The name Binance comes from two words; Binary and Finance. It is currently one of the most popular cryptocurrency trading platforms online. Binance is primarily a crypto-to-crypto trading platform. It was founded in Hong Kong, China, and started serving its customers back in 2017. Later on, Binancemoved to Japan in order to protect the company from the Chinese government’s cryptocurrency trading ban. Since 2018, Binance started operating from Malta in Europe. It is one of the best places to run a crypto exchange in terms of cryptocurrency regulations.
How to Use Binance
Binance is one of the top cryptocurrency exchanges in the world. Compared to its competitors, The Binance exchange offers a 24-hour volume. The liquidity of Binance is definitely one of a kind. It is mainly the reason why traders choose Binance among other crypto exchanges. There are plenty of advantages to choosing the Binance exchange. For example, Binance gives a wide selection of coins to trade. There are currently 80 Binance Coin exchanges where you can buy, sell, and trade Binance Coins (BNB). Binance Coins can be exchanged to forty other cryptocurrencies.
Binance requires clients to pay trading fees as low as 0.1%. It offers 150 coins to choose from, including its own BNB token. If a client decides to buy some Binance Coins, every time the client will trade, fees will be paid through BNBs. The trader will receive a 25% fee discount. In this way, BNB circulation will continue and help traders save some money.
As mentioned earlier, Binance is purely crypto-to-crypto. While using the platform, traders will not be able to deposit any fiat money. The company understands the fact that some customers may not like this. Binance Launched a new exchange called Binance Jersey, in which a trader can deposit using Euro (EUR) and British Pounds (GBP).
Binance Platforms and Designs
Binance offers two different web-based trading platforms; Basic and Advanced. These two platforms can be accessed via the “Trade Now” option at the bottom part of the menu on the homepage. Aside from the two web-based platforms, Binance also offers trading apps in the Apple App Store, Google Play, and the Windows Microsoft Store. A QR code can be seen at the upper right corner of the Binance website. This will lead users to the direct link of the downloadable applications.
The basic platform of Binance appears in a locked format. On the right side, many crypto trading pairs are shown and ready to be traded. In this photo, it’s ETH/BTC. The trader’s ledger can be seen on the left. It contains transactions of the trader’s chosen cryptocurrencies. The upper part shows the sell orders, while the lower part shows the buy orders. In the middle part, the daily graph shows the price developments of chosen cryptos. The graph displays both volume and a Moving Average Convergence Divergence (MACD) indicator that shows whether a given cryptocurrency is overbought or oversold. Buy and sell orders are inserted under the price chart. This is where a trader can set the price and amount to trade. Open orders can be seen at the bottom part of the basic platform together with the 24-hour order history.
Binance’s advanced platform gives traders a variety of technical tools and trend lines such as Bollinger Bands, Relative Strength Index (RSI), and Exponential Moving Average (EMA). The advanced platform presents the market depth graphically with a black background.
Binance Customer Support
Binance has a well-developed and accessible website. This factor should be considered before placing actual money on its trading platform. It is very easy to use, and even though there is no live chat available, the response from its support team usually comes via email, Zendesk, or Telegram within minutes. The Binance support team truly presents a high level of customer service.
Is Binance safe?
Binance has actually been hacked in the past, losing Millions of Dollars worth of Bitcoin. The hack happened due to a flaw in the system which had already been resolved. The Binance hacking incident made news globally and was largely publicized. The company refunded the lost cryptocurrencies to appease disgruntled customers. Binance has a good track record since.
Binance users report problems about withdrawals via the Two-Factor Authentication system (2FA). The company provides immediate solutions to resolve problems, such as sending anti-phishing key codes to its users. Because of Binance’s popularity, several Binance clones existed on the internet. These mislead users into entering their Binance login details on fake websites.
Despite a handful of controversies, the company has grown from nothing to the biggest site in the market within two years. Cryptocurrency is a fast-moving market. It provides safety for Binance’s future. This trend isn’t likely to stop, and at this point, it is clear that Binance will remain as one of the major players in the crypto community. More importantly, the company isn’t only dedicated to trading, and it also tries to help advance cryptocurrencies and bring them to the mainstream. The company’s decision to support crypto start-ups with Initial Exchange Offering (IEO) has solidified the idea that Binance is a good exchange to trust.