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Binance – Why It’s the #1 Crypto Exchange Currently Available

5/5

Binance – Why It’s the #1 Crypto Exchange Currently Available

 

If a platform has over 28 million users, that’s a great indicator it’s trustworthy. That’s how many traders Binance has managed to attract since its founding in 2017. The daily trading volume goes above $49 million, which is partly because of the generous markets offered. You’ll find more than 1,500 markets on Binance, and most other platforms don’t even come close to that.

This crypto exchange showed excellent dedication to innovation and a desire to accommodate the expectations of all customer types. They even launched a separate Binance.US platform that meets US regulations and welcomes clients from this country. This review focuses on the main Binance website and the services it offers. Here is what you should know before you start trading!

Binance Exchange Details

  • Established: 2017
  • Mobile apps: Android, iOS
  • Decentralized: No (Hybrid)
  • Main location: Cayman Islands
  • Users: 8+ million

Binance Pros and Cons

Pros

  • Hundreds of cryptocurrencies supported
  • The biggest trading volume of all crypto exchanges
  • Fast account registration that doesn’t require verification
  • Excellent liquidity
  • Numerous basic and advanced trading options and adjustments
  • A generous knowledge base and loads of useful content
  • Reliable customer support available around the clock

Cons

  • US residents need to use a separate platform
  • Different fees that depend on the currency
  • A recent change now requires all new users to verify their accounts

How Does Binance Work?

Binance recently made a change to its policy and now requires intermediate verification from all users. If you are a new customer, you can’t use any service before verifying your account. Existing users can only withdraw funds if they don’t want to pass ID verification.

Apart from that, registering to Binance is simple. The platform has a user-friendly layout, and it’s easy to access the desired content. You can spend hours just exploring what Binance offers – that’s how comprehensive this company’s services are.

The exchange understands not everyone can become an expert immediately. That’s why you can choose between basic and advanced trading layouts. The basic one is perfect for newbies since it offers only fundamental options on the screen. Skilled traders can activate the advanced layout and utilize all tools available for the best results.

Binance Tutorial for Beginners (Credit: MoneyZG YouTube Channel):

https://www.youtube.com/watch?v=AjIsqkNFx1c&ab_channel=MoneyZG

Binance Features

Deposit or Buy Crypto with Fiat Currencies

Not many crypto exchanges allow fiat deposits, but Binance supports over ten currencies. That includes the major fiat options like USD, EUR, and GBP. It’s worth noting you can also buy crypto with credit cards or sell digital assets to receive fiat money.

Decentralized P2P Trading

P2P trades are only one option for trading crypto on Binance. The platform supports dozens of fiat currencies and payment channels, such as PayPal and Google Pay. You can buy and sell six digital assets, including BTC, BNB, ETH, DOGE, BIDR, BUSD, and USDT.

Pick from Generous Trading Options

Binance offers more than 1,500 markets and supports around 400 coins. It also allows you to pick from a generous amount of trading options. The easiest way to trade is to convert one crypto to another. While the interface makes trading simple, the fees vary depending on the currency selected. You can also go for margin trading and utilize leverage to increase your profit.

Derivative Trading with a Full Range of Instruments

The selection of crypto-derivative instruments on Binance is impressive. Binance Futures are an excellent way to practice responsible trading. You can also use perpetual or quarterly contracts settled in crypto, BUSD, or USDT.

Binance Chain Ecosystem

The platform is working on developing the Binance Chain Ecosystem. It’s a secure and decentralized way to enjoy DeFi and NFT apps. You can join it by downloading a suitable wallet and withdrawing assets to it. Once you have funds in the wallet, you can also trade on the Binance DEX without any third parties involved.

Cookies Policy

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