecoin (LTC), Ethereum (ETH), CyberMiles (CMT), ZCoin (XZC), ….
- Low transaction fee, only 0.1% loss/transaction
- All Cryptocurrencies Listed During ICO
- Provides 2-factor security mode 2FA
- The exchange has a large trading volume
- Large and fertile ecosystem
- Provide insurance investment funds for users
- Fast command processing speed up to 1,400,000 commands/sec
- Multi-language support: Chinese, English, Japanese, Korean, Russian and Spanish
- Multi-platform trading: Web, Responsive Web, Mobile App, MacOS app
Defect
- Does not support calling directly by hotline with customer service department
- Has been continuously attacked by hackers 3 times, causing no small impact.
- The server has not reached its maximum efficiency and still has an error if there is too much traffic
- Many investors have a need for margin trading, so it will not be possible to trade on Binance.
With the information that we provide above, we hope it will be useful for you to learn and trade at Binance. With what this cryptocurrency exchange has to offer, it will certainly be an opportunity to help you invest smartly and make a profit from it.
However, to become a professional investor, you need to constantly learn and improve your knowledge about Binance exchange every day. To do that, visit our website for more useful information every day.
